What is it with Twitter and bitcoin?
CoinDesk published today a dissection of the latest flare-up of hostilities between bitcoin’s different factions. It makes compelling reading, and reveals the complex web of interests behind tweeters, promoters, bots and Twitter’s administration.
“…when it comes to cryptocurrency, it can be tricky to distinguish moderation from censorship.”
Yet beneath the short fuses bubbles a tension that speaks to a deeper characteristic of cryptocurrencies: the complicated mess that is consensus.
By that I mean agreement on issues both big and small. When strongly held beliefs are challenged, history shows that humans tend to man the barricades. The weapons at our disposal these days are barbs and blocks, downvotes and unfollows. We dig trenches in the battlefields of social media, and fire away, with only our reputations and tempers to lose.
Most of us just observe, sometimes taking silent sides, sometimes just feeling grateful that we don’t care that much, often oblivious to what the map is telling us.
Leaving aside the scams for now (we’ll get to them in a minute), the Twitter battles are a public example of the force of disagreement. While good-natured debate is often a feature of Twitter controversy, the distance from which verbal weapons can be fired empowers many to throw restraint and diplomacy out the window – especially with a subject like cryptocurrencies that speaks to utopian dreams and political hopes. And the intransigence of all sides is racking up the volume to such high levels that the Twitter administration is thinking about stepping in.
You see the irony? A protocol that automates consensus generates discord. A technology that is about not needing to trust your counterparty is rife with mistrust.
But that precisely is the beauty of bitcoin and its peers. It lays bare our human nature, and then shows us the solution. Or rather, it offers us a function, and then shows us how much we need it. Very clever.
With bitcoin, we don’t need to agree – the algorithm will figure out what the consensus is, and implement that. Whether or not we agree is irrelevant. If we don’t like how the algorithm does that, we can take the code and make a new version. We won’t have the ecosystem that the original one has, but the choice is ours: to pay the price of participating in a broader “society”, or to branch out on our own and forgo the support and access to a broader market. Blockchain technology makes sure that shouting and shadow attacks don’t impede progress or the working of the system.
So, what the Twitter crypto battles are really showing is how useful blockchain technology can be. It gets around the barrier of “consensus paralysis” by removing the human component.
The vast number of crypto scams on Twitter holds a different irony: that a technology based on the automation of trust is attracting those that rely on trust to steal. Blockchain technology says “I don’t know who you are, but I don’t need to in order to trade with you”. Scam artists say “trust that I am who I say I am and send me xxx”. And that the two concepts can uneasily co-exist in the same sector speaks to its sheer size and attraction.
Is Twitter a catalyst for the discord and the scams? No – if Twitter didn’t exist, the battles would be (and are) raged elsewhere – Reddit is aflame with fiery argument. I don’t use Facebook, but I imagine that that has its fair share of vitriol, also. And Twitter doesn’t affect human nature as much as it does display it.
Meanwhile, the premise of bitcoin and the possibility of blockchain reveal the underlying convictions and prejudices… and point to a way to minimize their impact on operations and progress.
So, let the Twitter wars rage (but stop the scams). Cryptocurrency doesn’t “belong” to any one faction. And as Twitter users, we can choose who we follow, who we listen to and who we ignore. There will never be a human-based consensus. But as the sector is showing us, at an operating level, there doesn’t need to be.