Why One Bitcoin Core Developer Thinks Cryptocurrencies Have A Dreadful Future

[tokeweed]

Interesting outlook from Peter Todd.  And a must read... whole.

https://medium.com/zapchain-magazine/why-one-bitcoin-developer-thinks-cryptocurrencies-have-a-dreadful-future-93007cff1613

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[BitRod]

I guess one day we will test the theory that if the devs try to change bitcoin then it will be up to the miners to say no.

[johnyj]

Retep has always been worrisome about bitcoin's future... 

Bitcoin is a financial nuclear weapon, anyone can gain a lot from it, or lose a lot from it, depends on how they use it. Currently most of the governments are heavily debt laden and destined to sell everything to bankers, bitcoin might give them a chance to reboot the financial system without selling their children

[cbeast]

Readers need to remember one thing:

Peter Todd is a 30 yrs old programmer.


He lack life experience and credential to talks about other aspect of bitcoin. He should stick to the technical aspect.

That can be said about a number of devs. Some of them grow wiser, some of them become FUDsters for the press.

[KimNam]

interesting conversation with Todd
can governments force the bitcoin devs to hard fork or make extreme change about bitcoin protocol?
I think bitcoin will be more centralized and less anonymity in the future if there are many government's intervention

Confirmation Times Cannot Be Lowered, yeah agree with this. But i think 10 minutes to wait for first confirmation is not good for retail transaction
10 minutes (and maybe longer) is not competitive compare than centralized one

[Lauda]

Readers need to remember one thing:
Peter Todd is a 30 yrs old programmer.
He lack life experience and credential to talks about other aspect of bitcoin. He should stick to the technical aspect.

That can be said about a number of devs. Some of them grow wiser, some of them become FUDsters for the press.

Why does the age matter here? It's more common for older people to stick with their beliefs, rather than accept something new. He might not have experience and thus shouldn't be predicting the future.
He shouldn't definitely be talking in a wrong way about this, because his job is to code for a cryptocurrency. The part about TBF is correct though.

[cbeast]

Readers need to remember one thing:
Peter Todd is a 30 yrs old programmer.
He lack life experience and credential to talks about other aspect of bitcoin. He should stick to the technical aspect.

That can be said about a number of devs. Some of them grow wiser, some of them become FUDsters for the press.

Why does the age matter here? It's more common for older people to stick with their beliefs, rather than accept something new. He might not have experience and thus shouldn't be predicting the future.
He shouldn't definitely be talking in a wrong way about this, because his job is to code for a cryptocurrency. The part about TBF is correct though.

What does old age have to do with beliefs? Wisdom is the perspective created by large collection of truths. Learning takes time. Life is OJT.

[Kprawn]

More alarming is a Core developer being so negative about a project, where he earns his "bread and butter". Can it be that he is backing a NEW horse? Ripple... something that is backed by governments?

Bitcoin might not "tick" all the boxes, but it's 80% there... Do we need Core developers spreading FUD or do we need people who identify these problems and tackle them head on?

You can either bend your knee before governments and play by their rules or you simply vote for the people, who play by your rules. 

[Amph]

i don't see any other reason for his negativity other than buy cheap coins, a core dev should encourage the adoption(not but telling the false of course, we all know that bitcoin is in a despair phase) but a dev, should talking about addressing bug/problem related to btc, instead of "fudderising" it

[tokeweed]

Readers need to remember one thing:
Peter Todd is a 30 yrs old programmer.
He lack life experience and credential to talks about other aspect of bitcoin. He should stick to the technical aspect.

That can be said about a number of devs. Some of them grow wiser, some of them become FUDsters for the press.

Why does the age matter here? It's more common for older people to stick with their beliefs, rather than accept something new. He might not have experience and thus shouldn't be predicting the future.
He shouldn't definitely be talking in a wrong way about this, because his job is to code for a cryptocurrency. The part about TBF is correct though.

What does old age have to do with beliefs? Wisdom is the perspective created by large collection of truths. Learning takes time. Life is OJT.

Case in point: The media reach out to him because they will use his title as a persuasive voice for their article. "a core developer of bitcoin must have known something about bitcoin right? " technical aspect yes, but not any other aspects. Hes used for the hits of the site, nothing more. Live and learn.


I'm sure he can code much better than Satoshi ( Gavin pointed out Satoshi isnt much of a programmer based on his coding). But sadly he can never have an idea like Bitcoin. It takes many other things to have such vision.

That's fair.  But what if...  just what if, what he wrote proved to be right?

[InceptionCoin]

i don't see any other reason for his negativity other than buy cheap coins, a core dev should encourage the adoption(not but telling the false of course, we all know that bitcoin is in a despair phase) but a dev, should talking about addressing bug/problem related to btc, instead of "fudderising" it

He isn't your employee. He is writing new code for bitcoin for free, so he didn't take any obligations to us. Why do you think that you can speculate about btc future and he shouldn't?

[Hazir]

I share his opinions on many things. I also think that the Biggest Threat to Bitcoin is Government, altcoins are not worth our time, bitcoin foundation was great idea however we all know how this project ended.
Overall his concerns are not that severe as I expected them to be.

[cbeast]

i don't see any other reason for his negativity other than buy cheap coins, a core dev should encourage the adoption(not but telling the false of course, we all know that bitcoin is in a despair phase) but a dev, should talking about addressing bug/problem related to btc, instead of "fudderising" it

He isn't your employee. He is writing new code for bitcoin for free, so he didn't take any obligations to us. Why do you think that you can speculate about btc future and he shouldn't?

Think of all Bitcoin holders as business stockholders because they own a piece of the Bitcoin system. Trusted stockholders and officers are required by law to act in the best interest of corporations. While there is no such law for Bitcoin, the reasons for those law are just as valid in a decentralized business entity. The value of Bitcoin doesn't grow through earnings, it grows through deflation.

[Adam_Allcock]

i don't see any other reason for his negativity other than buy cheap coins, a core dev should encourage the adoption(not but telling the false of course, we all know that bitcoin is in a despair phase) but a dev, should talking about addressing bug/problem related to btc, instead of "fudderising" it

He isn't your employee. He is writing new code for bitcoin for free, so he didn't take any obligations to us. Why do you think that you can speculate about btc future and he shouldn't?

Speculation is fine but dont FUD. The fact that he is core developer means he should have passion in his work..... Sounds like he is into cryptocurrency because it is a "trend" "big thing" so he can be known on interweb. Otherwise he is  just a programmer among millions.

He is ready to be hired for working on a new coin. Atleast go with dignity and keep your speculation to yourself.

[Ingatqhvq]

That't really normal.
Bitcoin is not perfect, it still have a lot of problem to be solved.
No one really know the future of bitcoin.

[Snail2]

US regulations and influence over the core development would be an excellent way to double my bitcoin holdings, as I'm pretty sure a large part of the community would stay on a non regulated fork. So after the forking I'd have USBitcoins and RestOfTheWorldBitcoins as well. I guess those US regulators are still don't getting how this bitcoin stuff is working .

[Cruxer]

I guess one day we will test the theory that if the devs try to change bitcoin then it will be up to the miners to say no.

Agree, couple security layers

[Amph]

i don't see any other reason for his negativity other than buy cheap coins, a core dev should encourage the adoption(not but telling the false of course, we all know that bitcoin is in a despair phase) but a dev, should talking about addressing bug/problem related to btc, instead of "fudderising" it

He isn't your employee. He is writing new code for bitcoin for free, so he didn't take any obligations to us. Why do you think that you can speculate about btc future and he shouldn't?

this isn't speculation, i see it as a negativity toward a project that he is doing, it's like he don't like what he is doing, maybe he should find another job for coders

That't really normal.
Bitcoin is not perfect, it still have a lot of problem to be solved.
No one really know the future of bitcoin.

that's my point, he should talk about how to solve those problems that would bring faith again to bitcoin, instead he is spreading fuds, that from a dev can have even more of a bad impact

[tokeweed]

But what if...  just what if, what he wrote proved to be right?

[InceptionCoin]

But what if...  just what if, what he wrote proved to be right?

Which kind of answer do you expect?
There are well known facts in the paper and opinion and prognosis of one of the contributor to bitcoin-reference client.

He made prognosis if he right, well, he is right, if he isn't, well, he isn't. We all know that bitcoin has some value so even in the worst situation it will stay in some niches. But of course we all hope that bitcoin will grow to world-wide payment system and blockchain will come global database. But its just one risky scenario.