This May Be The New Normal

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Bitcoin is falling apart.

There is a governance crisis in Bitcoin.

The currency is doomed if we don’t expand the block size!

These are the types of headlines you’ll likely see if you read an article about Bitcoin at the moment. No doubt, there are problems in the world of Bitcoin – with most revolving around how core development is governed (if at all).

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At the moment, it’s easy to get wrapped up in the block size debate and feel the need for a resolution to be reached. However, the idea that we need a decision that reflects the perfect state upon which Bitcoin can move forward might be the wrong approach to take. The reality is that there isn’t a perfect state. It might be the case that ‘kicking the can down the road’ is what will need to happen for the foreseeable future.

Although, some might resent the way this debate has played out, the proposed fork by Hearn and Andresen reflects the true nature of open source projects. If you disagree with the status quo, fork and see if others will follow. In fact, in my opinion, it’s this ‘instability’ that makes Bitcoin so disruptive.

Regardless, of whether XT gets the 75% of new-version blocks it needs to force a fork or whether BIP 101/102/103…. are implemented, I think it may be time for us all to accept that Bitcoin will exist in a dynamic equilibrium – not a static one. It’s highly likely that Bitcoin XT will be one of many challenges to the direction Bitcoin takes over its lifetime. In fact, this may be the new normal in the world of Bitcoin.

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