Eric Wall - The Bitcoin Protocol
1. Acknowledgement of Past Mistakes
Eric emphasized that the title of his talk, originally meant to focus on the longevity of the Bitcoin protocol, might have been better suited as “Things Are Terrible and It’s My Own Fault.” This candid acknowledgment of personal accountability sets a tone of humility and reflection on the broader impact of decisions made in the Bitcoin community and their implications on transaction fees and usability. This transparent approach encourages others in the community to reflect similarly on their contributions.
2. The Emergence and Fall of Spam Issues
Eric reflected on a time when peak transaction fees soared to $25, impacting users, particularly in regions like El Salvador. He highlighted that this spike was a direct consequence of the ordinal craze and associated spam, indicating that while there was a period of significant challenges, the situation has now returned to a stable state with very few transactions clogging the Bitcoin network. Acknowledging this cycle of spam can help inform future protocols and practices.
3. Focus on Current Bitcoin Usage
Eric pointed out that while the community has been preoccupied with discussions about spam, the more pressing issue is the lack of actual Bitcoin blockchain usage. He noted that current transaction fees have decreased to 80% lower than previous highs, yet the absence of transactions raises a red flag for the community. By shifting focus to improving user engagement rather than debating past issues, the Bitcoin community can work towards revitalizing activity on the blockchain.
4. Importance of Developer Engagement
Eric criticized the harassment faced by Bitcoin core developers, specifically mentioning Gloria Zhao’s contributions to the codebase. He stressed that the animosity directed towards those actively working on the protocol is unproductive and counterintuitive to the community's advancement. Supporting developers like Gloria who are making tangible contributions can foster a more positive atmosphere and accelerate innovation in Bitcoin.
5. Misplaced Energy and Attention
Eric argued that the attention given to the so-called spam problem has made it more prominent, asserting that by ignoring it, the issue will diminish. He encouraged the community to redirect their focus on more significant challenges like on-chain activity and user self-custody. This insight reveals that fostering conversations around the right topics can lead to more constructive outcomes, ultimately benefiting the Bitcoin system.
6. Reality of Bitcoin Interaction
Eric presented a stark reality check about the interaction with the Bitcoin protocol today, emphasizing that many users are opting for corporate solutions over self-custody. He believes that this shift represents a fundamental cultural change within the Bitcoin community that requires attention, as it could compromise the original ethos of Bitcoin. Encouraging community members to understand this shift is essential for preserving the integrity of the network.