The Verge’s Nightmare Scenario Has Come To Pass
Ben Popper’s capacity to understand Bitcoin has maxed out, assuming it was even there to begin with.
In the Bitcoin space there are many pundits, skeptics, buffoons and other shadowy forces that roil under the watery surface like schools of hungry piranha. Always eager for a quick meal, sharp teeth at the ready for any perceived weakness to be pounced upon, magnified and echoed across the large expanse of the internet.
Verge blogger Ben Popper has been here before, with headlines exclaiming that Bitcoin was about to “split into two”, presenting information in a way that was out of place relative to the topic.
Imagine a group at an art gallery showing, each commenting on a framed exhibit on the wall, and along comes Popper, drunk off of several glasses of red wine to proclaim it was all shit, and here’s why — before promptly falling down on his face.
Characterizing a potential change in the underlying code of Bitcoin as a “civil war”, Popper’s dramatic brush slung to and fro, making sure to cover every surface with colorful adjectives.
Upon reading such material, most in the Bitcoin community shrugged and went back to the discussions they were already having, since engaging a “e-journalist” is down there with taking out the garbage on a cold wintery night.
Those that had the stamina to make it through the heavily slanted piece would note a curious confession embedded in his essay, noteably “I’ve been following Bitcoin since 2011, but have to confess that the technical arguments about this issue are often incomprehensible to me.”
At that point, anyone still on the Popper train should’ve been pulling on the emergency brake, hard.
Getting back to current events, Popper has done it again regarding transactions and confirmation times. If the man can’t get the technical details, then why is he trying to smear Bitcoin?
One has to wonder at the incentives being offered. The current drama that Popper is unwittingly (or willingly) promoting is that Bitcoin’s blocks are all FULL, and that people are waiting, and “Oh Emm Gee” Bitcoin is having big problems again.
Nothing could be farther from the truth.
The REAL story is this — that as blocks APPROACH the limit, there is something called a “miners fee” that is attached by intelligent users and wallets to ensure the transactions are taken care of.
This was envisioned early in the conception of Bitcoin, the arrival and maturation of a miner’s “fee market” that would allow precious resources to be allocated fairly and properly.
Yet, in Popper’s essay on the subject, its a time of wailing and worry, with everyone losing their heads about how they can’t use Bitcoin.
I suggest taking a look at one of the statistic sites for Bitcoin, such as https://kaiko.com/statistics — have the page up? Good. Now take a look at how every statistic such as volume per transaction, transaction size and even blocksize — isn’t “maxed out” at all.
This is called fact-checking, and its something that Ben Popper, in his urge to paint Bitcoin as a failed system, neglected to do.
If the man can’t even do the most basic checking of his facts before writing such a sensationalist story, then what else has he missed?
Perhaps instead of following Bitcoin, he would be better suited to regurgitating the many stories his competitors push on to the web, and leave the actual running of the Bitcoin network to the people who understand it.
Now, will someone help me get this drunk off of the art gallery floor? He really needs to go home.