This week the founder of the Nakamoto Institute, and the developer of a bitcoin mixing tool called Shufflepuff, Daniel Krawisz, released a Youtube video giving an interesting perspective on the recent Bitcoin network fork. Krawisz is pleased with watching the forks unfold and believes the two competing currencies may discourage the technocracy of ruling developers.
Also read:Tumbling Bitcoins: A Guide Through the Rinse Cycle
Daniel Krawisz is known in the bitcoin community for his many efforts, including authoring many historicalbitcoin essays and opinion pieces at the Satoshi Nakamoto Institute. Further, Krawisz is also well-known for his stance towards altcoins, as he believes they are a scam and altcoin developers are basicallysnake oil salesmen. Now you would think that Krawisz would be vehemently against the recent fork, which spawned the birth of another cryptocurrency called Bitcoin Cash. However Krawisz is very excited to see everything happening For Real.
In general I like forks I dont like altcoins, but I like forks, and the reason is; I think of a fork as being an evolutionary algorithm, Krawisz states in his latest video. You got regular bitcoin running along, and suddenly you got two bitcoins, they split, and theres a mutation. Theres a little bit of difference between them, so now you say Which one do I like better?
Well you can put a little bit of money on either side to influence which one wins.
Krawisz says because everyone is invested in both chains theres a very even playing field for the two competitors. This is not like bitcoin versus an altcoin, Krawisz explains. The reason money is valuable is because of the network effect, and it connects you to other people. So you can have money that is not directly good for anything, but if it is the form of money that society has settled upon, as the one they use by default, its valuable because they are all connected with that money.
The network effect Krawisz details, is what makes money valuable and with a fork, the same investors own the same amount. To Krawisz this kind of removes the network effects power over investors and they can focus more on technical differences. With this technical competition, an investor can now decide which currency they believe is superior.
So if you are good at designing bitcoin then you will make money by choosing the correct fork, Krawisz says. This is a process that rewards good designers, if you are good at designing you get more money, and if youre bad at it, you get less money, and if you dont want to get involved, you dont have to do anything.
To me forks are good because they put the investors in control. Investors are given a choice and they choose which one they like better. One thing that I dont like in bitcoin is when developers have a higher social status than investors. It should be the other way around, developers should be below investors.
Krawisz believes investors should think of themselves as a god, and the two chains represent two groups of people vying for the gods favoritism. He says its better not to be loyal to one side because thats how people lose money. But if one side is technically better, than as a god, you can give one side a little nudge in the right direction. The bitcoin god (investor) decides which bitcoin they will elevate to the heavens, and the other can be dumped into the pit of fire, saysKrawisz.
The video further details what he thinks about the Ethereum situation and the power he believes Vitalik Buterin holds over the community. In this case,Krawisz thinks investors are worshipping their god Vitalik, and looking for him to shepherd them through the darkness. Overall Krawisz seems very pleased with the bitcoin fork, because in his opinion it will lessen the godliness of developers, and remove the technocracy by putting the power back into the hands of investors. Additionally,he explains hes written about the subject before in an essay called Who Controls Bitcoin?
What do you think about the statements and opinions Daniel Krawisz holds towards the fork? Do you agree forks may lessen the problem of technocracy? Let us know what you think in the comments below.
Images via Shutterstock, Pixabay, and Twitter.
Have you been to Bitcoin.coms store? We have the coolest Bitcoin swag on the planet from t-shirts, to artwork, hardware wallets, and mining accessories. You should also check out our forum where you can discuss the latest trends in the Bitcoin universe. Check em both out today!
- Webinar: Bitcoin Overshadowed by Altcoin Surge - Nasdaq.com - February 12th, 2018
- Bitcoin Mine News Bitcoin & Altcoin Mining & Trading News - January 7th, 2018
- Ethereum, Litecoin Prices Headline $20 Billion Altcoin Rally - January 7th, 2018
- What is an Altcoin? - CryptoCurrency Facts - January 4th, 2018
- What is an Altcoin? - ccn.com - December 20th, 2017
- Trading Bitcoin for an Altcoin Won't Shield You From the IRS ... - December 20th, 2017
- Buy or Sell Bitcoin, Litecoin, Altcoin Multi Crypto Currency ... - December 20th, 2017
- Altcoin Exchange Performs First Atomic Swap Between Bitcoin ... - December 6th, 2017
- GitHub - ander7agar/altcoin-rpc: A modern Bitcoin Core REST ... - December 2nd, 2017
- Altcoins - BTCMANAGER - November 28th, 2017
- Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for ... - November 25th, 2017
- Altcoin Exchange, the Decentralized Cryptocurrency Exchange ... - October 17th, 2017
- Altcoin Watchlist | Meet & Learn Cryptocurrencies - October 4th, 2017
- CryptoCurrency Investing: Research and Due-Diligence ... - September 6th, 2017
- ATC Coin Review: ATCC altcoin with massively inflated ... - September 5th, 2017
- JRM Altcoin Update - Quit chasing the headlines! - YouTube - September 4th, 2017
- Bitcoin Cash Statistics Confirm BCH is Just Another Altcoin - Live Bitcoin News - September 2nd, 2017
- Which Altcoins to Buy This Week? (31st of August, 2017) - Live Bitcoin News - September 1st, 2017
- OpenBazaar Developers May Introduce Altcoin Support in the Near Future - The Merkle - August 27th, 2017
- Exante launches XAI, the world's first altcoin fund - GlobeNewswire (press release) - August 25th, 2017
- ALTCOIN | Bitcoin Insider - August 23rd, 2017
- Altcoin Forum - Alternative Cryptocurrecies Location - August 23rd, 2017
- Op Ed: Drivechains Could Kill Off the Altcoin Market - August 22nd, 2017
- Bithumb, Highest Volume Exchange Globally, Adds Monero - Inside Bitcoins - August 22nd, 2017
- One-Man Band To Create The Second Altcoin Forum In The World - Coin Idol (press release) - August 18th, 2017
- When altcoin life imitates art - FT Alphaville (registration) - August 14th, 2017
- ALTCOIN CAPITAL - Trusted Crypto Traders - August 12th, 2017
- Overstock Now Accepts Various Altcoins for Payment - Including ... - Bitcoin News (press release) - August 10th, 2017
- What are Altcoins and ICOs Bitcoin Whiteboard Tuesday - 99 Bitcoins (blog) - August 9th, 2017
- Cryptocurrency Symbol BCC Belongs to BitConnect Coin, Not Bitcoin Cash - Markets Insider - August 8th, 2017
- Crypto-Startup Hubcoin Announces Distribution of Pre-Mined HUB to Altcoin Developers - Bitcoinist - August 3rd, 2017
- This Altcoin Is Ready to Challenge Bitcoin's Domination of the ... - Futurism - July 31st, 2017
- Beginning of altcoin's end: US signals digital coins may be subject to federal securities law - CalvinAyre.com - July 31st, 2017
- All Major Indian Exchanges Reject Bitcoin Cash Completely - Live Bitcoin News - July 31st, 2017
- Global Advisors Launches ICO and Altcoin Closed-End Private Fund - Finance Magnates - July 31st, 2017
- USING ALTCOIN TRADER - rsainvestments.blogspot.co.za - Google - July 9th, 2017
- Payza Commits to Cryptocurrency: Unveils Full Bitcoin Services, Introduces Altcoin Exchanges - CoinDesk - July 7th, 2017
- What is an Altcoin? Bitcoin Magazine - July 7th, 2017
- CryptoPing completes $2.5 million ICO to further develop altcoin trading intel bot - CryptoNinjas - July 4th, 2017
- Saturday Slump: Ethereum, Bitcoin Prices Headline Crypto Market Downturn - CryptoCoinsNews - July 1st, 2017
- Monday Massacre: Bitcoin, Ethereum Lead the Way as Cryptocurrencies Retreat into the Red - CryptoCoinsNews - June 26th, 2017
- Altcoin signal app CryptoPing set to conclude ICO with over $1m already raised - CryptoNinjas - June 25th, 2017
- EasyMINE: Altcoin Mining for Everyone - Coin Idol (press release) - June 22nd, 2017
- Altcoin 2017 Forecast: Litecoin (LTC), Peercoin (PPC ... - June 18th, 2017
- Which Altcoins To Buy This Week (16th of June, 2017) - Live Bitcoin News - June 17th, 2017
- Bitcoin Altcoin Trader Price Analysis - June 13th, 2017
- 'Real Businesses are Using Waves', Says Rep as Altcoin Crosses $600 Million Market Cap - CryptoCoinsNews - June 11th, 2017
- Altcoin Definition | Investopedia - June 9th, 2017
- Top 6 Altcoin Exchanges you may Have Never Heard of - The Merkle - June 8th, 2017
- Which Altcoins To Buy This Week (6th of June, 2017)? - Live Bitcoin News - June 6th, 2017
- Altcoin intel bot CryptoPing ICO now live - CryptoNinjas - June 5th, 2017
- Bitcoin (BTC), Ethereum Just The Tip Of The Iceberg For Cryptocurrencies - ETF Daily News (blog) - May 30th, 2017
- All Top 20 Altcoins Fall By At Least 30%, Ripple Down to $6.2 Billion - CryptoCoinsNews - May 28th, 2017
- CryptoPing, the Cryptocurrency Bot that Monitors Altcoin Markets. ICO in 48 Hours! - FinSMEs (blog) - May 24th, 2017
- Which Altcoins To Buy This Week? (May 22nd, 2017) - Live Bitcoin News - May 24th, 2017
- Altcoin Price Increases and How CryptoPing May Help Traders - The Merkle - May 24th, 2017
- Another crypto bubble and the rise of altcoin markets - Brave New Coin - May 15th, 2017
- CryptoPing Altcoin Intelligence Bot Announces ICO - The Merkle - May 15th, 2017
- What is crypto-currency? Learn everything you need to know. - May 10th, 2017
- Which Altcoins to Buy This Week? (May 8th, 2016) - Live Bitcoin News - May 8th, 2017
- Altcoin Market Takes A Hit and Bounces Back Amid US$3bn Trading Spree - Live Bitcoin News - May 8th, 2017
- Total Cryptocurrency Market Cap Inches Closer Toward US$40bn ... - newsBTC - May 2nd, 2017
- Bitcoin Price is Once Again Above Gold Despite 'Altcoin Bubble ... - Inside Bitcoins - April 26th, 2017
- Altcoins Planning Segwit Integration Experience Price Pumps - Nigeria Today - April 26th, 2017
- Poloniex Altcoin Exchange Review - The Merkle - April 25th, 2017
- Ether Price Analysis: ETH Altcoin Dominance Continues - Bitcoin Magazine - April 21st, 2017
- Altcoiner Lets All Bitcoin Holders Earn A Daily Passive Income By Trading Altcoins - newsBTC - April 12th, 2017
- PIVX Growth Not Influenced by Dash nor Bitcoin in Altcoin Swell - CryptoCoinsNews - April 11th, 2017
- Altcoins See Their Value Go Up As They Inch Closer to Activating SegWit - Live Bitcoin News - April 10th, 2017
- Decred Benefits From Bitcoin Impasse, Joins Altcoins' Rise - CryptoCoinsNews - April 8th, 2017
- Altcoin-Fiat Trading Rises, BitPanda Adds Dash-Euro Trading - CoinTelegraph - April 2nd, 2017
- Ripple Price Surge Continues, Altcoin Takes Advantage Of Bitcoin Scaling Troubles - CoinTelegraph - April 2nd, 2017
- SpectroCoin Announces Altcoin Support for Bitcoin Debit Cards - AllCoinsNews.com (blog) - March 28th, 2017
- Top 3 Altcoin Pumpers in History - The Merkle - March 28th, 2017
- SpectroCoin Announces Altcoin Support for Bitcoin Debit Cards - PR Newswire (press release) - March 24th, 2017
- Op-Ed: Will Bitcoin's High Transaction Fees Open the Door for Altcoin Adoption? - CoinJournal (blog) - March 24th, 2017
- YoCoin Review: Pump and dump altcoin with recruitment - March 22nd, 2017
- SpectroCoin Announces Altcoin Support for Bitcoin Debit Cards - Yahoo Finance - March 22nd, 2017
- allcoinsnews.com Bitcoin, Altcoin & Blockchain Tech News - March 21st, 2017
- Several Exchanges Face Connectivity Issues During Bitcoin and Altcoin Trading Craze - newsBTC - March 18th, 2017