Time to Scale Bitcoin – Trustnodes

Time to Scale Bitcoin


“We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle… However, economic elites know all this. They will not be idle.” – CFTC Commissioner.

Arguably, there was no time when bitcoin was more needed across the globe, from Danube to the Rhine, from Himalayas to Alabama.

When banks are being burned in France and Iran, or closed in Lebanon, you’d think there’s no better time for the global bitcoin network to give people an alternative and even hope.

Yet bitcoin is unable to serve the people that run the very network because of an idea.

Some think if you control bitcoin or get rid of it entirely, the entire crypto space would go down with it. We have only one chance, Gregory Maxwell used to say, we only have one chance to get this right.

And what did they get right? Certainly not the Lightning Network, a pantomime of disrepute that must ashame even its own developers or proposers. Certainly not any of the taproots or schnors or scripts for Liquid. Certainly not any of the deception. Certainly not any solutions.

What they got right is the temporary illusion of power and access control. What they also got right is its amaturish use but still effective in delaying the advancement of this space.

Where are they now, two or three years on? As people rise everywhere, what do they tell them now? What do we tell them?

Where is neocon SEC now, that won’t innovate for us? As chants rise, where is their arrogance of power now?

Blockstream has no allies, save perhaps Bitfinex which should tell you plenty. Bitfury went bankrupt and pivoted to surveillance, BTCC went bankrupt and left behind only the clown who went to Blockstream, the latter has no real revenue because their Liquid blockchain is useless, and their pivot to mining is little more than an admission of total failure.

They are weak, and arguably have never been weaker. Fat and bloated, principless and empty, the carosel is thus so changing.

And thus perhaps it is time to take back the bitcoin brand and the BTC ticker. Mess up with CME futures and kick them out too, as a bonus. Get proper work on pruning, which is the only real way of scaling. And overall, fight back. Arguably now or never.

Even the most ardent bitcoiners now know if there’s even a 1x increase, bitcoin can not handle it and will instead crumble under its own weight.

Because all this would become obvious to all, they were conceded the stage briefly. Now, what do they have to say and where even are they?

Social media does not run exchanges. Microsoft owned Github does not run bitcoin. A Bakkt intermediary is not going to be how bitcoin scales. Waiting for anything to be granted is clearly not going to be the way.

Time to take back what we ourselves have built by exchanges and bitcoin businesses launching a 10MB client or even one with an adaptable blocksize that has soft limits like bitcoin originally had.

The bitcoin maintainer is presumably worried for his job and reputation after all the stuff that’s come out of MIT. Most of the other devs are very neutral. Cory Fields for example would probably not care less and arguably if he was free he would support an increase in capacity.

Peter Todd has gone to work for the banks. His task done, and his voice now none. Gregory Maxwell is apparently now feeding pigeons. Adam Back never had a clue or arguably principle as shown clearly by his standing on a stage with outright thugs.

Their corruption so evident, they must be utterly demoralized, not least because now they most probably realize their position is untenable.

And so the time is right, and perhaps has never been more right, to wake up bitcoin and make it serve the people.

For the people are on the streets, and they are on the streets because we failed, and we failed because we were young. Thus now we dance, or they dance.

Editorial Copyrights Trustnodes.com

Comments (1)

  1. Have you heard of Bitcoin Cash (BCH)? It’s in the top 5 crypto currencies by market cap. Peter Todd called “the Bitcoin I started working on”. Learn more at https://reddit.com/r/BTC
    It has 32MB blocksize to start and it upgrades twice a year towards being able to serve as a world currency. It recently got schnoor signature (ahead of BTC). While BTC stagnates, BCH is fulfilling Satoshi’ s original idea.

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