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But Bitcoin isn't about technology?

Among the various other valid critiques & nonsense propaganda about Bitcoin Cash, one common retort is that BCH cannot flip BTC due to a fundamental & unchangeable misconception.

Their argument is that Bitcoin is primarily an economic innovation (facilitated by or in combination with its technical aspects), not a technological one. By this line of reasoning, the primary value of BTC comes from factors such as:

  • Monetary properties:
  • History: including the non-replicable initial distribution by Proof of Work to a world that was not primed to immediately seize on new cryptos as opportunities to scam newcomers, inactive & non-profiting founder Satoshi Nakamoto, distribution of early coins including some loss & bugs & so forth.
  • "Ossification"/Stability: The credibility of the project is maintained & enhanced by the lack of hard forks (NB: which is incorrectly conflated with chain splits) or upgrades in general. Investors cannot build trust in a project that is constantly changing or at risk of developer hijacking (which ironically inverts the reality that BTC already WAS hijacked by developers to prematurely ossify it). The only way to ensure the power to change the protocol is not abused is for no-one to able to change it.
  • Network effect & liquidity: ~

In this framing technological improvements are non-essential curiosities, best limited to critical bug fixes or otherwise of secondary importance to this "foundation as good money". In their view, the BCH community is foolish to spend so much time & effort improving its governance process & protocol. Even if such efforts produce something interesting or useful, they argue, it can never outweigh the "economic factors" that drive interest in BTC.

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