TDC News Should Bitcoin Care About this Weekends Events?

TDC News
Should Bitcoin Care About this Weekends Events?

By S. Lubka Blockchain Visions

 Should Bitcoin Care About this Weekends Events?
If you have been paying attention over the weekend
you may have seen a sudden takeover of Social Media by posts about Bitcoin Cash.
There are a lot of theories being passed around, about what exactly has been going
but I’m going to refrain from baseless speculation
to inform you about what we need to take away as a community from this.

At its root, we have two competing factions
those that see the future of Bitcoin as a store of value, first and foremost and
those that see it as a currency, Both camps embrace both functions, however
Bitcoin prioritizes being a store of value secure from the hands of governments and thieves
while Bitcoin Cash is arguing for its function as a usable currency.
While I’m not going to engage in meaningless speculation
I will say that the documentations and many post I’ve been  reading from the Bitcoin Cash camp
were vitriolic and attack Bitcoin’s function as a currency.
Criticizing Bitcoin’s function as a currency is like criticizing a Calculus student for their Spelling.
Sure, proper spelling matters.. but not as much when you are taking a Calculus test.
It’s criticizing a function of a technology which is NOT its primary function.
Yes… Bitcoin functions as a means of exchange and as a currency, and it has never stopped functioning in such a manner.
However, what gives Bitcoin it’s value is an ancient problem:
( Once someone acquires resources/wealth, how do they keep that wealth safe? ).


TDC NEWS Should Bitcoin Care About this Weekends Events?

TDC News
What gives Bitcoin it’s value?

TDC News The Daily Crypto News
What gives Bitcoin it’s value,
is the option to keep our wealth safe.

It is actually “REVOLUTIONARY” store of value.
Gold can be easily stolen and is cumbersome to store.
Bank accounts can be frozen, Land be taken in a political coup.
Since the dawn of political order in human civilization
people have been trying to keep their assets safe from those who had the power to seize it.
Bitcoin solves this problem, but ONLY if it actually upholds this promise.

If the market thought that whichever Cryptocurrency
which functioned as the best means of exchange ( cheap transaction fees, short times to send)
Bitcoin would have lost its lead a long time ago to one of the many Cryptocurrencies
which performs this function better.
There have been better digital currencies for years, and yet Bitcoin is still number one, why?
What truly gives Bitcoin its value, is that so far
Bitcoin has proved to be a reliable and secure store of value.
It has proven over time to be resistant to intervention and to be the first piece
of true digital property.

However, while I think the arguments presented by the Bitcoin Cash community
are targeting a secondary function of Bitcoin, the events of this weekend do contain something
which I think the Bitcoin Community needs to address.

Demonstrating the stability and security of Bitcoin.

During the peak of the social media posting
many miners switched over to mine Bitcoin Cash.
the switching, caused a huge backlog of Bitcoin transactions to be unable to process.
This is a serious issue, That should not be taken lightly If Bitcoin’s value
truly comes from its function as a store of value, than the loss of network function is a threat to that security.

Bitcoin can eschew its currency functions
until the time when layers are added unto the decentralized blockchain to improve its function
that’s fine. However, if Bitcoin wants to function as a True Decentralized Digital Store of Value
it must be able to withstand an assault.

“neither Bitcoin nor Bitcoin Cash could actually be used as a Global Daily Currency”

Imagine for a moment that the whole world used Bitcoin as a store of value
not a currency for daily transactions
“neither Bitcoin nor Bitcoin Cash could actually be used as a Global Daily Currency”
A global store of wealth cannot say ” Oh, I’m sorry we can’t process your transaction
because our network is not going to be functional for an indeterminate period of time”.
A global store of wealth needs to be resistant to any interruptions in its function.
Bitcoin first and foremost needs to demonstrate to the Global Audience
that is truly secure and it has been doing this for years.
However, I want to highlight “it is not the block size debate we need to be concerned about as a community”
so far as we are implementing functional and ethical off-chain services.
As a community, we need to be focused on demonstrating the stability and security of Bitcoin.
We can say the fees don’t matter and the transaction speed doesn’t matter.
But if we choose this route as a community
we absolutely must focus completely on being as resistant to
manipulation interruptions and attacks.
We also need to avoid letting the Public have any confusion over which Bitcoin is Bitcoin.
It’s essential that people are very clear on which Bitcoin is the true store of value
because That is what gives Bitcoin value. Bitcoin is valuable because it is Bitcoin.

Bitcoin is an evolving living organism

Let’s not turn away from our own work as a community
let’s not turn away from really making Bitcoin into what it can be.
Bitcoin is an evolving living organism
it’s allowed to change and even grow apart from the original vision of Satoshi.
Now that we have other Cryptocurrencies which function as currencies
we can focus more on being the standard for a store of value.

I hope the events of this weekend can foster some true dialogue in the community
on what direction Bitcoin needs to move in. I hope the events of this weekend
can cause us to form a better defense against such attacks.
I know the one thing we shouldn’t do is totally ignore this
but anytime a weakness is exposed it’s important that we work to find a solution to that vector of attack.

If we are going to argue for Bitcoin’s function as a store of value
then the community should get out there and write about Why it has to be a store of value first and foremost.
Bitcoin may not be centralized and no single person may have the authority to say What Bitcoin is
however the only way we can find out what we will use Bitcoin for
is if people with a vision for the technology, express their views!
I was surprised to see a lack of cohesive response to the criticisms of the Bitcoin Cash posts.
The technology stands accused of being worthless for its lack of function of a currency
I think its the responsibility of the Bitcoin community, to communicate to the larger public
who they expect to adopt Bitcoin on, and why its primary role is as a store of value.

S. Lubka

Blockchain Visions



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