Craig Wright Believes Bitcoin Is In Danger Of Communist Takeover

Craig Wright believes Bitcoin is in danger of being taken over by communist according to his blog post that warned crypto developers as we are reading more in our latest Bitcoin news.

Wright says the current trend in the crypto space sees many coins launch new built-in developer funds or pre-miens which is an example of a communist takeover, by simply placing all of the risks on the buyer of a coin, not on the development teams themselves. Craig Wright believes Bitcoin is developed by communists and that the current idea of developer rewards “presents simply a form of techno-socialism.”

 

The development funds became a common feature when coins are launched. The teams behind these coins often argue that the development funds are needed to get their projects off of the ground so investors are quite happy to enjoy this practice because they want profits and seek investment success. Wright argued that the people who should be paid in the entire Bitcoin ecosystem are those that actually do the work, which is the miners:

 “The incentives in Bitcoin do not require that developers be paid. The only party that requires payment and the only party that can be validly paid is made up of the nodes (aka miners).”

Wright went on to say that the dev funds are an example of people that try to avoid the judgments of the free market. instead of trying to monetize the efforts, the developers attempt to subsidize their own existence with the help of the investors’ money:

 “So yes, it is just an attempt at a communist takeover. It is removing risk from themselves and putting it onto everyone else. It is subsidising their own existence, by placing the cost of their income on everyone else.”

His rage however could stem from Bitcoin Cash and the recent attempt to fund developers by implementing a new tax on the miners. However, the infrastructure funding plan was rejected by the entire Bitcoin Cash community during the latest technical update on May 15. He also believes that developers should not be funded as doing so will disrupt the entire incentive system. Instead, Wright believes that developers should be beholden to the free-market just like everyone else:

 “There is no reward necessary for developers, and to incorporate such a system skews the entire incentive system, adding a group of technocrats that are not necessary in any manner.”