Tidbits summarizes interesting chatter from across the cryptosphere. Today, the crypto community reacts to Erik Voorhees’s argument that maximalism is a flawed ideology. Jonathan Silverblood recommends using the bear market as an opportunity to build while earning crypto and Craig Wright claims he owns more BTC than anyone else in the world.
Crypto Community Responds to Erik Voorhees
Shapeshift CEO Erik Voorhees recently took to social media to point out the inherent flaw of the Bitcoin maximalist mindset.
Maximalism: The idea that decentralization is extremely important but only one blockchain and only one form of money is acceptable
— Erik Voorhees (@ErikVoorhees) January 28, 2019
Voorhees also explained that open markets have always led to situations where there are multiple solutions, so altcoins will continue to exist in the cryptocurrency space. In response, one commentator brought up TCP/IP as a monopoly in an open market, but Voorhees argued that there are many other popular internet protocols like VOIP, SMTP, and http.
Director of research at Tierion and Bitcoin developer Paul Sztorc had an interesting take on the debate Voorhees stirred up. Sztorc brought up scholar Nassim Nicholas Taleb’s observation that almost all drinks are kosher in the United States, even though the kosher population represents less than three tenths of a percent of the residents. Drawing upon the dictatorship of the intolerant minority concept, Sztorc argued that the most intolerant cryptocurrency community will end up producing the most widely used coin.
It’s important to read your Taleb!
“The Kosher population represents less than three tenth of a percent of the residents of the United States. Yet, it appears that almost all drinks are Kosher.” https://t.co/51D5limIMh
— Paul Sztorc (@Truthcoin) January 28, 2019
Using the Bear Market Bottom as an Opportunity
Bitcoin Unlimited developer Jonathan Silverblood recently urged his followers on social media to use the bottom of a bear market as an opportunity to help rebuild. Silverblood argued that builders will be able to profit financially while helping the crypto industry to recover from the bear market.
There is no better time to transition to getting your income in crypto than during the bottoms between bull markets – not only do you add value to the ecosystem helping it recover, you also financially benefit from the recovery.
— Jonathan Silverblood (@monsterbitar) January 28, 2019
Silverblood went on to recommend sites like honest.cash, bitbacker.io and cash.gateway for builders to get started.
Craig Wright Claims He Owns the Most BTC
Nchain chief scientist Craig Wright raised eyebrows on social media recently when he claimed to own the largest BTC bags in the entire world. Wright also predicted that BTC prices will fall to zero.
I own more BTC than you. For any you.
My only comment re CoreCoin, BTC.
It is headed to zero
I will enjoy the ride down pic.twitter.com/txZqM3umjS
— Dr Craig S Wright (@ProfFaustus) January 29, 2019
A commentator asked Wright to dump his BTC onto the open market, but Wright refused to do so because it would be illegal under commodities trading laws. Another commentator asked Wright to spend his BTC instead, but Wright claimed that he currently has too many possessions.
What do you think of Wright’s self-proclaimed title as largest BTC holder? Let us know in the comments below.
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