Bitcoin developers: Bitcoin will adopt altcoin innovation if it can improve its value proposition

Bitcoin developer Udi Werthemer believes that a major rewrite of the existing blockchain network shows that efforts to improve the Bitcoin protocol have failed. Networks such as Ethereum and ZCash were originally created because Bitcoin developers refused to integrate upgrades that could disrupt stability into the network. If smart contracts or anonymous transactions with unstable integration performance still pose too much risk to Bitcoin's value proposition. The various disasters that the two networks have experienced so far will greatly weaken investor confidence in Bitcoin.

He believes that these features are still rarely used in the aforementioned networks, indicating that the efforts of developers have so far been meaningless. Most investors simply buy and hold ETH and ZEC, meaning that these additional features represent more risk than value. As an adaptive network, if true innovation can prove to be successful, then the Bitcoin network will adopt it. Similarly, geopolitical events, such as some form of a global crackdown on Bitcoin, will accelerate toward a viable solution as needed. Although Werthemer believes that the migration to the Ethereum 2.0 and Zcash Blossom hard fork was a failure, some have responded to the above tweets by anticipating such rewrites through cutting-edge software. Software engineer Christoph Burgdorf said it was natural for developers to be embarrassed by the first version of the software. "Eth2 will be better, Eth3 will surpass it again."