Core Developer Predicts Gloomy Future for Bitcoin, Calls for Tighter Regulation – Decrypt
Bitcoin development expert Matt Corallo has issued a warning that the leading blockchain network is heading towards global regulation, straying from its original mission of being a private, scalable, and trustless monetary tool. Despite years of effort, the implementation of this vision has fallen short in practical terms.
In a recent blog post, Corallo expressed his concerns regarding the increasing trend towards involving untrusted third parties in cryptocurrency transactions, which could ultimately lead to regulatory capture by government authorities.
While current Bitcoin scaling technologies like Liquid or Rootstock offer faster and cheaper payments, they also require users to trust centralized entities. The Lightning network, another popular scaling solution, has usability issues and relies on custodians and Lightning service providers for practical usage.
Corallo believes that trustless scaling solutions, including rollups and other blockchain-inspired technologies, have been elusive for cryptocurrencies in general, not just Bitcoin. He emphasizes the need for improvements in default wallet privacy, regulatory changes, and the deployment of scalability solutions to preserve the integrity of the ecosystem.
Despite these challenges, Corallo warns that the crypto industry must focus on protecting non-custodial intermediaries instead of securities law reform to avoid further regulatory scrutiny. The concentration of mining pools in the Bitcoin network also leaves it vulnerable to regulatory capture.
In conclusion, Corallo paints a bleak picture of Bitcoin’s future if significant improvements are not made. He urges Bitcoin supporters to advocate for enhanced wallet privacy, regulatory reforms, and widespread adoption of scalable solutions to safeguard the network’s principles.
Edited by Ryan Ozawa.
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