Bitcoin Forum

Bitcoin payment processing startup OpenNode has rejected a $1.5 million investment gesture made by Roger Ver.

The company, which exclusively supports the Bitcoin payment protocol, confirmed that its vision of a better and more open financial system could not be achieved with Bitcoin Cash, adding that it would spend 100% of its resources on Bitcoin and its second-layer payment solutions instead.

    No amount of money will make us service inferior money. https://t.co/unBoSX2zpZ (https://t.co/unBoSX2zpZ)

    — Rui Gomes (@ruigomeseu) December 30, 2018 (https://twitter.com/ruigomeseu/status/1079191202061275136)

OpenNode aims to process bitcoin transactions in real-time to boost the digital currency’s adoption among enterprises and businesses. It supports Lightning Network, a second-layer payment protocol launched to confirm Bitcoin transactions away from the main chain. The efforts led OpenNode to raise $1.5 million in seed funding from investor Tim Draper.

Read more: https://www.ccn.com/no-to-bitcoin-cash-opennode-rejects-roger-vers-1-25m-fund-offer/ (https://www.ccn.com/no-to-bitcoin-cash-opennode-rejects-roger-vers-1-25m-fund-offer/)

I saw the video where Roger offered the same amount of money, but instantly knew it wasn't going to happen. This is how it should be: services building on top of Bitcoin focusing on Bitcoin only.

Once (actually just a few years ago) even Coinbase CEO Brian Armstrong had the same roadmap in mind, but he has been infected with the greed virus to such extent, that his service pumps shitcoins at cost of the ones that actually matter.

Sure, it's a business, but their desperate attempt to list shitcoins no one even cares about is toxic for the industry. This isn't viable in the very long term. Their shitcoins take up capital that should have been invested in genuine startups.

Is it really "toxic?" If they don't list them, someone else would. In fact, Coinbase is quite late to the game -- they only add coins that have been trading elsewhere for a long time. I think caveat emptor should reign supreme. It's not up to brokers to tell investors what they should and shouldn't buy. It's not my problem, either.

I'm excited for OpenNode. It's great to see a well-funded company built on their principles. But I also recognize that businesses will do what's best for their profits, including servicing altcoins. That's simple profit motive at work. I'm also not convinced their model isn't viable.

It's good that they cannot be bribed to support shitcoins, their focus on bitcoin is definitely the way forward. It's a shame bitmain didn't have the same morals and went for greed instead - now they are in serious trouble.