Bitcoin advocate Andreas M. Antonopoulos recently talked about Bitcoin’s area of specialization which is not for building companies on but rather economies and further went into how there will be many currencies in the long run but no one would be able to compete.
Bitcoin’s Area of Specialization is Sound Money
Recently, in the latest Let’s Talk Bitcoin Podcast, Andreas M. Antonopoulos, Stephanie Murphy, Jonathan Mohan, and Adam B. Levine discussed “Code is Law vs. Political decision-making”. Talking about the Bitcoin blockchain and its development, Bitcoin advocate Antonopoulos said,
“The reason Bitcoin is, and has been, and continues to be conservatively developed is because its area of specialization is super robust, super secure, super deterministic, sound money, and operating in highly adversarial environments where you can’t expect the goodwill and cooperation of anyone.”
Discussing the different blockchains, Jonathan Mohan mentioned about “Joey from Augur” who tried to build it on top of Bitcoin but the community made him feel “that he was wasting their time.” However, with Ethereum, he would just turn to them and say, “‘hey, there’s this bug I have that Ethereum can’t handle,’ and then a week later Vitalik would just update the Ethereum protocol.”
However, Antonopoulos argues,
“To be truly neutral, truly sound global money, it has to do those things, and that means you can’t have the kind of flexibility where one person decides let’s add something to the protocol without very carefully thinking about all of the implications that has down the road – Bitcoin has specialized in that domain.”
There would be Many Currencies But No Would be able to Compete
Though he believes that in the long run there will be a “proliferation of different currencies,” but none would be able to effectively compete with Bitcoin. And Ethereum and Bitcoin have their own specific and different application spaces that can’t be occupied at the same time. If Ethereum tries to be sound money, said Antonopoulos, then it would “actually destroy its other benefits (flexibility). Hence,
“Bitcoin is not something you build companies on top of. Bitcoin is something you build economies on top of.”
He further talked about scaling for which initially he held strong conviction but later changed his views based on new facts as, “The debate around scaling which turned into a power play demonstrated practically that that window had already closed for many controversial decisions.”
Privacy, he believes, needs to be worked on first “being the most important,” and the developments in terms of taproot and graft root are “actually around obfuscation and plausible deniability to give the exchanges a “see no evil” out of exactly that conundrum. Meaning that if it looks like a payment to a public key and you can no longer tell the difference between that and a Coinjoin, you’re done,” said Antonopoulos.
“I don’t know what the future is gonna look like, and nobody knows,” stated Stephanie Murphy which is apparently part of the excitement that Antonopoulos agrees with as he says, “that makes this such an exciting space: can’t predict anything other than it won’t be boring.”