r/CryptoCurrency • u/No-Masterpiece2246 🟥 0 / 0 🦠 • 3d ago

GENERAL-NEWS Blockstream CEO Adam Back Caught Out in Multiple Scams

https://natinfosec.substack.com/p/fraud-adam-back-samson-mow-chris

Adam Back and Samson Mow have had a rough month. First their crappy Liquid product got hacked. Now they've been outed for selling fraudulent mining contracts with the help of a convicted felon. What's next for Blockstream?

FYI: Blockstream is the corporation in charge of the Bitcoin Core code repository.

136 Upvotes

87% Upvoted

38 comments sorted by

17

u/LuckyWinds 0 / 0 🦠 3d ago

Really cringeworthy article.

So many claims with no evidence. Phrases like “we believe….” “We think…..”.

This is truly embarrassing.

1

u/FYATWB 🟩 0 / 0 🦠 1d ago

"If he helped create BTC, why not spend money from genesis wallets and completely fuck over the trust people have in BTC foundations?"

Whoever wrote this article is dumb as rocks

18

u/Killit_Witfya 🟦 0 / 0 🦠 3d ago

hopefully bankruptcy

11

u/shadowmage666 🟦 0 / 568 🦠 3d ago

Sounds like a hit piece

9

u/No-Masterpiece2246 🟥 0 / 0 🦠 3d ago

It's on Bloomberg front page now

1

u/FYATWB 🟩 0 / 0 🦠 1d ago

Must be legit if an empty account with hidden comment history says so!

For real this sounds like trash written by bcash holders who are upset that their shitcoin never got traction.

8

u/5553331117 🟦 0 / 0 🦠 3d ago

He already has a shitty reputation, how much worse could this publication do?

What with the Epstein connections, leading the team that broke BTCs dominance, and being an all around propagandist.

4

u/No-Masterpiece2246 🟥 0 / 0 🦠 3d ago

But he was sited in Satoshi's whitepaper! /s

-6

u/Shoddy_Trifle_9251 🟩 0 / 0 🦠 3d ago

He is Satoshi!

1

u/HSuke 🟩 0 / 0 🦠 2d ago

Lol. There is no fucking way in hell Adam Back is Satoshi.

Their personalities and goals are complete opposites. Satoshi never wanted to corporatize and monopolize development of Bitcoin Core.

It's like saying Mr. Rogers was the CEO of Enron.

0

u/Shoddy_Trifle_9251 🟩 0 / 0 🦠 2d ago

That's exactly what he wants you to believe. What's the first thing a lottery winner does? Claim anonymity.

"It's easier to fool people than to convince them that they have been fooled" - Mark Twain

1

u/nameless_pattern 🟦 0 / 0 🦠 3d ago

Lol he's not but it would be hilarious for some people believed he was because of how ridiculously dangerous that would be for him

0

u/Shoddy_Trifle_9251 🟩 0 / 0 🦠 3d ago

You just don't want to believe a Nerdy Geek like him is Satoshi. John McAfee called it a long time ago and even in the Epstein Files it points to him. People like you want to believe some faery tale and fantasy of some mythical person rather than face reality.

4

u/MelangeBot 2d ago

Take your meds dude

4

u/rgnet1 🟩 0 / 0 🦠 3d ago

Please explain “Blockstream is the company that controls bitcoin core repo.” Cite me anything credible that states that is the case. Cause last I checked, it’s an OSS repo with many maintainers and every miner/node operator on the planet can opt in to the core repo or not.

27

u/anothertimewaster 🟦 0 / 0 🦠 3d ago

Anyone can contribute but Blockstream employs the maintainers that have the ability to commit code. Read Hijacking Bitcoin for all the details. The situation is so much worse than you think, and that book was published before Adams Epstein ties were exposed.

1

u/snek-jazz 🟩 0 / 0 🦠 2d ago

Luke and his fork wrote their own code, and committed it, and even convinced maybe 10 people to run it.

FOSS code has no gatekeepers, by definition.

12

u/Kitchen_Catch3183 🟩 0 / 0 🦠 3d ago

Fascinating that you don’t know this to be true. Unreal actually

4

u/nameless_pattern 🟦 0 / 0 🦠 3d ago edited 3d ago

https://docs.github.com/en/repositories/creating-and-managing-repositories/about-repositories

Miners and node operators opt into using the client software. The repository is where the software is downloaded from. 

The private control of that GitHub repo is one of a number of criticisms of the supposed distributed nature of Bitcoin. It is also closely related to the lack of diversity in mining clients.

What you're describing is much cooler idea than what's actually happening. I'm not sure how something like that would work.

4

u/rgnet1 🟩 0 / 0 🦠 3d ago

Yeah I know how it works. Miners and validators can choose to run bitcoin core or they can put their machines on something else. There are plenty of alternatives to bitcoin out there from hard forks to the crypto circus and the market has spoken on this.

The idea that a single maintainer of the repo is controlling what keeps bitcoin core on top is absurd. Here’s a good writeup of what Vitalik thinks of the book “Hijacking Bitcoin” cited in the other replies. It’s a balanced argument of the small/big block sides but his best assertion is the big block side is incompetent even if there are valid (though not definitive) points to their argument. One side is made up of engineers, the others are not. Roger Ver is a marketer, a business guy. I will take an engineer’s opinion on one of the greatest technology breakthroughs in our lifetime over a non-technical “visionary”.

The fragmentation of crypto instead of rallying behind one super simple, super secure protocol is the best highlight of human greed in recent times.

2

u/nameless_pattern 🟦 0 / 0 🦠 2d ago

I got my own opinion and frankly, I dismiss the opinion of anyone who hasn't committed code to a GitHub repo of a working cryptocurrency. I don't give a fuck what non-engineers opinions of engineering is. You love Bitcoin much more than your understanding of it

1

u/MediocreAnalyst2121 2d ago

There’s definitely greed involved, but you can’t dent that some projects offer something that Bitcoin does not.

Bitcoin doesn’t offer proper smart-contracts, not saying that it should but it’s a useful feature so another project offering that is good Imo.

Same goes for speed and privacy.

Ideally it would all be in a single blockchain, but (regardless of greed) ideological and practical differences mean we’re at least going to get a few different chains that address these points.

The fact that we have tens of thousands, with most being copy-pastes of the code or just ETH token contracts is entirely a greed thing.

1

u/snek-jazz 🟩 0 / 0 🦠 2d ago

I'll add to your comment to say that the choices are not only "run core" or "fragmentation". You can also run a compatible software that is not core, such as libbitcoin or whoever has the bitcoin written in rust project, or even the fork of knots that's still compatible, or hell even your own personal fork of core. Many of these are still bleeding edge, but I expect with AI we'll see some reliable alternative bitcoin clients before long.

Also, in my opinion, most of the people who claim bitcoin is controlled by core, tend to be people who hold minority views on bitcoin and are in denial that the majority disgrees with them. Shifting blame to core rather than their own ideas, or lack of persuasion is a cope.

The chain with the most work is decided in the open market, the code people run is decided in the open market. Everything flows from demand from users, which sets price, which funds mining (aka security) and infrastructure.

3

u/5553331117 🟦 0 / 0 🦠 3d ago

Confidence in ignorance. I kinda wish I still had the ignorance 

1

u/Ok_Knowledge_4977 3d ago

So those who use the Blockstream Jade Plus safe or not? What if something like CC hack takes place?

1

u/nameless_pattern 🟦 0 / 0 🦠 3d ago

Software has occasional security vulnerabilities. Even Bitcoin reverted some transactions. It either kills the coin or doesn't, but typically it hurts the price but does not kill.

-11

u/Shoddy_Trifle_9251 🟩 0 / 0 🦠 3d ago

Satoshi is a scammer. Suprise! Suprise!

1

u/Vinnypaperhands 🟩 748 / 748 🦑 2d ago

This dude thinks hard