Bitcoin has a serious work ethic. Bitcoin is an ant to Ethereum’s grasshopper. Proof of Work is even built into the DNA of the coin. SFOX posted an essay on Medium on August 23 that explores the Catch-22 associated with the bickering going on in the Bitcoin bedroom (never go to bed angry).
“If you think that the Bitcoin network is at the mercy of its miners, you’re wrong. If you think that it’s at the mercy of its developers, or its users, you’re wrong, too.”
Bitcoin is not at the mercy of its miners, it’s empowered by them; Bitcoin is not at the mercy of its developers, it’s strengthened by them. First of all, miners code and coders mine, always have; secondly, the dynamic tension between them: their yin and yang.
“When we focus on the undue influences of a single faction of the Bitcoin community, we lose sight of the broader picture: the picture of a community where checks and balances incentivize these groups to stay together rather than splitting apart.”
In many ways, the author is calming nervous horses by brushing them. Because there are so many self-fulfilling prophecies that could happen if either the developers or the miners get spooked.
“The problem is that there are now countless cryptocurrencies in circulation, and miners can choose to mine virtually any of them. And if enough of them decide to move off of Bitcoin and start mining something different — if another blockchain were more profitable to mine”
There are also so many alternate coins to mine, coins that are cheaper, easier, and quicker to mine than Bitcoin. While there’s so much fear that Bitcoin will founder as a result of markets, investors, news, legislation, and politics; wouldn’t it be pathetic if the kill shot that took Bitcoin down was simply from mutiny or an abandoned ship? Garrick Hileman had this to say about developers migrating away from Bitcoin:
“Very talented people who are coming into the space now may have more of an incentive to try to build their own cryptocurrency or new blockchain-based system rather than to build on something that’s already in place because we’ve seen [from projects like Ethereum] that you can create something new and you can accrue tremendous value if you are on the ground floor of that.”
There are so many other coins and projects, especially now that blockchain has been adopted widely well outside the crypto-economy. There are only so many capable coders and so many alternative projects to Bitcoin.
“It’s important to note that this threat to the Bitcoin blockchain may not be entirely mitigated yet [but] if the crypto space fragments too much, especially early on in its development, it risks snuffing itself out.”
And, when it comes to all the other projects, including Ethereum, a strong, healthy, Bitcoin lifts all coins. While the original quote was “what’s good for General Motors is good for the country,” it’s just as wise and just as true as “what’s good for Bitcoin is good for the crypto market.”Leave a comment