Opinion: Bitcoin is a tool to fight dictatorship disguised as a get-rich-quick scheme

Bitcoin is “the implementation of the value benchmark function.” This was stated by analyst Maxim Onegin at the online conference “Bitcoin at maximum speed”, in which experts discussed the development of bitcoin from a technical and economic point of view.

Bitcoin Core developer Gleb Naumenko considers it to be one of the most accurate descriptions of the first cryptocurrency as “a tool to fight dictatorships disguised as a get-rich-quick scheme.”

He called the rise in the price of bitcoin “a good side effect”, but stressed that one should not forget about the original purpose of the cryptocurrency.

Speakers noted that more and more people are turning to bitcoin amid the actions of the authorities and the crisis of the current economic model, and the release by central banks of their own digital currencies (CBDC) is fraught with even greater control from the regulators.

Fintech entrepreneur Viktor Sovetov noted that “China is doomed to CBDC”.

“I hope we will look at it and giggle because healthier processes should help avoid the digital concentration camp,” he said. 

The experts added that the competition between bitcoin and CBDC in any aspect is out of the question.

“CBDC is a circus with horses. Most likely, it will die even before Ethereum, ”said Gleb Naumenko.  

Unix / Network expert Alex Petrov noted that Ethereum “has been trying to fix the mistakes they have in recent years as bitcoin evolves.”

Petrov called Vitalik Buterin’s decision to switch Ethereum to the Proof-of-Stake (PoS) consensus algorithm a delusion. He noted that PoS is “not cheaper, not faster, or more environmentally friendly.”

According to him, the transition to PoS is fraught with many risks. Among them – difficulties with validation, susceptibility to attacks, “problem with timestamps” and others.

“If we go PoS, we are sacrificing performance. When we transfer some additional operations to a PoS full node, we load it with additional work and, taking away some resources, we lose speed and bandwidth, “Petrov added.

Trader and analyst Ton Weiss noted that the main components of decentralization are nodes, code and mining, and each of these parts should also be decentralized as much as possible.

Therefore, according to Weiss, abandoning Proof-of-Work (PoW) is “completely wrong”:

“Because when there is no mining, there is no one third of decentralization.”

He added that the decision to move to PoS could split Ethereum: 

“When Vitalik [Buterin] removes PoW, miners may not want to and Ethereum will split.”

Alex Petrov also noted that statements about too much electricity consumption by bitcoin miners are not too correct, since maintaining the traditional financial system requires “thousands of times more electricity.”

As part of the conference, Ton Weiss shared a forecast for the further movement of the bitcoin price. In his opinion, in the next few weeks, the cryptocurrency will rise to $ 70,000, after which the value will fall: 

“Once we break through $ 60,000, I expect a quick rise above $ 70,000. And the longer we stay at $ 55,000- $ 58,000, the faster and higher we will go.”

He added that it is too early to talk about further scenarios before reaching $ 70,000, however, preliminary it can be expected that the price will begin to grow in the fall of 2021 and continue to grow next year.

Weiss previously predicted bitcoin’s rise to $ 300,000 in 2021.

Recall that in December Hodlmonks held an online conference “Bitcoin 2020: New Horizons” , in which experts said that if a quantum computer appears, Bitcoin owners should also fork its forks for their protection .

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