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So right off the bat I want to address this natural urge to want to know who is behind the code of Bitcoin, speculation will always abound in the presence of a mystery. And thanks to whoever Satoshi Nakamoto is, and their strict personal application of anonymity, there will always be this aspect to the beginnings of the very first successful cryptocurrency. That, however is not what this video will be about. This video is going to cover who the people are behind the Bitcoin of today. If you are interested in learning more about the early days of Bitcoin, who played instrumental roles in its creation and early development, you need to check out the links to additional videos I have made that can be found down below in the video description. Bitcoin has changed a lot over the years and I think it’s equally important to know who is actually behind the Bitcoin of today. So, let’s get into it.
In light of the common assertions that Bitcoin was created by the CIA, or some other secret government organization, and as we progress through this video today I want to encourage you all to remember this very fine and crucial point that Bitcoin is an open source software, one in which anyone, anywhere, at anytime, can view it, analyze is and download it if they so choose. I don’t know about you, but for me, that kind of blatant transparency is not something that any government anywhere would like to be promoting, if nothing else than for the sake of national security, of course.
Additionally, for anyone suspicious of the “motives” behind the continuation of Bitcoin, again, you are free to analyze the code, join the discussion groups and anonymous mailing lists and really put your ear to the ground to get a better understanding of the problems that exist and the solutions being tested.
If however you want to understand the motives behind these proposed solutions, whatever they may be, it’s always wise to first look at who is funding them (if anyone at all). And as they say, follow the money.
A new report has come out from the research team behind the centralized exchange Bitmex and their findings regarding who exactly is funding the development of Bitcoin. For those who seem to be hyper concerned with the centralization of Bitcoin mining and their ability to “take over Bitcoin”, I’d say the source of funding for development is a much more relevant and pressing issue. By the way, if you want to know my thoughts on the likelihood of a hostile takeover of Bitcoin check out the link to that video again, in the video description.
Satoshi Nakamoto intuitively designed the Bitcoin miners to be incentivized to play by the rules rather than try to take it over, BUT as this network has grown, other changes like big companies and venture capitalists have stepped in to provide funding for developers and other infrastructure that would help support the growth of the network. This is an entirely different kind of centralization and no doubt is a great place to dig in if you are at all suspicious of the motives behind certain developments of the Bitcoin network, like for example, the implementation of Segwit, which is short for segregated Witness, one scaling solution added to Bitcoin in 2017.
So let’s take a look at this report and see that they have found that is publicly available information:
There are well over 50 bitcoin developers who are being funded one way or another. Among the list of entities funding developers for Bitcoin are: Blockstream, Lightning Labs, Square Crypto, MIT, Chaincode, and others. Blockstream and Lightning Labs each fund 8 developers and you can see by this research how many other developers are being paid by other companies and where that funding is specifically coming from, be it venture capitalists, donations or retained income.
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If this is the first time you are going to speak with your family about cryptocurrencies, there is one important thing to remember: they might not take your suggestions seriously because deep down they can remember changing your diapers, they can remember your award teenage years, they can remember the very poor decisions you made going through life so far. And fair enough.
This is why you need to remember to have patience and will most likely end up having many conversations with them about this new technology.
If you have already spoken to your family or loved ones before about this new technology before but you are feeling a sense of urgency to return to those conversations again due to the recent events taking place around the world, I would hope that this time around these conversations would revolve heavily on the real utility of cryptocurrency rather than price speculation which was most likely the case for you in the past.
Because of this I think it’s important that you kick it off with being very clear as to why you feel it is important they familiarize themselves with this new tech. Why it exists, how it is different from the current financial system they have been participating in. You can worry about overwhelming them with the importance of custody and security later, but right now I think these points will continue to ring more and more true for them as we see the effects of governments around the world floundering in their own poor central planning decisions.
If you are doubting your abilities to explain these topics, or if you feel you might need a refresher yourself, please watch the videos I have linked in the video description with your loved ones. A new concept like this is very often difficult for people to absorb the first time around so please don’t be shy to watch them as many times as is needed for you to feel confident in understanding the information. Better yet, watch a video and have a discussion afterward and see what kind of questions are sparked. Chances are you will be having an in-depth discussion with loved ones that you haven’t had in quite some time, perhaps ever. I want to encourage you to be supportive and patient.
With everything that has been happening in the world today I can certainly understand and I hope that you are feeling the urgency to help those around you to wake up to the real picture.
Here are some specific things that I think are worth explaining and exploring with your loved ones.
How the concept of a debt-based society has led to central banks printing trillions of dollars out of thin air.
How this money printing has caused the value of your currency to drop over time
How Big banks are the first to access this newly printed money, they benefit from that access far before any devaluation occurs down the line. They are given this newly printed money to issue loans to businesses and people who usually can’t afford to pay them off. Banks only make money from the interest paid, not from a quickly paid off loan.
This connection of governments and their currency entraps its citizens to being victims of their money making schemes.
Bitcoin and other decentralized, open source cryptocurrencies are a completely voluntary system, no government will force you to use them because they cannot control them.
The emission rate of coins created are completely transparent and available to view in their open source code. In the case of Bitcoin, the emission rate is hard coded, cannot be changed no matter anyone’s political agenda, and decreases over time until one day many years from now there will no longer be newly minted Bitcoin. AKA limited supply.
Not every cryptocurrency reflects these attributes and because of this it is important to learn about the supply of the coins.
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