“A Short History of Bitcoin Myths - Unmasking the parasites and taking you back to the Story, Design, Protocol and Vision of the Original Bitcoin”
This blog is the first extract from our upcoming eBook, “A Short History of Bitcoin Myths”. Register your interest, and we'll send you an invitation to download your complimentary copy as soon as it becomes available. You can also read extracts that have been published since over here:
Part 1: A Short History of Bitcoin Myths
Part 2: The Genesis of Bitcoin
Part 3: Myth I - Crypto Anarchy
Part 9: The Rebirth of Bitcoin
When the Bitcoin whitepaper and its Genesis block saw the light a little over ten years ago, cypherpunks and techies did a double-take trying to gain an understanding of what the technology is, how it can be applied, and what it means for society.
In the decade since the mining of its Genesis block, ‘the Bitcoin project’ has come to mean different things to different people. The matter has become so complicated that there are currently several independent (and somewhat contradictory) projects that claim to be The Original Bitcoin.
For some, the solution is to embrace all projects that lay claim to the term “cryptocurrency”. They say that an inclusive approach will push the Bitcoin project forward to the benefit of society.
The facts, however, count against this position.
"Don’t focus on ticker, but on Bitcoin’s underlying technology"- Jimmy Nguyen, nChain and Bitcoin Association
If we retrace right back to the start, we’ll see why there can only be one public blockchain (or they will all collapse). By the very nature of blockchain’s architecture, a public blockchain can only survive if there’s:
One protocol (blockchain) that supports thousands of applications to process an unlimited number of transactions.
The cryptocurrency industry has turned the core architecture of Bitcoin on its head. The structure of ‘one blockchain, many applications’ is not a nice to have - it is absolutely essential for a public blockchain to be stable and sustainable. Should the current scenario persist (thousands of blockchains competing with each other for a limited volume of transactions) none will survive, and Bitcoin will be written into history as a failed experiment.
Bitcoin’s only chance for survival is if the entire crypto community unites behind one blockchain (one with a roadmap to continually scale so it can support thousands of applications and unlimited transaction volumes).
It didn’t take long after Satoshi left the scene before the Bitcoin narrative grew like a tall tale, from the humble suggestion of a more efficient computing mechanism to extraordinary tales of ‘interoperable blockchain ecosystems’ and ‘supercomputing mechanisms’.
Some were based on utopian desires, others on misunderstandings, while some were intentional manipulations of the Bitcoin narrative for self-enrichment. It would cost the Bitcoin movement and set it back a couple of steps each time.
How ironic that the very charlatans and scam artists that Satoshi’s project set out to expose have gained a hold of the brand name and steered the project in the opposite direction: towards anonymity and secrecy, getting rich without making any contribution, centralising and abusing power.
And we’re here to expose the lies and bust the myths that has become the Bitcoin story.
To illustrate these points, our new eBook (coming soon) will explore: