RadarZero | March 12th, 2018 | [https://radarzero.com/2018/02/12/blockchain-pioneer-david-zimbeck-people-dont-have-to-feel-afraid-of-being-cheated/]
David Zimbeck’s story is ironic. The person who came to blockchain to make the world more trusting, more honest, somehow more harmonious, was deceived by scammers who sought to take him and trust apart.
Likely, you’ve heard of Vitalik Buterin, founder of Ethereum, as father of smart contracts, but Zimbeck was actually the first person to make a working prototype of that blockchain technology, more than one year before Buterin launched his site.
At nine-years old, Zimbeck was already wondering how he could improve the world. It took Zimbeck from acting to chess to film production and real estate, and, finally, to programming to realize that maybe Bitcoin could give the world far more than it seemed.
“When I first saw Bitcoin, I wasn't impressed, because the technology could end up bad,” meaning, it could be misused.
“I then thought if I could make a contract where both parties lose if one cheats, it would be impossible to break your word because the investor is doing it at his expense. People don't have to feel afraid of being cheated. You don’t need lawyers to protect you. My idea was to restore some innocence to the world before innocence is lost forever.”
Research shows that pioneering crypto-developers are an unusually intelligent, sensitive, idealistic kind of people. They want to make the world better, more whole. Many tend to individualism, anarchism, voluntaryism - all philosophies that seek to return freedom to humans, so we can do what we want with our money and interact with each other in a more trusting, direct way.
According to crypto-blogger Aleks Pedchenko, no amount of money can motivate top blockchain developers to program for you. They're driven by leaving their marks on the world.
For Zimbeck, BitHalo would improve on Bitcoin in that his smart contracts would protect the transactions of blockchain users and make the world a freer, more trusting universe.
Zimbeck spent three months in a humble trailer in North Dakota teaching himself to program from scratch. These were sixteen-hour days, with only four hours sleep. Three months, mind you. According to Puneet Gupta, early Bitcoin investor, such a feat takes, at least, a year.
In 2014, Zimbeck fashioned BitHalo, precursor to BitBay, with its double deposit escrow where people could securely trade whatever they wanted, without fearing government interference.
Also in 2014, Zimbeck accepted the invite of the founding members of BitBay, who used Zimbeck’s name to “pump” the price of BAY. “In the blockchain world,” he told me, “there are certain types of people who are sociopaths. Bitcoin has no regulations. They control the supply and push up prices. Some of these people work for governments, some work for banks. They are really bad.”
For Zimbeck fresh to the cryptocurrency world, all this was new.
In fact, Zimbeck wanted BitHalo to remain ‘clean’, as Vice’s Motherboard reported. The magazine wondered whether Zimbeck would succeed. After all, “Zimbeck,” it said, “wants to imbue the platform with moral scruples. But, as Zimbeck himself said, you can't control the internet.”
That same year, those BitBay founding members slogged the investments. They generously blamed Zimbeck. To date, if you visit BitcoinTalk, you’ll see the ferocious back-and-forth.
Zimbeck’s biggest concern was the investors.
“It was extra heartbreaking,” Zimbeck said, “to see what happened to these investors. I didn't tell them right away, because I didn't know how bad the guys really were. I had to think about it. It sadly gave me insight into the cryptocurrency industry.”
“I care that people who invest get all they want. I see it as not investing in me but investing in an idea. I don’t tell people to invest in BitBay, not even friends and family. I believe the product speaks louder than words.”
Ian DeMartino’s Bitcoin Guidebook described this experience as the beginning of the end for Zimbeck and Blackcoin, BitHalo’s alter name.
He improved BitBay.
His LinkedIn Education reads “School of Hard Knocks”. It also says “street smarts” and “hustling”.
Zimbeck never gives up.
Postscript: Zimbeck continued with BitBay furnishing it with its famous double deposit escrow to ensure trust, as well as a rolling peg feature that keeps the crypto price stable relative to the US Dollar.
BitBay is the world's first fully-functional decentralized marketplace that helps you buy and sell goods and services securely and anonymously
See the Official BitBay Website or David Zimbeck’s bio for more information.