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Does Jack Dorsey Influence Bitcoin?

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4 hours ago

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I recently stumbled upon a fantastic report from 1A1z on “Funding Bitcoin.” I was surprised to learn that Jack Dorsey funds over 60% of Bitcoin Core’s development via different organizations: over $5 million annually, out of a total of only $8.4 million in funding. Wild, right? For a $1.2 trillion asset, I expected way more diverse support.

Now, you might be worried that that concentration risks him having too much sway. If he turned against Core’s principles, his funding leverage could be a real concern.

But does Dorsey’s power really extend to controlling Bitcoin itself? Nope, no way. Bitcoin’s decentralisation means no single entity can dictate terms, not even the chief donor of the main Bitcoin implementation.

Here’s the key difference: Bitcoin Core versus the Bitcoin network. Core adds useful features, but people choose what nodes to run. If Core went rogue, people would just reject its changes or use different software.

So Dorsey can’t force changes to Bitcoin. His influence has hard limits, even if he decides to dictate to developers what to work on or what to push. Nodes hold the real power over Bitcoin’s evolution. (You can read more about Bitcoin Core’s governance here: Who Controls Bitcoin Core? by Jameson Lopp.)

Still, I think there should be more donors and organisations funding Bitcoin Core or other implementations. Many crypto companies benefit and earn millions in monthly profits, depending on Bitcoin’s success, but surprisingly, they don’t contribute anything. Ideally, people should also fund different implementations of Bitcoin in addition to Bitcoin Core.

Bitcoin will only thrive through decentralization. We’ve got to apply that ethos to funding Core, too. Dorsey’s funding concentration challenges it, while spreading the donor base protects Bitcoin’s antifragility.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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24/7 Cryptocurrency News

Bitcoin Core 28.0 Launches With Major Improvements

Published

3 weeks ago

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October 5, 2024

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This week, the Bitcoin development team announced the launch of the Bitcoin Core 28.0 version bringing along major bug fixes and performance improvements to the BTC mainnet. As we know, the Bitcoin Core is a critical program within the BTC ecosystem that helps in maintaining decentralization.

Bitcoin Core 28.0 Version Brings Higher Security

The BTC development team has published the release notes outlining several updates designed to boost the program’s functionality and security. Along with the bug fixes, the recent update focuses on introducing more security and privacy features for the users.

Last month, the BTC developers issued a warning about a high-risk vulnerability and a software bug that was affecting one in every six Bitcoin nodes. The vulnerability allowed malicious actors to launch a DoS attack by exhausting nodes with low-difficulty header chains. This would need the nodes to download long chains exceeding their bandwidth thereby ultimately resulting into its potential crash.

With the latest version update, the Bitcoin Core developers have patched this vulnerability along with additional security enhancements. Back in August, BTC Core integrated new security advisories in order to keep the protocol safe amid the growing adoption.

In addition to this update, the BTC Core 28.0 version supports reproducible builds that allow experienced users to compile identical binaries along with those distributed on the BTC Core official website. This feature helps to boost trust and transparency within the BTC community.

The good thing is that Bitcoin Core has relatively high system requirements compared to other Bitcoin software. By default, it allows up to 125 peer connections, with 11 outbound connections. This connectivity ensures that users stay integrated within the Bitcoin network, contributing to its decentralized structure.

Where’s BTC going Next? $50K or $70K?

Since the beginning of October, the Bitcoin price has come under strong selling pressure moving all the way to $60,000 before recovering back past $61,000 levels. However, amid the current cycle, it seems that BTC whales have shifted to the least profit-taking so far. This shows confidence among long-term holders who are eyeing a potential upside of $70,000.

On the other hand, some market analysts are predicting that the BTC price first needs to take a dip to $57,000 before resuming the uptrend. However, if the bulls manage to reclaim the crucial support zone of $63-$64k, they can start a further journey to $70K.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Arthur Hayes

Arthur Hayes's Family Office Funds Bitcoin Core Developer

Published

1 month ago

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September 21, 2024

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Maelstrom, the family office of Arthur Hayes, has awarded the first grant from its Bitcoin developer program to contributor Rkrux. The funding will support Rkrux working full-time on Bitcoin Core.

Bitcoin relies on voluntary developers to maintain its codebase as an open-source project. Maelstrom recently launched a grant program to encourage more full-time work on improving and contributing to Bitcoin’s core infrastructure.

The first recipient is Rkrux, an emerging Bitcoin Core reviewer who completed Chaincode Labs’ FOSS program this year. The grant will enable Rkrux to quit his job and focus entirely on Bitcoin development.

“One of the goals of the grant program is to recognize and reward emerging talent contributing to Bitcoin Core development,” said Arthur Hayes, Maelstrom’s CIO.

Hayes added that supporting full-time developers strengthens the Bitcoin ecosystem. Rkrux represents the type of new talent Maelstrom hopes to back through its grants.

Rkrux said the funding came at the perfect time as he was deciding whether to leave his job to pursue Bitcoin Core full-time. “The financial support from Maelstrom has made this possible,” he remarked.

As an experienced engineer but newer Bitcoin contributor, Rkrux is eager to step into the role and advance the project. He aims to become a top Bitcoin Core developer with Maelstrom’s grant backing. The more full-time developers working on Bitcoin core, the better it is for the network’s improvement and resilience over time. 



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