Author: Mike Hearn 2015-05-07 15:12:38
Published on: 2015-05-07T15:12:38+00:00
Bitcoin's value is based on people's belief in it, rather than its technical merits. This belief is largely rooted in the idea that Bitcoin has a bright future, leading to speculation. The fear is that if people stop believing in Bitcoin, the technology will be rendered useless, or replaced with something else. There is a disagreement over whether or not to force through a 20MB fork now, and the philosophical differences are greater than the technical ones. The author argues that if there is no fork, people's confidence in Bitcoin will be seriously damaged. They question the community's willingness to drive itself off a cliff due to political deadlock, and wonder why anyone would bother building things that use Bitcoin at all if the technology cannot handle bigger challenges.
Updated on: 2023-06-09T19:32:02.390016+00:00