Vinny Lingham: The Curse Of ‘Satoshi’s Choice’ – A Bitcoin Community Mired In insult And Emotion

The bitcoin scaling debate has driven many people in the bitcoin community to assume a cult-like viewpoint, an observation Vinny Lingham makes with despair. In a blog titled, “Satoshi’s Choice,” Lingham observed that the bitcoin community has failed to maintain a level attitude aimed at achieving the greater good for the community. Hence, he doesn’t see a resolution to the current impasse on bitcoin scaling in the short term.

Without a reasonable resolution to the current impasse, it will be difficult to avoid “exogenous pricing pressure” or another external catalyst for change.

Emotions Get The Upper Hand

Lingham noted that the replies to his tweets have been emotive and insulting. When emotions get the upper hand and people can’t communicate with decorum, they suffer from impaired judgment.
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Most bitcoiners care about bitcoin’s price, he noted. Emotionally, they are invested in bitcoin as a digital currency and a store of value.

Lingham once believed a bitcoin price under $875 would push parties to reach an agreement. He did not expect the price to stay above $1,000 for an extended period since the incentive to go beyond this did not exist. But he was wrong about this, and market forces are affecting the price, which he believes is not necessarily a negative development in the near term.

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