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

Fri, 02/17/2023 - 15:45
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Alex Dovbnya
Cobra's comments were in response to article highlighting how many developers are leaving Bitcoin or contributing less because of legal risk and burnout
Bitcoin (BTC) May Go to Zero If This Happens, Says Bitcoin Veteran
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Google News'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.

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.

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

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at