The original purpose of banks was to safeguard their depositors’ assets. Plain and simple. This was a “Free Banking System”. A simple contract between 2 parties, the depositor and the bank. In my last debate regarding the Lightning Network, I asserted the best comparison with what’s going on now in Bitcoin is the transition from a free banking system to one where the bank starts to add more “financial services” on top of the original relationship. I got some push back on this comparison. So, I will expand on why this comparison is very important.

In explaining, it is very important to know what the current state is and what events led us here. For that, I invite you to read this article. If you have done this, you know that the Bitcoin Core protocol is destined to have no new features added and no consensus changes after a certain amount of time. There will only be bug fixes. Instead, innovations will be made on new networks that are intended to be directly tied to the mainnet of Bitcoin. …


tl;dr

  1. The people using Bitcoin must realize that Bitcoin has well-defined constituencies and knowing what a healthy relationship looks like between each is a huge benefit for the things Bitcoin was originally created for.
  2. Due to the result of the Scaling War of 2017, we now have a painful precedent about how to handle contentious hard forks.
  3. We can use the distant past as well as modern day business models to clearly see the trap ready to spring.

/tl;dr

Topics covered:

  1. The proper perspective with respect to the Bitcoin network is the same as any free market enterprise.
  2. The current state of the Bitcoin network as it pertains to the free exchange of value. …


tl;dr

Items covered:

  1. The play by play of what went down after the 2017 Consensus Conference in NYC from my perspective
  2. My thoughts on why Segwit2x failed to get a block size increase

/tl;dr

Some time has passed between the failure of Segwit2x in the summer and autumn of 2017 and the time that I am writing this. I thought that waiting to detail these events was a good idea so that I could get some space and let things fall into proper order in my head. I did not want to be overly emotional in my retrospective.

Before I get into this, I must say that I’ll be leaving names out for what, I think, are obvious reasons. Part of this has to do with me providing a troll shield for these people and the other part is that I think one or two of these people just completely blew it and caused the whole thing to fail before it even got started. I don’t see a reason for calling them out by name. …

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