How to kill Bitcoin "elegantly" Be careful about participant consensus and power consensus

Bitcoin, whose market development value is far higher than its own market value, has passively died many times when it was constantly and incorrectly guided by public opinion. Putting aside some factors such as the regime, today we will talk about who or what can actively kill Bitcoin or put it into a state of chronic death.

Participant consensus

In the era of traffic monetization, payment companies are seeking diversified profit space with payment function as the core. Unlike third-party payment, Bitcoin payment is competing with this function. Although there are overlapping user groups between them, Bitcoin is looking for another possibility, or carrier, different from traditional third-party payment. When someone used 20,000 Bitcoins to buy a pizza, it is now mostly described as a pity, but if you had so many Bitcoins at that time, you might not even bother to buy a pizza, or even think of paying with Bitcoin. Compared with the currency forms that have appeared in history, the development of Bitcoin is bumpy. In terms of functionality, Bitcoin is a product based on the Internet, but it is not a currency form that is necessary for market development. Bitcoin with a price tag is contradictory to its own payment function to a certain extent. This situation is reflected in the fact that it is very practical to use Bitcoin to buy a cup of coffee or make other related small payments. However, when it comes to large payments, the drastic price fluctuations will make payment users consider the reality of whether it is worth it or not, and whether they will lose money.

Where does the price of Bitcoin come from? If we do not consider the bubble factor, Bitcoin mining, market, and business can be used to measure the price of Bitcoin, and are factors that can be directly linked to the price. Bitcoin mining, there is no doubt that miners are the legion of the Bitcoin industry, and they are always at the top of the entire industry. The difficulty of mining can provide strong support for the price of Bitcoin. The second is the market. The market is multifaceted and can directly affect the price of Bitcoin. The market mentioned here mainly refers to the number of individual users who use Bitcoin, including traders and long-term holders. This part of users is the foundation for the long-term development of Bitcoin. Mining, trading, wallets and other companies around Bitcoin-derived industry terminals have promoted the emergence of more business models and built a complete business ecosystem for Bitcoin.

The development of things is a long-term exploration and gradual improvement process. Rather than saying that Bitcoin has the nature of innovative currency functions and is sought after by most people, it is better to say that Bitcoin's multiple participants have given it this function. After all, ideas need a lot of experiments to become theorems. If the central bank restricts not the withdrawal of Bitcoin, but the recharge of RMB, this restriction will eventually turn the over-the-counter business underground. The loss of speculative behavior that is spurned by some people will definitely cause a big blow to the confidence of miners and long-term holders. From the perspective of participants in several aspects, the development of Bitcoin is inseparable from miners, traders, enterprises, and holders of coins. If these parties cannot reach a consensus, or lack one of them, Bitcoin will lose the participants' expectations for its long-term development and the gradual improvement of its payment function. Bitcoin will also gradually die because the participants fail to reach a consensus.

Consensus on Rights

The rights mentioned here are not political power, but centralization and de-politicization. After the founder of Bitcoin, Satoshi Nakamoto, completely disappeared and Gavin, the successor of Satoshi Nakamoto, was abandoned, power became an extremely terrible thing. The core development team of Bitcoin, Core, is trying to control Bitcoin and turn Bitcoin into another Bitcoin on the grounds of technology. This stems from the problem of Bitcoin's expansion. Historically, when the Bitcoin block size was not enough, the Bitcoin block size was increased to speed up the transfer. Recently, the community has not yet reached a consensus on the way to expand Bitcoin. The core team hopes to use the Lightning Network (the second layer network) to transfer Bitcoin, and the main chain block size remains unchanged. Then, the fundamental problem is that you can understand the main chain and the second layer network as the Internet and the local area network. The key point of this method is to use the local area network instead of the Internet. Although there are problems with the main chain, most participants can still accept the main chain after all, and they have been using it before.

For example, a brave and warlike general got onychomycosis, and the emperor used this as an excuse to re-appoint his generals, and from then on he retired from the army?

Bitcoin advocates decentralization, but not depoliticization. The core team has always been engaged in the style of scholars, technical representatives, and even anarchist advocates. In the maintenance of the Bitcoin protocol, the core team has made due contributions and has gained many supporters. However, the core team has used the honor and trust they have previously obtained, and gradually used their reputation and even restricted speech to show a strong desire to control Bitcoin. What they lack is the most basic market consensus. Groups or third parties that use the halo of the protagonist to violate the consensus of the Bitcoin market and participants, causing Bitcoin to fall into a slow death, will eventually become supporting roles, or even group performances.