January 2nd 2022 - Vitalik Looks Back

“Zoom out” is an advice you often hear whenever you watch videos by crypto influencers, especially those whose likes, subscriptions and other buttons to smash depend on having positive bullish outlook, which is, to be honest, somewhat difficult to maintain in stagnating times as these. It also points to the fact that cryptosphere, which is generally inclined to see things in the moment and without any broader perspective, usually avoids looking at the past as source or inspiration for some important decisions.

For this reason, looking at the past usually happens in times when there isn’t much happening at the present. Like now, at the end of the year when the holidays when many, including those who, for better or for worse, represent the authority in cryptosphere, have time and inclination to dwell on what once was and try to express their opinion what might be.

The latest of those influencers is Vitalik Buterin, who has recently written a tweet storm in which looks back at past ten years. In it he compared his past opinions on certain subjects with how those opinions changed or not when confronted with reality. He was comparing his thoughts on Bitcoin as store of value, challenges with crypto regulations, unforeseen complexities of Ethereum development, transaction fees, sharding, Proof of Work vs. Proof of Stake debate, self-enforcing contracts, DEXes and other subjects.

Vitalik admits that he was wrong in many subjects and that he had to change his opinions. The most interesting part of his tweet storm, at least from the perspective of HIVE community, is his view on Bitcoin Cash. Vitalik says that he was initially supported the project because he accepted big blocks vs. small blocks arguments, but now considers Bitcoin Cash to be a failure. His main view is that “communities formed around a rebellion, even if they have a good cause, often have a hard time long term, because they value bravery over competence and are united around resistance rather than a coherent way forward”.

This is an interesting view in light what happened with HIVE, the very community formed as a rebellion against what many saw as hostile takeover. HIVE not only exists, but actually thrives nearly two years after such rebellion (which BCH failed to do) and, as such, represent strong argument against Vitalik’s view on the matter.

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