For the first time since its invention, bitcoin’s market share has fallen below 40%, currently standing at 39.4% as of writing, in an historical first and a strong signal of a potential shift.
The currency is seemingly being abandoned by its early backers, after it failed to increase capacity so that demand could be met to serve users and businesses.
Many bitcoiners think the protocol failed to upgrade because they argue it has been hijacked in a coup orchestrated primarily by Gregory Maxwell and Peter Todd who led a campaign against increasing on-chain capacity.
Peter Todd, specifically, is blamed for running a years long propaganda campaign against simple on-chain scalability, popularizing such terms as bitcoin is not for coffee payments – that is, it’s not for commerce – or the emotional dissonance statement which aims to numb your brain: “it is too crowded no one goes there.”
In an astonishing turn of events and in a seemingly official announcement of their coup prevailing, Peter Todd announced last year Gavin Andresen’s commit access was removed.
Andresen was a maintainer of the bitcoin protocol nearly since its inception. He, alone, was trusted by Nakamoto to drive the project forward and while he was in charge bitcoin prospered.
But Todd, an Art History graduate, and Maxwell, apparently had different plans. They seemingly took it upon themselves to run political campaigns, strongly arguing against Andresen’s suggestion of simply increasing maxblocksize.
In the process, they, in effect, forced miners to present themselves. Forced them to deanonymize themselves, sitting them all in one room, in public chairs.
Once mining decisions started being made not through Proof of Work, but through twitter, turning Nakamoto’s consensus into a social consensus, any decision became difficult, to the point where the protocol has now stagnated, with no decision made after more than two years of debate.
That has led to fees averaging some $5.50, with many businesses pivoting to mainly ethereum, as have many bitcoiners, leading nearly everyone to speculate eth’s market cap might overtake bitcoin’s.