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Jacks plan to fork Bitcoin may be the end of Bitcoin as we know it

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@mistakili
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Jack recently tweeted his plans to bring DeFi to Bitcoin extending Bitcoins applicability. What does this mean? Bitcoin lacks applicability, it makes it difficult or impossible to build on top of its first layer, what if thatā€™s just one way to look at it?

If we switch up our lens, Bitcoin is highly programmable, anyone from anywhere can have access to the code and modify it to suit their ideals and as long as thereā€™s more than one node to confirm transactions and sign blocks, with a community that accepts it, it becomes live, this programmability has led to all the Bitcoin forks in existence till date. Bitcoin is pretty much a finished product, adding any sort of features makes it not Bitcoin anymore.

This is how we know Jack is planning to fork Bitcoin. There are two outcomes to this. The world will either experience the greatest wealth distribution ever or this will be the end of Bitcoin as we know it.

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The greatest wealth distribution the world has ever seen

The interesting thing about forks is that people can choose to migrate to the new chain or remain on the old chain, weā€™ve seen this in the case of Ethereum Classic and Steem, and many other Bitcoin forks, as long as there are enough miners who chose to stay to mine blocks and confirm transactions within the realm of a community and most importantly compete for it, both chains could remain valuable.

The amount of Bitcoin wallets and holders have certainly experienced massive growth over the years, with 3rd world countries like Nigeria recording high usage of Bitcoin wallets. If Jack forks Bitcoin, there are chances that not everybody will migrate, but because of the added feature(DeFi), it is not unimaginable that everybody will migrate, almost everyone in crypto agrees that DeFi will take Bitcoin to its next level. It is the most secure environment for it.

Hence there are chances that both chains will be highly valuable, ultimately making existing Bitcoin holders more wealthy. This is a classic example of what happened on Steem and Hive.

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The end of Bitcoin as we know it

Centralization is a threat to the ideals of Bitcoin, with the creation of the *Bitcoin mining council that was initiated by a group of people involving Michael Saylor, Iā€™ve not been able to help but see the centralization of Bitcoin coming, I may be wrong, although, for clarity, the council claims that its aim is to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining. source*

This council hosts 9 of the biggest mining institutions and Bitcoin institutional investors in North America, right now, they are essentially promoting clean Bitcoin mining, because weā€™ve all decided that mining Bitcoin is bad for the environment, or did Elon decide so? or the council? Quite a positioning if youā€™d ask me, albeit with good intentions, If *they decide that the new best practice is to migrate to the new chain and begin the campaign to get everyone to do the same, still under good intentions...

.....It might just be the end of Bitcoin as we know it. For the council to succeed in doing so, they might choose to dump their holdings in Bitcoin, to acquire more of the fork tokens, I mean, it is only logical that they will do so, itā€™s like free money on the table to significantly increase their position in the project they believe is the real thing. We are talking about millions of Bitcoin. What do you think will happen to the price of Bitcoin? and you can be sure that as soon as the OG Bitcoin miners donā€™t find it profitable to mine Bitcoin anymore they will migrate too.

By the time Jacks fork of Bitcoin has been modified and extended with new features, it opens Bitcoin up to new attack vectors that is peculiar to DeFi on Bitcoin as we see with DeFi on Ethereum, who else knows what else will be included in the code under the guise of extending its features, spywares? Am I pushing it? With Jacks record on Twitter and censorship am I really pushing it? Is this the end of our fight for freedom?

But maybe Iā€™m over thinking it, maybe Jack is a proponent of decentralization as he has claimed and just wants a better life for humanity, *world peace āœŒļø ! I was talking about trade offs in one of my recent posts, we are right to say that Bitcoin traded the ability to be extensively programmable for security and does an excellent job at it, well at least for now, It goes without saying that Bitcoin is the most secure digital network in the world.

Truth is the advancement in the world requires much more than security, even more is transparency, immutability, decentralization, and applicability and goes on. If everything we humans needed was to get to point B from point A, horses would have been the perfect and perhaps the best means of road transport, but most people will rather drive a car, perhaps a nice looking sport one, or just even anything with four tires or some three, or even 2.

....it doesnā€™t mean more people donā€™t die from car accidents than from riding horses. Itā€™s about trade offs. Evolution is embedded in our DNA as human species, the world will continue to move towards making life better with each revolutionary innovation.

But this dire need to evolve at all cost might be the end of us. Happy to read your thoughts. Thanks for reading.

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