Why aren't Bitcoin multimillionaires(billionaires) funding the development ofBTC

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

Quote from: posi on January 15, 2018, 02:34:09 PM

ETH can take 7 transaction per seconds.

BTC = 7
ETH = 15
IOTA = 100

ETH is nothing to write home about and it's data is growing at a very fast rate plus the miners
are kept under control by code or can be trusted because they didn't milk it too much when
Crypto-Kitties shoot the transaction rates up.

I like the more steady climb of ETH looking at the charts and I brought in on Ripple at
$2.77 (Super fast, mega low fees excluding 20 coins in wallet) but I am not too concerned
with my $1.00 loss per share but I am very concerned with my BTC gamble due to the fees
and failure of the development team to do anything about it.

posi

hero member

Activity: 2268

Merit: 579

Vave.com - Crypto Casino

Nobody know but I guess the mining sector, the investor, cryptoner are busy keeping their profit. However,no one funding the bitcoin development is the particular problem causing the hike in transaction fee, congestion and delay of transaction in the bitcoin network. While, most altcoin like ETH have more than a enough and this is the reason why ETH can take 7 transaction per seconds.

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

Quote from: cellard on December 12, 2017, 11:06:21 AM

Im pretty sure that all the main developers in bitcoin are early adopters, therefore all of the main bitcoin developers are multimillonaires themselves... which means they don't really need any funding

Yep

Quote

and they will keep getting richer as BTC keeps going up.

The rich gets greedy and now they run a mining pool monopoly

See https://blockchain.info/pools because ten big names control 90% of transaction data

Quote

Anyone can be part of Bitcoin by submitting your own code.

Not a chance in the world of this ever happening, open source does not happen like that
and I tried this approach with Firefox developers that have google spyware all over the
code but because google pays firefox $50m like its a charity your comments get blocked
and anything you do or say gets a black-ball.

We need consensus you see on changes in this democracy that we play no part in or else
my simple line of code would be adopted by everyone who's seen fees up and prices going
down.

public static money MaxFee=1.5 // 20,000 is far too many parasites need to process a mere 7 transactions a second

Kprawn

legendary

Activity: 1904

Merit: 1074

This is not Bitcoin Cash, where a bunch of rich guys are paying people to dance to their beat. The rich people should just

fund projects that use the technology and spread adoption that way. Once you get a few rich investors paying developers to

design or develop crypto currencies to cater for their needs, it creates centralized authorities that tend to create the rules. We

should avoid that scenario at all cost. Wink

chamoisgeks

newbie

Activity: 11

Merit: 0

It's easy to assume that the developers are millionaires, but perhaps the hard part is how to start the open source project for funding the development of BTC.

bitzzz

newbie

Activity: 58

Merit: 0

It is not profitable. They are more willing to do bitcoin fork. You know! Free and huge amount of money! Hahaha.

cellard

legendary

Activity: 1372

Merit: 1252

Quote from: OriginTrain on December 15, 2017, 08:47:51 PM

Quote from: Dabs on December 15, 2017, 08:14:52 PM

Not all early adopters kept all their coins. Just look at Andreas A. (and well, just look at me, I've been around, I don't have much today.)

Early adopters spent their coins. To buy pizza and lambos and to pay rent.

How many actually bought lambos though? I'm so curious what % of early adopters have made it into the "wealthy" category.

I know Roger Ver has a yellow Lamborghini Gallardo in his Tokyo flat. It's one of these super expensive buildings where you park your car at, and then there's an elevator that will lift you with the car right into your house, so you are at the sofa watching TV and you can see your car through your window pane. Pretty rad. Hopefully in the next decade 1 BTC will buy you one of these.

There are bigger whales than Roger Ver tho, but they are not as flashy with their lifestyle and keep a lower profile.

Most whales sold along the way. If you are sitting on $100,000,000, you are will be prone to sell some, so eventually the BTC gets redistributed into other hands. Im sure no one of them imagined we would be at $20,000 in 2017.

kudesnik

newbie

Activity: 89

Merit: 0

Most likely all do not care. To, he interesuet only himself. And no one is unaware that all of the industry can collapse.

kudesnik

newbie

Activity: 89

Merit: 0

While this is just an illusion of freedom and decentralization. And I see the freedom in that that no one could control my wallet, my finances. And no one could steal them. I practically thought out the technology. It remains only to raise funds and implement. This is a matter of honor and principle. Leave a trace after yourself. Yes you can call me cryptoanarchist.But my daughter is growing and I want her to live in a free and good world.

kudesnik

newbie

Activity: 89

Merit: 0

There are priority problems and they are above the understanding of the industry. While everything is centrally moving as the creators want. And projects that are not dependent on anyone will not be able to break through this wall. I promote the idea of completely independent and protected wallets and stock exchanges. But there is no finance. Well, it was not the goal to become rich, money is not an end in itself.The goal is to make the world free and fair.

DRAWDE_3691

full member

Activity: 168

Merit: 100

Decentralized Escrow currency for Crypto world

I really does not think that they will fund for the development for a simple reason, they are already satisfied to whatever system we have in bitcoin. Development does not necessarily mean that it is always pros, sometimes, it can be a con's to those billionaires that will greatly affect them.

Jr.robert

newbie

Activity: 205

Merit: 0

There are basically two type of investors or we can say multimillionaire bitcoin holders are there, the first one are already actively contributing their share in technological advancement of bitcoin , whether the second type are those who aren't that engaged with technology development ,they only treat bitcoin as a investment which keeps on growing year by year.
Although in my opinion they have enough funds for development of BTC, the early investors or core team of bitcoin is already funding for BTC development.

Kakmakr

legendary

Activity: 3514

Merit: 1963

Leading Crypto Sports Betting & Casino Platform

The problem is, people will try to "buy" their goals with Bitcoin. If I invest in something, then I do that because I want to achieve some goal with that investment. As soon as these developers are not doing what my goals are, then I will stop donating.

So the people with the most money will dictate the direction that the developers have to go with this technology.

We saw this with the Bitcoin Foundation and we do not want a repeat of that again. ^grrrrr^

Stegobit

jr. member

Activity: 154

Merit: 1

I think projects like Lightning Network should launch crowdfunding campaign like Wikipedia does every year and advertise them to Bitcoin holders and investors, explaining them it can increase their wealth by Bitcoin adoption (thus BTC/$ rate) growth.

gulliblehive

newbie

Activity: 40

Merit: 0

Well, you could argue that they are, many of the 'forks' are spearheaded by multimillionaires, so your premise is probably a little wrong.

Yanisumin

hero member

Activity: 648

Merit: 502

I will be qouting your question here and i will be quoting the other thread too. hmm/

Quote from: justone123 on December 11, 2017, 12:49:11 PM

So how many people are working lightning? Like 10? Maybe?

Seems like not many people are intrested in participating in open source("free) development?

Many people have gotten crazy rich from this thing, why do they not fund the developers or something? It would only increase their wealth and their net worth is probably above what you need. I mean they could afford to contribute.

Why is there not a fundraiser for the development, or some campaign like this? Do you think this is not needed?

Any thoughts?

As satoshi have said on his whitepaper " Bitcoin cant be developed anymore " BTC 1.0 is the original BTC and will be forever be on its lifetime, and remember who are working with the forks? They are the one who are developing or finding another way on how to develop some alternative coins because they can't do this on NTC itself. Si they are turning into the alternatives. And because I am talking about the alternatives, alternatives ( most of them are funded because of BTC and this is where they are putting the development. Wink

Quote from: Ucy on November 28, 2017, 08:48:40 AM

* I think Bitcoin should fund its-self and be self-sustaining.

I am proposing that some guaranteed percentage from total supply of Bitcoin be set aside for Developers to fund important Bitcoin stuff.
Such fund will also be used to hire independent Auditors whose job will be to Audit the Fund's usage to ensure they are used judiciously.

Six specific things Bitcoin Developers would need the funds for.

1. Bitcoin related researches - which includes new Hardware & Software Researches.

2. Project Development

3. Marketing Campaigns, Bitcoin News Media, & general information dissemination.

4. Payment for Product acquisitions.

5. Funding for Increased Decentralization, overall Network Safety and Security.

6. Salaries & Wages.

1. Bitcoin related services are i think is the alternative coins, and the platforms. When it comes to hardware or software I think there is a continuous development for the sake of BTC mining.
2. Project developments of what? There are so many projects and its hard to know what is legit.
3. BTC is having a global adoption slowly but surely and no need to have a marketing anymore, internet can do just fine.
4. I dont know what to say here....
5. I think they are having enough money because of miners fee so their salaries and wages are more than enough.

Vitolife

newbie

Activity: 64

Merit: 0

Quote from: Dabs on December 16, 2017, 01:49:02 AM

Maybe the lambo part was an exaggeration, but, I, for one, have been technically unemployed for the better part of 3 years. (I recently got a new job, but it's not paying much yet.) I've been surviving from bitcoin and assorted crypto, and yes, it "hurts" since my cereal breakfast a few months ago is now a fine dining steak dinner.

But in so doing, we make bitcoin more valuable. I may just be a drop in an ocean, but every single drop doesn't think it is responsible for the flood.

I think I've read about 3 or 4 people who got lambos, one sold it at a profit after driving it for a short while, and there's even a doge sponsored rally / race car before. In my case, I got a minivan. More practical.

I agree that the people using the Bitcoin are actually giving it real world value. I have been first reading about Bitcoin when it was 300 USD but at that time I did not think it was something I should pursue.

Dabs

legendary

Activity: 3416

Merit: 1912

The Concierge of Crypto

Maybe the lambo part was an exaggeration, but, I, for one, have been technically unemployed for the better part of 3 years. (I recently got a new job, but it's not paying much yet.) I've been surviving from bitcoin and assorted crypto, and yes, it "hurts" since my cereal breakfast a few months ago is now a fine dining steak dinner.

But in so doing, we make bitcoin more valuable. I may just be a drop in an ocean, but every single drop doesn't think it is responsible for the flood.

I think I've read about 3 or 4 people who got lambos, one sold it at a profit after driving it for a short while, and there's even a doge sponsored rally / race car before. In my case, I got a minivan. More practical.

nc50lc

legendary

Activity: 2534

Merit: 6080

Self-proclaimed Genius

Quote from: OriginTrain on December 15, 2017, 08:47:51 PM

How many actually bought lambos though? I'm so curious what % of early adopters have made it into the "wealthy" category.

And as an addition, maybe some of these early adapters aren't all interested in the development and just "kicked-in" to the news.
With a low file size of the node and cpu-limited mining, anyone can join. Some got a handful of BTCs in their wallets that must be forgotten or neglected due to worthlessness of bitcoin at that time. -cold stored btc that are not circulating.

Some Multimillionaires in Bitcoin aren't really millionaires in life...

OriginTrain

full member

Activity: 406

Merit: 174

Quote from: Dabs on December 15, 2017, 08:14:52 PM

Not all early adopters kept all their coins. Just look at Andreas A. (and well, just look at me, I've been around, I don't have much today.)

Early adopters spent their coins. To buy pizza and lambos and to pay rent.

How many actually bought lambos though? I'm so curious what % of early adopters have made it into the "wealthy" category.

Topic: Why aren't Bitcoin multimillionaires(billionaires) funding the development ofBTC (Read 946 times)