Bitcoin Core and the Rise of Libra
Today, I am more annoyed than ever with Bitcoin Core and the BTC community… Facebook, partnered with an abundance of major companies, announced today that they will be releasing their own cryptocurrency sometime next year. Their cryptocurrency, named Libra, will be backed by stable investments and priced similarly to the dollar, euro, etc. (ex: 1 Libra = 1 Dollar). No big deal there; this is similar to the other stablecoins that exist already. The big deal and difference maker here, is that their stablecoin will be able to process 1,000 transactions per second and they intend to use it as a MEDIUM OF EXCHANGE. Their 2.38 billion users, AKA real people and businesses, will have access to Libra and be able to use it to PAY FOR THINGS (without concern of rising transaction fees due to increased network use). To give you an idea of how Libras can be spent, they’ve partnered with companies such as eBay, Uber, lyft, and Spotify. In case you don’t grasp the significance of that, if those companies announced that they were accepting Bitcoin for payment in the years past, the Bitcoin community would be jumping for joy and partying like it was 1999…
But I’m not jumping for joy or partying like it was 1999. I’m pissed. I’m pissed because Bitcoin Core and their community of anti-scaling nonsensicals gave a reason for something like Libra to exist. By disallowing Bitcoin to scale through a simple increase in blocksize as its creator had designed it to do, they prevented Bitcoin from being used and developed on; and from becoming an actual medium of exchange. They were content with limiting Bitcoin’s role as something used only for trading of other cryptocurrencies, and not much more.
So I’d like to send a sarcastic thank you in the direction of Bitcoin Core and their vocal supporters for their role in the creation of the corporate giant, proof-of-stake Libra coin that will be available to 2.38 billion users and used as money sometime next year. (Which in case you haven’t realized, will make your “store of value” coin obsolete in no time. In the long-term, Utility/Usage = Value, and you have none of that.) So without further ado, my thank you letter to those within Bitcoin Core:
Thank you for putting so much effort into making sure the artificial blocksize limitation to prevent spam in the early days was never removed so we couldn’t scale Bitcoin as it was designed to do. Thank you for taking an ultra-efficient payment network and turning it into an unreliable piece of crap where fees fluctuate wildly and is only used to facilitate trade of other cryptocurrencies and scam coins. Thank you for pushing away businesses and everyday people from adopting Bitcoin as a method of payment due to high fees and network congestion, and for making sure development outside of the Lightning Network would be conducted over and on other blockchains. I am so happy you graced us with your presence and infinite wisdom, we would not be where we are at without you! Thank you SO MUCH Bitcoin Core and community!
/end sarcasm
To Bitcoin-SV: Consider this a wake-up call that shit needs to get done. BTC wasn’t a real competitor, but with Libra and its vast network of major players, the competition is now real. The competitor is here. Are you ready?
