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Author Topic: IS BITCOIN NOW IN A DIFFERENT DIRECTION FROM ITS INITIAL GOAL?  (Read 260 times)
Die_empty
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May 30, 2024, 11:34:05 AM
 #21

This may be a question that bothers me in my heart and mind who thinks that Bitcoin as part of cryptocurrency has deviated from its initial goal which was intended to fight banks and I think it has now moved towards a commodity project for example (DeFi, NFT and etc) rather than being a legal alternative means of payment, from that question I want to get enlightenment from all members about whether bitcoin and other cryptocurrencies have changed from their original goals? Hopefully this will be material for constructive and enlightening discussion
Thinking that Bitcoin was designed to fight against the government or banks is a deception. I also assume that this is the mindset of most governments. These politicians think that Bitcoin is fighting against them, this might be the reason why many countries are banning and restricting Bitcoin transactions. The government of my country sees cryptocurrencies as an enemy because they are worried that many citizens are dumping our currency and hodling Bitcoin.

Ordinals, Runes, BRC-20 Tokens, LN, etc have been introduced aside what Satoshi implemented. Not everyone enjoys some of this things I just mentioned.
LN is a good layer II scalability solution, even if it hasn't worked out as well as many people thought it would when it was implemented. However, things like runes, ordinals or tokens on the BTC network are not a part of BTC, better to call them attacks than implementations, and such spam attacks can only last for the short term, because you cannot deceive the people involved in it for a long time, they'll surely find out soon enough they they are gullible and have been deceived.
But some set of bitcoiners especially miners don't see runes and ordinals as a spam attack on the Bitcoin system. Several miners see it as a lucrative revenue stream. However, the majority of people who operate in the Bitcoin space are against runes and ordinals because they cause high transaction fees.

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May 30, 2024, 11:53:26 AM
 #22

This may be a question that bothers me in my heart and mind who thinks that Bitcoin as part of cryptocurrency has deviated from its initial goal which was intended to fight banks and I think it has now moved towards a commodity project for example (DeFi, NFT and etc) rather than being a legal alternative means of payment, from that question I want to get enlightenment from all members about whether bitcoin and other cryptocurrencies have changed from their original goals? Hopefully this will be material for constructive and enlightening discussion
It does seem like Bitcoin and other cryptocurrencies have evolved quite a bit from their original goals. Do you think this shift towards things like DeFi and NFTs is a natural progression, or has it strayed too far from the initial vision?
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May 30, 2024, 11:56:58 AM
 #23

If Bitcoin is not going to be an alternative means of payment then I'm out. I have no use for tokens, NFTs, Ordinals, Runes, and other forms of crap like that.

So is the direction really changing? No, because the people who are responsible for working on Bitcoin do not have their heads turned toward this type of stuff. If you know what I mean.

Do you think this shift towards things like DeFi and NFTs is a natural progression

lol no

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May 30, 2024, 12:05:47 PM
 #24

Nothing seems to change rather its users are the one who are gradually discovering other things about bitcoin such as investment purpose which includes buy and holding, trading. I believe we all know that it is created as an alternative of payment methods to foster the payment system where there seems to be barrier in cash payment bitcoin would scale through without having to visit bank or any other third party to intrude. You can make payment in billions or trillions using bitcoin without any authority having to question your source of funds and reason for transactions, bitcoin serves as the easiest way for payment gateway which is used for all forms of payment.

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