The Bitcoin world was rattled just over a week ago, when Mike Hearn, one of the thousands of developers involved with the Bitcoin Project declared that Bitcoin was dead. Jeff Berwick, Publisher of Dollar Vigilante and Anarchast interviews Bitcoin expert, Roger Ver, to set the record straight, from their point of view.
They note that Hearn made his jolting statement while simultaneously announcing that he would be taking his coding skills “To the Dark Side,” as Jeff puts it – i.e., the banking industry, where Hearn will be working to create another blockchain-based currency. This obviously raises concerns about potential ulterior motives behind Hearn’s very public announcement, in his New York Times article.
Bitcoin had been trading at around 450 USD prior to its publication, plummeting to 300 USD within two days but it has since rebounded somewhat, to 378 USD, as of January 30th.
Roger says he only ever saw the dip as a buying opportunity and that he threw some extra dollars at Bitcoin, during that low. Jeff did the same and chirps that they both have Hearn to thank.
Roger maintains, “I like Mike. Mike is a really smart guy – but he’s wrong…just like everybody else who’s ever said that Bitcoin is dead.” Jeff agrees, noting that this is “…about the 89th time I’ve heard that Bitcoin is dead,” later warning that there is very little reliable information about Bitcoin in the Mainstream Media, advising viewers to seek out knowledgeable insights at Forum.Bitcoin.com and Reddit/r/btc.
Roger goes onto explain that at the heart of Mike Hearn’s complaint is the fact of Bitcoin’s popularity. This has been causing congestion and that Hearn’s negative comments appear to have had the ironic effect of speeding up an imminent resolution among the largest Bitcoin companies.
He says that mining operators, payment processors and storage aka “wallet” companies will most likely come to a unanimous agreement to increase the Bitcoin blocksize from 1 Megabyte per 10 minutes to 2; instantly doubling the amount of people around the world who can use Bitcoin, while still keeping production at a reasonable rate for the current population of miners.
Roger goes into a helpful description of the technical details of how blockchains are created, for the majority of us who are mystified by this process. He also notes the unfortunate fact of blatant censorship on a major Bitcoin forum of the various views on how to resolve the encroaching congestion issue, causing much of the community to migrate to the two fora mentioned, above.
It’s a volatile currency and a volatile space but Roger remains adamant that Bitcoin is “…the opposite of dead!”