Beyond Bitcoin Maximalism with Pete Rizzo

 
 

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“We’ve swung very heavily towards putting bitcoin’s asset on this pedestal, that Bitcoin is this asset that does not compete with anything, but it has these Invincible qualities. And I think that what we might find is that we’ve over-optimised for that.”
— Pete Rizzo

SHOW DESCRIPTION

Pete Rizzo is the editor of Bitcoin Magazine, and one of the industries leading journalists. In this interview, we discuss the evolving narratives used by Bitcoin maximalists, fundamental questions of who Bitcoin is for and what it will be, and what lies beyond maximalism.

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The rise of Bitcoin, a new form of money, has been unprecedented. In just 13 years, Bitcoin has come from being another manifest innovation derived from ideas around cryptographic security, digital gold, and peer to peer cash, to an asset that is seriously being considered a new global reserve.

Despite the genius behind Satoshi’s design, this meteoric rise wasn’t inevitable. The nascent currency has had to organically forge a defensive infrastructure to counteract and overcome various attack vectors. This saw the rise of Bitcoin maximalism, a highly effective yet divisive ideology.

But, just as Bitcoin technology has evolved, so have the narratives that have been used to buttress the maximalist position. Bitcoin was once considered to be the best of a range of different blockchain technologies; now it is viewed as being distinct and unique. Some believe Bitcoin’s rise is invincible, whilst others are scanning for the next inevitable threat.

Maximalists' stories and beliefs have changed as Bitcoin’s strengths and weaknesses have been realised over time. What does this mean for the future of maximalism? Indeed, do rudimentary questions about Bitcoin's purpose, role, and utility need to be reassessed? Does Bitcoin need a paranoid community to continue to strengthen its defences?

TIMESTAMPS

00:04:10: Introductions
00:07:25: The inspiration behind Rizzo's article
00:09:20: The anticipated "fiat rapture"
00:13:05: Divergent forms of Bitcoin maximalism
00:18:17: Bitcoin, the asset vs Bitcoin, the network
00:24:20: How Bitcoin has evolved
00:28:59: The block reward versus the fees
00:33:40: Bitcoin and the Austrian sound money thesis
00:43:35: Stablecoins, altcoins and Tether vs Bitcoin
00:46:33: Libertarianism and the smaller state
00:49:04: Contradictions and binary maximalism
00:52:33: Bitcoin toxicity
01:01:11: Moving beyond maximalism
01:04:06: A false confidence in Bitcoin
01:07:23: To spend vs to hodl
01:11:58: Summary of the key points raised
01:16:57: Final comments

 

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SHOW NOTES

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