The Biggest Threat To Bitcoin Are The Users, Not Governments, Cobra of Bitcointalk.org Affirms
Bitcoin faced some bad times last year. The BTC market was able to reach a price of $20,000 USD per token last year but most of the value was lost afterward. This month, however, Bitcoin is on the rise once more. The token is now around $5,500 USD after it struggled to overcome the $4,000 USD mark for a while.
Now, a man named Cobra, the co-owner of Bitcointalk.org, has talked about the main aspects of the market now and what the biggest threats are. His answers may surprise you.
According to Cobra, the main threat to the network are actually the users. He affirmed that many crypto enthusiasts are certain that the government may be the biggest threat to the existence of the network, but that they are the actual problem.
He affirmed that humans are divisive, tribalist and that they split all the time. Therefore, a fractured community could erode Bitcoin’s strength and become its largest threat ever, not the government, not regulation.
People think the biggest threat to Bitcoin is from governments or software vulnerabilities. It’s not. The biggest threat is also its biggest strength: it’s users. Human beings are predisposed to division, tribalism and splintering apart. A fractured community can destroy Bitcoin.
— CØ₿RA (@CobraBitcoin) April 22, 2019
People Didn’t Like What Cobra Said
Here is a surprise for you, people did not like what Cobra told them. His criticism of the community was seen with skepticism and large resistance. Soon, Twitter users swarmed him trying to prove that he was actually wrong in affirming that.
For instance, a user affirmed that Bitcoin had “no community”, which effectively prevented the ecosystem from becoming toxic. Cobra replied that there was, in fact, a community, so the user was wrong.
He claimed that not the whole community is represented since some people just lurk around and do not involve with the drama too much but that there was definitely a community in the ecosystem. People could hold over 1,000 BTC and never engage while some others were all very vocal, but they were all a part of the community.
Obviously, some people were very disgusted by what Cobra said, so it is fair to say that he did not earn any popularity contests with this opinion. The fact is that toxic communities can bring down an ecosystem. Do you want a proof of that? Just look at Bitcoin Satoshi Vision (BSV).
Craig Wright and his supporters have basically created a community that not a lot of people want to be a part of. If governments end up accepting Bitcoin but the drama inside the community increases, then there is a chance that Cobra may be right, but it is far too early to say anything.