Nakamoto, if he exists, is a dick. Not for inventing blockchain or bitcoin, but for not speaking up while his vision is being destroyed by greed. No matter how you slice it, the biggest weakness of blockchain is the need for mining. Originally Satoshi had probably not foreseen mining farms, cartels, etc but they are here now, and they are here to stay. Welcome to the new financial elite. Crypto’s own Wall St.
This fight is not about block sizes, speed, transaction cost or whatever it is they are selling to you. It is about control of the cryptoworld. Whomever is the reference currency, is the Gold Standard. Whomever is winning over the miners or the exchanges is king. This is no longer about that vision imagining a currency for the people and by the people. It is about Greed. With a capital G.
How can a currency be for the people if a small group holds 97% of it? If it is unstable and unpredictable? What does a coffee farmer in Timor-Leste care about block sizes, Roger Ver, Bitcoin Gold or hash rates? He wants access to the global financial market place. Without having to be afraid of daily currency fluctuations that would embarrass Zimbabwe.
Without having to wait for transactions to be processed and without needing a minimal buy in or having to pay big transaction fees. This farmer should not have to pay, or run risks, so that miners and exchanges can get richer and richer.
And Satoshi Nakamoto is a dick for not speaking up. For not interfering with the continuous slaughtering of his vision. Or maybe he was quietly working on an alternative technology. One that doesn’t rely on centralized mining. One that makes it possible to use for the smallest of transactions, even if you only have a simple phone. One that does not charge you for transactions and executes them almost instantly. One that does not allow big scale manipulation.
Maybe blockchain 2.0 is already here: it is called a Tangle and its currency is the IOTA. Instead of centralized mining it relies on a blockless ledger. If you are interested in the tech, I would suggest visiting their website. Unfortunately, they are focusing on the Internet of Things right now, and with great success. They are one of the top 10 crypto currencies and growing fast.
But they are also dicks. For sticking to their IoT vision alone. For not taking this wider. For not promoting IOTA as a real distributed currency or at least building a real-world currency based on the Tangle.
IOTA could be the true version of what Satoshi Nakamoto intended when he started this revolution. It is not about block size or hashing algorithms, it is about decentralization and developing a currency without central control, resistant to even quantum hacking. Safe, stable, easy to use and practical for the farmer in Timor-Leste.
So, IOTA foundation and Satoshi Nakamoto (if you are out there): stop being dicks. Speak up. Attract more investment. Develop this further.
And to all others: pay attention to this. Something might finally be happening.
