4 days ago
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While the broader market is divided between whether Bitcoin is in a bullish or bearish phase, core Bitcoiners are engaged in a different argument as different ideologies conflict to control the development and primary use cases of the OG crypto. The BIP-110 proposal has become the latest frontier, as each camp claims to have a clearer picture of Satoshi Nakamotoβs vision.
The latest stakeholder to chip into the BIP-110 debate is Wang Chun, the co-founder of F2Pool, one of the largest BTC mining pools thatβs been around since 2013.Β
Wang had choice words for BIP-110 proponents, specifically calling out Luke Dashjr, the βspiritual leaderβ of the βdigital cultβ of βlosersβ supporting the Bitcoin Maximalism religion.
Cryptopolitan reported during the week that Martin HabovΕ‘tiak broadcast a 66 KB contiguous TIFF image of Luke Dashjr to demonstrate the inherent flaw of the divisive βspam filterβ proposal.
Wang: Bitcoin Maximalism is a cult of losers
Bitcoin Improvement Proposals (BIPs) are supposed to be design documents that explain how new features are expected to impact Bitcoin, its processes, or environment.Β
Dathon Ohmβs GitHub submission purports that BIP-110 will βTemporarily limit the size of data fields at the consensus level, in order to correct distorted incentives caused by standardizing support for arbitrary data, and to refocus priorities on improving Bitcoin as money.β
Like Blockstreamβs Adam Back, Wang believes the campaign to βclean upβ spam on the Bitcoin network is simply βreligious shaming to hide their intellectual laziness.β
βWhile the rest of the world builds decentralized finance, privacy layers, and global payment rails, these fundamentalists spend their time gatekeeping the βtemple,β trading an engineering mindset focused on solving problems for a clerical mindset focused on enforcing rules,β Wang criticized, referring to how BIP-110 would kill off the prgoress by protocols such as Runes and Ordinals that have unlocked new use cases such as Bitcoin DeFi and NFTs.Β
Wang ended his post on the same gear as he started, sparing personal shots for Luke: βBitcoin must not be a βcurrencyβ that is too holy to be used, too rigid to evolve, and led by people who canβt even secure their own keys,β referring to New Years day posts from 2023 when Luke revealed that he lost over 200 BTC (worth over $14 million at current prices) to a Pretty Good Privacy (PGP) key compromise.Β
The line that Wang and others are holding is that the Bitcoin network should remain open to as many who want to use it, spam or not.Β
Bitcoin treasury firms draw fire
Earlier today, UK-based Bitcoin treasury firm, The Smarter Web Company, whose 2,695 Bitcoin stash is worth close to $190 million, announced that its CFO, Albert Soleiman, would be resigning from his roles within the firm.Β
When a firm moves its CFO, itβs usually a sign that something may be on the horizon. Kraken moved Stephanie Lemmerman out of her CFO position as the firm prepared for an IPO that it ultimately shelved due to market conditions. IPO speculation and business strategy redirection reports followed Ledgerβs decision to name a new CFO for its New York office.Β
In The Smarter Web Companyβs case, its decision to name an in-house successor, who βprovides continuity and brings extensive knowledge of the Companyβs financial and operational framework,β could just mean it plans to stay the course, but with a different captain in charge of steering the ship towards its fundraising and financial goals better.Β
The business model of holding BTC as a reserve asset by publicly listed firms is another polarizing topic. However, The Smarter Web Company and Michael Saylorβs Strategy also have their own strong supporters, such as βBitcoin Wizardβ Adam Livingston, who donβt yield ground to detractors of their business strategy, especially within the Bitcoin ecosystem.Β
In a Thursday post, he expressed shock at how βa giant subset of people who call themselves Bitcoiners genuinely do not understand basic high school supply and demand economics.β
Freedom Maximalist Zynx also backed BTC treasuries as a necessary stabilizing force that benefits BTC and Bitcoiners all around. Zynxβs ideal scenario sees Strategy holding 15% of supply, while Metaplanet, Strive, DDC, Smart Wev, Capital B, and others split the remaining 15% among themselves.
Zynx also mentioned how Bitcoinβs growing representation on corporate balance sheets could help its push to become a currency, but even that sentiment is not universally accepted, as some see BTC hoarding as a red flag to Bitcoin becoming an everyday means of exchange.
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