Blockstream Buys Bitcoin Wallet to Boost Sidechains Development

[OmegaStarScream]

Bitcoin infrastructure architect Blockstream has acquired wallet provider GreenAddress in a move the startup says could impact the development of its signature, still in-development sidechains solution.

Following the acquisition, GreenAddress Wallet's team of three developers will continue to work on privacy and security bolstering features for the wallet as well as compatibility for sidechains, a bitcoin infrastructure component that Blockstream has raised $76m in two investment rounds to engineer.

Source here : http://www.coindesk.com/blockstream-wallet-greenaddress-sidechains/

For a second , I thought they bought Bitcoin Core or something and I was like : "Rip decentralization."

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[pawel7777]

...
For a second , I thought they bought Bitcoin Core or something and I was like : "Rip decentralization."

How could anyone buy Bitcoin Core? It's open source, just use it as you please.

So, if I understand correctly, users of the wallet will be able to make faster and likely cheaper sidechain transactions (off the Bitcoin blockchain) between all the partner entities (currently they've got like 5 exchanges on board).

I've got mixed feelings about this.

[OROBTC]

...

OSS & pawel

This is an interesting development, as I have not yet seen a "real use" of the BTC blockchain.

Does anyone have any ideas what Blockstream may be up to?  Would sidechain transactions be limted to non-BTC uses?

[QuestionAuthority]

Well, there's another 76 million dollars that some idiot VC investors threw down the rabbit hole. Those fools may as well just wipe their ass with hundred dollar bills and ask the government for a recycling tax credit. lol

[pawel7777]

...
This is an interesting development, as I have not yet seen a "real use" of the BTC blockchain.

Does anyone have any ideas what Blockstream may be up to?  Would sidechain transactions be limted to non-BTC uses?

This, on it's own, doesn't change much in terms in 'real use', just an improvement in the way BTC is transferred. This could, but doesn't have to lead to some new areas of bitcoin usage.

Blockstream received massive VC funding and they will have to find a way to transform into profit making business. Many suspected that it'll be the Lightning Network to generate most revenue, but looks like they're focused on sidechains. It's not very clear what Blockstream team promised their investors.

Well, there's another 76 million dollars that some idiot VC investors threw down the rabbit hole. Those fools may as well just wipe their ass with hundred dollar bills and ask the government for a recycling tax credit. lol

The $76m mentioned in the article doesn't relate to GreenAddress acquisition, but to previous funding round.

[beastmodeBiscuitGravy]

...
For a second , I thought they bought Bitcoin Core or something and I was like : "Rip decentralization."

How could anyone buy Bitcoin Core? It's open source, just use it as you please.
...

Made me laugh to tears... then, I realized the tears were real.

[BlindMayorBitcorn]

Aren't you all a bunch of free-wheelin', fast-dealin', low-ballin' crypto hustlers? Or what? What's the big deal? Mergers and acquisitions is how corporate America works it. Or whatever. Consider Microsoft, Facebook. Consider Martin Shkreli. Where's your sense of capitalist gusto?

[BlindMayorBitcorn]

How the hell did they raise 76 million in funds? Which of these investors saw anything but Bitcoin and new technology before throwing their money in, Sidechains to really make them a profit?

I've heard some spooky things about the possible unforeseen economic consequences of pegging chains on chains. What if the mining infrastructure tilts to the sidechain. Will that deprecate mainchain security, making it all ipso facto less valuable?

Liquid's a functioning sidechain. Has that been a net positive for Bitcoin? Any way to really measure that?

[krunox123]

For a second , I thought they bought Bitcoin Core or something and I was like : "Rip decentralization."

How could one buy the Bitcoin core, though? I mean, is/was it possible? :O

[SilverSwan]

For a second , I thought they bought Bitcoin Core or something and I was like : "Rip decentralization."

How could one buy the Bitcoin core, though? I mean, is/was it possible? :O

Appears you'd need a rapist's wit on the IRCs and about $76 million. Sleep easy tho, that combo would be like one in 7.4 billion chance...         

[NorrisK]

For a second , I thought they bought Bitcoin Core or something and I was like : "Rip decentralization."

How could one buy the Bitcoin core, though? I mean, is/was it possible? :O

If they would buy out the devs that are working on core, that would have the same result.
Buying core would obviously be impossible.

I'm wondering though, what do they need those huge amounts of money for to develop some code for the side chains network?

[Kakmakr]

If one of the developers on the Blockstream's team farts, it's on all the forums the next day. Everyone has been going on for months about scaling and block sizes and now that these people are trying to engineer a solution, everyone is up in their ass about it. ^???^

It is one conspiracy after the other, and it is not contributing to anything positive, and if you look at the post history of these people, many seem to be big block supporters.

[beastmodeBiscuitGravy]

If one of the developers on the Blockstream's team farts, it's on all the forums the next day. Everyone has been going on for months about scaling and block sizes and now that these people are trying to engineer a solution, everyone is up in their ass about it. ^???^

It is one conspiracy after the other, and it is not contributing to anything positive, and if you look at the post history of these people, many seem to be big block supporters.

Wow, shocking discovery there. And if you look at the mouth-breathing apologists who can't connect two dots together... they all seem to be running some crappy signature ad for a gambling site or similar in return for some penny shavings. I ain't gon' judge tho.

[OmegaStarScream]

I know it's impossible to buy Bitcoin core since It's open source by I meant what NorrisK said. More then that , there is actually some people who said that Blockstream is controlling the devs.

[ObscureBean]

Aren't you all a bunch of free-wheelin', fast-dealin', low-ballin' crypto hustlers? Or what? What's the big deal? Mergers and acquisitions is how corporate America works it. Or whatever. Consider Microsoft, Facebook. Consider Martin Shkreli. Where's your sense of capitalist gusto?

You tell 'em buddy!   The modern world wasn't built on pleasantries, you eat up the little guys around you so you can grow and become stronger and it's not like the little guys are losing out either. They accept it wholeheartedly because everyone wants to be part of bigger more robust organisms. The world itself is in the process of merging into one entity.

[pereira4]

It is a good move against patent trolls and big open source projects like Linux do it all the time yet I don't see anyone complaining about it. Of course Blockstream does it and then the FUD and hate begins.

Well guess what, the big blockers have already lost, they have shown their incompetence numerous times now and it's over for the guys like Brian Armstrong that were saying how great a hard fork is.

[Kprawn]

If one of the developers on the Blockstream's team farts, it's on all the forums the next day. Everyone has been going on for months about scaling and block sizes and now that these people are trying to engineer a solution, everyone is up in their ass about it. ^???^

It is one conspiracy after the other, and it is not contributing to anything positive, and if you look at the post history of these people, many seem to be big block supporters.

There solution is to profit off it, not much of a community or honest solution now is it? (P.S. people don't invest millions of dollars without a forecast for profit)

Buddy, a lot of people {VC firms} invest in million dollar projects and they lose almost all of it, just take the internet bubble as a example. Investment in these startup companies have high risks, and

not even the Blockstream developers can predict what will happen in the future. They can manipulate the development all they want, but it takes only one event to bring them down. Look at what

happened with ETH... for months people tried to hype it up and spam everyone with ETH propaganda and then their developers dropped the ball.  ... One bad event.. is all it takes to bring them

down... and they know it. 

[QuestionAuthority]

If one of the developers on the Blockstream's team farts, it's on all the forums the next day. Everyone has been going on for months about scaling and block sizes and now that these people are trying to engineer a solution, everyone is up in their ass about it. ^???^

It is one conspiracy after the other, and it is not contributing to anything positive, and if you look at the post history of these people, many seem to be big block supporters.

There solution is to profit off it, not much of a community or honest solution now is it? (P.S. people don't invest millions of dollars without a forecast for profit)

Buddy, a lot of people {VC firms} invest in million dollar projects and they lose almost all of it, just take the internet bubble as a example. Investment in these startup companies have high risks, and

not even the Blockstream developers can predict what will happen in the future. They can manipulate the development all they want, but it takes only one event to bring them down. Look at what

happened with ETH... for months people tried to hype it up and spam everyone with ETH propaganda and then their developers dropped the ball.  ... One bad event.. is all it takes to bring them

down... and they know it. 

Absolutely correct!