CryptoNewsBreaks – Conflicts between Bitcoin’s Early Adopters and the Financial Industry Gaining Steam

August 6, 2018 11:37:27

“Meet the new boss, same as the old boss,” is more than just a line from a ‘70s rock song; it’s a reminder of the ongoing culture war between the old guard and the established financial sector – a conflict that’s currently shaping the future of bitcoin and the cryptocurrency industry as a whole.

When Satoshi Nakamoto introduced the bitcoin network in early 2009, the forward-thinking individual (or individuals) created a framework to guide the fledgling currency into the future. One such step was the registration of, which has grown into a centralized hub of information for all things bitcoin. When Nakamoto stepped away from the bitcoin initiative, control of the important URL was handed over to some of the cryptocurrency’s earliest followers, most notably Cobra and Theymos.

In addition to demonstrating an undeniable affection for pseudonyms, the caretakers for have worked to safeguard the site while remaining true to the original vision of Nakamoto. However, with the cryptocurrency enduring a sustained slump in value throughout recent months, a vocal opposition has made waves by expressing concerns over the consolidation of power related to

“It would be wise for the responsibility to be shared between multiple parties rather than a single individual,” Nicholas Moroz, a consultant on blockchain technology, stated in an email to Bloomberg.

At least a portion of this concern relates to Cobra, the site’s primary caretaker, and his interest in competing currency Bitcoin Cash. In a Bloomberg article by Olga Kharif, the author notes that a potential switch by some of bitcoin’s largest holders to a competing currency could negatively impact the price and future of the cryptocurrency, particularly while an important information portal like is within their control.

“People on GitHub are asking it to be turned over because they mostly are uncomfortable that I don’t hate Bitcoin Cash enough,” Cobra told Bloomberg.

As financial institutions and pension funds continue to take interest in bitcoin – a trend that’s believed to be key to increasing the digital currency’s value – this conflict between the old guard and the financial sector is likely to increase in intensity. Whether is better off in the hands of the few or some nonprofit organization, the future of the burgeoning industry currently depends on much more than the ingenuity of the underlying technology.

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