Bitcoin’s Elite: “Seriously?” 🙄

One gathers, from a recent dispatch by young Mr. Alex Thorn of Galaxy Digital (a firm, one assumes, engaged in perfectly legitimate financial operations), that the more… enthusiastic elements within the Bitcoin fraternity are causing scarcely a ripple amongst those actually entrusting capital to the digital commodity. The vexed question of ‘Core’ versus ‘Knots’ – a dispute sounding suspiciously like theological wrangling over the proper number of angels – appears to be lost on the serious money.

Apparently, the majority of institutional investors either haven’t the faintest notion what all the bother is about, or, more charitably, simply haven’t the time to indulge such provincial squabbles. Supporting the ‘Knots’ camp? Don’t be absurd. The very idea! 🤷‍♀️

Inventing a Problem That Doesn’t Exist (Good Heavens!)

Mr. Thorn, with a commendable directness, suggests the ‘Bitcoin Knots’ contingent are essentially manufacturing indignation. Their concerns are, in his words, “hypothetical” – a rather damning assessment, wouldn’t you agree? Service providers and regulators, with their meticulous eye for genuine trouble, concur; there’s no actual crisis brewing.

The legal prevarications offered by these alarmists are dismissed as “mumbo jumbo,” remnants of debates long settled by Bitcoin’s inherent (and rather delightful) resistance to control. One detects a faint whiff of statism in their anxieties; a regrettable yearning for the comforting predictability of centralised authority. A most unbecoming attitude for devotees of a freedom currency! 😤

Possible Outcomes (Mostly Inevitable)

Mr. Thorn anticipates, with a predictable degree of accuracy, that the ‘Knots’ faction will gradually vanish into the obscurity they so richly deserve. Though, he allows, they might succeed in frightening a few gullible individuals with their fabricated perils. Even so, their attempt at a disruptive ‘fork’ will, undoubtedly, prove a spectacular failure.

“These people are scared statists who fear permissionless systems and will do great damage to bitcoin if they are taken seriously,” he declared with a bracing frankness. One can only hope someone is listening. 🤔

The Nature of the Dispute (A Rather Pedantic Exercise)

The ‘Knots’ proponents, it seems, are fretting over potential security issues, legal ambiguities, and operational inconveniences which the wider community regards as wildly improbable. It’s a debate less about palpable risk and more about fundamental disagreements regarding the inherent dangers of… well, decentralisation.
Naturally.

The ‘Core’ supporters, perfectly reasonably, view ‘Knots’s’ efforts as an unnecessary complication. An entirely artificial stirring of the pot, if you will.

Leading this rather forlorn charge is Mr. Luke Dashir, a Bitcoin developer of some notoriety. He seems particularly distressed by the inclusion of non-financial data on the blockchain (those ‘inscriptions’ and ‘ordinals’, whatever they are). All rather excessive, don’t you think?

2025-11-17 08:51

Inventing a Problem That Doesn’t Exist (Good Heavens!)

Possible Outcomes (Mostly Inevitable)

The Nature of the Dispute (A Rather Pedantic Exercise)

Read More