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Armstrong and Andresen Can’t Hide Disappointment in Latest Bitcoin Summit Meeting

Latest Bitcoin Summit Meeting- Armstrong and Andersen

Armstrong and Andresen Can’t Hide Disappointment in Latest Bitcoin Summit Meeting

The top 20 nations of the world have their G20 summit meetings, gathering the leading representatives of the world’s most powerful nations. The United Nations has their member conventions from time to time. The Bitcoin community seems to be reading to commandeer the Roundtable moniker for their gatherings of the greatest import. With the Bitcoin community struggling under the weight of its own growth, coupled with a lack of direction, these roundtables are becoming frequent, and frustrating to some notable attendees.

Two Bitcoin Guys Walk Into a Roundtable

What is now known as “ The Satoshi Roundtable ,” as opposed to “The Bitcoin Roundtable” held two weekends ago in Hong Kong, was convened the following weekend. Invited attendees to this exclusive event at a Florida location brought together many of the leaders within the Bitcoin community including Bobby Lee, CEO to BTCC, the leading Chinese Bitcoin exchange, Brian Armstrong, CEO of Coinbase and Gavin Andresen, a former Bitcoin core developer, now of MIT/The Bitcoin Foundation.

Armstrong and Andresen have decided to spill the beans on how the meeting went, and they appear less than pleased with the mindset of some developers, who shall remain nameless. Without calling out individual participants, as a condition of the Roundtable attendance, Armstrong goes over his thoughts on Medium , and how he saw the attitude of some members of Bitcoin Core:

"Even though core says they are ok with a hard fork to 2MB (they have it on their own roadmap, just very far in the future), they refuse to prioritize it. They prefer to withhold something that could help the network now because they don’t trust the community to make educated decisions in the future. They view themselves as the central planners of the network, and protectors of the people. They seem ok with watching bitcoin fail, as long as they don’t compromise on their principles."

Gavin Andresen seems to be on the same page with Armstrong when it comes to the direction of the Bitcoin Core development team, implying that there is an agenda afoot that may not be in the best interest of Bitcoin’s health. He took to his own blog to jot down his assessment of the State-of-the-Bitcoin.

"Over the last year of trying, and failing, to reach a reasonable compromise, it has become clear to me that some developers don’t want any on-chain scaling solution anytime soon. They believe more theoretically elegant (but technically complicated) off-chain solutions like the Lightning Network are a better long- term scaling solution, and they believe that by resisting a simple limit increase we will get to that long-term solution faster. They are wrong."

Frustrations are rising within the Bitcoin community, not just from Andresen and Armstrong, but user san merchants waiting hours or even longer for transactions to clear. Paying about 7 cents per transaction to get it on time is becoming recommended, assuming you have the option to adjust the fees paid. The other option is waiting over 40 minutes on average, for a confirmation. This was not how the famed decentralized Bitcoin protocol was supposed to work. Those who paid the most get acceptable service. The rest can eat cake.

Nor should a decentralized network have a “Core” controlling its growth. How can you be decentralized and have an actual “core?” Hopefully, this issue will be resolved before the Bitcoin halving in July, when transactions into and out of Bitcoin will be fast and furious, starting weeks in advance. If Core and their supporters continue to sleep at the wheel, this could be one “Cruel Summer.”

What do you think of Armstrong and Andresen’s stance? Do you trust them to do what is right for Bitcoin, or do you trust Bitcoin Core? Share and comment below.

Author : Evander Smart

Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

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