I recently appeared on the Liberty Lockdown podcast with Clint Russell. His show’s audience is libertarian to the core, so we instantly clicked. Right off the bat, Clint asked for my explanation of the Bitcoin civil war over the block size – which started back in 2017 – so I broke it all down into a quick history lesson.
As I’ve said, I like big blocks and cannot lie because I believe that Bitcoin, in its totality, is the original protocol at scale.
The story goes like this…
The infamous Bitcoin hard forks divided the blockchain and the early crypto community into ideological camps. The two extremes were the agorist and objectivist philosophies, represented in the ideals of what became Monero (XMR) and Bitcoin SV (BSV), respectively. A mishmash of confusion known as Bitcoin (BTC) and Bitcoin Cash (BCH) was born in the middle of those two different camps.
The lunarpunks championing privacy insist that fungibility is crucial for any free-market money. The CryptoNote protocol was the first one that enabled transactions to be untraceable, and Monero has built upon its foundation to achieve even better privacy and untraceability. Zcash utilizes zero-knowledge proofs at the protocol level; however, it is not always private-by-default and uses transparent addresses.
Therefore, Monero (XMR) and Pirate Chain (ARRR), which are always private-by-default at the protocol level, continue to lead the privacy revolution. Ongoing peer review and audits assure us of the invulnerability of these cutting-edge tools.
The central planners in Bitcoin succeeded in reducing the block size, adding caps, and deleting features they didn’t understand. By turning off opcodes, such as the smart contract functionality, they turned BTC into what I now describe as Cripple Coin.
Behind many of these developments was John Dillon, an individual accused of being a Fed who infiltrated the BitcoinTalk forums to influence and bribe the core developers into promoting the small block narrative. The central planners have relegated the miners into bouncers rather than club owners and turned most Bitcoiners into gambling zombies.
They broke Bitcoin further by replacing the first-come, first-served block system and allowing an auction to insert itself in the transaction, manipulating the block reward subsidy.
As I see it, Cripple Coin (BTC) is thriving because many prominent early Bitcoin influencers never really understood Austrian economics or Satoshi’s vision in the original Bitcoin whitepaper. The Nakamoto consensus is a meritocracy of miners that incentivizes securing the network with proof of work. This is the only true decentralization that competes with Big Tech.
Satoshi gave the solarpunks a weapon to fight Big Tech, government, and society as it is today, to combat the encroachment by the powers that shouldn’t be. The honesty machine is a truth ledger to expose them to the light. It’s a new internet for extreme capitalism, so we can play offense while embracing the shield of privacy and agorism for defense.
Check out the full interview here:
As I explain in my interview on Liberty Lockdown, attempts like the Lightning Network flounder and Ethereum is useless with the gas fees. DERO, which enables true DAOs, is superior for many reasons.
Bitcoin SV survived its recent attack because it’s a network of honest nodes. Building a business on BSV is risky due to the constant attacks, but it can be advantageous from a fundamental analysis viewpoint.
Of course, I could be 100% wrong, and I want to be proven wrong, but this is my conclusion if I am intellectually consistent and honest.
Always seek to learn more.
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