A Culture War Is Brewing Between Bitcoin’s Old and New Money

An effort is underway to strip some of the cryptocurrency’s still-anonymous early adopters of their remaining power.

Bloomberg
5 min readAug 7, 2018
Photo: Philippe Lopez/AFP/Getty Images

By Olga Kharif

Satoshi Nakamoto may be long gone, but his early followers are still around and their identities still unknown. They go by pseudonyms, such as Cobra, and frequently spout unpopular, pseudo-anarchist rhetoric.

As the cryptocurrency’s price soared in recent years, Bitcoin’s Old Money and New Money coexisted with only occasional conflict. But this year, a prolonged slump has wiped out more than $100 billion in wealth, and the ensuing panic over how to stabilize the currency has incited a Gatsby-esque class war.

One point of contention right now involves the ownership of Bitcoin.org. Nakamoto registered the web domain a decade ago and handed it over to some early cryptoheads for safekeeping. The site still exists as a destination to evangelize Bitcoin and educate newcomers. The main proprietor is Cobra, with support from another anonymous user, Theymos.

In a recent post on the coder site GitHub that’s racked up more than 100 responses, there are calls for the removal of Cobra. People are expressing concern over his views and what it might…

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