Bitcoin mining proponent ponders a world where BTC fails – D1SoftballNews.com

For crypto diehards, the idea of Bitcoin collapsing is unthinkable. But what if, for whatever reason, the Bitcoin network fails? Max Gagliardi, the co-founder of Ancova Energy, a US Bitcoin mining and consulting firm, exposed the potential outcomes should such a situation materialize.

If Bitcoin fails, privacy fails, Gagliardi outlined in a lengthy Twitter thread on Jan.23. The ability of individuals to send and receive peer-to-peer value without government and banking interference will be lost. Bitcoin (BTC) allows for a future in which anyone can have private access to their money .

He spoke as cryptocurrency markets plummeted over the past week, led by bitcoin, an asset liquidated by some investors and economists as a speculative bubble. BTC plunged 20% in the two days from January 19 to a six-month low of around $ 33,400 as fear reached fever pitch. Bitcoin then reduced some of these losses, but remains 45% from its all-time high of $ 69,000 on November 10.

Drawing on the core principles of Bitcoin, Gagliardi argued that Bitcoins failure means the victory of government oppression, censorship and corruption. On the contrary, if the top digital asset is successful, freedom, transparency and truth triumph.

We are in an era of unprecedented censorship. Bitcoin is the safest network that has ever been built. Resistant, anti-frail and without permits. Open to anyone in the world. There is nothing else like it. Bitcoin cannot be censored, he said, adding:

The government can lose hundreds of billions a year but they want us to report every time we spend more than $ 600. There is no government accountability or transparency in our system. Without Bitcoin we lose the only counterweight to that system .

Gagliardi continued: Unelected bureaucrats decide the value of your work and your time. Money is how we store the value of our time on this earth. Nobody should have the power to inflate the value of your time away from you. The supply of 21 million Bitcoins solves this problem .

Revered by the public, Bitcoin is highly hated by governments due to its decentralized nature, which frowns on central control while thriving on privacy. It has been the target of attacks for its use by some people in transactions considered by governments as illegal, the volatility of prices and its carbon footprint.

Thus, there have been direct efforts by the governments of the world to stifle the growth of bitcoin by introducing tough legislation. In the case of China, a complete ban seemed appropriate. There is also the risk that dishonest actors could hijack the network through what is known as a 51% attack and collapse the ecosystem.

However, in the race for profit and gain, the ethics of BTC as a tool for individual and social freedom seems to be lost by many in the cryptocurrency sphere. In this regard, Gagliardi stressed that BTC was too important to fail. He described Bitcoin, and the technology behind it known as the blockchain, as objects of truth and free speech. If crypto fails, they both fail. He said:

Bitcoin is a code. Letters and numbers. A private key is all it takes to be able to store, transport and transact value. Never in the history of mankind have speech and language been so powerful. Freedom to speak is the most basic of human rights .

Gagliardi, also the host of a podcast on energy and bitcoin mining, said that BTC cannot be allowed to fail because that would result in the failure of capitalism as a concept, and the transition into energy. He said that we need Bitcoin, the first and last resort energy buyer, to move to a new energy future.

Bitcoin monetizes waste of energy and incentivizes new and efficient energy resources, Gagliardi detailed, adding that the Bitcoin network represents the spirit of capitalism entangled in the code [perch] He earned [il suo] value organically from the bottom up .

In the event that Bitcoin collapses, people wont own anything, he says. We have nothing of value. The property and money are settled and held with the custodians. You dont have it, you only have a right. With Bitcoin, your lifes work value can be stored in a nutshell. Free to take it with you anywhere .

Gagliardi concluded that BTC is too important. We cannot let it fail . Not everyone agreed with this line of thinking, though. Allen Drewe criticized the use of Bitcoin as a conduit for criminal activity.

Imagine thinking that Bitcoin is about truth and transparency. Its about money laundering and dark web shit before anything else, he said.

Gagliardi replied: The US dollar is the most widely used currency for crime, drugs and terrorism. What I mean by truth / transparency is the immutable nature of the network ledger. There is no cheating. Once proof of work is complete, it becomes an objective record forever. No ambiguity .

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Bitcoin mining proponent ponders a world where BTC fails - D1SoftballNews.com