An open letter from more than a dozen prominent Bitcoin network engineers, miners and developers to the network’s founders and operators has been published by the Bitcoin developers’ forum, BCH Forum.
The letter, titled “Let the chips fall where they may”, urges the network operators to use their resources to help the network grow, but warns that the network is doomed unless the core team gets its act together.
The group also demands a major change in how the Bitcoin network is operated and how much money the network can generate.
“There’s no reason to believe that Bitcoin will succeed if it continues to be run as a privately owned, highly-mined and controlled company,” it says.
“Bitcoin is a unique and important medium for the internet, and we need to ensure that its future success rests on the success of a core team of innovators who are committed to building a successful network that can sustain the success and value of the currency.”
The letter is a clear signal to Bitcoin’s owners that there is growing dissatisfaction with the direction of the Bitcoin economy.
It comes just days after the network was plagued by a massive hack that compromised the network and shut down its wallet services.
While it was not as severe as the previous hack, the incident highlighted that it was no longer a one-off, and that many people believed the network would not survive if it were shut down.
Bitcoin has suffered numerous setbacks in recent months.
Following the hacking, the network experienced a period of severe decline that saw its market cap drop from around $6 billion to less than $1 billion, and it experienced a major crash in the first quarter of 2017.
Bitcoin users have since begun to see the network go offline, but it is not clear whether it will recover from this.
“We have a long way to go before we’re able to create a Bitcoin that will really be something that people will actually want to hold,” said Andrew Torrez, co-founder of BCH.
“That’s not something that’s going to happen overnight.”
Torrez told Al Jazeera that the “doom” of the network lies with its founders.
“The network is being run by a group of people who have a history of not making money and who are clearly not in a position to help it grow,” he said.
“If you look at what they’ve built, the underlying technology is still pretty fragile and the underlying protocol is still vulnerable.”
It’s like a smallpox outbreak.
The people running it are not going to recover, and they need to get serious about making sure that the underlying infrastructure is secure and can be rebuilt.
“Bitcoin’s core developers are responsible for ensuring the network remains online, Torrez said.
“And the more they fail to do that, the more vulnerable they will become to a massive failure.” “
They have to get back to building something that can run at scale and be secure,” he added.
“And the more they fail to do that, the more vulnerable they will become to a massive failure.”
‘Terrifying to the core’ The letter’s authors, including some of the most respected Bitcoin developers, warn that Bitcoin’s current management is not sufficient to protect the network from a catastrophic disruption in 2017.
“A major change of the underlying Bitcoin protocol would require a major reorganisation of the core Bitcoin team,” the letter reads.
“As a result, we believe it is the best bet for the future success of Bitcoin to get involved in a new development team.”
The core Bitcoin developers and the network, they write, are the only people in the world who know how to build a secure, scalable, decentralized network.
“Our advice to Bitcoiners: do not trust the people running the core infrastructure,” they add.
“Do not trust their team, or their technical leadership.
Do not trust any Bitcoin team.”
However, they do not say that they will not participate in any “future development” of Bitcoin.
The current management has a “history of not having a good record in the development of Bitcoin”, they say.
“In addition to the governance issues and the lack of clear direction, we are deeply concerned that the core developers have failed to do the work necessary to create something that will actually survive in the long run.
We feel that the team should move to a new project that is more agile and more committed to scaling.”
The current Bitcoin developers are not the only ones who are unhappy with the current structure of the project.
“Despite a good track record in recent years, it is clear that there are a number of major problems that need to be addressed in order for Bitcoin to be a sustainable, profitable and viable product,” the authors say.
“We are concerned that a lack of confidence in the core core team will lead to further governance problems in the years to come.
In addition, we want to see a strong and well-funded development team that is committed to delivering on their commitments.”
The authors of the letter are