1/15) I joined Bitcoin in 2013 for all of the right reasons: Economic freedom, censorship resistance & privacy
I left BTC in 2017 for the exact same reasons
I stayed true to the original vision by rejecting what BTC had become; a pale shadow of its former self
Let me explain:
I left BTC in 2017 for the exact same reasons
I stayed true to the original vision by rejecting what BTC had become; a pale shadow of its former self
Let me explain:
2/15) The original cypherpunk movement advocated for:
"The widespread use of strong cryptography & privacy-enhancing technologies as a route to social & political change"
Can you spot the problem already?
BTC has not scaled & therefore; cannot support widespread usage at all!
"The widespread use of strong cryptography & privacy-enhancing technologies as a route to social & political change"
Can you spot the problem already?
BTC has not scaled & therefore; cannot support widespread usage at all!
3/15) I was shocked to find out recently that some bitcoiners are attempting to rewrite history
BTC was always intended to scale on-chain, thereby supporting the widespread usage the cypherpunks originally advocated for
The following quote is from the founder Satoshi Nakamoto:
BTC was always intended to scale on-chain, thereby supporting the widespread usage the cypherpunks originally advocated for
The following quote is from the founder Satoshi Nakamoto:
4/15) "Visa credit card network processes about 15M Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling."
There are many more quotes just like this one
There are many more quotes just like this one
5/15) Anyone claiming that BTC is following the original vision for Bitcoin is either ignorant of this history or lying
It is fine to disagree with the original goals for BTC, just do not rewrite history to suit that narrative!
The perversion of Satoshi's legacy makes me so sad
It is fine to disagree with the original goals for BTC, just do not rewrite history to suit that narrative!
The perversion of Satoshi's legacy makes me so sad
6/15) Going from P2P cash (the literal title of the Bitcoin Whitepaper)
To a purely speculative digital gold represents a massive shift in purpose & vision
That this pivot was even possible in the first place is evidence of massive governance problems
Far from being unchanging
To a purely speculative digital gold represents a massive shift in purpose & vision
That this pivot was even possible in the first place is evidence of massive governance problems
Far from being unchanging
7/15) BTC has been effectively captured by Bitcoin Core!
I have written more extensively on this elsewhere, including in my own theory on Bitcoin governance
Bitcoiners claim no governance, but there is change which implies the existence of governance!
medium.com
I have written more extensively on this elsewhere, including in my own theory on Bitcoin governance
Bitcoiners claim no governance, but there is change which implies the existence of governance!
medium.com
8/15) By denying this governance, bitcoiners have effectively empowered "shadow rulers"
The purpose of formalized governance is to curtail the power of rulers by providing checks & balances
Instead, Core can push through radical changes while using "consensus" as a shield
The purpose of formalized governance is to curtail the power of rulers by providing checks & balances
Instead, Core can push through radical changes while using "consensus" as a shield
9/15) The contradiction between the founder's own words & the state of BTC now proves how much it has changed
Furthermore, if it can change so radically once, it can do so again, depending on the whims of these shadow rulers
I support governance as a protection against change!
Furthermore, if it can change so radically once, it can do so again, depending on the whims of these shadow rulers
I support governance as a protection against change!
10/15) The most empowering aspect of BTC was that everybody could benefit from on-chain self-custody & TXs
Today it would take more than 70 years for everyone in the world to do a single BTC TX!
While non-custodian LN requires several TXs...
Making widespread usage impossible!
Today it would take more than 70 years for everyone in the world to do a single BTC TX!
While non-custodian LN requires several TXs...
Making widespread usage impossible!
11/15) In that sense, I am more of a bitcoiner than some "maxis" today
Bitcoin is a symbol that nobody owns, representing a revolution foretold by the cypherpunks
I identify with that ideology, even if I am a major critic of BTC, the asset today
I support the vision, not BTC
Bitcoin is a symbol that nobody owns, representing a revolution foretold by the cypherpunks
I identify with that ideology, even if I am a major critic of BTC, the asset today
I support the vision, not BTC
12/15) I lived through this history:
I have been doing this full-time as a professional researcher & investor for over a decade
So please do not patronize me by telling me I do not understand or am insincere
I understand it all very well & I disagree; that is a big difference!
I have been doing this full-time as a professional researcher & investor for over a decade
So please do not patronize me by telling me I do not understand or am insincere
I understand it all very well & I disagree; that is a big difference!
13/15) The vision of Satoshi shines brightly today
As third generation blockchains excel at what BTC was supposed to achieve
Combining scalability with even greater decentralization; solving the blockchain trilemma
While the failure of the BTC experiment gives us key insights
As third generation blockchains excel at what BTC was supposed to achieve
Combining scalability with even greater decentralization; solving the blockchain trilemma
While the failure of the BTC experiment gives us key insights
14/15) These lessons can be applied to next-gen blockchains
This is why I focus so much on governance
As it is a critical aspect of design that can help avoid the type of failure we all witnessed in BTC
Because; "Those who cannot learn from history are doomed to repeat it"
This is why I focus so much on governance
As it is a critical aspect of design that can help avoid the type of failure we all witnessed in BTC
Because; "Those who cannot learn from history are doomed to repeat it"
15/15) Deep down, I am really an optimist, even with all of these setbacks & failures
Cryptocurrency grows stronger every day, while the free-market acts as a crucible of evolution
Allowing us to route around BTC, supporting chains that do support the original vision of Bitcoin
Cryptocurrency grows stronger every day, while the free-market acts as a crucible of evolution
Allowing us to route around BTC, supporting chains that do support the original vision of Bitcoin
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