William Bitcoin, Senate, DOW discussed on Crypto Voices

Crypto Voices


This attornal conflict. And I think it's extra pretty intrinsic to the protocol on. I would say the fact that big actually does have this kind of well, understood essence or set of core values that that's what makes it pretty remarkable. It's a it's a great debate. I mean, I I believe we always I mean, even ourselves are always thinking of this the playoff co questions of William bitcoin and other we've seen the recent split in bitcoin cash is community going to see 'em bitcoin s s via whatever. And so do you think that for bitcoin to retains to retain its essence, whatever it may be instant together in the Senate in sales that doing? Hard forks and fragmenting the community every six months or every year. It's kind of goes against the whole the whole idea of a protocol, and especially money like protocol or software of money. I'm kind of thinking I'll tell the question here ever myself right now. No. It's a good question. I I think these things much like a language, right? And if you have a if you have hard fork diplomacy with the English language, and like my town start speaking dialect, which is unintelligible by the the dominant faction, then we're putting ourselves at a huge disadvantage. So, you know, diplomacy by fork is like the worst kind of diplomacy and people find it very elegant because it's like well the market decides. And it's like a few Tarki, and it's like a prediction market, and it's great. But ultimately, the loser should not. Really? Persist indefinitely. I don't think there's any stable equilibrium between the losing four and winning four all the valley, you know, ends up accruing to the winner. So and, you know, something we have now work affects, you know, whereby each participant in our benefits from the being more and more participants. And I think that really is a thing because that just comes down to the liquidity and the optionality of of your money. Those folks degrade that as well. And they forced businesses and exchanges to make difficult choice. And it's just a ton of overhead for all of those entities. So fork diplomacy in my view, just kinda sucks. Even though it might appear conceptually quite elegant, and I think big Quinn to really work longtime. It can't have that. Because you know. I mean, if you even think about knock amona consensus, it's designed to ensure that there's only one canonical chain. And the problem is that if you don't have convergence you get this tree like structure like this never ending fractional of different forks. And that's kind of what we saw with bitcoin cash is like someone made the point that like they are the schism factor faction like the pro schism factions. So then they were guaranteed to keep using that philosophy when other disputes arose. So it's like no surprise to anyone that they ended up. Splitting again because I was kind of a central to the the bitcoin cash. Vision that the disagreements should be mediated by splits. So that it was inevitable. I think and the Dow comes are very very poor. So yeah, you know, to the to the extent that we kind of want bitcoin work long term. I think we should really try and minimize fork diplomacy. I don't think it works. Very well for me. It was interesting to see this to see. This the fork diplomacy being used in. All this cryptocurrency protocols because after researching awhile around the the idea of open source software, and the even the cost in the industry of open source software forking in open source project has always been frowned upon. And it was it was something to be avoided almost at all costs. And one of the reasons that was also in the end there was avoided was because there was almost no possibility of actually monetize ING. For was difficult to have any more monetary reward of doing a fork in April, but I'll come bitcoin twenty eight twenty eight and now all these other cryptocurrencies, it seems that forking listen on a very short term, it makes sense because you can somehow having monitor reward, although I don't think over a longer time horizon. This can can prevail which I think it's also European. Yeah..

Coming up next