Bitcoin

Bitcoin War: Maxis Fight Over Former Core Developer Matt Corallo's Comments

Bitcoin in storm clouds

Satoshi was not a maxi

Bitcoin has been the #1 cryptocurrency by market cap ever since it became the first in 2008. Satoshi Nakamoto envisioned a new era of self-banking and currencies that strayed away from the fiat-based central banking world. Notice how I said currencies; yes, Satoshi was provably not a maximalist since he supported Namecoin and respected Ripple's existence.

After much research, I wrote a piece recently on how Nick Szabo, the inventor of smart contracts and Bit Gold, was more than likely Satoshi. Szabo is also not a maximalist, which is a trait that no other candidate displays. After further analysis, it appears his good friend Hal Finney, the second user of Bitcoin, may have helped him.

The top influencers in Bitcoin are fighting in ways like never before due to disagreements between Bitcoin maxis and multi-coiners.

Trouble is brewing in the Bitcoin world

Matt Corallo thread on dying maxis

It all started when the 10th known contributor to Bitcoin core, Matt Corallo, penned a Twitter thread about how Bitcoin maximalism is dying. This caused Samson Mow, the former Chief Strategy Officer of Blockstream, to call out Corallo on Twitter, stating that he had single-handedly caused an inflation bug that could've killed Bitcoin.

Samson Mow backlash

This resulted in a slurry of backlash from some of Mow's own followers, many of whom are maxis themselves. Famous Bitcoin core developer Wladimir van der Laan pointed out that everyone makes mistakes, and Mow's take was harsh.

Going back to Corallo's point on maximalism, if Bitcoin is to succeed as a settlement layer with layer 2 protocol scaling, new tokens built on Bitcoin will likely be introduced in the future. Taproot, the latest Bitcoin upgrade, makes smart contracts theoretically possible on-chain. The Lightning Network, the most popular Bitcoin L2, doesn't require its own token to function, but there are benefits to L2 tokens in certain scenarios.

In addition to Layer 2, sidechains are a crucial part of Bitcoin's future as the top crypto platform, and the #1 Bitcoin sidechain, Stacks, naturally has been under attack by Bitcoin maxis as shown above.

Stacks uses a unique consensus mechanism known as Proof-of-Transfer (PoX), which involves using Bitcoin's PoW algorithm and transferring Bitcoins and a new cryptocurrency STX, to coin holders and miners. Bitcoin miners randomly solve a Stacks block and if they win, they receive STX and transaction fees. Stackers, which are similar to stakers in a PoS blockchain, lock their STX and receive rewards BTC and STX from the Bitcoin miners.

The Future of Bitcoin

Luckily, Satoshi developed the protocol to be extremely protected from these scenarios, but it doesn't change the fact that Bitcoin maxis are creating a schism in the Bitcoin world. Maxis essentially believe that everything except Bitcoin is a scam. Whether Matt Corallo is correct and Bitcoin maxis are a dying breed, will only be decided as time passes. Though, it's always good in any situation to have an open mind.

Cryptohopper