“The lower the stakes, the more intense the dispute.”
The Narcissism Of Small Differences
Bitcoin and the crypto world have enjoyed a phenomenal decade. Despite the fact that Bitcoin is perhaps the most disruptive technology to the status quo since the printing press, the powers-that-be have mostly left us alone. Sure, exchanges have been obliged to perform KYC measures, there’ve been a few darkmarket arrests, China banned Bitcoin a few times and the U.S. Securities and Exchange Commission went after some ICOs. But these regulatory responses are the bare minimum, the same regulations are applied to the very scary antiques market.
For a decade, we have been left largely to our own devices while enjoying the unprecedented luxury of a growth rate that has averaged thousands percent. To be extremely successful, all you had to do was buy some bitcoin and then do nothing. In fact, you didn’t even need to do that, you could have chosen the cryptocurrency you were going to buy by throwing darts while drunk and blindfolded and you still would have seemed like a genius for buying XRP.
So, we did what people always do when they are free from any real troubles — we turned on each other. Bitcoin hated Ethereum. BCH hated Bitcoin. Monero hated Zcash. And everyone hated Ripple. We whiled away the hours of our idyllic age of innocence, by going to Twitter and telling people to “have fun staying poor… idiot.” It felt important.
Undoubtedly there are important differences between Bitcoin and, say, Ethereum. There might also be a very real sense in which they are competing with each other. While we had no problems more important to attend to, the rivalry, and its intensity, perhaps made sense.
End Of Innocence
This tribalism is soon going to come to a very sudden end. Bitcoin and crypto have become too big to ignore. Leviathan is stirring. Even in the minds of the most unimaginative of bureaucrats, the realization is starting to dawn: “This is not a toy, this is not some millennial fad. This is our control over the monetary and financial system that these kids are coming after…”
Monero is being delisted from exchanges. An Ethereum Core dev and the BitMEX CTO have been arrested. The Travel Rule is being adjusted special, just for us. In the U.S., in Europe, in Israel and soon everywhere, you must disclose your crypto holdings, not just when you sell but always.
“First they laugh at you, then they ignore you, then they fight you…”
Congratulations everyone, they are getting ready to fight us. No pretendsies anymore. This fight will be for keeps. Are you ready? They say you can’t fight City Hall. Well, how about fighting a global coalition of nations with nuclear weapons and interpol at its disposal that can make the financial rules up as they go along?
We are going to need every ally we can get, even if they are an imperfect shitcoiner.
New Battle Lines
It’s actually even worse than that. Those closest to us are going to be the ones to turn the knife. For a decade, we have been entrusting our funds to exchanges and relying on them as our on- and offramps. We have also been praying that this would be the “year the institutions come.” Well, the exchanges have built huge businesses that they now need to protect. They have shareholders to whom they must answer. They have precious regulatory licences that were expensive to acquire and are easy to lose.
Coinbase is going to conduct an IPO. Kraken has become a bank. Banks were an invention of the free market. They have been co-opted into a quasi-arm of the government and have become the primary enforcers of the financial surveillance state. How long before Kraken has its tentacles in your finances, operating under instructions from the regulator? How long before we begin to see all those institutions we summoned digest crypto companies in an orgy of M&A?
If you imagined that institutions getting interested in Bitcoin meant that they would begin to lobby on our behalf, you were mistaken. They will lobby on behalf of their own interests: to be mandatory middlemen, who must approve your every transaction and who take a cut for the trouble. The exchanges that served us so well over all of these years, who offered us great convenience in exchange for the mere trifle of controlling our keys — these exchanges run by Bitcoin OGs — they are no longer our friends. The age of innocence is over.
Together, We Shall Overcome
Nothing unites a community like a common foe. As large as the perceived differences between the different crypto tribes might be, they pale in comparison to the gulf between us and the nocoiners. Right now, we live in a nocoiner world. A fiat world of central authorities, financial surveillance and crony capitalism. The nocoiners have the power by default. We must choose to either unite, or allow them to succeed through a strategy of divide and conquer.
The great underdog success stories have always required the revolutionaries to put aside their differences and unite. The squabbling Greeks came together to defeat the Persians and defend their democracy. The competing houses of England paused their fighting and forced King John to sign the Magna Carta. The States of America forgot their ideological and religious differences, defeated the Red Coats and won their independence.
This hour calls for us to unite. While I am sure we will struggle to do so, I am confident that as the battle lines become clear, we will rise to the occasion and focus on the mission we have in common. This is why I am excited to see projects like Sovryn and TBTC; mission-driven projects, true to our trustless values, bringing together the worlds of Bitcoin and Ethereum.
The higher stakes, the more intense the need for unity.
At the Hot Gates, the Spartans were outflanked and massacred. At Marathon, however, they stood shoulder to shoulder with their arch-enemy, the Athenians. That day, free men won a victory for liberty that we benefit from to this day. Even the Spartans couldn’t HODL alone.
This is a guest post by Edan Yago. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Bitcoin Proponents Against Elon Musk Following Heated Dogecoin vs Bitcoin Tweets
Last week, Elon Musk and Tesla shocked the entire crypto industry following an announcement that the electric car company will no longer accept bitcoin payments for “environmental reasons.”
A Hard Pill For Bitcoin Maximalists
Giving its reasons, Tesla argued that Bitcoin mining operation requires massive energy consumption, which is generated from fossil fuel, especially coal, and as such, causes environmental pollution.
The announcement caused a market dip which saw over $4 billion of both short and long positions liquidated as the entire capitalization lost almost $400 billion in a day.
For Bitcoin maximalists and proponents, Tesla’s decision was a hard pill to swallow, and that was evident in their responses to the electric car company and its CEO.
While the likes of Max Keiser lambasted Musk for his company’s move, noting that it was due to political pressure, others like popular YouTuber Chris Dunn were seen canceling their Tesla Cybertruck orders.
Adding more fuel to the fire, Musk also responded to a long Twitter thread by Peter McCormack, implying that Bitcoin is not actually decentralized.
Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies.
A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?https://t.co/Oom8yzGRNQ
— Elon Musk (@elonmusk) May 16, 2021
Musk Working With Dogecoin Devs
Elon Musk, who named himself the “Dogefather” on SNL, created a Twitter poll, asking his nearly 55 million followers if they want Tesla to integrate DOGE as a payment option.
The poll, which had almost 4 million votes, was favorable for Dogecoin, as more than 75% of the community voted “Yes.”
Following Tesla’s announcement, the billionaire tweeted that he is working closely with Dogecoin developers to improve transaction efficiency, saying that it is “potentially promising.”
Tesla dropping bitcoin as a payment instrument over energy concerns, with the possibility of integrating dogecoin payments, comes as a surprise to bitcoiners since the two cryptocurrencies use a Proof-of-Work (PoW) consensus algorithm and, as such, face the same underlying energy problem.
Elon Musk: Dogecoin Wins Bitcoin
Despite using a PoW algorithm, Elon Musk continues to favor Dogecoin over Bitcoin. Responding to a tweet that covered some of the reasons why Musk easily chose DOGE over BTC, the billionaire CEO agreed that Dogecoin wins Bitcoin in many ways.
Comparing DOGE to BTC, Musk noted that “DOGE speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
— Elon Musk (@elonmusk) May 16, 2021
Max Keiser: Who’s The Bigger Idiot?
As Elon Musk continues his lovey-dovey affair with Dogecoin, Bitcoin proponents continue to criticize the Dogefather.
Following Musk’s comments on Dogecoin today, popular Bitcoin advocate Max Keiser took to his Twitter page to ridicule the Tesla boss while recalling when gold bug Peter Schiff described Bitcoin as “intrinsically worthless” after he lost access to his BTC wallet.
“Who’s the bigger idiot?” Keiser asked.
Who’s the bigger idiot? pic.twitter.com/YopCoat33W
— 🍊💊 Max Keiser (@maxkeiser) May 16, 2021
Aside from Keiser, other Bitcoin proponents such as Michael Saylor replied to Tesla’s CEO:
The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.
— Michael Saylor (@michael_saylor) May 16, 2021
Tesla CEO Elon Musk Explains Why ‘Bitcoin Is Actually Highly Centralized’
On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin. As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s […]
On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin.
As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s high usage of fossil fuels and saying that for this reason Tesla would not be accepting Bitcoin as a form of payment until “mining transitions to more sustainable energy.”
The next day, Musk revealed that has been working with Dogecoin developers to reduce the power consumption of mining of the meme-based cryptocurrency.
In fact, as Decrypt reported on May 14, according to Ross Nicoll, one of the part-time Dogecoin developers Decrypt talked to, Musk “started talking to the developers in 2019, he has ‘encouraged them to improve the higher transaction throughput,’ provided ‘lots of advice and input,’ and shared his vast Rolodex of contacts.”
Nicoll also said (1) that the dev team he is part of is hoping to reuce Dogecoin’s power consumption; (2) Musk has been with Dogecoin’s dev team since April 2019 (when he said that Dogecoinmight be his favortie cryptocurrency); and (3) that Musk had offered to fund the team, but his offer of financial support had been rejected (just as with offers they had received from other wealthy potential backers).
Yesterday, Dogecoin supporter “@itsALLrisky” said on Twitter explained why he thinks that Dogecoin, which Musk has referred to as “people’s crypto”, is better than Bitcoin. Musk said Dogecoin would beat Bitcoin “hands down” if its developers made three improvements: 10X faster block production time, 10X larger block size, and 100X lower transaction fees.
Well, today, McCormack criticized Musk for supporting meme-based Dogecoin, which he thinks could potentially result in ill-informed investors in $DOGE suffering big losses, as well as causing harm to Bitcoin’s reputation and its ecosystem.
McCormack’s accusations angered Musk, who seemingly warned that he might just “go all in on Doge.”
Musk then went on to explain why he believes that Bitcoin is highly centralized.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
ETH Developers Calculated How To Defuse The Difficulty Bomb
ETH developers calculated how to defuse the difficulty bomb because if they leave it untreated, they will slow down the network as we can see more in our Ethereum news today.
Ethereum’s encoded difficulty bomb is set to explode this summer and James Hancock as well as Tim beiko said that the ETH developers calculated the time needed to delay the bomb and this could the last time the developers need to take that action. Ethereum developers agreed on Friday how to delay the difficulty bomb ad if that is left untreated, the entire network could be slowed down. The difficulty bomb is an old piece of code that makes mining on ETH slower and less profitable over time by increasing the lag between the production of blocks.
We just wrapped up #AllCoreDevs 113 😁
Recap below 👇🏻 https://t.co/wDU2vlNnBS
— Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) May 14, 2021
Ethereum 2.0 switches the network from proof of work as a way of validating transactions with powerful mining computers to Proo of Stake which rewards the ones that pledge the coins to the network. It takes an average of 13 seconds to mine a block on ETH right now and without delaying the bomb, it could take more than 20 seconds to validate the block by the end of the year. Ethereum developers agreed on how many blocks were quite necessary to delay the bomb until December. The calculation for the delay was proposed by the ETH core developers James Hancock as he said:
“The bomb’s always there, and we defuse it by turning the blocktime back just for the bomb.”
He later said that the proposal will delay the bomb by 9,700,000 blocks. Tim Beiko, the ETH core developer also said that the developers dismissed a proposal to delay the bomb next spring but that won’t be necessary. The developers expected that by December, the network will update to allow the ETH 1.0 the network that relies on PoW to communicate with ETH 2.0 as the new network relies on PoS and this is known as the Merge:
“If the Merge is ready by December, we won’t need to do anything about the bomb because we will move away from mining entirely.”
If the merge plans remain unimplemented, the Shanghai fork is expected to go live and will delay the bomb once again. The Bomb has been delayed three times so far.
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