One coin, one paradise, one farce every year - Recording three major events in the coin market in three years

Chapter 0 Introduction

There is no shortage of news in the Bitcoin world. Some even say that time passes faster in this field than in other fields. The birth, growth, aging and death of an event in the Bitcoin world are faster than in other fields. This week's news has confirmed this statement.

I really like what Gavin did. He was discredited for misidentifying Satoshi Nakamoto. Not to mention that a large number of people started to attack him, he himself began to doubt his life and was completely kicked out of the Bitcoin core team.

I am very sad about all this. But I also accept it. I am not defending Gavin, nor do I need to sympathize with him. These are things that are done to the weak.

Chapter 1: Mt. Gox’s 2014 Slam Dunk on Bitcoin

I started paying attention to Bitcoin in 2013. In early 2014, Mt.Gox, the largest Bitcoin exchange, declared bankruptcy, claiming that 850,000 BTC were stolen by hackers. Since then, the price of Bitcoin has entered a long bear market.

Mt.Gox dealt a heavy blow to Bitcoin in the following ways.

One is that it gave Bitcoin a bad reputation. Many people outside the industry believed that Bitcoin was bankrupt after hearing about it. Even now, when I recommend Bitcoin to strangers, a large number of them say that Bitcoin is finished, and the reason is the bankruptcy of Mt. Gox.

Secondly, the security of Bitcoin has been widely questioned. The most direct evidence of the Mt.Gox attack is the scalability of Bitcoin, which is not a serious problem. So far, no hard evidence has been produced for the Mt.Gox hack. But the public doesn't care about this, and most people directly attribute the problem to Bitcoin itself. Many people who know a little about Bitcoin have concluded that there are security issues with this thing because of the bankruptcy of Mt.Gox.

Third, the price of Bitcoin has been hit hard. Before the collapse of Mt. Gox, it accounted for 80% of the global Bitcoin trading volume. The collapse temporarily deprived Bitcoin of a window for large amounts of capital injection. The scandal directly deterred a large number of investors. What is even more frightening is that the market will face the selling pressure of the 850,000 stolen Bitcoins at any time, like a sword of Daleks hanging over Bitcoin's head.

Fourth, it has brought about regulatory issues for the government and Bitcoin. The US government froze Mt.Gox's US dollar account, and investors lost all their money, resulting in a large number of lawsuits. These things are disturbing the government's view of Bitcoin. In the face of the fact that investors lost all their money, the government is of course better off imposing regulation on Bitcoin. This has greatly harmed the development of Bitcoin.

Chapter 2: 2015 FC Cat Runs Away

In 2014 and 2015, Bitcoin developed very well in China, especially in terms of mining machine computing power. The vast majority of mining machines in the world are produced in China, and China's local computing power has also soared. There are even concerns in the community that the Chinese holding computing power can unite to launch a 51% attack.

The prosperity of China's mining machine development has not prevented the once-glorious FriedCat from running away in early 2015. The mining machines produced by FriedCat once accounted for 30% of the total computing power of Bitcoin. The FriedCat's running away has dealt a heavy blow to Bitcoin in the following aspects.

First, it severely hurt a large number of investors. The glorious 50-fold increase in the stock price of FC collapsed and went straight to zero. I know several friends whose stock prices of FC were severely hit and went straight to zero.

The second is that it left a lot of verbal battles in the community. In the first half of 2015, you can see this incident in all Bitcoin forums. At that time, I told a friend that I would not do anything serious if I left the cryptocurrency circle, so I went to discuss this matter. FriedCat was once praised by the community for inventing a mining machine, but was scolded for running away.

Whether the FC incident has a large impact on the price of Bitcoin is not as strong as Mt.Gox. Looking back, I thought that the FC incident was a big event at the time. Now I think it is just a small event.

Chapter 3 Gavin's 2016 defeat

Gavin is the designated successor of Satoshi Nakamoto and has always been the leader of Bitcoin. From 2015 to now, he has been busy working on the future development of Bitcoin. He advocates for expanding the capacity of the Bitcoin chain. However, he has attracted a lot of opposition and has tried several times but has not achieved success.

Gavin has fought again and again despite repeated failures, from advocating for expansion to 20M, to implementing the 8M XT project, to implementing the 2M Classic, he has always been at the forefront of expansion. His spirit is touching, but his reputation in the community is declining, and a large number of people have begun to attack Gavin endlessly. Of course, there are also many people who believe that he is right, such as me.

In the past week, a person named Wright emerged and claimed to be Satoshi Nakamoto, and was publicly confirmed and endorsed by Gavin. Then Gavin quickly admitted his mistake and Wright denied it. To this day, the whole community enjoys scolding Gavin, and I can only sigh.

Gavin's failure may have the biggest impact on the expansion route. His current situation is likely to be marginalized in the Bitcoin community. But whether the large-block expansion route he advocated will also disappear has become the biggest concern of his followers.

So what impact has the Gavin incident had or will have on Bitcoin? (See how honest I am. I only dare to say impact, not damage. At present, I really can't raise my head in front of Gavin's black)

I won't speculate. Some people say that classic will die because of this. In fact, many people say that it has already died. Some people say that the development of the core version of Bitcoin will face the loss of competitors. Some people say that it is doubtful whether the community can get 2M blocks this year. Of course, this is a good thing for small block enthusiasts.

But who knows, I think there is still hope for classic. I think the block is congested, and without Gavin the community will not sit idly by. I think Classic is already there, with or without Gavin. Bitcoin is decentralized, and Gavin is just a re-created center that has emerged among many equal nodes. Expansion is a real need and the voice of the entire community. Even if Gavin is annihilated, the dead are not dead, and the spirit of expansion is still there.

The past cannot be brought back, but the future can still be expected. Let the past be the past, and focus on the present. The issues at hand need to be resolved, and don't expect the expansion issue to be resolved in the future.

Bitcoin has a farce every year, and it always happens at the beginning of the year. This incident continues this tradition.

Chapter 4 Bitcoin: A nation thrives in times of adversity

(The phrase "a country thrives through adversity" is just a metaphor. Don't take it too seriously and don't get hung up on the words.)

Bitcoin has strong vitality, and the key to its success is how many people use it directly and indirectly, and how many people pay attention to it.

Even though there are so many incidents every year, even involving tens of millions or hundreds of millions of dollars, looking back, they are all trivial matters. Bitcoin has long since emerged from the shadow of the collapse of Mt.Gox. Even though there are still many people who don’t know the reason and still think that Bitcoin has collapsed, the price of Bitcoin has recovered.

What about the fact that FriedCat ran away: my relatives may be sad, but others are already singing...

This too shall pass, and soon.

The fundamentals of Bitcoin have not changed, POW is still going on, the blockchain is still growing, the computing power is still growing, the number of users is still growing, the attention is still growing, and the price of the currency is still rising. I am still spreading Bitcoin.