Is Bitcoin Vulnerable Because Of Political Gridlock?
Gavin Andersen, Chief Scientist at Bitcoin Foundation is worried because he feels that development process is lagging because of complications related to altering Bitcoin’s consensus rules.
Cory Fields, Anderson’s colleague at MIT Digital Currency initiatives, believes that failure to execute controversial changes symbolizes strength in terms of Bitcoin’s level of delegation.
Dilley pointed out that Bitcoins would keep operating in a situation of complete gridlock and even when no more modifications could be made.
McArdle termed political gridlock in Bitcoin as a “fascinating concept” and clarified: Though subjective but if initial conditions are set, gridlock is good and it will ensure some theoretically significant changes. However, Bitcoin is a digital currency, so, there has to be equilibrium between being agile and being imperishable.
Evading a Startup-types Development Process
Dilley on The Crypto Show concluded his views stating, development of Bitcoin is not a fast-paced procedure as observed in startups of Silicon Valley. He said, Bitcoin market is worth $6.5 Billion and things progress in a different way when it is concerned with people’s money. If Bitcoins freezes for 6 hours, it is all over, and digital currency gets a setback of about 10 years.
A defining moment rather than an emergency
Many believe that right now Bitcoins are headed to a crisis but McArdle feels that the current circumstances are merely a turning point. He told Bitcoin Magazine:
“It is unfair to term the situation as crisis. We have competing visions for improving the system and have diverse long-term tradeoffs. Technically, one or both will be implemented soon”.
He thinks that Bitcoins should scale by on-chain and layer-2 solutions. The main-chain cost should not go up soon, even with considerable increase in usage.
He finds, claims like ‘’Bitcoin experiment is dead’’ to be premature and ridiculous. However, what bothers him is that many in Bitcoin network are ready to accept elevated on-chain fees. People are ignoring the competitive scenario by opting for more complex solutions.