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Bitcoin Exchanges “Seriously Considering” Funding a Competitor – Gavin Andresen


#GavinAndresen , Chief Scientist at the Bitcoin Foundation and Lead Developer of Bitcoin until 2014, held an extensive Q&A session with the #Chinese #BitcoinCommunity yesterday.

Answering a range of questions from a diverse array of topics, the session focused on the most pressing issue in bitcoin, transaction capacity. Acknowledging the #Beijing meeting between miners and industry in a number of answers....

....if a centralized mining pool does become too big and does something bad, the simplest solution is for businesses or people to get together and create or fund a competitor. Some of the big Bitcoin exchanges have been seriously considering doing exactly that to support raising the block size limit, and that is exactly the way the system is supposed to work– if you don’t like what the miners are doing, then compete with them!

.....A number of questions were asked in regards to #Blockstream , the Montreal based company co-founded by some bitcoin developers which attracted major investment from AXA Strategic Ventures and announced a partnership with #PricewaterhouseCoopers . They have led an intense political campaign over the last year advocating what some consider a highly conservative approach towards transaction capacity culminating in a signed agreement between Adam Back, President of Blockstream, some #bitcoin developers, and the majority of miners on February 20th 2016. #Coinbase , the #SiliconValley , #YCombinatorincubated , #bitcoinexchange , alongside , #Xapo , #Bitgo , and many others, have been an effective counterweight in the #GreatScalabilityDebate , advocating for relief from the current cap on transactions.....

....While Andresen states that he likes innovative alternatives like #Ethereum more than others, he is of the opinion that ethereum’s innovations are best incorporated in bitcoin:

“I think most of the interesting things you can do with Ethereum you can also do with multi-signature Bitcoin transactions. I haven’t seen a really great use of Ethereum yet, and I think there will be a big problem with Ethereum #smartcontracts that are designed to steal people’s money, because very few people will have the skill necessary to tell if a complicated smart contract is correct....


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