My first book over Christmas is completed and I thought I would share my thoughts about it with you here. I have read quite a few of the main Bitcoin/Crypto books that have been released, except maybe the latest one from Roger Ver and can say this has been one of the more eye-opening ones.
I was not in the Bitcoin/crypto scene around the time of the Blockchain Wars, so reading this book was a great way to catch-up on what happened and what it was all about. I was also particularly interested in what characters were around then and what positions they had taken.
Of all the books I have read on Bitcoin , my top 3 would be (in not a particular order), The Blocksize Wars, The Bitcoin Standard and Broken Money. All 3 are great books and I can heartily recommend them.
When following the events in the blocksize wars, it became very clear that certain groups thought they controlled the protocol and although each group is an important, no one group has full control.
What it also highlighted was the weakness of humans to succumb to their ego and greed. The need for a neuteral money in the world is needed more than ever and this is even clear in those involved with Bitcoin. Be it Devs, Miners or End Users.
The book also touched on the soft and hard forking of Bitcoin. The effects and consequences and how such things looked back then for those not around. It could also give you the understanding why there are no updates or blocksize improvements on Bitcoin being developed despite still loud shouting from the big blocker camp. Is Bitcoin now more resilient after this experience?
Many of those advocating changes to the protocol have since moved onto other tokens, defi, ETH and so maybe their intentions for Bitcoin were not honest and best for the protocol.
Was ETH actually a great thing for Bticoin in that it took away some of the blocksize focus from Bitcoin and allowed people to gamble there instead? I remember the talk of flippening which now seems a distant memory from 2-3 years ago. Now it is if ETH will survive the new competition.
With Bitcoin now being a $2T+ asset, the stakes are even higher for Bitcoin and its holders. But the temptations for nefariousness is also increasing massively for those who wish to try and harness its power for themselves.
There is now thoughts that the next threat of a hard fork could be by Blackrock with their ETF bags or maybe the government will try to alter the protocol rules.
When thinking about possible future threats, it is therefore very helpful to review what has happened in the past and see how things could play out in the future as one thing is clear, the battle for the base layer of the monetary system is not over yet and could only just be beginning.
Thanks for reading.
Credits:
All images are my own. Meme found on internet.
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