Re: Is it okay for Bitcoin Core development to be funded by Banks?
I just read in two publications that VanEck and BitWise will be funding Core development.
https://bitcoinist.com/bitcoin-etf-by-vaneck-benefit-btc-core-developers/
https://www.forbes.com/sites/digital-assets/2024/01/30/the-bitcoin-spot-etf-a-catalyst-for-change-in-bitcoin-first-companies/?sh=13226e9f2827
There is a clear conflict of interest here. Should this be allowed? Should anyone have this kind of influence over the Core code?
As far as I know Satoshi developed the initial code and accepted no money in return for this very reason.
https://bitcoinist.com/bitcoin-etf-by-vaneck-benefit-btc-core-developers/
https://www.forbes.com/sites/digital-assets/2024/01/30/the-bitcoin-spot-etf-a-catalyst-for-change-in-bitcoin-first-companies/?sh=13226e9f2827
There is a clear conflict of interest here. Should this be allowed? Should anyone have this kind of influence over the Core code?
As far as I know Satoshi developed the initial code and accepted no money in return for this very reason.
Of course not! Banks' malpractices are the main reason why Bitcoin was invented in the first place. This is nothing more than a conflict of interest. The banksters will only look what's best for them instead of what's best for the people. Luckily for us, Bitcoin is open source. If it becomes too compromised, the community can fork away and make a new chain with decentralization in mind. Or they can move to BTC clones such as BCH and BSV.
If Satoshi was alive, he wouldn't want banks to get involved in the project. Perhaps, these entities will keep on-chain fees high to force everyone to move to centralized L2 networks (eg: Lightning Network). We can't predict what will happen in the future, so lets hope for the best.
