Topic: "Bitcoin’s Future Hinges on Donations, and That’s Got People Worried" - page 2. (Read 411 times)
February 25, 2023, 02:13:54 AM
No matter what happens, there will still be several organizations that are still going to help fund Bitcoin development and maintenance. It has been able to hold it's self for years so why will it fall all of a sudden just because some donators or crypto businesses decided to hold their donations to them self. Bitcoin will still survive.
February 25, 2023, 12:15:18 AM
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Ethereum, for example, was pre-mined ~ the Ethereum Foundation which held $1.6 billion
Bitcoin doesn’t have $1.6 billion lying around to fund development.
This is a very interesting comparison that without money but with innovation you can create a new form of money that after 13-14 years it still stays on top and continues growing while even with billions of dollars but without any innovation you can only create a very hyped up shitcoin that only pumped for 4 years and have been dumping for the past 5-6.Bitcoin doesn’t have $1.6 billion lying around to fund development.
February 25, 2023, 12:04:00 AM
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Ethereum, for example, was pre-mined ~ the Ethereum Foundation which held $1.6 billion
Bitcoin doesn’t have $1.6 billion lying around to fund development.
This is a very interesting comparison that without money but with innovation you can create a new form of money that after 13-14 years it still stays on top and continues growing while even with billions of dollars but without any innovation you can only create a very hyped up shitcoin that only pumped for 4 years and have been dumping for the past 5-6. Bitcoin doesn’t have $1.6 billion lying around to fund development.
February 24, 2023, 11:34:38 PM
Bitcoin started with ZERO funding it will continue with ZERO funding there is no centralized source of funding for Bitcoin, one team dies another one springs up.
February 24, 2023, 10:59:19 PM
Have you thought of including Google's marketing budget too, how else will people use the software if we don't spend $3.2B on advertising in the US?
This is one of the many pitfalls of comparing open source software to that of propriety systems or companies. What happened to all the illegal trades using bitcoin to hide their transactions, will they lose that interest? What about miners with billions in hardware? While the technology remains valuable, there'll still be tons of cash entering the space, and, when there isn't, you're going to have quite a good reputation to move on from as an active core dev imo. The largest mmos can produce new content and provide their services on an annual budget of around $40 million too afaik (excluding marketing and hosting costs).
This is one of the many pitfalls of comparing open source software to that of propriety systems or companies. What happened to all the illegal trades using bitcoin to hide their transactions, will they lose that interest? What about miners with billions in hardware? While the technology remains valuable, there'll still be tons of cash entering the space, and, when there isn't, you're going to have quite a good reputation to move on from as an active core dev imo. The largest mmos can produce new content and provide their services on an annual budget of around $40 million too afaik (excluding marketing and hosting costs).
February 24, 2023, 09:22:00 PM
Donations to who?
a. The major developers involved in Core *are*already rather well paid by various interests.
b. Most of them have been involved in the development of BTC almost since it's earliest days and still have rather tidy sums of the BTC they've acquired during that time so they are certainly not hurting for money. Hell, a few years ago Luke Jr. bragged about still having several thousand BTC ... Because of this, 'a.' is more than anything just to keep them actively interested in watching over BTC vs paying them to be under direct control of business interests. So far, overall they have been good stewards and Keepers of the Flame.
c.You imply that some sort of continuing large-scale corporate-funded development needs to be implemented... For what? "Additional features and functions"?
The existing BTC technology does not need to be and SHOULD NOT BE tampered with by adding things that have no bearing on what BTC was intended to do: be a means of acquiring, holding, and transferring funds with it being community developed and guided.
The goals of altcoins like ETH are entirely different - ya know, "Smart Contracts" and all. It was created as a business, by business people (who became obscenely rich of course), to serve a wide varity of business functions and is ran as a centralized business controlled by a handful of people who are in it purely for the $$$$$ it makes them.
a. The major developers involved in Core *are*already rather well paid by various interests.
b. Most of them have been involved in the development of BTC almost since it's earliest days and still have rather tidy sums of the BTC they've acquired during that time so they are certainly not hurting for money. Hell, a few years ago Luke Jr. bragged about still having several thousand BTC ... Because of this, 'a.' is more than anything just to keep them actively interested in watching over BTC vs paying them to be under direct control of business interests. So far, overall they have been good stewards and Keepers of the Flame.
c.You imply that some sort of continuing large-scale corporate-funded development needs to be implemented... For what? "Additional features and functions"?
The existing BTC technology does not need to be and SHOULD NOT BE tampered with by adding things that have no bearing on what BTC was intended to do: be a means of acquiring, holding, and transferring funds with it being community developed and guided.
The goals of altcoins like ETH are entirely different - ya know, "Smart Contracts" and all. It was created as a business, by business people (who became obscenely rich of course), to serve a wide varity of business functions and is ran as a centralized business controlled by a handful of people who are in it purely for the $$$$$ it makes them.
February 24, 2023, 06:18:14 PM
https://uk.news.yahoo.com/bitcoin-future-hinges-donations-got-194653381.html
Is Bitcoin development being dependent on funding from crypto-businesses a potential threat? What's the worst that could happen if the funding dries up and there are only a handful of dedicated devs dedicating only their spare time? Will Bitcoin survive?
I think the $150-$200 mil/year to maintain the entire ecosystem is likely exaggerated, but what's the minimum level of funding, if any?
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This concept seems counter to how the majority of blockchain networks approach funding. Most so-called decentralized networks are governed and funded by central foundations.
Ethereum, for example, was pre-mined via the second largest crowdsale on the Internet at the time and ongoing development is mostly funded by the Ethereum Foundation which held $1.6 billion in its coffers last year.
Bitcoin doesn’t have $1.6 billion lying around to fund development. A rough back-of- the-envelope calculation indicates $150 million to $200 million would be required every year to fund development in the entire Bitcoin ecosystem (assuming 1,000 developers receiving Google’s average $150,000 to $200,000 annual compensation for software engineers).
Ethereum, for example, was pre-mined via the second largest crowdsale on the Internet at the time and ongoing development is mostly funded by the Ethereum Foundation which held $1.6 billion in its coffers last year.
Bitcoin doesn’t have $1.6 billion lying around to fund development. A rough back-of- the-envelope calculation indicates $150 million to $200 million would be required every year to fund development in the entire Bitcoin ecosystem (assuming 1,000 developers receiving Google’s average $150,000 to $200,000 annual compensation for software engineers).
Is Bitcoin development being dependent on funding from crypto-businesses a potential threat? What's the worst that could happen if the funding dries up and there are only a handful of dedicated devs dedicating only their spare time? Will Bitcoin survive?
I think the $150-$200 mil/year to maintain the entire ecosystem is likely exaggerated, but what's the minimum level of funding, if any?
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