Bitcoin Mining Proponent Reflects on a World Where BTC Fails

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For crypto die-hards, the idea of ​​Bitcoin collapsing is unthinkable. But what if for some reason the Bitcoin network fails? Max Gagliardi, the co-founder of Ancova Energy, an American bitcoin mining and advisory firm, outlined the potential outcomes in the event such a situation materializes.

“If bitcoin fails, privacy fails,” Gagliardi pointed out in a lengthy Twitter thread on January 23. “The ability for individuals to send and receive peer-to-peer value without government and banking system interference will be lost. Bitcoin (BTC) enables a future where anyone can have private access to his money.

He spoke as crypto markets crashed last week, led by bitcoin, an asset dismissed by some investors and economists as a speculative bubble. BTC has fallen 20% in two days since Jan. 19 to a six-month low of around $33,400 as fear peaked. Bitcoin has since pared some of those losses, but remains 45% off its all-time high of $69,000 on November 10.

Building on the fundamentals of bitcoin, Gagliardi argued that bitcoin’s failure means the victory of government oppression, censorship and corruption. Conversely, if the best digital asset succeeds, freedom, transparency and truth triumph.

“We are in an era of unprecedented censorship. Bitcoin is the most secure network ever built. Resilient, antifragile and permissionless. Open to everyone in the world. There is nothing else like it. Bitcoin cannot be censored,” he said, adding:

“The government can lose hundreds of billions every year, but they want us to report every time we spend more than $600. There is no accountable or transparent government in our system. Without Bitcoin, we lose the only counterbalance to this system.

Gagliardi continued, “Unelected bureaucrats decide the value of your work and your time. Money is how we store the value of our time on this earth. No one should have the power to inflate the value of your time away from you. The offer of 21 million bitcoins solves this problem.

If Bitcoin Fails, Capitalism, Truth, and Freedom Fail

Revered by the public, bitcoin is much hated by governments due to its decentralized nature, which frowns on central control while thriving on privacy. It has been the target of attacks for its use by certain people in transactions considered by governments to be “illegal”, price volatility as well as its carbon footprint.

Thus, governments around the world have made direct efforts to stifle the growth of bitcoin by introducing strict legislation. In the case of China, a total ban seemed appropriate. There is also a risk that rogue actors could hijack the network via what is known as a 51% attack and collapse the ecosystem.

However, in the rush for profit and gain, the philosophy of BTC as a tool for individual and societal freedom seems lost to many in the crypto sphere. On this account, Gagliardi pointed out that BTC was “too big to fail.” He described Bitcoin and the underlying technology known as blockchain as objects of truth and free speech. If encryption fails, both fail. He said:

“Bitcoin is a code. Letters and numbers. A private key is all you need to be able to store, transport and transact. Never in human history have speech and language been so powerful. freedom of expression is the most fundamental of human rights.

Gagliardi, also a podcast host on energy and bitcoin mining, said BTC cannot be allowed to fail because it would cause capitalism as a concept and the energy transition to fail. He said “we need Bitcoin, the energy buyer of first and last resort”, to move into a “new energy future”.

“Bitcoin monetizes wasted energy and encourages new and efficient energy resources,” Gagliardi detailed, adding that the Bitcoin network “represented the spirit of capitalism harnessed in code.” [because it] won [its] value organically from the bottom up.

Too important to fail

If Bitcoin crashes, people won’t own anything, he says. “We don’t own anything of value. Goods and money are regulated and stored with guards. You don’t own it; you just have a complaint. With Bitcoin, the value of your life’s work can be stored in just a few words. Free to take with you everywhere.

Gagliardi concluded that BTC was “too big. We can’t leave [it] fail.” However, not everyone agreed with this line of thinking. Allen Drewe criticized the use of bitcoin as a vehicle for criminal activity.

“Imagine Bitcoin is about truth and transparency. This is all about money laundering and shit on the dark web,” he alleged.

Gagliardi retorted: “The US dollar is the most widely used currency for crime, drugs and terrorism. What I mean by truth/transparency is the immutable nature of the network ledger. There is no cheating. Once the proof of work is complete, it becomes an objective record forever. No ambiguity”

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