Anthony Pompliano, Co-founder & Partner at Morgan Creek Digital, has stated that conflicts in the Bitcoin space are necessary. In a statement on Wednesday, he highlighted how the ecosystem developed with cypherpunks who were generally activist looking to achieve strong cryptography and privacy technology to create change.
Pompliano, who is popularly known as Pomp in the Blockchain community, said the group’s ideologies were both social and political. According to him, eventually, they were joined by others, including technology enthusiasts, investors, and speculators, in driving adoption of the digital currency.
“There is bound to be conflict, both philosophically and in practice, when various groups of people come together. They each arrive in the industry with different experiences, different perspectives, different expectations, and different goals. In many cases, the various groups are even optimising for something different.”
Conflict Is Good
Though, he agrees this conflict can be confusing for people who are new to Bitcoin and can be a turn off as well. However, it is an essential part of Bitcoin’s journey to becoming the next global reserve currency.
“If we are going to have a new asset rise to dominance, it must be able to withstand every type of attack,” Pomp mentioned. “These attacks include, but are not limited to, cyber-attacks, ideological attacks, physical violence, and information warfare from the state, competing digital currencies, and would be sabotagers masquerading as Bitcoin supporters.”
Moreover, he pointed out that, rather than running from the next conflict or complaining about it, it is helpful to reframe the situation mentally. Therefore, the community should regard such scenarios as a test but not another feeble-minded strife.
Can Bitcoin Survive?
The Morgan Creek Digital co-founder queried whether Bitcoin can survive these attacks. “Will those threatening Bitcoin’s computational superiority, ideological high ground, or decentralisation succeed?”
To him, the answer so far has been no since Bitcoin has withstood every attack passing every test. These conflicts have not only failed to stop Bitcoin’s success, but it has made the asset and in turn, the Bitcoin community, stronger.
He paraphrased Friedrich Nietzsche and said: “What doesn’t kill you makes you stronger.”
Pompliano illustrated that the idea of seeing conflicts through the lens of testing Bitcoin’s resilience has two benefits, which are putting the negative aspects of conflict into a positive perspective; and turning ill will against the attacker into a feeling of thankfulness.
“Now I’m not suggesting that we should go around encouraging people to attack Bitcoin, but I am suggesting a new mental framework that changes the conversation,” he affirmed. He revealed It has helped him refrain from emotionally responding to every attack.
He explained further:
“It is a great way to sidestep the infamous Twitter debates. And it gives me peace of mind. Bitcoin will succeed, or it won’t. In order for us to know whether it is ready for prime time, we must see it prevail in the face of constant attack. The next time someone is yelling and screaming negatively about Bitcoin….thank them. The next time someone tries to conduct a 51% attack against the network…thank them. And if you see someone trying to do something nefarious…call them out for their fraud and end it with thank you. Bitcoin is stronger because of you.”
Pompliano, who has featured in mainstream media like Forbes, Bloomberg, CNN and many others, asserted that, in eleven years, Bitcoin has gone from creation to one of the most anti-fragile assets in the world. Additionally, he predicted there would be plenty of conflicts ahead.
He urged the community not to fear this conflict, but rather welcome it with open arms. It is his outlook a necessity to understand the importance of the conflict and recognise it as a natural step in the progression of technology.
From his perspective, the stronger Bitcoin is, the more durable it will be. The more durable it is, the more likely it is to become the next global reserve currency.
“So to anyone who has ever attacked Bitcoin, whether the attack was technological, ideological, or competitive — simply, thank you,” Pomp concluded with a smiling emoji.
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