"want bitcoin to be money and money means different things for people in this world”

The definition of money is very subjective; when I began my involvement with this project in Late 2010. It was a lot closer to my personal definition of money, being an electronic cash system, whilst transparent, we did not have dedicated corporations like Chainalysis, nor the level of regulation (AML/KYC/CFT). We were lucky to have forum cowboys to hunt down lost assets and even then, whether the exchange would acknowledge the findings was another kettle of fish.

In 2014, Me and many others were very much against Mike Hearn’s Colored Coins as it recorded a public consensus and held judgement against parties which could be misused and abused. Now we are in an era where private consensus recorded behind closed doors rules the roost and you risk forfeiting your Bitcoin by merely sending it to an exchange and if you’re lucky you may get asked intrusive questions and be allowed to have it returned to you.

Technically, the mandated application of the artificially rate limited block size has caused significant network congestion during any time of market turbulence and rallies. Whilst I support the development of Lightning Networks and Segregated Witness, it does not mean that the network should be subject to ever-increasing fees. When we had High Priority Transactions by Days Destroyed, I never had to worry about fees unless some security or situation-critical event happened. These unnecessary coin splits/forks that resulted in 2017 have made it confusing to the end-consumer and destroyed continuity to anyone new to the market.

With the ever-changing climate, it’s an accomplishment that Bitcoin has survived but I would consider it an Electronic Asset more-than an Electronic Peer-to-Peer Cash System contrary to the white paper, as it’s easier for the industry to rely on Bitcoin as a Reserve Currency to the maintain the value systems of alternative currencies. Any attempts to improve the fungibility of the protocol (such as CoinJoin) are met with regulatory hostility which then becomes external pressures on the developers and end-users.

We are now in a brave new world where different governments, industrial lobbies and cartels all want to have involvement in engineering the outcome of this project and we need to remember that the usability, the fungibility and practical applications are paramount to Bitcoin remaining a global currency, even if it’s not practical to be used as an electronic cash now without additional development within the eco-system and very strong developers who are able to make personal sacrifices to ensure continued development in the face of hostility.

NFTs are the result of hemorrhaging VC money and distracting the public on trivialities while hard work goes on in the background to ensure the reserve currency (Bitcoin) is safe. The current state is a status-quo that many do not want changing while it remains economically advantageous to them. We should do whatever is necessary to guarantee a free-as-in-freedom and global future for this project.

Kree Love
Early Adopter