TALES OF THE CRYPTOWARS – S1E3 ‘THE GREAT CRYPTO FORK’
0. #SUMMER OF SAM 2017 !
We left you in Zimbabwe, where Bitcoin got the better of the old Mugabe regime, in late 2017. We are back in CryptoLand with this Game of thrones, at play in the ‘Summer of Sam’ of 2017, also known as the ‘Great Crypto-Fork’ :
At the end of that summer, after many verbal battles, ‘Digital Beefs’ on Reddit chat rooms, online and offline arguments, Bitcoin will ultimately split between the ‘Bitcoin core’ community, the ‘Segwit’ community and the ‘Cash Community’ →
When the dust (and Blood?) settled on the exchanges and forums on #Reddit, #Crypto-Compare, #CoinBase and #Crypto-Twitter …etc : What happened NEXT? : Bitcoin volatility price! The price of Bitcoin often goes up and down, depending on Social media signals and noise’
A fact, that brought to light the Social Media Impact on their digital inception: The ‘silliest’ rumours on FaceBook, Twitter, or any of those forums can turn a booming startup into an outright looser, and a Bug became a system failure….
1- ENTER THE FORK
After the FORK…and once they’ve all ‘cooled down’, the various ‘Smart Communities’ at the core of the Bitcoin experience are still eying each other with defying glances; thus verifying the ‘Elegance of the Satoshi protocol’, as Senior Crypto-Jedi and analyst, Max Keizer would put it. A Bitcoin protocol, with mathematical Game theory at its core, that always push its participants (Players) and NON-PARTICIPANTS (Non-players) towards a game of throne….Non players feel excluded and fear of missing out, whilst players want to gain better positions and further engage with the Satoshi protocol, as a result.
→ ‘Could it be the definition of
AWESOMENESS in the 21st Century ??
A protocol, which has ‘ZERO CEO’ and STILL requires that all stakeholders And partners, have to vote and agree on each key decisions. An experiment unseen in mankind history, as the throne is still empty and devoid of any masters…
‘What we saw in Zimbabwe, we will see it further at play, even at sovereign levels!! …’
But that’s another story that we will tell you later in Episode 6/7: ‘NIPPON RISING’ and the growing role of Asian markets, Central Banks and governments, in Bitcoin decision-landscape. Something that should help you build better sentiment-analysis of the Bitcoin market and avoid panic-reactions! Which is, as you have noticed, when reading this SAGA, a complex and nuanced market.
- The BITCOIN ‘CORE COMMUNITY’
First, though, let’s have a look at the main communities, groups and families involved in the Crypto trade, overall: The Bitcoin core community is the foundation of the Bitcoin ‘Big society’. The OG’s or Original Gangsters, involved as early days bitcoiners and ‘Guardian of the Bitcoin Galaxy’, ‘crypto pioneers’…who live and die by the beauty of the Satoshi protocol. For them, ‘One Bitcoin equals,one Bitcoin’ as some would put it. They are not affected by Bitcoin price volatility, and bank on mining operations and subsequent Ethereum, Monero, Dash, etc… development. They mostly ‘Buy and Hold’ their Bitcoin and have them stashed probably on hardware crypto wallets! → They are the #CRYPTO Core GEEKS community. ‘
==> Within this ‘Core Geeks’ groups, you will have some being a bit more ‘Corporate-minded’ than others, and will be called the #Crypto Capitalists, or #Crypto-Corporate. Some being more ‘Ethical-minded’ will be deemed as the ‘Ethical Crypto-Corporate community’, some will be deemed as #Crypto Conspiracists, or even, #Crypto Fighters, working to defeat the ‘Old-school’, FIAT-based, Orthodox Financial system’
- BITCOIN CASH & SEGWIT:
Both ‘Ca$H’ and ‘Segwit’ communities are both still preoccupied into the value and progress of the Bitcoin protocol. Moreover several Bitcoin forks are planned in 2018. The last one being in January 22/2018.
However, the ‘Cash’ community was looking for a quick settlement system to help Business to run on.
Anyone who’s bought Bitcoin, knows that the settlement of transaction time can go literally from 5 minutes to … 5 DAYS !! Even stripe, one of the largest currency and payment processing system in the world, has had to stop accepting Bitcoin ‘Core coins’ → NO BUSINESSES could be run that way!! Bitcoin ca$H needed to be had and Boy, they got it, if you follow Bitcoin ca$H price rise of late on the various Crypto-exchanges !!’
Bitcoin segwit being a second iteration of the Bitcoin which will cover interest payment and feature markets and will probably be the go-to crypto tool for financial trading, complex investment vehicles and trading systems. Its price is now posted in the feature markets in the US, as of early December 2017. → #CRYPTO CA$H Geeks community.
- The ‘WIDER COMMUNITY’
Bitcoin is a truly BIG Society, with its advocate and evangelists like Andreas Antonopoulos, Rover Ver, Vitalik Buterin , , Omar Mossadek, Nassim Belouar, Rover Ver, Stanley Walker, TK Pryor… and if you enjoy reading this SAGA, you will hear about their actions and deeds to the world of Crypto.
Whilst a lot of families glance at it from the outside looking-in, too:
- Anarco Capitalists or ‘AnarCap’, Non-Sovereignists, libertarians, Volounteerists, and various anarchy movements are also part of the foundation of the Bitcoin community. They are known as the « Bitcoin Conscious Core Community » and they carry the fight for ethical finance and transparent technology system, based on WIN-WIN relationship between customer/consumer and Businesses. –>> They will all meet in Acapulco, later in February 2018, at the now sold-out ‘Anarcopulco‘ conference, in Mexico. They were attracted by the forewords of Mr Satoshi on his historical PDF :
“ Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
- We will study the life, words and work of Mr Satoshi in Episode 4 of this SAGA. #StayTuned!
We also saw the Crypto #Crisis Geeks in action, in Zimbabwe in our last episode, but also in Venezuela, Greece, Cyprus or China,… → Citizen uncomfortable with the economics hyperinflation their country is living through, or even, doubting the Central Banks policies of their leaders.
It is a Global trend and that is not about to disappear overnight, which makes Bitcoin price predictions, even more ‘impossible’ to make!.
- That community will be extremely sensitive to Bitcoin price volatility and will closely watch the ticker, react and adapt to the current price → #CRYPTO CRISIS Geeks.
‘Any analysis of the many Bitcoin communities should take into account all these families, groups and communities, knowing that nore actually ‘rule’ the network, but can ‘influence’ it. As a ‘healthy’ rule, you should avoid drawing too QUICK conclusions, on how Bitcoin may fluctuate up or down! Let’s segway into The secret ADMPer, known as the #TheDarKCryptoJeDi . A JeDi in charge of building, a cryptocurrency basket —> We will call it the #Jackson5 Index of the 5 Top cryptocurrencies, as chosen by ADMP ‘Smart Community’ and cryptos from #Cryptocompare.UK :’
0. Bitcoin and its many-avatars (Cash, Gold, Segwit)
- EthereuM → Super-Power: Technologically sound
- Dashcoin → Super Power : Solid ‘Digital inception’
- Litecoin → Super-Power : Could be the next FaceBook’s cryptocurrency (?)
4. Ripple → Super-Power : #Ripple is a ‘Cosplay’ crypto currency: It does behave like one, but is not! It is rather an exchange system between crypto currencies and FIAT (Paper) currencies like Dollar$, EUROS, CFA, Naira,… → It’s boss, Chris Larsen was even quoted as being as rich as Mark #ZuckerberG, the FaceBook’s founder, and already one of the richest man on earth! The info was posted on ADMP FaceBook wall, by ADMPer, Josias Nana, whom we thank again for his astute ‘Digital Eye’ !
5. Monero → Super Power: Untrackable by authorities and anonymous.
- GAME THEORY?
Which one of these ‘Jackson5’ of crypto currencies, will be the ‘Michael Jackson’ of that ‘Fearsome Five’, only time will tell! However, #TheDarkJeDi will put its money ($800) behind those 5 crypto currencies and build our crypto-Basket!
#FolloW us in this journey and buy your cryptos from your platform of choice, and let’s make a dent on the Universe, together !!
TO BE CONTINUED …
- Next week, the Season 1 Episode 4 of the CRYPTO WARS SAGA Carries on in the ‘complex Far East’, where Manga, Samurai, Anime, Judo and ‘Super-Mario’ came from…JAPAN, with: “The MYSTERIOUS SATOSHI SAN” or 神秘的なサトシさん
The Dark #CryptoJeDi
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