Taproot Wizard Eric Wall Says Bitcoin Has ‘One Last Shot’ to Beef Up Its Features Before Irrelevance

Lately, there's been a whirlwind of chat about Bitcoin's consensus tweaks, Core developers, and the Lightning Network.

Eric Wall, a Bitcoin (BTC) developer and advocate, has recently sparked a heated debate within the crypto community with a bold statement. According to Wall, BTC has ‘one last shot’ at enhancing its features beyond being digital gold. If the flagship cryptocurrency fails to evolve, it might fade into irrelevance as a peer-to-peer currency.

This discussion comes amidst broader conversations about the Lightning Network and the role of Core developers in BTC’s development. Recently, Amir Taaki, the founder of the first decentralized exchange, criticized the leadership of Core developers and highlighted a shift towards other crypto networks and privacy tech.

In a thread, Taaki praised a new generation of bitcoiners for their efforts to improve BTC. However, he also expressed frustration with the Core developers, arguing that they had squandered an opportunity to introduce a decentralized Lightning Network.

On Dec. 16, Taproot Wizard Eric Wall posted on X, emphasizing the urgent need to unlock Bitcoin’s full potential. He highlighted the current momentum and broad developer consensus on implementing covenants through a soft fork.

“We have one last shot at inserting new functionality into bitcoin before all of us, every last soul, will become the remnants of an ‘early bitcoin fan club’ that no one cares about anymore,” stated Wall.

If we do not take this shot, this is where the story ends. bitcoin as digital gold, impotent as p2p money, in the best case funnelled around the web through hosted centralized service providers with no privacy, too tricky to self custody for normies.

While acknowledging that “replacing gold is cute,” Wall stressed the importance of innovations such as channel-less Lightning, secure custody vaults, and privacy-focused second layers. According to him, this shift could expand Bitcoin’s target market from $17 trillion as digital gold to $170 trillion as universal hard money.

“This decision is yours. we need to oil the softforking machinery before it becomes completely stale and stuck in its tracks,” explained Wall. ”We have momentum now. we have near-universal developer consensus on covenants as the next [soft fork]. We just have to agree on the last specifics.”

“Bitcoin is the most important asset in crypto, and the most important project you’ve dedicated yourself to in your life. the time to act is now. one last ride for the Rohirrim. Now for ruin, now for wrath, and a red dawn,” concluded Wall.

After Wall's post on X, Taaki quickly responded, firing back at the Taproot Wizard's statement.

“This is the truth. The Core team wanted time to try Lightning Network. It was complex and took a lot of work. It failed,” explained Taaki. “Now they should step aside and disband. Make Bitcoin a neutral standard. Allow client competition. No more Core monopoly. Just the free market.”

These discussions have sparked a wave of criticism towards the Lightning Network, with many people agreeing with Taaki's assessment.

“Lightning was essentially a failed experiment, people have been at it for basically a decade and it has failed,” wrote an X account holder named Dr. Nick. “It’s unstable to the point of basically never working and there’s more liquidity in a single Binance Smartchain shitcoin farm than the entire lightning network.”

Some bitcoiners even advised Taaki to use a custodial Lightning Network solution.

“Bitcoiners telling me I should use a custodial lightning wallet now,” wrote Taaki. “Telling me I’m bad cos I used the wrong custodial wallet after getting rugged. Can’t make this up. Insane.”

As Bitcoin's evolution is being debated, several voices are emerging, each advocating for a different path. Some, like Eric Wall, believe that immediate innovation is crucial, while others, like Amir Taaki, are questioning leadership and highlighting the importance of decentralization.

In the end, the network's ability to adapt will determine its survival. Whether it thrives as peer-to-peer money or lingers as digital gold, Bitcoin's future will depend on a community willing to embrace transformation.