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Stacks founder Muneeb Ali: Bitcoin maximalism has lost touch with reality



Muneeb Ali, the founder of Stacks, an open source smart contract platform for Bitcoin , says BTC has failed to establish itself as a “productive asset” and that maximalism has not worked as a growth strategy.


"The maximalist narrative has lost touch with reality," said Ali on December 6th in a thread on Twitter. “Bitcoin maximalism assumes a zero-sum world . However, we are in an expanding crypto economy. " Ali, a bitcoiner himself since 2013, adds:


“Criticizing developers and new use cases doesn't help Bitcoin . It is more likely to lead developers to move to other ecosystems like Ethereum and Solana. "


According to the online lexicon Investopedia , Bitcoin maximalists believe that BTC is the only cryptocurrency that will be in demand in the future. They believe that all other digital currencies are inferior to Bitcoin and do not correspond to the ideals of Bitcoin founder Satoshi Nakamoto . However, Bitcoin struggled to cope with the increasing volume of transactions. That led to other blockchain networks that were able to come to the fore.


Maximalism is useless and should be replaced

In his thread, Ali questioned the maximalism strategy and concluded that it is "useless and needs to be replaced." He cited a number of issues that he believes have hampered BTC's growth over the years. This includes the failure to attract developers who develop more usable protocols and applications based on Bitcoin .


The computer spoke of how Stablecoins as Tether (USDT) that the at some point Omni layer of Bitcoin used, switched to another block chains, particularly Ethereum , which now accounts for the majority of "economic activity" of Tether.


Additionally, Ali pointed out that non-fungible tokens (NFTs) got their start on the Bitcoin blockchain and the peer-to-peer financial platform Counterparty . "Now almost all of the economic activity of the NFTs runs on Ethereum and other blockchains."


“We need a strategy to attract more developers and promote new functions, for example for smart contracts or greater scalability. Instead, the maximalist circles make fun of every new use case in the crypto industry. Grumbling at the developers is not what Bitcoiners used to do. "


The "angry mob of maximalists"

Ali criticized the “angry mob of maximalists”, which Ethereum has long called a “fraud”. However, that hasn't stopped the blockchain from evolving into a thriving community of developers and applications. "There are many weaknesses in Ethereum," he explained. “However, Bitcoin currently has few alternatives to offer. There are also no large decentralized exchanges, liquidity logs or stablecoins in the Bitcoin ecosystem. "



He accused maximalists of driving venture capitalists (VC) away from the Bitcoin ecosystem through "constant" attacks. Meanwhile, "seasoned VC investors are putting their capital at the disposal of developers who are building next-generation applications [elsewhere]." Ali cited his own Stacks project and the Lightning Network as "a few exceptions" to venture capital funded projects to improve the functionality of the Bitcoin network. But growth wasn't nearly as strong as other, competing blockchains.


Making Bitcoin a Productive Asset

The Bitcoin Core network recently activated Taproot , the first major upgrade since 2017. It is an attempt to keep up with developments that are taking place in the crypto industry. According to proponents, Taproot enables cheaper, faster, more secure, and private transactions. The update also improves the smart contracts functionality in the network, it is said. However, some experts criticized the upgrade as "a minor improvement on a technology that is already out of date."


“It is time to develop apps to turn BTC into a productive asset,” he urges. “We should welcome developers and entrepreneurs. The maximalist strategy served its purpose in 2017, but it no longer works. So let's focus on the developers. "


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