Advertisement
AD

Main navigation

Bitcoin (BTC) May Go to Zero If This Happens, Says Bitcoin Veteran

Advertisement
Fri, 17/02/2023 - 15:45
A
A
A
Bitcoin (BTC) May Go to Zero If This Happens, Says Bitcoin Veteran
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Bitcoin.org's anonymous operator, Cobra, has warned that the cryptocurrency may collapse and go to zero due to developers leaving the project or contributing less because of legal risk or burnout.

Advertisement

Such a black swan event could kill the cryptocurrency industry for good, according to the Bitcoin O.G. "You will all lose everything," he said.

Cobra's comments followed the departure of Andrew Chow, Bitcoin Core's long-time leader, reducing the group's size to five from six.

They highlight concerns outlined in a recent story by the Wall Street Journal about the impact of burnout and legal threats to developers of projects such as Bitcoin.

Advertisement

While Cobra claims that the WSJ piece isn't "the best article," he admits that many Bitcoin developers are leaving the community.

Related
The group of five coders who now maintain Bitcoin Core plays a crucial role in ensuring the safety of the Bitcoin network. The program is like a ship sailing the seas of the digital world. The developers are its navigators who ensure smooth sailing through updates, compatibility with the latest operating systems and transaction volume.

Yet, there is no mechanism to support developers. Most of the maintainers' salaries are paid through a loose network of donors, raising concerns about potential conflicts of interest.

The group has quietly patched a bug that could have destroyed Bitcoin's value at least once.

Despite the fact that the market dominance of Bitcoin declined, it remains crypto's gold standard. However, the future of its development remains uncertain.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailboxSubscribe
TopCryptoNewsinYourMailboxSubscribe
Advertisement
Advertisement
Subscribe to daily newsletter

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD