You speak about Blockstream like it is a sure thing that they are controlled. Please give an explanation how Lightning Nodes will implement AML and KYC and how side chains will create fractional reserve banking? They can do that easily with financial products like ETF's or futures but via side chains it will be very hard since it is all open source.
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I think most people who say LTC is just Banks 2.0 base this on the following video
I think the video guy is overdramatizing (and shilling for BCH) but there might be some truth to what he says.
Sorry, but what a bullshit video, it is indeed a Bcash shill video:
1: LN is designed for small payments under 100 USD but mostly way smaller transactions like coffee or something similar or even micro transactions for reading an article or viewing a video (will never be possible with Bcash by the way) , so with a smaller amount you can be a node easily. I think many BTC users will set up a node, because now it is finally possible to earn a passive income on your bitcoins in a very secure way (if for example hardware wallets implement it). Furthermore it will be possible to do it anonymous via TOR, so tell me how they are going to control this........
2: The node who transmit a transaction only knows who is the node before and after him (even don't know if it is the source, destination or somewhere in the middle), so a hub can never know where the payment comes from. If you implement a function that you want to route your payment through a certain minimal amount of nodes (5 for example) a hub that want to do AML or KYC never knows who you are.
3: Every node that will pass your transaction through is forced by rules in the smart contract to do what it needs to do, if it fails the blockchain will handle it. This means a node has no power to do anything else than just forward your transaction.
4: This is all open source, so if a side chain or a service that Blockstream delivers start to look like a monopoly you can simply fork it and launch a new sidechain without the flaw.
5: Running a full node is ALWAYS important to be sure your BTC can't be stolen, onchain and with LN as well. Bitcoin keeps the blocks small so it will remain relatively easy and cheap to run a full node. Bcash is making it more and more expensive to run a full node, so HERE CENTRALIZATION WILL ARISE!
6: A hardfork is a way to FORCE all the users to obey to the new rules (if no consensus this is against the voluntary mindset!), There will be multiple side chains and everyone can use it if they want. If you don't want, use (or create) another sidechain or transact onchain.
It is really sad to see Roger Ver attack Bitcoin with nonsense (already 2 major corrections led by him and his followers) and slow adoption down by spreading FUD and confusion (What is the real bitcoin bullshit question). He is exactly doing what the NWO does (paying people to riot (online in this case), market manipulation, dividing people and brainwashing via his media (bitcoin,com, r/btc).
I like Jeff Berwick his view on the world a lot and he is doing a lot to bring knowledge to the people about freedom. Thats why I am so disappointed about the change in his view about Bitcoin. A few months ago he invited Roger Ver and Trace mayer as well to show both sides of the debate and I respected him a lot because of this.
Bitcoin is so important to bring freedom to the people, so I want to ask: Can you please make sure that Blockstream is compromised and bring real facts to you visitors before you attack Bitcoin?
I am not that deep into the BCH vs BTC debate and my knowledge about blockchain is limited. But since you took the time out of your day to write all this I would like to give some counter points.
First off something technical, I though hardforking would be the process of creating a side chain, could you maybe shortly explain the difference? I always thought that BTC Forks are a good thing because it is actually creating choice.
1 )BCH is not a good solution for daily money transfer, there are a whole ton of other options for that. However the BTC fees are ridiculous at this point making it hard to move even for a hodler like me.
1b) I never looked too deep into Tor and the dark net because from what I heard you do not only need TOR to stay anonymous and even if you go all out on measures: if they really want to crack down on you, they will.
2 ) Instructions not clear dick stuck in toaster, but I think you are talking about tumbling for anonymity. I am not sure governments will allow that.
3 )Smart contracts are only as good as the people creating them, I think ETH showed that.
4 ) The argument of monopoly is often the question if big corporations have a clear advantage over the average Joe. This is very much the case with BTC mining as far as I can tell.
My general approach to hardforks is: I hodl them. If I ignore the Coins I am even save from the Replay scenario. If they prove to be the better Bitcoin at some point I will have some of them.
I think the character assassination of Roger and all the " you are either with us or against us" aura that the BTC community is alarming and very much what the NWO does ;P
Thanks for your answer, I like this discussion, it is a big deal finally (it is about freedom and money, two most important things in life). A sidechain is build on the blockchain itself whereby a real BTC get frozen or locked up and this BTC can get traded in the sidechain under different conditions.
A fork is a copy of the blockchain whereby some of the rules are changed. Because of the changed rules the blockchains are not compatible with each other anymore, so a new crypto currency is created. This means a sidechain will not increase the supply because one coin will be in the main chain OR in the side chain. A forked coin will exist next to the legacy coin, so actually you can see it as counterfeiting.
Almost all the proposed forks in the history (Classic, Unlimited, 2X) were intended to UPDATE the bitcoin protocol. This means they hoped to get a big majority on board so that only one chain with the new rules will exist after the fork. However, they could never find consensus so they all failed. This means that the majority of the users is still backing Core its roadmap. Bcash was a so called 'friendly fork' because their intention was to exist next to Bitcoin as an altcoin (at least around the fork this was the case).
1: I agree, fees are very high but I believe it is because side chains are a long term solution that makes it possible to scale exponential and without giving up security and decentralization (don't forget that the implementation of Segwit is blocked by the 'big block' community for more than a year, and Segwit is the base for side chains and will enable more transactions unchain). I think 2018 will be the year that side chains will come available for the users, in the beginning of the month Rootstock is launched and the first Lightning transactions on the main net are made! I think in 2018 wallets will implement it and you can really use it!
Bcash is indeed by far not the best coin for transactions. When I move money between exchanges I use Dash or Litecoin because the block time is shorter and most of the time you need 6 confirmations. Beside that Litecoin has Segwit too, so the Lightning networks of BTC and LTC can be connected using atomic swaps. This means that a you can send BTC to someone that accepts BTC while using the cheap and fast LTC blockchain. Also LTC has a way longer track record and bigger infrastructure. Bcash is really hyped for political means without any interesting features in my opinion.
2: I mean if you can let order your wallet to search for a path from sender to receiver with 5 nodes, non of this nodes know who is the sender and who is the receiver. So even if they implement AML / KYC the information is useless.
3: ETH is very complicated and full of vulnerabilities. The smart contracts on BTC that make LN possible are very basic and simple.
4: Yes in mining monopolies are a problem, BTC tries to keep that problem as small as possible and Bcash gives miners even more power. I was talking when Blockstream will get a monopoly on software, services or items for a sidechain, someone can just fork the sidechain and take the factor out that gives them the monopoly. I think it is impossible to get a monopoly on a open source sidechain.
I HODL around half of my forks, because they are in deep cold storage. The rest I sell in a pump. Two days ago I dumped Bcash and bought Zclassic for it. Seems to be a very rewarding trade till now. If you see the Bcash chart there are 2 very recognizable pump and dump peaks and the 2nd looks incredible like the first one. The overall trend in USD is up, but in BTC is down. I think Bcash will die slowly with a few pump and dumps on the way.
It is very sad that the crypto community get divided, we came so far and now really the sky is the limid. It would be so sad if it get damaged from the inside. I really think misinforming new people done by bitcoin,com and r/btc is really confusing people and slowing down adoption. Furthermore Roger Ver has shown a really bad show to the world with his last two attacks (embarrassing for bitcoin and voluntarism). For sure I don't want to live in his 'free society', because I expect it to become a shithole full of manipulation and brainwashing. I was hoping for a better promotion of libertarianism and anarchy.
I agree with this. Upvoted and followed.
I see Cryptos as a Petri dish for anarcho capitalism. I have come to talk a lot about the concept of libertarianism/ anarcho capitalism with @dwinblood quite a bit, since it is a rather foreign concept for Germans. I always said that I am willing to give it a chance, but so far it ain't looking good.
Good comment, but honestly you sound emotionally connected to BTC core. BTC is the model-T, kudos for that, but it hasn't kept up with the altcoins currently nipping at it's heels. It has adoption and branding in it's favor but that will only count for so much if they can't solve the well known issues. All these horrible forks are also eroding the brand name.
https://steemit.com/cryptocurrency/@jaye-irons/congress-jumps-in-bitcoin-investments
I was just talking about the move greedy ass Congress Officials **(MORE IN LIKELY THE DEMS), are focusing their attention to the blockchain crypto investments, LOL they're are a scared bunch. Worried about us taking their cash away from them by stepping around them to position ourselves for a greater opportunity.
I shared a post about it here.. Enjoy :D
He has some really valid points... Crypto currency and block chain technology is only just beginning.
Not "shilling" but informing his listeners with facts.
hi,Dear wellcom,Nice to read about you.
i am gohar from Pakistan,am also new on steemit and welcome you to steemit.
i have followed you.so can follow me & upvote .
Best of Luck!
thank you
Hashgraphy is also best option to replace the blochchain.
Thank you for the info
Hi
thanks for upvote
True and very good and clear points
Thank you
You are quite correct bro. he should give an explanation on that.
Jeff is just an unscrupulous profiteer hence why he is shilling for bcash as Rodger is one of his biggest sponsors
Looks like a high school gym teacher.
说得很好。
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