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| August 23, 2019

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Planned Parenthood Weighs Options After Funding Loss

August 23, 2019 |

Planned Parenthood clinics are charging new fees, tapping financial reserves, intensifying fundraising and warning of more unintended pregnancies and sexually transmitted diseases after its decision to quit a $ 260 million federal family planning program in an abortion dispute with the Trump administration. The fallout is especially intense in Utah, where…
Newser

Sniper Vanishes After Sheriff’s Deputy Gets Shot

August 22, 2019 |

An apparent sniper is on the run in Los Angeles County after a sheriff’s deputy was shot Wednesday in a parking lot, ABC News reports. Angel Reinosa, 21, was outside the sheriff’s Lancaster station, an hour north of Los Angeles, when a bullet hit his bulletproof vest. “I have taken…
Newser

Hickenlooper announces Senate run against GOP incumbent, after dropping White House bid

August 22, 2019 |

One week after ending his White House bid, former Colorado Gov. John Hickenlooper launched a campaign for the Senate.
FOX News

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

August 22, 2019 |

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

A group of hardcore bitcoin maximalists have heroically overcome their hatred for Ethereum after receiving ERC20 shares in crypto exchange INX worth hundreds of thousands of dollars. The staunch BTC loyalists, led by Blockstream CTO Samson Mow, have agreed to support a project built on Ethereum, despite all the mean things they’ve said about it. The news has provoked intense debate within the crypto space, however, with some cynics arguing that the maximalists are only in it for the money.

Also read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt

Mow Money, Mo’ Problems

As CTO of Bitcoin development company Blockstream, Samson Mow’s primary duty is to keep block sizes small to peddle his firm’s scaling solutions to the problem it engineered. High fees don’t generally concern bitcoin maximalists such as Mow, who have no interest in using BTC for its intended purpose, instead preferring to lock it away in a vault and never look at it again. It’s a policy that, for all its flaws, has helped to make Mow and his cronies extremely wealthy, and Blockstream an extremely influential Bitcoin company.

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

The significant success of Mow’s primary business, however, has caused a paradox: to launch one of his secondary ventures, a crypto exchange in which he has invested $ 100K, it will be necessary to utilize a network with low fees. Bitcoin is out of the question for the aforementioned reasons, while Ethereum should also be a non-starter due to a number of immutable statements Mow has made about the rival network, calling it “the most impractical thing in existence,” a “science fair projectand “centralized AF.” The Blockstream bigshot also wrote “I wish ill on Ethereum” which “has no future.”

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse
Samson Mow, at the same time as he was investing in a financial-based Ethereum platform.

On the surface, these damning remarks would appear to preclude Mow from accepting 100,000 ERC20 tokens to serve on the advisory board of INX Limited. To do so would be at odds with everything he has ever fought for, and could be interpreted as the actions of a man with no spine or standards. On closer inspection, however, it becomes evident that Samson Mow is not the flip-flopping fool that many have taken him for. Rather, his actions are those of a true bitcoin maximalist, whose sole motivation for accepting Ethereum tokens is to demonstrate the superiority of BTC.

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

Samson Mow Plays 4D Chess

Samson Mow, together with fellow maximalist Jameson Lopp, and a handful of other close collaborators including Riccardo Spagni and Charlie Lee, will have a significant stake in the venture, which will see 130 million shares issued as ERC20 tokens. All of the project’s early investors will be remunerated in Ethereum tokens, as detailed in an SEC filing unveiled this week. “Ethereum” and “ERC20” appear over 100 times in the document, attesting to the pivotal role that will be played by the network maligned by Blockstream’s Mow et al. Notably, the IPO filing expounds at length on Ethereum’s gas fees, which are multiples lower than their BTC equivalent.

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse
Spagni defends his INX investment.

Despite Mow’s previously scathing comments about Ethereum, his decision to accept $ 100,000 of ERC20s is probably born not out of avarice, but from a principled desire to prove that only Bitcoin is immutable. Everything else in this world – including the Ethereum blockchain and even Mow’s own words – is reversible, and subject to being rolled back when there is a financial incentive to do so.

It is to Samson Mow’s credit that, after years of badmouthing Ethereum, he has eaten his words to prove the inviolability of BTC alone. When Mow’s stake in INX became public this week, bitcoiners were swift to label him an unprincipled hypocrite. It turns out he was playing 4D chess all along.

What are your thoughts on Samson Mow’s sudden change of heart? Has Mow now made a greater contribution to Bitcoin than Satoshi Nakamoto? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse appeared first on Bitcoin News.

Bitcoin News

Feds Pull Crop Tour Staff After Threat From Farmer

August 22, 2019 |

Trouble in the heartland for the Trump administration? The Department of Agriculture says it pulled all of its staff from a tour of corn and soybean fields in the Midwest after a credible threat was made against an employee. Sources tell Reuters that the threat was madein a phone call…
Newser

Thrill-Seeker Shoots Video After Plane Crash

August 22, 2019 |

A pilot and self-professed thrill seeker said Wednesday he was forced to bring his new plane down into the ocean off Northern California as it lost power, recording dramatic videos as he and his passenger treaded water in the chilly ocean awaiting rescue, the AP reports. (See clips here , here…
Newser

30 years after the B-2 took flight, Northrop is applying lessons to a new stealth bomber

August 21, 2019 |

The Air Force’s next-gen stealth bomber is taking shape at Northrop’s Palmdale campus. The new plane will be based on the B-2 bomber, now 30 years old.


L.A. Times – Business

Phllly Police Head Quits After Mayor Reads Lawsuit

August 21, 2019 |

Philadelphia’s police commissioner resigned Tuesday amid allegations that members of his department engaged in sexual harassment and racial and gender discrimination against two women serving in the ranks. Mayor Jim Kenney said in a news release he was disappointed to lose Commissioner Richard Ross Jr., but in light of the…
Newser

After Greenland Sale Rejected, Trump Cancels Denmark Trip

August 21, 2019 |

President Trump has called off a planned trip to Denmark because Prime Minster Mette Frederiksen has rejected the idea of selling him 98% of the kingdom’s territory. After Trump confirmed that he had been considering a “large real estate deal” to make the semi-autonomous island part of the US, Frederiksen…
Newser

TMZ

Larry King Files for Divorce from Wife Shawn After 22-Year Marriage

August 21, 2019 |

A source who spoke with Shawn this afternoon says she was blindsided by the divorce … she found out by getting a call from TMZ.  As for Larry’s allegations, the source says the last time Larry was in the hospital, doctors said he might only…

TMZ.com