Bitcoin community and its whitepaper has been destroyed by Blockstream, says BTC’s early adopter

Since the downfall of Bitcoin which took place earlier in 2018, the cryptoverse has been constantly flooded with numerous speculations and statements explaining reasons behind BTC’s price drop. December 2017 saw the mind-blowing performance of the crypto market when BTC became a proven trailblazer by touching its all-time high of $20,000.

Some of the very early adopters of Bitcoin who made a fortune out of their investment in the cryptocurrency are still blooming in the industry. The list of early adopters included business giants from various sectors such as Digital Content companies, nonprofit organizations, the sin industry, e-commerce platforms and many more.

Winklevoss twins; venture capitalist, Tim Draper; the Founder of Digital Currency Group, Barry Silbert; the Chairman of Bitpay, Tony Gallipi; Satoshi Nakomoto etc are some of the well-known personalities on the list.

As the slow-moving market continues its sideways journey, various analyses prove that the early adopters are losing faith in the cryptocurrency. Mid 2018 saw more BTC withdrawals than deposits on major exchange platforms like Coinbase.

A San Francisco based banking platform, Chime conducted a study on 500,000 users of Coinbase. It states that the investors withdrew $1.37 for each dollar deposited on the platform in the month of April and $1.10 for each dollar deposited in the month of May. The analysis also suggests that some of the early adopters of Bitcoin have sold around $15 billion worth BTC, in the first four months of this year.

Oliver Janssens, the Founder of Freedom Investment Group, and an early investor in Bitcoin recently spoke about the same. In one of his recent tweets, he mentioned that most of the BTC community members have left after destroying the digital asset.

His tweet says:

“Bitcoin (BTC) has now been abandoned by almost everyone that was there at the start that helped make it great. Blockstream/Core has destroyed BTC’s community and whitepaper. Most people left now are those who destroyed it, so it’s now an irrational, competition hating niche cult.”

According to Oliver Janssens, Bitcoin Core and the blockchain technology company Blockstream are the major reasons behind the destruction of the Bitcoin community. Blockstream is one of the firms that provide funding for the Bitcoin Core project.

On the same Twitter thread, the community further discussed the value of BTC over Bitcoin Cash [BCH]. Vinny Lingham, the CEO of Civickey and the General Partner of Multicoin cap said:

“Frankly, the network effect is more important than anything else. Bitcoin wins hands down in that regard.”

Michael Matthews, a cryptocurrency miner said:

“The core devs took the wrong path. They chose to cripple Bitcoin. The alt-coins will not make that same mistake.”

A Twitterati named Cryptophyter commented:

“When you defile the name of Bitcoin you are inherently tarnishing Bitcoin Cash. If the general public associates the name of Bitcoin as a scam or failure, it will move on to something with a different name altogether.”