Bitcoin Toxicity with Giacomo Zucco & Neil Woodfine
In this video interview, Peter McCormack, host of What Bitcoin Did and Defiance podcasts, talks with Bitcoin educator Giacomo Zucco and Neil Woodfine, Director of Marketing at Blockstream.
According to Giacomo Zucco, Bitcoin Toxicity plays a vital role in the ecosystem:
“It may be one shot, it’s important, the consequences on civilization are huge, so we want to be over-cautious about not compromising the culture or the technical features of Bitcoin.”
Bitcoin is often perceived as a threat to the legacy financial system, and due to its decentralized nature, anyone is invited to contribute. Bitcoin is therefore open to a broad range of attacks from technical to social and Bitcoin's immune system defends against these attacks to protect the protocol.
For example, Segwit2x highlighted how a group might choose to co-opt Bitcoin with dangerous consequences. Radical skepticism is leveled against other projects, people, and companies to ensure that no outside party can have a negative influence on the future of potentially best money the world has ever had.
So, what are the positives and negatives of toxicity in Bitcoin? When does toxicity cross the line and are there any unintended consequences?
The interview was first shared on October 9, 2020.