TLDR;
Matthew Crowder discusses the bittersweet milestone of Bitcoin reaching a new all-time high amidst concerns about a potentially harmful update to Bitcoin Core. He draws parallels to past community crises and explores the possibility of a state-level attack on Bitcoin. He emphasizes the importance of holding Bitcoin, fighting for its principles, and adopting Bitcoin Knots to protect the network.
- Bitcoin hits a new all-time high but faces concerns over a potentially harmful Bitcoin Core update.
- The situation is compared to past crises like the 2017 block size wars, noting similar price appreciation during turmoil.
- There's speculation about a possible state-level attack on Bitcoin through the exploitation of inscriptions and the oper wars.
- The importance of running a Bitcoin Knots node is highlighted as a way to protect the network and ensure decentralization.
New All-Time High and Concerns About Bitcoin Core [0:02]
Bitcoin has reached a new all-time high, trading over $124,000, but this achievement is overshadowed by concerns regarding the upcoming Bitcoin Core version 30. This update is viewed by some as malware for the network, leading to a bittersweet moment for the Bitcoin community. The debate between Knots and Core is intensifying, with some experts describing the situation as a significant mess within the free and open-source software landscape.
Historical Parallels and the Bitcoin Cycle [1:13]
Bitcoin's price rallies during community crises, similar to the 2017 block size wars, where the price significantly increased despite the turmoil. This pattern may be a continuation of the Bitcoin four-year cycle, which typically includes three up years followed by a down year. If this cycle continues, the next year could see a sharp downturn, although this pattern might change due to increasing inflation and dollar debasement.
The Importance of Hodling and Fighting for Bitcoin [2:36]
Hodling Bitcoin is challenging, especially during crises. The author expresses anger rather than fear and commits to holding Bitcoin and fighting for its success. Bitcoin is seen as the primary solution to the global sovereign debt crisis and surveillance, and its failure would be due to inaction by Bitcoiners.
Bitcoin Core's Approach and the BSV Comparison [3:16]
Bitcoin Core claims to conduct thorough testing, but they seem to lack common-sense testing, such as learning from the mistakes of Bitcoin SV (BSV). BSV, a failed fork of Bitcoin, faced issues when it increased the oper return size, leading to problems like the inclusion of CSAM in their blockchain. The author draws a parallel between the arguments made by BSV developers at the time and those currently used by Bitcoin Core supporters.
Speculation of a State-Level Attack on Bitcoin [5:08]
The inscriptions exploit in 2023 and the ongoing oper wars and spam wars may be part of a sophisticated state-level attack on Bitcoin. This attack aims to undermine Bitcoin by exploiting vulnerabilities and turning public opinion against it. The strategy is compared to Operation Bernard, where counterfeit banknotes were used to destabilize the British economy.
The Exodus to Bitcoin Knots and Decentralization [6:56]
The current situation is causing a shift from Bitcoin Core to Bitcoin Knots, indicating that Bitcoiners are actively seeking ways to bypass bad actors. Bitcoin node software implementations are becoming more decentralized. Running a Bitcoin Knots node is crucial for protecting both personal Bitcoin holdings and the network.
Promoting Bitcoin Knots and Alternative Channels [7:34]
The author recommends running a Bitcoin Knots node and provides resources for doing so, including paid and free options. He also promotes a new channel called "the having," which offers clever insights into Bitcoin-related issues.