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At Bitcoin SV (BSV), we are 5-10 years ahead of the curve in finding use cases for blockchain technology. The big question is, does it benefit BSV… or is it detrimental?
We often make our arguments to an audience that isn’t listening or is listening but needs help understanding. Now, most of the tech conversation is turning to artificial intelligence (AI), which is facing a similar problem. Only one thing is certain: both will continue to advance whether the wider public understands them or not, so being ahead of the curve is still useful.
Lessons learned, challenges faced, and related development topics were the starting point for the recent Twitter Spaces event hosted by the BSV Blockchain Association and longtime Bitcoiner Brett Banfe. They join BA social media manager Crescenda Babiera and Alex Fauvel of Two Hop Ventures in an existential discussion about where BSV development is headed, the role of AI as many people’s favorite technology today, and what kind of contribution newcomers to the industry can make. For those interested in hearing more, there is a recording of the entire 2.5 hour discussion available Here.
Babiera is asking whether developers will become too reliant on AI, and we’ve seen AI assistants on platforms like GitHub replace human suggestion forums like Stack Overflow. There are other AI-related issues, such as legal responsibility for developers, defining and enforcing rules, the role of ideological manipulation in AI training, and whether people are ready for what’s to come.
Some technologists are even calling for a pause in AI development, which may be based on plausible reasons but is unlikely to happen. If people see a future advantage by staying ahead of the AI development curve, they will ensure its progress regardless of law or ethics. Fauvel suggests blockchain-based AI training data makes the concept “much less daunting” as it introduces tighter data access controls and transparency.
Does anyone really care about the advantages of BSV technology?
There has been some discussion about whether we are “putting the cart before the horse” by trying to argue the case for BSV for scalability when after 14 years, blockchain still hasn’t seen enough use cases launched using the technology to require it. While many examples of potential use cases require massive scaling, most remain unaware of the benefits until they exist (it could be argued that the Bitcoin problem is more a “chicken and egg” than horse and cart, and this is an old debate).
We could make similar statements about BSV’s focus on data ownership and privacy. Again, while having complete control over your personal data and who can access it is beneficial, there isn’t much demand for it outside of a relatively niche group that understands why this is important. And the same can be applied to any policy, even in areas outside of the technological space such as politics, economics, finance, and social issues—good policy decisions require deep knowledge, and deep knowledge only comes from people of high interest. . in the topic, to begin with.
The BSV industry talks about data integrity, key-based access control, the benefits of proof-of-work transaction processing, and audit trails. It then bemoans the fact that everyone outside of the blockchain world wants to talk about coin prices and non-fungible token (NFT) trading. We often say “education is important” to an audience that just wants to hear about how they can generate more social media dollars and likes.
It’s true that we live in an “attention economy” where “likes” can be as valuable as money—this is evident when we see people going the extra mile to increase their viewership, engaging in actions that result in physical harm or legal penalties.
“Technology is pure logic, but it’s often ‘people stuff’ that gets in the way,” he says of AI. In this sense, AI, Bitcoin, and even religion have something in common: they are sets of rules and processes that are launched at an unsuspecting public, and it is up to the new public to discover what to use them for. The public has no prior understanding of this process or its purpose, and as a result, we are left with abuse, conflict, and self-appointed gurus who tell us all what to believe in their own opinion.
Take “crypto trading” as a prime example. It is true that digital asset exchanges function effectively as casinos. However, the fact that literal casinos still exist in the 21st century proves there is still a lot of demand for gambling services — people still enjoy the thrill, the urge to win big by chance and jump ahead by getting rich quick.
The use cases for this new technology are advancing faster than the more esoteric blockchain use cases because they are more universally understood. Even the Bitcoin white paper talks primarily about digital money without intermediaries, not about audit trails for Big Data applications or the dangers of social media private data file collection.
Banfe likens being ahead of the Bitcoin curve to playing a sport where you reach your goal first, then watch as nobody cheers.
“The first place to start, and often the last place to go, is the Bitcoin white paper… it will save you a lot of headaches and a lot of time. Ask yourself whether the Bitcoin you know today meets the specifications in the white paper.”
Fauvel says the current socio-political environment is actually helping the goals of BSV and blockchain. There is a high level of distrust in elections, government, and the media—it creates problems in society no matter how much this distrust is based on facts. Blockchain is a technology that promotes trust, transparency and accountability, so there is an opening for advocates to promote its benefits.
We’re also seeing more debate about how online content creators should be paid and how much users should pay for services, as well as more questions raised about how “free” online service providers got so rich. Blockchain can answer this question and also solve the problems with data ownership and the nanopayments economy.
Funded the development of the BSV
While Fauvel investors touch (BSV) “people’s politics” as stated by Dr. Craig Wright, role of nChain and investors like Christen Ager-Hanssen, definition of the word Slictionary, and Twetch culture, he says as long as we all agree on the core principle that “Bitcoin rules never change”, everyone in the industry will get along.
He added that it may be too early for the wider investment community to fully embrace blockchain and BSV. For developers, he says it’s important to remember that you may choose a “career in Bitcoin” with no specific job available to you. You have to make choices and forge your own path, he said. Such adventures are terrifying for some and exciting for others, but if you’re the latter type, it’s a tough walk that can be rewarding.
Watch: Discussion: BSV vs other blockchains—a difference that matters
New to Bitcoins? Check out CoinGeek Bitcoins for Beginners section, the ultimate resource guide for learning more about Bitcoin—as Satoshi Nakamoto originally envisioned it—and the blockchain.
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