What is Bitcoin Maximalism?
Have you heard the term "Bitcoin maximalism" or "Bitcoin maximalist" and are wondering what it means? In this video I explain where the term came from, what it ...
What's up party people! Chris DeRose here, Community Director of the Counterparty Foundation and I'm sitting here on a wonderful Florida sunny day here on the pier in Fort Lauderdale beach. I want to talk a bit about Bitcoin Maximalism. What is it? What's that about? How do I feel about it. And let's begin. Bitcoin maximalism is a relatively new phrase, I think Vitalik himself came up with. I hadn't heard of it prior.
I think that at least in the way that he levied it was an accusation perhaps that some of these unapologetically pro-Bitcoin. That's probably a little accurate and I think I identify with that. Bitcoin maximalism, would appear, is a belief that Bitcoin itself is in fact the only or the best or the Coin to rule all other coins and some people don't like that and they don't like that for a lot of reasons. Certainly in some cases the reason would be that they themselves have something that competes and they perhaps have that interest at heart. Another reason people don't feel like that's the case is because there are problems in Bitcoin and there's certainly some truth to that. As a Bitcoin maximalist what I believe is that it is the only one that matters.
And it's the only one that matters because block chains work. There's a saying that we have here in South Florida and in our circle that because block chains work, miners are incentivised to join the longest chain. That's going to be Bitcoin because of it's fast mover advantage. I don't see that changing and if you look some of these other alt. coins and you look at some of these competitors and when you compare them in various terms transaction volume, power consumption etcetera, etcetera, the numbers are significantly lower to the degree of multiple levels of magnitude even. So I think that Bitcoin is definitely the most prosperous Coin and will remain so for these reasons.
In fact the people that are often mining competing Coins are themselves mining just to sell to the greater fool so that they themselves can hold Bitcoin. I think that's even very telling of what's on in the space. Then that's interesting the notion that Bitcoin doesn't do something well. It is certainly true that Bitcoin needs to grow in various ways and that it's not perfected it needs to be worked on. I think there's nothing wrong with that accusation. However where the maximalists differ from the rest of the Crypto Space is that maximalists believe that Bitcoin will adopt those features and that's really what I believe.
If there's a feature that is sufficiently advanced or sufficiently efficient, Bitcoin will adopt it. This is typically what we see in open source project and this is typically what we see even in the Bitcooin space. We talk about things like site chains coming up and various extensions to Bitcoin being done by Counterparty even and these are themes that I think suggest that Bitcoin certainly is the Coin to remain. But then even from a progmatic stand point, you consider where we've come in the 6 years that we've had Bitcoin and you don't hear of merchants accepting any Doge Coin or these types of things and this is because of the marketing advantage of the first mover is so significant as well. When people start to propose, maybe, a theorem or these other cryptocurrencies are themselves are going to displace Bitcoin, it's a tall claim. They really have to fight out not only the crypto argument but the Bitcoin argument.
They have to say to all of these people that have been introduced to cryptocurrencies that theirs is better. I think that is a very tough proposition that they would make. In Counterparty, we do what we do on the Bitcoin block chain. We do it because we believe in Bitcoin being the most secure cryptocurrency and the one that's going to be lasting for the longest time. So I think that you look at perhaps some of these other chains that Counterparty works on such as the Doge Party, Light party is another one, etcetera. They're fun projects and I like them because they're good for counterparties development but the advantages of the Bitcoin block chainer are so big and so large that it's very hard for us to meaningfully compare these other chains with the success and the mining power and the efficiencies and on and on of the Bitcoin block chain.
That's a rough overview of Bitcoin maximalism. That's how I feel about it. I'm sure there's many people who disagree. Maybe you're one of them. If you are write to me, tweet me. My email address is chris@chrisderose.
com and my Twitter handle is @DeRoseTech.