Jason asked, "What is the most significant thing you have changed your mind on...
with respect to cryptocurrencies in the last five years?" That is a very interesting question, Jason.
I was digging in my memory and trying to remember various things I might have changed my mind on.
First of all, I try not to take firm positions with certainty on issues regarding cryptocurrency,
or make predictions about the future with absolute certainty.
I think absolute certainty is the behaviour of a fool, especially in a technology like this which is...
moving so fast and where changes are happening in highly unanticipated ways.
I think it takes a lot of- How do I put this?
You [must] be quite selfish or quite arrogant believe that you can give firm predictions or opinions with certainty..
in areas that are so vast and complex.
I try to be flexible; I try to realize that there is more I don't know about this space than I do know.
I'm always willing to change my mind. I've often been wrong about things.
I thought that fees [on-chain] would be low or near free forever.
I didn't anticipate that we would see as much centralization in the chip manufacturing side of mining.
I was a bit surprised by that.
I also thought that Bitcoin and other cryptocurrencies could be attacked more readily,
which was certainly a fear back when Mt. Gox collapsed.
It was the first time I felt, 'This could be it, the end of Bitcoin. We must reboot it and start over again.'
'This could really kill Bitcoin.'
Keep in mind, at the time, only one exchange represented 80% of the [trading] volume.
It went down in such a spectacular way. I was scared that time, but I'm not so easily scared anymore.
I think I had underestimated how resilient and strong this technology is, how hard it is to take down.
But I also underestimated how fragmented the community could get; how much trolling, bitterness,
personal vendettas, and egos could [grow] in this space.
The debates really surprised me with their bitterness, vitriol, and passion.
Now I think I'm a bit wiser. Any time you have large amounts of money, the inevitable trajectory of any...
any cryptocurrency community is to arrive at a point of controversy big enough, with stakes high enough,
that emotions will get very heated and some people will not act in good faith.
People will act in self-interest.
I also believe that is one of the ways outsides have tried to attack this system, by attacking the community.
Creating drama on purpose is a classic technique used against grassroots movements.
"If you were to make one change to Bitcoin, what would it be and why?"
Well, if I were to make one change to Bitcoin, I would get down-voted by consensus.
No one gets to [unilaterally] make changes to Bitcoin.
I would like to see is more implementations of privacy features, but these changes are already happening.
I don't really think there is anything else that I would change in Bitcoin, from the original design.
It would be hubris to think I can do it better. Every month, every week, somebody comes along...
"Hey, I'm new to Bitcoin. I just found out about it. I already have ideas on how to make it better."
"... So I created Xcoin. Xcoin is the next Bitcoin."
You know what? There has been a "next Bitcoin" every year since the beginning of Bitcoin.
Bitcoin still the next Bitcoin. There is a reason for that.
Bitcoin's particular set of building blocks and careful design choices were just right for the level of adoption,
development, and security that we have.
Trying to improve on [Bitcoin without appreciating that] is a fool's game.
There are many experts who are suggesting some interesting and relevant improvements,
primarily in the area of privacy, which can definitely be improved.
But when people tell you that "Bitcoin is broken," has a "fatal problem" or design issue, or will be superseded...
by this next technology soon... I would be very skeptical when [you] hear those [claims].
Yes, other coins may exceed bitcoin [in some features] or by market cap,
but having more money to throw at something doesn't make it better.
The banks can [easily] make a coin that has more market cap than bitcoin --
of course they can, because money is the one thing they have [a lot of].
But can they make something that is more secure, more decentralized, more autonomous? [than Bitcoin]?
Can [they] make something that is more censorship- resistant, better in things that Bitcoin is good at?
I don't think we can. If we can [make things better, our best chance] is mostly with Bitcoin,
because it already has a very good basis for doing those things.