Lately, there’s been a whirlwind of chat about Bitcoin’s consensus tweaks, Core developers, and the Lightning Network. This week, Taproot Wizard Eric Wall made a bold claim: BTC has one last shot to beef up its features beyond just being digital gold, or it might fade into obscurity as a peer-to-peer currency.



Taproot Wizard Says Bitcoin Has ‘One Last Shot’ Before Irrelevance

There’s been heaps of talk recently about whether BTC truly functions as a peer-to-peer electronic cash system or if there’s a central authority among Bitcoin Core developers. Just two days ago, Bitcoin.com News dished out the scoop on Amir Taaki blasting the leadership of the top crypto asset, explaining his jump to other crypto networks and privacy tech. In his thread, Taaki tipped his hat to a fresh crew of bitcoiners who are pushing to make BTC even better.

On Dec. 16, Taproot Wizard Eric Wall took to X and noted that there needs to be immediate action to unlock Bitcoin’s full potential, emphasizing the current momentum and broad developer consensus on implementing covenants through a soft fork. “We have one last shot at inserting new functionality into bitcoin before all of us, every last soul, will become the remnants of an ‘early bitcoin fan club’ that no one cares about anymore,” Wall stated.

He added:

If we do not take this shot, this is where the story ends. bitcoin as digital gold, impotent as p2p money, in the best case funnelled around the web through hosted centralized service providers with no privacy, too tricky to self custody for normies.

While Wall argued that “replacing gold is cute,” he emphasized the need for innovations like channel-less Lightning, secure custody vaults, and privacy-focused second layers. This shift, the Taproot Wizard member contends, could expand Bitcoin’s target market from $17 trillion as digital gold to $170 trillion as universal hard money.

“This decision is yours. we need to oil the softforking machinery before it becomes completely stale and stuck in its tracks,” Wall detailed. ”We have momentum now. we have near-universal developer consensus on covenants as the next [soft fork]. We just have to agree on the last specifics.” Wall’s X post concluded by saying:

Bitcoin is the most important asset in crypto, and the most important project you’ve dedicated yourself to in your life. the time to act is now. one last ride for the Rohirrim. Now for ruin, now for wrath, and a red dawn.

After Eric Wall dropped his post on X, Taaki didn’t miss a beat, firing back at the Taproot Wizard’s statement. “This is the truth. The Core team wanted time to try Lightning Network. It was complex and took a lot of work. It failed,” Taaki explained. “Now they should step aside and disband. Make Bitcoin a neutral standard. Allow client competition. No more Core monopoly. Just the free market.”

These chats have ignited a storm of criticism aimed at the Lightning Network. Loads of folks were totally on board with Taaki’s take. “Lightning was essentially a failed experiment, people have been at it for basically a decade and it has failed,” an X account called Dr. Nick wrote. “It’s unstable to the point of basically never working and there’s more liquidity in a single Binance Smartchain shitcoin farm than the entire lightning network.”

Even several bitcoiners told Taaki to use a custodial Lightning Network solution. “Bitcoiners telling me I should use a custodial lightning wallet now,” Taaki wrote. “Telling me I’m bad cos I used the wrong custodial wallet after getting rugged. Can’t make this up. Insane.”

Bitcoin’s evolution hangs in the balance as discussions intensify over its core direction. With several voices like Eric Wall advocating immediate innovation and others like Amir Taaki questioning leadership, the network’s ability to adapt will determine its survival. Whether it thrives as peer-to-peer money or lingers as digital gold, Bitcoin’s future will hinge on a community willing to embrace transformation.

The unfolding debate underscores a critical juncture for Bitcoin’s social contract. Innovation and decentralization remain the pillars of its appeal, yet internal friction may fracture its trajectory. If momentum is lost, Bitcoin risks obsolescence—a stark contrast to the groundbreaking promise it once represented. Only decisive consensus will ensure its relevance for generations yet to come.
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