7/14 ANDY HOFFMAN (CryptoGoldCentral.com): Bitcoin Maximalists Clueless About MimbleWimble – Despite Unfounded Fear, And Blissful And/Or Purposeful Ignorance, It Will Benefit All Bitcoin Holders!
Bitcoin Maximalism can be a very good thing, but it can also be a cult ignoring reality, slowing change, and preventing progress. Its basis is conservatism, which is good – but in the double dog years pace of crypto development, “protecting” Bitcoin from the potential to grow, and respond to threats, can be dangerous.
Fortunately, the Bitcoin network is so strong, there is no threat strong enough to harm it. However, it will be a lot stronger with MimbleWimble – which like it or not, Bitcoin Maximalists will eventually be forced to admit. MWC Lead Dev Chris Gilliard believes Bitcoin could be 1,000% to 10,000% more valuable with it – and if the Bitcoin community doesn’t ultimately accept it, all that value will accrue to MimbleWimble networks like MWC, Grin, and Beam.
The testing process will take several years, so it’s not like a vicious “privacy debate” is likely in the near-term. However, it will inevitably become a major point of discussion…so why not register for your FREE MWC airdrop before the July 19th deadline - as discussed at length on my comprehensive podcast with Chris yesterday.
https://twitter.com/Andy_Hoffman_CG/status/1149677605844475904
Regarding today’s topic, it amazes me how little some of the “smartest minds in Bitcoin” know about MimbleWimble. I won’t speculate on the motivation for such a mind-boggling lack of truth – that frankly, could be accused of being the purposeful spread of misinformation. However, it unquestionably is rooted in fear of the network being “attacked” by a hostile invader, like Bitcoin ABC/Unlimited/UAHF/BCash in 2017.
As Chris has pointed out ad nauseum, SegWit won out in 2017 because it was BETTER for Bitcoin; just as MimbleWimble will in the future. Thus, despite the ignorance being spewed today by said “maximalists,” MimbleWimble will BENEFIT Bitcoin holders.
Here are two examples, of blatant misrepresentations of MimbleWimble. The first, from “Bitcoin Benny,” suggests privacy in the base layer is “unauditable” – which in turn, will make it “very difficult to ensure there are only 21 million coins.”
In the below article, you can hear this falsehood – as well as Chris’ response, that “MimbleWimble is totally auditable. Every full node audits the entire blockchain on every block, just like Bitcoin.”
https://www.mwc.mw/mimble-wimble-coin-articles/is-mimblewimble-audible
Next, Giacomo Zucco demonstrates a complete lack of understanding of MimbleWimble – claiming it has the same scaling issues as Monero, when in fact MimbleWimble’s value emanates from the fact it has not only scales better than Monero, it even scales better than Bitcoin itself because spent transactions can be deleted and not included in the initial block download.
To wit, at the 56 minute mark, his response to the question of adding privacy to the base layer – like, say, hard forking Monero or MimbleWimble into Bitcoin…
“You are getting privacy, but giving up scalability in a big way, because the ring signatures and confidential transactions are big. (This) makes scalability worse. This is typical of the base layer obfuscation solution. Lightning Network gives a better privacy solution, but also improves scalability. This is the problem with Monero and MimbleWimble.”
I did some paraphrasing to make it more readable, but the incredibly erroneous message couldn’t be clearer. He speaks of Monero and MimbleWimble as if they are one and the same – that frankly, is like saying black and white are the same. He is 100% correct about Monero – which is not scalable; in fact, dramatically less so than Bitcoin.
As for Lightning Network, it is private, and improves scalability – but doesn’t resolve the biggest of all Bitcoin scaling issues, the initial download size. Not only does MimbleWimble accomplish what Lightning does (FYI, Lightning is fully compatible with MimbleWimble), but increases Bitcoin scalability AT LEAST 200%. This is due to the ability to delete spent transaction data from the MimbleWimble blockchain – that Bitcoin cannot due, and Lightning Network cannot prevent.
In fact, MWC Lead Dev Chris Gilliard just wrote a brilliant article last night – in response to seeing a rough draft of this article; to as explicitly as possible, in layman’s terms, describe why Bitcoin so desperately needs MimbleWimble – and likely, will be forced to implement it in the future.
I encourage everyone to read it – to fully understand the seriousness of the initial block download issue; his commitment to resolve it with MimbleWimble technology; and the value it will bring to Bitcoin if implemented – that to boot, brings infallible, mandatory privacy; and thus, fungibility; as an added bonus.
https://www.mwc.mw/mimble-wimble-coin-articles/bitcoins-initial-block-download-problem-ibd
What it comes down to for Bitcoin holders, is that there is no need to worry, as Bitcoin will be fine - and continue to grow irrespective of maximalists overprotectiveness and ignorance. But YOU can benefit in all scenarios by learning what MimbleWimble REALLY does – and oh yeah, registering for FREE MWC before the July 19th deadline!
The MWC airdrop registration for Bitcoin holders will continue until the July 19th snapshot. For more information, please check out the MWC website, Discord room,
Twitter feed, and Telegram Forum.
https://discordapp.com/invite/eUNwqf3