Sunday Devotional: Welcome the Chaos, Buy the Dips
It’s nice to go to Facebook sometimes, especially into the cryptosphere. You find the real meat and potatoes people of the crytpo world, and in general, they’re the kind of people you hope really do benefit from all this madness we’re collectively generating in the blockchain sphere. Then you witness a group of Westerners dupe a group of Nigerians (seriously) into believing (for whatever reason) that HTMLCOIN will hit $1 (or whatever) by December, or that it has ever seen a high of 155 satoshis, and you have to wonder if maybe the whole problem of society was better left alone. (Just kidding: it doesn’t matter.)
Elsewhere, in the hallowed halls of Bitcoin Core, Gregory Maxwell takes the mantle of Bitcoin’s most influential, true partisan. Speaking to a Bitcoin meet-up in San Francisco, Kyle Torpey reports that Maxwell made some very interesting statements about the near-future of Bitcoin – in effect, that the SHA256 algorithm might be pulled out from underneath the Bitcoin miners and make their hardware obsolete for mining. The effect of this move would actually be to greatly increase some innocent other chain’s hashrate, like DGB, which allows for SHA256 hashing.
Maxwell took the opportunity to disagree with Satoshi Nakamoto: the chain with the most work is no longer Bitcoin, but only the chain which “follows the rules of Bitcoin.” Here are the exact words quoted by Torpey:
More work is always secondary to following the rules of Bitcoin.
A potentially chaotic future for Bitcoin still lies ahead. We’ve seen it in the comments, in the social media: things might be cooling down. The author has never been a fan of Bitcoin maxims, like “honey badger don’t give a ****.” Honey badgers can go extinct, too. Everything relies on an ecosystem, including Bitcoin.
We may see three versions of Bitcoin. Is the Bitcoin Cash thing still going on ~45 days later? Let’s have a look.
Yep, still going just fine, holding a per-token value leagues ahead of even Ethereum, whose usefulness and network effect are more and wider than Bitcoin Cash.
Winter is probably coming, referencing the long winters felt by the people in HBO’s Game of Thrones. The white walkers are amongst us already, though, they just don’t know it. Short opportunities as well as first-time entries wouldn’t surprise the author at all if they arise before the end of the year. It wouldn’t surprise him, either, at this point, to be fair, if the market does the exact opposite. We know there are buyers in waiting, so the rebounds are reasonable to expect.
The only thing we can do is understand that just like Warren Zevon sang, there is disorder in this house; all bets are off.
But in this case, we mean off-target.