Yes, Bitcoin Is An Absolute Sh** Show

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This is the most common conversation I’m currently having around blockchain tech/digital currency. My general response is — it’s a ‘sh** show’.

For those who haven’t been paying close attention to what’s going, basically, the block size debate has reached a fork in the road (pardon the pun). Those who want to move directly to a bigger block size are starting to take some aggressive positions, namely the Bitcoin Unlimited (BU) camp, while the Bitcoin Core (BC) team are still arguing for a second layer approach (i.e segwit and the lightning network) upon which future payment layers can be built.

The debate is nuanced and turns on one’s philosophical view of what bitcoin really is. Is it meant to be cheap payments rail (BU view) or the core infrastructure layer upon which the rail should be built on (BC’s view). This is a gross oversimplification of the debate — it is actually very nuanced — but it gives you a sense of the complexity that sits behind getting to a resolution.

The outcome could, in my opinion, be really unpleasant. Although most would like to avoid a fork, a split of the main bitcoin chain into two competing chains, it’s looking more and more likely.

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