2 Weeks Away And Nothing Has Changed

analytics

I decided to take 2 weeks off from writing The Week In Bitcoin.

I felt I needed a short break from writing about Bitcoin and blockchain tech. A reset and some time to think more broadly about what was happening in the sector.

Interestingly, since I last pushed out an issue little has changed. We’re still no closer to ‘consensus’ on where we head with block size. Many have said their piece, taking to Medium to voice their concerns/view points/propaganda. However, the path forward seems to still be less than clear with what some have labelled a ‘civil war’ still raging on.

Although some might argue that a road map has been put forward by Bitcoin Core, it is clear that many are still unhappy with where things are headed. Beyond this, there exists a more troubling concern.

The bitcoin ecosystem is built on ‘believers’ – those who insist on paying in bitcoin at a restaurant and people who want to see fiat currency go the way of the floppy disk. In a very real and tangible way, these are the people who have helped elevate bitcoin from nerd tech to the cover of The Economist. Clearly the question arises, will these true believers still remain faithful to bitcoin or will they move on, if for example, Bitcoin Classic wins the ‘war’?

Some might point to Ethereum’s recent price rise and say it’s already happening. The flight to a technically superior blockchain is already happening.

In the aftermaths of Bitcoin’s biggest test to date, it’ll be worth observing the impact it has on the ’true believers’ because a block size increase will in the end likely prove to be less of a technical challenge than a challenge of faith for the bitcoin zealots.

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