After a few months of controversy, Bitcoin.org has reverted to the old description about Bitcoin. The owners of the site have returned to the old description of Bitcoin being a fast and low fee network. This was after the description was removed in January. The site’s co-owner who uses the pseudonym “Cobra Bitcoin” changed the description. This person has been at the center of controversy in the crypto community.
What Triggered The First Change?
In December of 2017, the BTC network saw a spike in usage. Miner fees for the Bitcoin Core network rose dramatically to hit $40-60 for every 225-byte transaction. Throughout 2017, the BTC transaction fees kept rising. This caused many upsets in the crypto community. For one, it meant that they had to wait a long time to make a transaction. Otherwise, you would have to be willing to pay the high bitcoin fee. On December 24, the creators of Bitcoin.org decided that they needed to change the Bitcoin Description to reflect the reality on the ground. The change was finally enacted in January of 2018.
Things Have Changed
A few months into 2018 and things have changed. The BTC fees have dropped. After going to a high of $60 in December, the fees had dropped to around $1.90 USD in April. The transactions on the network have also dropped quite a lot. For a high of around 400,000 a day in December, now there are just slightly over 190,000 today.
Some believe that the sudden loss in value of crypto a while back may have caused investors to lose interest. As a result, it has led to less demand on the Bitcoin network. Thus, it has led to a decline in the demand placed on the Bitcoin network. However, others argue that the adoption of the Segregate Witness protocol has transaction batching is what lowered bitcoin fees.
The Case Of Cobra Bitcoin
The ownership of Bitcoin.org has been quite a drama. Right now, the domain is owned by two pseudonyms. These are Theymos and Cobra Bitcoin. When the site first started, many assumed Satoshi Nakamoto owned it. As a co-owner of the Bitcoin.org site Cobra is quite active in the repo, a licensed open source repository on Github.
In the past few months, some have come to believe that Cobra has had his account compromised. Some of the controversial statements he has made include proposals to edit the Bitcoin white paper. Besides that, he has tried to pursue a consensus to have Bitcoin remove the proof of work.
In recent months, Cobra has caused controversy to accuse Halong Mining of being a scam. However, he later posted an apology when the Halong Mining trigs were sent to customers. Even stranger is that he has become a BCH supporter. He has been posting on twitter how BCH has numerous benefits.
No matter how you look at this issue, there is no denying that Cobra has a lot of power. His words and action hold a lot of sway in the crypto community.