Very surprised that the protocol gave peanuts to core maintainers.. there should be a treasury to remunerate and for legal defense.

Bitcoin’s Future Depends on a Handful of  Mysterious Coders

Very surprised that the protocol gave peanuts to core maintainers.. there should be a treasury to remunerate and for legal defense. Bitcoin’s Future Depends on a Handful of  Mysterious Coders Developers with power to change the cryptocurrency’s software hold an unorthodox role, are elusive—and have been known to head off disaster for the coin. “It can be very scary.” https://www.wsj.com/articles/bitcoin-core-maintainers-crypto-7b93804?mod=hp_lead_pos5&utm_medium=email&utm_campaign=article_email&utm_content=article-9825&utm_source=sg

Sam Mendoza

One huge concern is what the procedure is for selecting replacements for the current maintainers, and I haven’t seen this addressed at all. It’s not enough to be a very good or even a great coder. Ibe heard of major database companies that have a requirement that anyone added to the core database engine team must have at least six years experience with the company so that the quality of the code they produce is well known. Brilliance is easy to demonstrate. The ability to produce very stable code that won’t crash and can’t be hacked is much, much harder to determine.

Nate

I believe this article points to a fantastic ##📺 MOViE & TV SHOW♥️  possibility featuring James Bond or the Mafia, where the bad guys takeover the Bitcoin Core and make Billions by shorting  Bitcoin and then corrupting the computer code somehow to crash Bitcoins value.
I should get a commission for the movie if it is made.

#📺 MOViE & TV SHOW♥️

I believe this article points to a fantastic ##📺 MOViE & TV SHOW♥️  possibility featuring James Bond or the Mafia, where the bad guys takeover the Bitcoin Core and make Billions by shorting  Bitcoin and then corrupting the computer code somehow to crash Bitcoins value. I should get a commission for the movie if it is made.

Jerome Cody

The fact that no one is in control of Bitcoin is why it's so transparent.  The protocol and the most popular node software (Bitcoin Core) are all open source.  Anyone can audit them.  The blockchain is also out in the open for all to see.  Any change to the protocol must be approved by thousands of nodes.  No single person or company can change the rules without a consensus.  There are some risks with Bitcoin, but not the ones claimed by this WSJ article.

As for a disaster waiting to happen, Federal Reserve Notes are a disaster that has already happened (witness the Great Depression and subsequent Great Inflation) and continues to happen (enabling staggering government deficits).

The fact that no one is in control of Bitcoin is why it's so transparent.  The protocol and the most popular node software (Bitcoin Core) are all open source.  Anyone can audit them.  The blockchain is also out in the open for all to see.  Any change to the protocol must be approved by thousands of nodes.  No single person or company can change the rules without a consensus.  There are some risks with Bitcoin, but not the ones claimed by this WSJ article.  As for a disaster waiting to happen, Federal Reserve Notes are a disaster that has already happened (witness the Great Depression and subsequent Great Inflation) and continues to happen (enabling staggering government deficits).

Bobby

thinking more on it and put another way, if in this article you substitute my bank's name for Bitcoin, I'd be looking for a new bank ASAP!

Todd Smith

🤦‍♂️ So you don't have a Central Bank behind your currency, but you do have a small committee of unpaid teenagers. You just can't make this stuff up.
Where is the SEC or US Treasury or Fed when you need them to act?

A small group, in-fighting, and paid below-market wages to maintain hundreds of billions of value?   What could possibly go wrong?

Call me crazy,  but I don't believe that a global currency that is managed by five random developers is what I would call safe and secure.

A small group, in-fighting, and paid below-market wages to maintain hundreds of billions of value?   What could possibly go wrong?  Call me crazy,  but I don't believe that a global currency that is managed by five random developers is what I would call safe and secure.

🤦‍♂️ So you don't have a Central Bank behind your currency, but you do have a small committee of unpaid teenagers. You just can't make this stuff up. Where is the SEC or US Treasury or Fed when you need them to act?

Sam Mendoza

A group of likeminded people in Crypto are talking about this.