On Bitcoin Maximalism

A lot of people believe in a narrow definition of blockchain.

Blockchain is a decentralized database. Period.

There are also a lot of buzzwords that get associated with blockchain technology. Some people claim that these aspects are just means to deceive investors. Some people believe that blockchain projects can just focus on a few, or even just one, of these aspects to be a successful and positive contribution to the blockchain community and ecosystem. Even others, like bitcoin maximalist and BTCC founder Bobby Lee, believe that blockchain projects must focus on all of this laundry list of advantages in order to be considered a "true" blockchain project.

Here is the list:

• A blockchain project should emphasize pseudonymity to give its users a modicum of privacy.
• A blockchain project should utilize permissionless consensus in order to allow anyone to participate in verifying transactions.
• A blockchain project should operate independently of any centralized authority.
• A blockchain project should transparently provide the information contained in its blocks of transactions so that the transaction log is universally and publicly verifiable by any and all who is interested to see it.
• A blockchain project should maintain an immutable record of its transactions so that information is 100% reliable.

In combination, these aspects enable a "true" blockchain to focus without a third-party intermediary, thus earning its ultimate descriptive adjective:

TRUSTLESS

trustless

Is that the whole point of blockchain? Projects like Ripple and EOS fly directly in the face of the strictest interpretation of this ethos.

But the people who have been in this industry the longest, like Bobby Lee, all seem to gravitate towards this philosophy eventually. Does their experience lead them there? Or is it simply because being early investors in bitcoin have made them rich? Or have they done the 10,000 hours (or more) of research necessary to reach this enlightened conclusion?

You may not agree with this perspective, but the strict bitcoin maximalist perspective is invaluable for letting us know how we got to here - the 10th anniversary of Satoshi's bitcoin whitepaper - in the first place.

Working in the blockchain industry, it seems part and parcel of the occupation to be constantly changing your opinion on what is and what is not a legitimate and worthy use case for the technology. That's only natural, in my opinion. We are in a fledgling industry that has not established universal standards. There is new information that constantly informs and reshapes the world we think that is around us.

Engaging in civil debate and constructive discourse will form the basis of this revolution. Not the petty squabbling we often see between various cryptocurrency factions.

That's why I listen attentively to old hands like Bobby Lee when they give a speech. It's not like they haven't considered what they have to say. In fact, they have a whole career behind them that forms the basis of their opinion. Nevertheless, I don't have to agree with everything they say. That's a healthy aspect of truthseeking. And when you get down to it, that's what really blockchain is all about.

We are seeking truth and hope to make it available to as many people as possible via blockchain.

But I do agree with Mr. Lee when he says, “It’s not about the tokens or the advisors or the ticker symbol or the exchanges you list on... It’s about the products and services [that your company offers] if you really want to change the world.”

Amen.