For those who swim in the sea of digital currencies, the name Roger Ver can evoke various reactions. Some admire his relentless advocacy for Bitcoin; others criticize him for his often abrasive demeanor and his stint in jail back in 2002 for selling illegal explosives. Regardless of how you view Ver, his outsized persona has been instrumental in pushing Bitcoin from an obscure novelty to a mainstream financial asset.
Roger Ver, Image from CCN.com
Early Life
Raised in San Jose by devout Christian parents, Ver's attraction to political and economic concepts emerged early on. During his junior high years, a copy of Ludwig von Mises’ Socialism opened his mind to voluntaryism. This newfound interest led him to devour texts from influential thinkers like Adam Smith, Fredric Bastiat, Leonard Read, Henry Hazlitt, Friedrich Hayek, Milton Friedman, and others. Ver’s libertarian inclinations carried into adulthood, when he made a bid for the California State Assembly as a Libertarian in 2000. To paraphrase his philosophy, Ver believes that government interventions only impoverish society and that people should be free to act in peaceful pursuits.
Entrepreneurship fueled his ambitions as much in his youth as it does now. He ventured into commerce by selling candy bars, pocketing $50 weekly. By 16, he'd saved up for his dream car—a white Ford Mustang. His parents disapproved, and his father placed a sale ad in the local paper to sell it, prompting Ver to report him to the authorities, who threatened arrest if the ad wasn’t rescinded. This, among other circumstances, led to his parents expelling him from home.
Incarceration
From 1999 until 2012, Ver served as the CEO of MemoryDealers.com Although recognized for his position as CEO, Ver gained more notoriety from activities outside that role. In 2002, he pleaded guilty to selling explosives on eBay under the name Pest Control Report 2000. These were described as “farmer’s firecrackers” used to keep wildlife away from crops. Ver contends he was singled out for his opposition to the ATF and ended up serving a 10-month term in a federal facility.
Bitcoin Adoption
Apart from his legal troubles, what truly sets Ver apart is his passionate promotion of Bitcoin. Known in the circles as 'Bitcoin Jesus', he encountered the virtual currency in a podcast in 2011 and promptly immersed himself in gaining expertise. His business, MemoryDealers.com, was among the earliest to accept Bitcoin as payment, cementing Ver's status as a fierce champion for digital currency.
The Scaling Debate
In the crypto domain, Ver is notorious for voicing strong and sometimes divisive opinions. His most well-known stance revolves around the block size debate Ver advocates for larger block sizes in Bitcoin, reasoning that the current congestion and protracted transaction times necessitate this change. Due to extended transaction periods, Ver argues that many institutional investors and enterprises have shied away from adopting Bitcoin.
The Scaling Debate, Image from Blockonomi .
As Ver expressed, 'With 15 years of experience in scaling enterprise networks before Bitcoin caught my eye, I’m confident the network can manage block sizes significantly larger than the present 2 megabytes.' He even ventured to say that a block size of 20, 30, 40, or 50 megabytes could be viable, though he clarified such changes wouldn't occur instantaneously.
According to Ver, the crux of the matter is to ensure Bitcoin can scale according to market needs. He worries that sticking to a 2-megabyte limit could deter new users due to scaling constraints. Additionally, Ver believes that the current Bitcoin Core team either doesn’t recognize this need or doesn’t care, pointing out that some even suggested using credit cards over Bitcoin at a Silicon Valley Meetup earlier this year.
Critics have challenged several aspects of Ver's arguments, indicating that miners with superior connections have an edge in creating larger blocks, thus securing a competitive advantage.
Moreover, Ver’s fervent drive to see Bitcoin adopted rubs some the wrong way. Notably, LedgerX Bitcoin developer and Bitcoin Core contributor Bryan Bishop voiced concern, disturbed by the notion that mentioning alternatives to Bitcoin was seen as disloyalty. Critics also question Bitcoin’s 10-minute confirmation times, suggesting it doesn’t lend itself well to everyday shop purchases. Despite this, being at the heart of heated debates is exactly what people associate with Ver.
Bitcoin Cash
Ver’s discontent with the Bitcoin development team’s posture on scalability led him to back a hard fork, emerging a new altcoin. named Bitcoin Cash (BCH) which he claims to be the true Bitcoin He now helms bitcoin.com and recently acquired the Twitter handle @bitcoin, amplifying his mission to promote Bitcoin Cash as the true Bitcoin, a move met with accusations of public misdirection regarding the newly minted coin.
The Bitcoin versus Bitcoin Cash and block size debate continues to polarize the community, with one camp advocating larger block sizes and another endorsing off-chain scaling solutions. such as the Lightning Network on the other.
Displaying frustration over the 'Bcash' moniker, Image from YouTube .
American Citizenship
One of Ver’s most controversial moves involved renouncing his American citizenship. Frustrated by federal taxes while living abroad, he became a citizen of the Caribbean nation St. Kitts and Nevis in February 2014. His visa challenges in Miami, due to perceived weak foreign ties, culminated in him being told he intended to secretly live in the U.S. Despite ultimately gaining entry, Ver’s efforts exemplify a lifestyle synonymous with controversy.
Ver predicts Ethereum will eventually dethrone Bitcoin in market cap supremacy, forecasting an end to Bitcoin’s dominance. According to him, Ether’s potential to overtake Bitcoin strengthens as Ethereum’s market capitalization rises. A few attributes give Ethereum an edge—it’s often cheaper to transact and quicker in confirmation. Furthermore, he applauds Ethereum’s shift to proof-of-stake, despite detractors labeling him as opportunistic.
Conclusion
The capricious nature of cryptocurrency implies forecasts are fleeting, yet Roger Ver remains a constant industry figure. Whether due to his curious past or his audacious opinions, his words bear weight and can sway markets. Love him or not, Ver is a fixture in the crypto realm that's not going anywhere.
References
- http://voluntaryist.com/howibecame/rogerver.html#.WoxoJajwa72
- https://www.salon.com/2014/03/09/the_ballad_of_bitcoin_jesus_the_tech_millionaire_evangelist_who_fears_for_his_life/
- http://voluntaryist.com/howibecame/rogerver.html#.Wlq39ainG71
- https://arstechnica.com/tech-policy/2015/01/bitcoin-investor-who-renounced-us-citizenship-now-cant-get-back-in/?comments=1
- https://www.salon.com/2014/03/09/the_ballad_of_bitcoin_jesus_the_tech_millionaire_evangelist_who_fears_for_his_life/
- https://www.wired.com/2013/12/bitcoin_honey/
- http://bitcoinist.com/bitcoin-uncensored-block-size-roger-ver/
- https://bitcoinmagazine.com/articles/roger-ver-is-still-determined-to-increase-the-bitcoin-block-size-limit-via-a-hard-fork-1474550552/
- https://arstechnica.com/tech-policy/2015/01/bitcoin-investor-who-renounced-us-citizenship-now-cant-get-back-in/?comments=1
- https://www.newsbtc.com/2018/03/05/roger-ver-ethereum-will-overtake-bitcoin-in-market-cap/
- https://www.youtube.com/watch?v=VsHnlTk6zhI&feature=youtu.be&t=2420
- https://cointelegraph.com/news/roger-ver-declares-bitcoin-cash-to-be-true-bitcoin-market-forces-bring-more-attention
