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Bitcoin will do more good to civilization than governments and NGOs, says Jimmy Song

Priya

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Bitcoin will do more good to civilization than governments and NGOs, says Jimmy Song
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Jimmy Song, one of the most well-known Bitcoin Core developers, explained the reason why Bitcoin would do more good to the civilization in comparison to the governments, NGOs, and charity, during an interview with Cheddar.

Song started off by speaking about the fiat system, claiming that a lot of money goes to big government and businesses. This, according to him, was because these bigwigs have early access to the inflated money. On the contrary, Bitcoin gives people a sense of ownership over “their own stuff” as it allows people to be self-sovereign over their own money. In addition, Bitcoin cannot be confiscated by anyone including governments. He said:

“… And they [people] start planning on a long termlevel. And the playing field is much more level than the system we have today, which is made mostly to benefit large institutions, banks, governments, large companies that can get really low interest rates and so on.”

However, with Bitcoin, there are a lot of common people who have access to it on a long-term wealth which is not feasible and inflated. According to Song, this leads to entrepreneurship production which builds civilization and this is why he thinks Bitcoin would do more good for civilization than government programs, NGOs, charity, and other programs.

Szmon Baranowski, a Twitterati said:



“He is right. We see first signs of another stock market bubble crash and monetarists, bankers are already attacking BTC like it would be a dangerous for them alternative for people now.”

Additionally, Song recently spoke about Bitcoin’s proof-of-work and why it was important. He said:

“… in order to have real scarcity, real money, transactions that is very difficult to roll back and screw people over on, to not double spend, you need something that is very difficult to reverse. Now, the difficulty of that reversal is directly proportional to how much proof-of-work went into it or how much energy was extended to create it.”

He went on to the say that the idea of proof-of-work is securing the entire ledger and all the transactions which have happened on Bitcoin. Song further added that reducing the proof-of-work would also reduce the security of the ledger.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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  1. Avatar

    timmy tommy

    October 28, 2018 at 10:35 AM

    Jimmy song is one of the biggest hurters of bitcoin adoption by spreading misinformation he’s a con man with a agenda of his own.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors

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HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





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