The BTC Maximalist Narrative Is No Longer Valid – Stacks Founder
Stacks founder, Muneeb Ali, has opined that the BTC maximalist narrative no longer holds. Muneeb made his assertions known via a lengthy Twitter thread, part of which he stated that BTC maximalists’ assumption of a zero-sum world has failed since the world’s economy keeps expanding. He further said, “those making disparaging remarks about developers aren’t helping matters. They are only pushing these developers towards altcoins, especially Solana.”
The BTC Maximalist Claims
An article widely circulated through the Investopedia website states that BTC maximalists assume that the BTC would only be the long-term digital asset. They also claim that altcoins would continue to have less importance than BTC since they don’t reflect the ideals and vision of Satoshi Nakamoto (BTC’s anonymous founder).
But, there has been a rise in the number of blockchain networks as BTC has become incapable of handling large volume transactions fast. After picking apart the BTC maximalist strategy, the stacks founder closed with the remarks that the strategy should be replaced as it has become ineffectual.
Attract New And Capable Developers – Muneeb
One of the reasons Muneeb claims to have stalled BTC’s growth in recent years is the inability of capable developers who would have created additional use-cases and applications with the BTC blockchain. Muneeb, a bitcoin holder, lamented that stablecoins such as Tether had to switch to the Ethereum blockchain despite starting on BTC’s Omni-layer. Tether had claimed that it made the switch for economic reasons.
He further remarked that counterparty (a P2P platform) was developed initially on BTC. However, NFTs are now being minted on ETH just like Tether. Muneeb stressed the need for the network to attract capable developers to create additional features for the scalability of the network. Making jest of new use-cases and betting against developers is not the right step for BTC maximalists.
Attacking Ethereum Doesn’t Stop Its Growth – Muneeb
The stacks founder rebuked BTC maximalists for constantly attacking the Ethereum network, especially those that call it a ‘scam.’ Ali said their attack hasn’t ceased the growth of the network in any way. Instead, the ETH ecosystem continues to flourish with more developers and use cases.
The Bitcoiner said, “despite some failings in the Ethereum network, BTC isn’t offering a better solution. For instance, the BTC community requires a well-structured DEX, or stablecoins, both of which are lacking at the moment.” He accused the maximalists as part of those stalling growth of the BTC network by rejecting investments from VCs, saying that “investments from VCs is needed to hasten the growth of any network.”
An Upgrade To An Obsolete Tech
It would be recalled that the BTC core network was upgraded recently through the taproot upgrade. The upgrade (a first in four years) aims to acquaint the network with recent happenings around the digital asset sector.
Furthermore, it aims to cheapen, hasten and privatize transactions better and improve the network’s smart contract feature. However, some industry experts opined that the upgrade is coming late as the BTC technology is no longer used.
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