Is Bitcoin Controlled By Mysterious Coders?

𝐋𝐄𝐀𝐑𝐍 𝐓𝐎 𝐁𝐔𝐘 𝐀𝐍𝐎𝐍𝐘𝐌𝐎𝐔𝐒 𝐁𝐈𝐓𝐂𝐎𝐈𝐍➜➜➜
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In this video, I discuss Paul Kiernan's WSJ article in which he alleges that Bitcoin's future is heavily dependent on Bitcoin Core devs, especially the 5 people who have the power to merge changes.

Kiernan is missing the key fact that Bitcoin devs can put out whatever software they want, but Bitcoin nodes have the choice whether or not to run it. There are no forced updates or auto-updates to Bitcoin Core.

Bitcoin consensus takes place at the social layer and is then expressed in code. As a Bitcoiner, you can run the Bitcoin Core implementation or any other implementation that you want. You can even change the consensus rules, but at that point, you will have hard forked yourself to another coin.

To conclude, Bitcoin devs and maintainers have no special power over Bitcoin. If Bitcoin devs collude to push through a hard fork that the Bitcoin community does not like, no one will run the software-- and the devs will have destroyed their reputations in the community forever.

Bitcoin Core can be hosted anywhere, so it is not a problem if it eventually gets kicked off of Github.

Bitcoin is a social movement of people who are committed to things like 21 million max supply, proof of work, etc. You can try to mess with Bitcoin's code-- but as long as there are Bitcoiners who like Bitcoin, they are not going to just sit on their hands and allow you to try to destroy Bitcoin.

Bitcoiners will fight back with code and also by coordinating with one another online and in meat space.

Not investment advice! Consult a financial advisor.

Bitcoin’s Future Depends on a Handful of Mysterious Coders:
https://www.wsj.com/articles/bitcoin-...
https://twitter.com/pkwsj/status/1626...

Senator Warren: Crypto Puts Financial System in the Hands of 'Shadowy Super-Coders’:
https://decrypt.co/76997/elizabeth-wa...

Bitcoin nodes software summary:
https://coin.dance/nodes/all
https://bitcoin.clarkmoody.com/dashbo...

Bitcoin Core on Github:
https://github.com/bitcoin/bitcoin

Old version of Bitcoin Core on Source Forge:
https://sourceforge.net/projects/bitc...

US Dollar's Future Depends on One Mysterious Lawyer:
https://twitter.com/BitcoinIsSaving/s...

Paul Kiernan's early journalism:
https://www.dailytarheel.com/article/...

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#bitcoincore
#nodes

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