Yesterday, I read a Tweet about Bitcoin being a “once in a species” phenomenon – and I can’t agree more. Only a handful of inventions are worthy of that label, in their various fields of interest – like, for instance, the printing press, automobile, airplane, and harnessing of electricity. But only one in the monetary realm – as after just ten years, it makes every form of money of the past 10,000 years, from gold to fiat, appear archaic.
Those who have been knee-deep for five-plus years are well-aware of the incredible progress Bitcoin has made. However, 99% of the world is not yet aware of it – which is quite bullish, I might add. Moreover, whilst “maximalists” blindly pretend Bitcoin is perfect, there is clearly much work to do…as it is decidedly not.
Is Bitcoin flawed enough to lose its cryptocurrency leadership? Absolutely not, as the circumstances of its emergence are too unique, and its dominance too powerful. But is it flawed enough that significant hurdles face it, that must be overcome? Absolutely.
I have a unique perspective on Bitcoin – having learned of it in 2012, when just starting as Marketing Director of a major bullion dealer…and, being one of the world’s leading Precious Metal advocates. Also, as someone who experienced the 2014; 2017; and now, 2019 bubbles and bursts personally – the latter two, as a well-known crypto commentator; perhaps, with more “sound money” knowledge than anyone in the space.
Getting through those serial financial calamities has enabled me a front row seat, in watching the evolution of the “Bitcoin Community” thought process. To that end, I couldn’t tell you what that meant in 2014 – as Bitcoin was so small; and I, far less vested. But in 2017, it was an incredibly positive and harmonious space – particularly when the (first) scaling debate was battled, and won.
That said, two major bear markets; and a widening disparity in crypto philosophy; has made the space decidedly less harmonious. Conversely, it has become far more decentralized - which is perhaps, Bitcoin’s best feature.
Gone are the days when “leaders” were required for guidance – from Andreas on down. I, like many of you, consider Andreas the most important figure in my early Bitcoin education – but today, have little interest in what he, or essentially anyone has to say. In other words, I’m no longer looking for cheerleaders, but good information.
As noted above, I don’t believe any foreseeable factor can destroy Bitcoin’s store-of-value properties. However, there certainly are threats to be considered; some, that will be eradicated; and others, where “resolution” may be less simple.
For instance, quantum computing poses a “threat” – in that, if it ever got powerful enough to challenge Bitcoin’s cryptography, would need to be countered with quantum resistance. I don’t foresee that any time soon, if ever. However, it is certainly an “existential threat” to be considered.
That said, MimbleWimble is perhaps, Bitcoin’s LARGEST actual threat – as 1) it is far closer to recognition than the Bitcoin community thinks; and 2) could co-exist with Bitcoin if not incorporated, taking meaningful store-of-value market share.
No Bitcoiner wants to hear it, so the “see no evil, hear no evil” disease appears to have been cast over it – shamefully, by said “leaders.” The fact is, “maximalists” are so terrified of a Bitcoin hard fork, they will vilify any person, or CODE, that threatens one – even if, in the case of MimbleWimble, such a fork, of BETTER code, would benefit it.
Just saying this is heresy in the Bitcoin community – even if, as part of the MWC team, we offered a FREE airdrop of the soon-to-be-launched “MimbleWimbleCoin”…to enable Bitcoin holders to benefit from MimbleWimble advancement – and equally importantly, HEDGE themselves from the possibility that the inevitable “privacy debate”; that even hard core maximalists acknowledge is coming; arrives.
Put it this way. Remember what it was like to see BCash soar whilst the Bitcoin that you (and I) traded it for plunged, amidst what was perhaps the most terrifying financial event of your life? Wouldn’t it have been nice to have simply held your BCash then? And how much better would it have been, over the long-term, if it turned out BCash had the superior technology?
I am a large Bitcoin holder, as is MWC Lead Dev Chris Gilliard and essentially everyone on the MWC team. So, we are 100% aligned with the Bitcoin community’s goal – of a better, more valuable Bitcoin. However, we also recognize its flaws – like the giant pink elephant in the room, screaming of Bitcoin’s lack of scalability due to the initial download issue…and its twin pink sisters, trumpeting extraordinary lacks of privacy and fungibility.
Privacy, because tracking Bitcoin transactions is comically easy (see, “Whale Alerts”); and fungibility, because governments and tax authorities will be watching Bitcoin movements more closely, vigilantly, and authoritatively, as it becomes more valuable…and THREATENING to their centralized fiat regimes.
Those who were wise enough to listen to the pre-airdrop marketing of MWC - one of the handful of coins that actually have “voices” publishing its merits - will receive part of the 30% of MWC’s lifetime supply being handed out in December…and another 10% over time, when they receive subsequent “MWC HODL” dividends.
Those that didn’t, have an historic opportunity to buy in the secondary market – given the recent bear market carnage that has dramatically reduced the value of the (far inferior) MimbleWimble coins Grin and Beam…as well as what MWC will be initially valued at, compared to just a few weeks ago.
As Chris puts it, the reason the first scaling war was won was because the superior fork (Bitcoin, versus BCash) had the superior technology (SegWit, versus big blocks). However, when MimbleWimble is sufficiently advanced and tested, it will become obvious to ALL (certainly, the exodus of code developers already shifting their attention to it) that MW is BY FAR, the superior code.
Thus, MimbleWimble coins may take material market share from Bitcoin if there is not a sufficient response – that those who are wise enough to consider; and ACT upon it; will likely profit significantly.
The MWC airdrop registration ended July 19th, with MainNet launch scheduled for November 11th, 2019, and claims on December 11th, 2019. A total of 148,474 Bitcoin registered – roughly 1% of the entire BTC float - yielding an MWC/BTC ratio of roughly 40.41. For more information, please check out the MWC website, Discord room, Twitter feed, and Telegram Forum.