At this stage, I believe scaling Bitcoin requires two things to happen: increased block size & 2nd layer technologies working in unison.
Yet the community is divided on the belief that only one of these methods can work to scale Bitcoin.
If you take a step back and look at the whole scenario objectively, onboarding opinions from both sides, it becomes clear that the only solution is for both sides to work together to achieve a Bitcoin that scales and works effectively for everyone.
It also comes down to what you, as a user, want Bitcoin to be able to do for you.
An objective analysis of both sides of this debate would seem to indicate that the most influential people on either side have a conflict of interest and are looking to increase their own profits in the long run, detaching themselves from the reality of Bitcoin.
What is it that you want Bitcoin to do for you?
My desires are as follows:
- I want Bitcoin to be my everyday transactional currency, which is private from governments and institutions in the sense I do not want them to know what I am doing with my money or how much money I have.
- I want the network to be uncontrollable by the governments and institutions of the world, leaving it to a free market.
- I want the network to be fair, free and accessible to anyone and everyone in the world.
- I want my currency to be un-inflatable, as to be able to store my wealth and retain purchasing power of it when I come to retire.
- I do not want anyone or anything to tell me what I can and cannot do with my money.
Which of these points is MOST important to me? I do not want government or institutional control of my money or the ability to spy on me.
I believe Bitcoins creation is due to the ABSOLUTE SURETY that the current FIAT monetary system used around the world is not sustainable, practical or beneficial for most people around the world. Bitcoin was born out of the 2008 financial crisis (although the ideas and movement of cypherpunks with the same conclusion, originates I believe, from the late 80’s and 90’s.)
I think most people involved in the scaling debate, are putting their point forward because they want to increase the price of their investment and realize more profits. I do not think most people involved are thinking about the long-term impact of Bitcoin and how it is a promising replacement for FIAT currency entirely. Are you measuring your Bitcoin profits and worth in dollars? Then you are not invested for the right reasons.
The goal should be to accumulate the most Bitcoins you can, regardless of the dollar value, because if Bitcoin fulfills its promise to replace FIAT currency, prices of everything, and I mean absolutely everything will change and not be remotely like they are today. Why? Inflation of FIAT currencies. You buy a coffee today for $3.50, is that coffee worth $3.50? Was that coffee worth $3.50 in the early 70’s when FIAT currency replaced the gold standard? No, in fact it was worth roughly a 3rd of that. Do you think that it has become more labour and technologically difficult to produce a cup of coffee today than it was in the 70’s? Of course not, technology and innovation have simplified the production of every good and service in that time.
If we manage to remove ourselves from this horror story of FIAT money, and replace it with Bitcoin, which is not inflationary and not possible to be inflationary, then we could safely assume that prices would return to their fair value for goods and services. So why care if your 1 Bitcoin is worth $20,000 USD or $1,000,000 USD? If the USD is removed, and fair value is restored to goods and services, it is not those with 1 Bitcoin who will be rich, it is those with many thousands of Bitcoins who will be rich.
The HODLERS are the ones who really need to come to this realization, because if they stay true to HODLING, at what point do they cash out? When Bitcoin is worth $10,000,000 USD and the imminent collapse of FIAT currency arrives?
In conclusion, all those people so passionately debating the scaling solutions of Bitcoin, need to take a step back and have a look at what they are invested in Bitcoin for. If it is FIAT currency profit, you are in desperate need of a re-evaluation of your education of money, government, banks and economics.
“What? I don’t care about that stuff, leave it to the people with degrees and those we elected democratically to sort out!”
Wrong, if you are not involved in fighting for your own freedom, you will never achieve freedom, will always be under the control of others and ultimately at their mercy, which in my opinion means you will never achieve true happiness, which means you will never be wealthy.
I think now more than ever, it is important for the community to step back, and evaluate why they should be invested in Bitcoin. Stop the in-fighting and start to work together once again.
Congratulations @andy371! You have received a personal award!
1 Year on Steemit
Click on the badge to view your Board of Honor.
Congratulations @andy371! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!