Crypto Coins News - Ratings - Reviews
I've been following Bitcoin for about 4 years now. Having studied computer science and being interested in finance, Bitcoin is absolutely fascinating for me. I invested in Bitcoin early and I have been making small monthly purchases for about 3 years. I have a nice tidy sum invested.
I have also been closely following the Bitcoin scaling debate. At first I thought this was something that would resolve itself as there are many smart people involved (much smarter than myself) and it would be in Bitcoin's best interest to come up with a common solution.
However, I have seen this devolve from a technical discourse to mud flinging and name calling. From what I can see, both sides are willing to cut off their nose to spite their face!
For the first time since I invested in Bitcoin, I am truly concerned for the long-term viability of the community (and I was involved in the Mt Gox fiasco). At this point, neither side is willing to budge, and the brinkmanship is putting the entire community in real danger. While it is true that technically the fork with the best solution will win, the optics of a split to the MSM and others who are not familiar with the more technical aspects of Bitcoin will see a bunch of children name-calling and taking their ball and going home when they can't play the game according to their rules.
In the case of a fork, I think both sides would be hobbled. Core would retain the excellent technical expertise and the wide community adoption, but would be severly reduced in hash power diminishing the security of the network. Also, with Roger Ver's 300,000 BTC, he could crash the price of Bitcoin if he chose to sell all of his BTC for BTU. BU of course has the power of Bitmain behind them, as well as Roger Ver's deep pockets. However, I can't say if the Bitcoin community outside the miners would really support BU if they forced a fork. I would imgine that many would then consider Bitcoin unreliable and either move on to the next Crypto or foresake cryptocurrencies alltogether.
We desperately need a compromise between the two camps. Someone needs to be the adult and admit that both sides have made mistakes. Personally, I think SW+2MB blocks would be just fine, but that's just me. Regardless, somebody has to make the first move!
If we can't make this work, then I'm afraid that Mike Hearn will be correct, and the community is just too toxic for any kind of long-term collaboration to happen. And that would be incredibly sad because this technology has such potential (and not just to make me rich…)
I know my two cents won't mean much, but it would be a real pity if this community fractured and lost its momentum out of stubbornness.
If you're wondering, I created a reddit account solely to post this message. I will be posting this on both subs.