There has been a major shift in the ecosystem. There has been a major shift in core values. Bitcoin, as a protocol and network, was designed for a hostile world. It is a system that can function even in environments where governments and politics are antagonistic.
Bitcoin’s core value proposition is its ability to continue operating in hostile environments despite the antagonism. This can serve as a solid foundation on which to build, and everything that is built will inherit this resilience in some way when faced with a powerful adversary.
This ecosystem seems to have lost faith in the core proposition. It seems that the determination to preserve and build on this foundation has evaporated. We now have politicians who are cheerleading for selectively advantageous regulation and prioritizing short-term financial gain.
The mining industry is a complex web of relationships that is at the core of Bitcoin’s openness, censorship-resistance, and is causing people to be less worried about the business network. Instead, they are more interested in whether or not President Trump will take action. Just click here to learn more. Pump our bags or the bags of those who are shitcoiners.
We’re counting chickens that haven’t yet hatched.
Bitcoin is vulnerable due to its centralization in mining, as well as to the regulatory mandates of governments. These could threaten the freedom of users to freely use the Bitcoin network. The network is not scalable and cannot support enough people using it self-disciplined to be an effective means for protests or opting out on a scale that matters to the government. The people who would otherwise have to use custodians will be just as susceptible as the miners in terms of regulatory pressure. The privacy issues are also serious, and users can be forced to self-censor themselves by regulatory pressure.
Bitcoin faces all of these challenges, yet instead of solving them it focuses on addressing the problems. Bitcoin will remain the robust system that has made it popular in the past.People are concerned more with currying favor with the US Presidential Administration in exchange for short-term financial gains and token policy victories, at the expense of making major concessions which could very well seriously harm Bitcoin’s basis.
Where did we go wrong? What the hell is wrong with everybody?
The article below is an overview of the topic. Take. The opinions expressed by the authors are their own and not those of BTC Inc. or Bitcoin Magazine.
“This article is not financial advice.”
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Source: bitcoinmagazine.com
