Why aren't Bitcoin multimillionaires(billionaires) funding the development ofBTC

[justone123]

So how many people are working lightning? Like 10? Maybe?

Seems like not many people are intrested in participating in open source("free) development?

Many people have gotten crazy rich from this thing, why do they not fund the developers or something? It would only increase their wealth and  their net worth is probably above what you need. I mean they could afford to contribute.

Why is there not a fundraiser for the development, or some campaign like this? Do you think this is not needed?

Any thoughts?

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[GreenPin]

Is there any btc development going on?

[cr1776]

This discussion dealt with a similar question:

https://bitcointalk.org/index.php?topic=2479167.msg25438676#msg25438676

[cellard]

Im pretty sure that all the main developers in bitcoin are early adopters, therefore all of the main bitcoin developers are multimillonaires themselves... which means they don't really need any funding, and they will keep getting richer as BTC keeps going up.

Anyone can be part of Bitcoin by submitting your own code, so it's hard to "fund the development of BTC". Like I said, usual contributors are already rich, and we will have new contributors overtime that have not contributed yet. It's hard to distribute money in an open source project like BTC.

[Xavofat]

It's not solely about sustaining full-time careers - most of these open-source projects have a large number of contributors that suggest small alterations to the code.

However, those that do work full-time sometimes get sponsored by people in the industry.  Blockstream, for example, hires some of the Core devs.

Sure, there's not huge amounts of money in it, but there's not much of a solution to that.  Adding funding for development as part of the block reward, for example, would give one group an unjust advantage over development (that's what some cryptos attempt to do).

[Spendulus]

Development does not just include the bitcoin Core group, but a hundred other types of industry, including exchanges, hardware such as Trezor, bitcoin ATM, a hundred different wallets, and a thousand alt coins.

[cr1776]

Simple answered summarized :
1. Some of those bitcoiner don't care/know much about bitcoin development
2. People would see it's as attempt to centralize bitcoin
3. They have no idea how to fund unique/unusual technology such as bitcoin, especially since it's decentralized and people sometimes reject new ideas/upgrade/scaling solution

Also, it's hard to distribute the funds since anyone can contribute, only few knows how much someone contribute or whether the developer need funds (since some contributor already rich thanks to donation in early adoption phase)

Not to mention that like tcp/ip, smtp, ftp, dns, http etc, the protocol doesn't need a lot of changes.  With SegWit and its components, much can be done at a higher level like http and dns are built on tcp/ip and web pages are built on http/https which is in turn built on tcp/ip.  And those are places where people and companies can easily fund themselves with a good idea.

[Colorblind]

Im pretty sure that all the main developers in bitcoin are early adopters, therefore all of the main bitcoin developers are multimillonaires themselves... which means they don't really need any funding, and they will keep getting richer as BTC keeps going up.

Anyone can be part of Bitcoin by submitting your own code, so it's hard to "fund the development of BTC". Like I said, usual contributors are already rich, and we will have new contributors overtime that have not contributed yet. It's hard to distribute money in an open source project like BTC.

I would add to this that avoiding screw-ups orders of magnitude more important then adding features.

[alko89]

Simple answered summarized :
1. Some of those bitcoiner don't care/know much about bitcoin development
2. People would see it's as attempt to centralize bitcoin
3. They have no idea how to fund unique/unusual technology such as bitcoin, especially since it's decentralized and people sometimes reject new ideas/upgrade/scaling solution

Also, it's hard to distribute the funds since anyone can contribute, only few knows how much someone contribute or whether the developer need funds (since some contributor already rich thanks to donation in early adoption phase)

Not to mention that like tcp/ip, smtp, ftp, dns, http etc, the protocol doesn't need a lot of changes.  With SegWit and its components, much can be done at a higher level like http and dns are built on tcp/ip and web pages are built on http/https which is in turn built on tcp/ip.  And those are places where people and companies can easily fund themselves with a good idea.

Can you give some links on how SegWit is implemented? I didn't know this is all mostly on a higher level.

[pebwindkraft]

Can you give some links on how SegWit is implemented? I didn't know this is all mostly on a higher level.

https://en.bitcoin.it/wiki/Segregated_Witness
and here in the forum, expecially the links Achow101 provided:
https://bitcointalk.org/index.php?topic=2039346.0

[OriginTrain]

Actually a number of investors are actively doing their best to promote bitcoin. The twin brothers that bought a lot even filed for listing of their own BTC futures exchange.

[Colorblind]

Actually a number of investors are actively doing their best to promote bitcoin. The twin brothers that bought a lot even filed for listing of their own BTC futures exchange.

You mean Gemeni exchange? I thought they were people who provide market data for CBOE futures trading.

[Dabs]

Not all early adopters kept all their coins. Just look at Andreas A. (and well, just look at me, I've been around, I don't have much today.)

Early adopters spent their coins. To buy pizza and lambos and to pay rent.

[OriginTrain]

Not all early adopters kept all their coins. Just look at Andreas A. (and well, just look at me, I've been around, I don't have much today.)

Early adopters spent their coins. To buy pizza and lambos and to pay rent.

How many actually bought lambos though? I'm so curious what % of early adopters have made it into the "wealthy" category.

[nc50lc]

How many actually bought lambos though? I'm so curious what % of early adopters have made it into the "wealthy" category.

And as an addition, maybe some of these early adapters aren't all interested in the development and just "kicked-in" to the news.
With a low file size of the node and cpu-limited mining, anyone can join. Some got a handful of BTCs in their wallets that must be forgotten or neglected due to worthlessness of bitcoin at that time. -cold stored btc that are not circulating.
Some Multimillionaires in Bitcoin aren't really millionaires in life...

[Dabs]

Maybe the lambo part was an exaggeration, but, I, for one, have been technically unemployed for the better part of 3 years. (I recently got a new job, but it's not paying much yet.) I've been surviving from bitcoin and assorted crypto, and yes, it "hurts" since my cereal breakfast a few months ago is now a fine dining steak dinner.

But in so doing, we make bitcoin more valuable. I may just be a drop in an ocean, but every single drop doesn't think it is responsible for the flood.

I think I've read about 3 or 4 people who got lambos, one sold it at a profit after driving it for a short while, and there's even a doge sponsored rally / race car before. In my case, I got a minivan. More practical.

[Vitolife]

Maybe the lambo part was an exaggeration, but, I, for one, have been technically unemployed for the better part of 3 years. (I recently got a new job, but it's not paying much yet.) I've been surviving from bitcoin and assorted crypto, and yes, it "hurts" since my cereal breakfast a few months ago is now a fine dining steak dinner.

But in so doing, we make bitcoin more valuable. I may just be a drop in an ocean, but every single drop doesn't think it is responsible for the flood.

I think I've read about 3 or 4 people who got lambos, one sold it at a profit after driving it for a short while, and there's even a doge sponsored rally / race car before. In my case, I got a minivan. More practical.

I agree that the people using the Bitcoin are actually giving it real world value. I have been first reading about Bitcoin when it was 300 USD but at that time I did not think it was something I should pursue.

[Yanisumin]

I will be qouting your question here and i will be quoting the other thread too. hmm/

So how many people are working lightning? Like 10? Maybe?

Seems like not many people are intrested in participating in open source("free) development?

Many people have gotten crazy rich from this thing, why do they not fund the developers or something? It would only increase their wealth and  their net worth is probably above what you need. I mean they could afford to contribute.

Why is there not a fundraiser for the development, or some campaign like this? Do you think this is not needed?

Any thoughts?

As satoshi have said on his whitepaper " Bitcoin cant be developed anymore " BTC 1.0 is the original BTC and will be forever be on its lifetime, and remember who are working with the forks? They are the one who are developing or finding another way on how to develop some alternative coins because they can't do this on NTC itself. Si they are turning into the alternatives. And because I am talking about the alternatives, alternatives ( most of them are funded because of BTC and this is where they are putting the development.

* I think Bitcoin should fund its-self and be self-sustaining.

I am proposing that some guaranteed percentage from total supply of Bitcoin be set aside for Developers to fund important Bitcoin stuff.
Such fund will also be used to hire independent Auditors whose job will be to Audit the Fund's usage to ensure they are used judiciously.

Six specific things Bitcoin Developers would need the funds for.

1. Bitcoin related researches - which includes new Hardware & Software Researches.

2. Project Development

3. Marketing Campaigns, Bitcoin News Media,  & general information dissemination.

4. Payment for Product acquisitions.

5. Funding for Increased Decentralization, overall Network Safety and Security.

6. Salaries & Wages.

1. Bitcoin related services are i think is the alternative coins, and the platforms. When it comes to hardware or software I think there is a continuous development for the sake of BTC mining.
2. Project developments of what? There are so many projects and its hard to know what is legit.
3. BTC is having a global adoption slowly but surely and no need to have a marketing anymore, internet can do just fine.
4. I dont know what to say here....
5. I think they are having enough money because of miners fee so their salaries and wages are more than enough.

[gulliblehive]

Well, you could argue that they are, many of the 'forks' are spearheaded by multimillionaires, so your premise is probably a little wrong.

[Stegobit]

I think projects like Lightning Network should launch crowdfunding campaign like Wikipedia does every year and advertise them to Bitcoin holders and investors, explaining them it can increase their wealth by Bitcoin adoption (thus BTC/$ rate) growth.