Bitcoin is a technology. It is not some force of the universe, any natural element or mineral that was “discovered” that flows into the ether. It’s a technology. Technologies are created by humans, not discovered. They are designed. This design has intention, elements of it are specifically made in a way of facilitating this intention. The tolerances of what a technology can or cannot handle are a result of these design decisions, which in turn are a result of the intention.
New Bitcoiners are brought into the Bitcoin world through a lens that hides and distorts the realities of Bitcoin as a technology and what it entails and tries to wrap it in the box with “Digital Gold.”
Bitcoiners become goldbugs. People who think Bitcoin is a magical thing that is decentralized “fair cause” whose future success is predetermined and an absolute security.
This is a disastrous way for people to conceptualize Bitcoin. Bitcoin is a decentralized computer network. The conditions of a network are not a static thing. Environments change, network loads change, network users change. All of these things can affect the viability and function of the network itself.
Gold does not need patches for vulnerabilities. Gold does not have to go through large subsystems because a change in user behavior overloaded them to the point that they did not work properly or effectively. Gold does not have to worry about the denial of service attack vectors that may interfere or worst cases reduce the entire “gold network.”
Bitcoin does. Bitcoin is not “digital gold”, it is a decentralized network made by software people who actually have to run and maintain. Bitcoin Goldbugs have completely lost the connection with this reality, at least when it comes to rationally assessing the risks of Bitcoin, or ways it could really fail or be cooperated.
Bitcoin has problems it needs to resolve at a basic technical level. It already does and it wants more. This is how technology works, it is an inherent part of it. Bitcoin’s value stems from its use as a censorship -resistant network, a freedom money that no one can prevent you from using. It is its core valuable property.
This characteristic is linked to its decentralized character.
If people do not work to defend the decentralized nature, interact with Bitcoin in a decentralized way, to improve and resolve it as needed to discourage restrictions or pressure that encourages centralization, it does not remain decentralized.
We will very soon regret the consequences of focusing so much outreach the last few bikes that are solely on spreading this “digital gold” narrative. This entire generation of Bitcoiners does not basically understand that decentralization is not a statically unchanging characteristic of stone forever.
It must be maintained.
This article is a take. Opinions expressed are completely the author’s and does not necessarily reflect BTC Inc or Bitcoin magazine.