The Bitcoin network goes through cycles of fear, uncertainty and doubt (FUD), often propagated by misinformed narratives which are proven to be so shortly after. Catlin Long, the Wall Street veteran is now predicting the next big FUD against bitcoin could come in the form of ransomware attacks, and how more regulatory oversight is needed to counter such attacks.

In brief

  •  After the ‘green energy’ FUD, Catlin Long believes the next round of fears will include ransomware problems.
  • Caitlin Long says the closed-door meeting and proposal to form a bitcoin mining governing council is peak FUD.
  • Long reminded everyone that no amount of closed-door meetings can  change the work-process of the Bitcoin network and Musk will eventually realise this as well.
  • Grayscale CEO Barry Silbert is thinking of forming the Electric Vehicle Council

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Long’s prediction came after Michael Saylor and Elon Musk locked arms to propose the formation of a Bitcoin mining council that would be responsible for meeting environment, social and governance (ESG) goals. While Musk has been promoting misleading energy FUD for weeks, the involvement of Michael Saylor, who is seen as a true bitcoin believer by most was not taken well.

Recognising this exercise in futility, Long outlined that the meeting between the two billionaires to discuss the future of bitcoin mining is ‘peak FUD’, most notably due to the fact that the bitcoin community has dealt with a far worse threats in the past.

Still, some bitcoiners weren’t happy about the closed-door meeting between Musk and miners from North America since it breathes an air of legitimacy to the ‘clown show’.

Is a bitcoin mining council a bad idea?

Any changes made to the bitcoin network cannot be done under the auspices of a select few. In creating the council, some bitcoiners fear that Elon Musk is attempting to intervene in community decision-making, similar to how Roger Ver proposed to scale the Bitcoin network by increasing the block size and decreasing the mining time, which ended as a failed fork of the bitcoin network.

This would mean that Elon Musk is not only propagating falsehoods about bitcoin’s environmental footprint, but is also attempting to concentrate decision making processes via a ‘Bitcoin Mining Council’.

However, other bitcoiners are also keenly aware that miners do not control the fate of the network, users do. Long pointed towards a 2016 pledge by Bitcoin developers that demanded any changes with regards to the network will always be discussed publicly.

While concerns about centralisation circle the Twitter-sphere, bitcoin’s officially unelected press secretary, Nic Carter said that publishing basic information about energy consumption is not a threat to bitcoin. In fact, some disclosures were already publicly available.

Meanwhile, the Founder and CEO of Grayscale asset management, Barry Silbert is now thinking of forming the Electric Vehicle Council.

Could the clown show get any better?

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