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Hello. I am the BearWhale. After a series of bad experiences with
the banking system, I invested most of my life savings into bitcoin
when the price was fairly low, around $8. For years I was a HODLer.
I was holding when Trendon Shavers ripped everyone off. I was holding
when the price was over a thousand, and I held after MtGox imploded.
I believe strongly in Bitcoin’s decentralized promise of displacing
immoral national currencies.
The price kept drifting downwards until finally at a little over $300
I had enough. I sold off everything, based on an accumulation of
information I gathered mostly from social media such as bitcointalk.org
* The block size limit of 1MB was a threat to bitcoin’s future
* “Satoshi’s vision” was unlimited block sizes
* Gavin was ousted by a cabal of self-interested engineers, a.k.a. “Blockstream”
* Blockstream took control of bitcoin’s source code repository
* Theymos colluded with Blockstream to censor block size increase discussions
* The subreddit r/bitcoin heavily censored block size increase discussions
* Blockstream wanted the block size low to promote its proprietary Lightning Network
* Gregory Maxwell was a bad actor and Luke-Jr was a religious nut
* The market agreed with the above, leading to the then-decline in price towards $300
At this point I should state that I am a highly technical person.
I understand all of the math behind the bitcoin whitepaper and the
software that powers it. Although, I am not a security expert nor
am I a cypherpunk - only a little experience in the type of adversarial
thinking necessary to be a competent steward of the technology. I don’t
regret selling, as I made an enormous profit. The decision was a rational
one based on available information. However, in 2017 I went all-in on
bitcoin again and here’s why:
None of the supposed facts which motivated my decision to sell were
correct. It was all a carefully crafted and funded disinformation
campaign launched by Roger Ver and his cronies, perhaps Jihan Wu, to
discourage improvements to the bitcoin protocol to achieve financial
gain at the expense of the community.
Once I recognized the moves to discredit the core developers for what it
was, a covertly operated smear campaign fought on social media, funded by
enormous enrichment from bitcoin, carried out with sock puppets and appeals
to emotion, I looked at bitcoin and the greater community again with a more
critical eye and I came to the following conclusions:
* Bitcoin is working great: look at the fees people are willing to pay
* Resistance to poorly thought out protocol changes is a feature not a bug
* Core developers are highly competent, from reading the mailing list
* SegWit is incredibly well engineered to create the least network disruption
* The subreddit r/btc is filled with negativity and meaningless attack
* Roger Ver is a con man who uses his bitcoin.com domain to push his agenda
* Bitcoin mining is centralized due to Bitmain’s temporary monopoly on retail hardware
* ASICBoost is an exploit which has broken some economic incentives of bitcoin
* Absent Bitmain, bitcoin the currency is far superior to altcoins
Although I am of course an adult fully responsible for my decisions,
I want to make it clear that Roger Ver’s agenda was successful at
convincing me that bitcoin had a “governance crisis” and was at risk
of being overtaken by altcoins.
My reason for this open letter s simple: I want the community to know
that I fully support the core developers. I am strongly in favor of UASF
as a mechanism for liminating the centralizing effect of miner control
illusions. I support SegWit as a sensible technology for moving Bitcoin
forward. I reject a block-size increase hard fork at the present time.
I reject a phony “compromise.” And I especially resent and reject a
consortium of suits coming to an “agreement” on what source-code base
will be named “bitcoin” without that code base being thoroughly vetted
over a suitable long time-frame by industry professionals. Those industry
professionals include Gregory Maxwell and most of the people who
participate regularly on the bitcoin developers mailing list and contribute
pull requests to the bitcoin-core repository.
tl;dr; I am the BearWhale: I sold Bitcoin for the wrong reasons,
and now I am all-in and long bitcoin again.
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