On 19th September, the popular Bitcoin Core developer, Jimmy Song conducted a live AMA [Ask-Me-Anything] session on YouTube. Here, he answered several questions regarding conferences, Bitcoin Cash community, governance models, among others.
In the initial minutes of the video, Song was asked about his moments at the Blockchain Cruise with Bitcoin Cash proponent Roger Ver. Here, he stated that his best moment was during the debate when Song was able to refute all claims of Bitcoin Cash being the real Bitcoin by the BCH community. He also described the worst moment with Ver at the cruise wherein Ver arrived to see Song with his camera team and almost ambushed him. Song recalled feeling highly displeased at that moment. He added:
“He [Roger Ver] was just like… How about we do a vote of who won the debate? And I’m like… Dude you have at least eight guys here and I saw at least 20 other people with Bitcoin.com or Bitch Please T-shirts. […] You have totally stacked the audience. […] Essentially, he made it about people and not the idea.”
Next, a question sought his thoughts on the Winklevoss stable coin, the Gemini Dollar [GUSD]. As per Song, stable coins are striving to achieve three things: independent monetary policy, free capital flow and a peg. He believes that one cannot achieve the three of those points at once since it is the central bank’s trilemma. Due to these reasons, Song does not hold an opinion in favor of the idea.
Later in the video, a follower named Kieran Mesquita asked about the technical developments of Bitcoin that are most awaited by Song. The developer responded by stating that submarine swaps are a subject of interest for him, which are different than atomic swaps. A submarine swap enables onchain-for-lightning and lightning-for-onchain transactions whereas atomic swaps enable crypto-to-crypto transitions. He stated:
“You can basically refill your lightning channel without necessarily going on-chain even. If you fill it with like Litecoin or something like that, that would be even crazier. But you can’t do it and that’s something that I’ve been following, trying to see how that will play out but it has got some really cool potential.”
Today, under the many recent developments of Bitcoin Core, the developer community was able to bring an updated version of the protocol. Here, the developers fixed a potentially hazardous bug that was posing the possibility of a DoS attack.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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