$55 mio pumped directly to some core devs. the very heart of bitcoin. is this good for the price of bitcoin?
Forget about the price.At least for the short term.
This is good for further development of the Bitcoin network.
And only that is what counts imo.
I like what one reddit user wrote.I think that pretty much sums it up.
It's unclear exactly what Blockstream's business plan is supposed to be; however, we can infer that it involves private blockchains and consultations on blockchain technology. R3 (Hearn's employer) is also working on private blockchains, so Blockstream must be evil, right?
The difference is that Blockstream's solution can tie these private blockchains directly to Bitcoin via 2‑way pegs; this makes BTC an extremely valuable common medium of exchange amongst all the private systems that wish to be so connected—in fact, it's better than that; because of the guiding principles of robust decentralization above all else, it serves as a refuge to store value when there's doubt in the rest of the system.
Blockstream's solution makes Bitcoin the backbone of an Internet of Money.
The transactions of the world are not uniform in their requirements; there are various profiles of risk and cost and speed and payload—and any other property you can think of! Indeed, there is more trust in the world than Bitcoin assumes, and that trust can be used by some profiles in order to benefit everyone.
No single system can simultaneously cater to all profiles.
The profile that Bitcoin was designed to serve entails decentralized, trustless processing of "small casual transactions"—and of these properties, decentralization is paramount; after all, you can construct an inexpensive high-volume transaction system on top of a decentralized core system of nearly any sort, but you cannot construct a decentralized system on top of a centralized core system of any sort.
The Core of the ecosystem needs to be correct.
Above all else, the Core of the Bitcoin ecosystem must provide decentralized, trustless processing of transactions; once that goal has been met, an overlay network (like the Lightning Network) can be used to construct Bitcoin transactions in a way that is smarter than simply using Bitcoin directly. Furthermore, Bitcoin's token, BTC, can be pegged to the tokens of other systems that cater to all manner of different profiles.
In this way, every possible profile can be serviced and yet tied together with a common token, BTC; when there is doubt in the ecosystem, users can retreat to the safety of the cold, heartless, trustlesss core that is Bitcoin.
This makes Bitcoin the Core of an Internet of Money.
