A swift breeze swept across the canal as well as into a small Amsterdam pub, where about 30 bitcoiners sat drinking beers and registering for Breaking Bitcoin 2019. It smelled like rain.
From a British mom who works from home as a “bitcoin hobbyist,” to a ripped Kiwi technologist with a thick beard, individuals who work with bitcoin gathered to joke about Crypto Twitter and nodes.
They were in Amsterdam for one of the most esteemed security conferences in the blockchain industry. But on this rainy Friday, they had also come for something more.
Regardless of how few people spend bitcoin these days, with Chainalysis estimating merchant activity signifies only 1 .3 percent of bitcoin activity, many developers at the conference in Amsterdam use bitcoin for freelance work on open source projects.
Such was the situation with both Weis and Lightning Labs co-founder Olaoluwa Osuntokun, who paid sponsors to his startup’s implementation of the bitcoin scaling solution lightning. From Osuntokun’s perception, regulation presents a larger barrier to bitcoin adoption than the small pool of users.
“The biggest risk likely comes from state-level performers trying to stifle the progression of software related to bitcoin,” Osuntokun told CoinDesk. “Network-level partitioning attacks, and attempts to control the import/export of mining equipment .”
During the social risks panel with Weis , Bitcoin Magazine editor Aaron van Wirdum concurred that new regulations like the upcoming requirement by the Financial Action Task Force ( FATF ) – which will force companies to share customer data across jurisdictions any time users send money from one exchange or custodian to another – presents a salient risk to bitcoin users’ privacy and the ability of companies to uphold a cypherpunk ethos .
Somen was there presenting his idea for a bitcoin-related protocol for instant off-chain transactions without the hassle of lightning channels.
To conclude his presentation, in a manner that epitomized the conference’s gamification of criticism, Somen answered audience questions poking holes in his proposal. In the end, as Bitcoin Core developer Matt Corallo said during a panel about lightning :
“Bitcoin remains to be in beta … decentralization is an experiment .”