In the next few articles I will talk about Bitcoin Cash, as I think we are at a great crossroads in Crypto history, this will determine the future of many coins and the market. In the last post I talked about it from an investment standpoint, now let’s get into it in a more detailed way. I think BCH deserves to be talked about it a lot so let me give you my opinion about it.
As of today I have swapped all my BTC into BCH, never looking back, I will never buy BTC again, it’s finished in my book.
The Bitcoin Core team has successfully destroyed BTC with their inability to scale reasonably. The 1 MB block space is a joke, they literally make MicroSD cards with 1 Terrabyte by 2018. So with a 2MB full block estimate (and notice that BCH blocks barely make 1 MB now, but presumably with more users in the future it could be 2MB eventually) you can literally hold the entire BCH blockchain on 1 tiny MicroSD card for the next 10 years.
It’s ridiculous, there is no conclusive reason why not to increase the blocksize, in fact there is hard mathematical evidence that a block increase doesn’t effect neither Decentralization nor Network propagation:
- ~~~ embed:btc/comments/7l9468/you_can_now_store_a_years_worth_of_continuously/ reddit metadata:fGJ0Y3xodHRwczovL3d3dy5yZWRkaXQuY29tL3IvYnRjL2NvbW1lbnRzLzdsOTQ2OC95b3VfY2FuX25vd19zdG9yZV9hX3llYXJzX3dvcnRoX29mX2NvbnRpbnVvdXNseS98 ~~~
The argument coming from Bitcoin Core that bigger blocks create more centralization is simply misinformation at best, and disinformation at worst. I’ll let you guess which one is it.
In fact the entire Lightning Network thing is also ridiculous, and it is in fact the Lightning Network which can’t be run in a decentralized fashion.
Again more hardcore mathematical evidence coming from fyookball on this:
So we have only hardcore overwhelming scientific evidence behind Bitcoin Cash, and literally nothing behind Bitcoin Core.
In fact some people tried to “debunk” the fyookball article, but not with mathematical counter-evidence, but just simply words and opinions.
That is literally everything the establishment has, the scientific evidence is behind Bitcoin Cash, and opinions don’t matter in a technical debate.
You can only trust the evidence, since people are fallible, and unless somebody has hardcore mathematical counter-evidence against these scientific theories, we have to assume that the theory is factual for the lack of evidence against it. That is how science works.
Of course the Bitcoin community is heavily censored (why do you need to silence the opposition if you have good arguments behind your theory? …. unless you don’t….), so that adds more weight in favor of BCH.
In fact this is Bitcoin, “A Peer-to-Peer Electronic Cash System” as the original whitepaper presents.
The whitepaper of Bitcoin, written by Satoshi himself, is the Constitution of Bitcoin, that is the essence, but the “Core” team is literally doing the opposite, turning Bitcoin into a heavy weight commodity, almost useless as a payment network.
At this point calling Bitcoin Core the Bitcoin is deceptive, it’s not. Bitcoin Cash is the true Bitcoin, since it’s the only version of Bitcoin that fits this criteria. Bitcoin Gold and other derivatives are allegedly scams, I’d not use those.
So it’s Bitcoin Cash vs Bitcoin Core, and the simplest argument that tips the balance is this:
- The world median gross income per month, excluding the top 30 countries, is 462$, taxes are easily above 50%, so that makes most people earn 231$/month.
- Bitcoin Core’s most efficient transaction fee (to be in 10 minutes) is 400 sat/byte, a median 1-1 transaction is 226 bytes, however people are now using change addresses for privacy reasons (they should at least 3), thus that makes a transaction easily above 700 bytes. This makes a normal transaction fee around 0.0028 BTC, which is 32.63$
- An average 2nd or 3rd world person would have to pay 15% of his hard earned sweatshop income for a shitty Bitcoin transaction, THIS IS A FACT!
So this makes Bitcoin Core unusable, totally non-adoptable, and most people simply can’t afford it.
We are 1st worlders, we can’t possibly imagine the harsh conditions in Africa or Bangladesh or Venezuela for that matter.
They are sweatshop workers, barely making a few dimes, in harsh working conditions, yet Bitcoin Core expects these people to pay 33$/transaction, which is more than 1 week's hard labor for them.
Of course they came up with the Lightning Network to mitigate this, which is essentially a Bank network.
- You’d still have to pay the fee to open up a channel, thus you can’t circumvent the costs, but you can socialize them, by centralizing the payment system.
- Instead of every TX being included in the blockchain, they essentially create OFF-BOOK transactions, which are basically just a ledger in the LN node’s server, solely at the mercy of the LN node operator, who could censor anyone, just like a Bank.
- In fact there were some theories about the “LN colored coins” being vulnerable to theft by malicious miners.
Basically the LN coins are just derivative instruments traded off-blockchain, and there were also rumors about stripping the entire TX data from the blockchain, so that every TX will go through the LN to make it more “efficient”. It’s just ridiculous...
Essentially, what was once a permissionless system, will bring back the pesky middleman to charge hefty fees once again.
So you either give up your hard earned money or your sovereignty over your money! Diabolical!
This is not the spirit of the original Bitcoin, and it’s fascinating how quickly the movement has been subverted.
Bitcoin Cash is the only Bitcoin in town, VIVA BITCOIN CASH!
You are clearly so against core and LN that you never read the paper. A node will never be able to sensor anyone because they don't get any information about a transaction and will get financially punished by the smart contract when he don't forward it (so explain me how they will sensor?!?)
The mathematical prove where you are talking about is perfectly debunked by the other writer, because the math is good but the assumptions are not. If someone calculates perfectly how big the surface of a circle is while we are talking about a square you don't need to show the other math. The mathematician is clearly a really good mathematician but understands nothing but nothing of LN.
The price to send transactions with BTC is high at the moment indeed, but don't forget that Segwit could be implemented a year earlier already if it wasn't blocked by the big blockers (haha, blockers double meaning). Now we have Segwit only half a year and a lot of innovation is rolling out now. I expect the tide to change over this year and transactions to get cheaper over time so that all world population can use it.
LN will take smal and micro transactions, RSK will take programmable transactions and unchain will scale by Segwit adoption and later Schnorr and other optimizations.
Probably this is the WORST moment to change your BTC for BCH, because soon it will be obsolete. Beside that BCH is still sliding down after the market manipulation that made it spike.
GOOD LUCK WITH YOUR BCASH, BUT NOT DRAG OTHERS WITH YOU
Flagged for giving yourself .79 on a comment... lame
Bullshit, I think I have something important to say, people get mislead here. A selfupvote makes me more visible (comments rank on earning), by investing in Steem power I bought the right to do it.
He only give is opinion and flagging someone because he upvoted is own comment ... What a child attitude...
I have not the knowledge to say if BTC or BCH is the better, we'll see that in te future.
At the moment everyone cry because BTC goes down but it was predictable i though when we see how fast he goes up
And by the way if people like you have to play police officer here the system doesn't work, decentralized systems should regulate themselves, or are you a Bcash shill? Downvote anti Bcash comments away like is done on r/btc
By me doing what I did the market is regulating itself. Are you dumb?
Lol and I invested in the right to flag people stop crying ya baby. Btw I looked you up before I flagged you and all of your comments are upvoted by you. So if you're going to hide behind the "It's my rights as my investment" go for it. I'll still stand by my flag. 👌
Btw, everyone thinks they have something important to say. Unfortunately for you I've seen nothing original and you are just stealing rewards because you can. You wanna be one of those people, go for it. Anytime I see a post of yours I'll flag it if you upvote yourself and steal from the pool. Have a nice day.
Lastly, idc what you prefer... btc or bch. I care that instead of giving yourself a .01 upvote you gave yourself .80 just cause you can and are stealing from the reward pool. This market will regulate itself by people like me downvoting people like you. To think people like you should just be able to game the system and get away with it is crazy. You are obviously confused or live in some dream world.
You clearly don't understand anything of Steemit or decentralized systems in general. Steemit has a huge inflation rate, so just investing would be very stupid. The positive thing on investing in Steem is that it gives you some advantages like making your posts / comments more visual and earning something. This is the reason I invested in it, and I use the rights I bought. Till a few weeks ago you could even choose for a selfupvote before you posted a comment. Steemit needs investors to pay out the popular bloggers who are getting more upvotes than views (isn't this a flaw? people up voting without reading?) If you take away the advantages of investing in Steem, nobody will invest and the pool will be drained in no time. Why should writers earn thousands of dollars for less than an hour writing while investors who are as needed have no rights? And my main point is that YOU think you are the one who can decide, we have a full decentralized consensus system that makes decisions like that.
Loser, go upvote all my own posts now.
I am aware of how Steemit and decentralized systems work. The reward pool is supposed to be used to reward others for their work, and people who make a lot of money off posts don't just spend an hour on their work. They have to research, many of them say they type drafts, and then they post up the end product which they deserve to get paid for more than you do for your comment that took 3 minutes to write. You think you deserve almost $1 for that? You complain about people needing upvotes but yet you use all of yours on yourself.
"And my main point is that YOU think you are the one who can decide, we have a full decentralized consensus system that makes decisions like that."
I AM the one that can decide because I am an investor. I have the right to flag people when they are being rewarded more than they deserve for posts, click the flag that's an option right there. The full decentralized consensus comes from people like me and you voting on content, so I think you are the one who doesn't understand. If you want to give yourself an upvote to move your comment to the top, do a small % vote. Give yourself 100% on any actual posts you make. But spreading your opinion around in the comment sections and thinking you deserve to be rewarded for it is wrong, others should be rewarding you if they think what you say is valuable. That is how we build a decentralized consensus.
I have linked there peer reviewed scientific papers backing my logic. You can't argue against that by words, you need to provide sufficient scientific counter-evidence if you want to be taken seriously.
Even if you say that LN is good, which I don't necessarily hate, but I hate the idea that it's forced on us.
Bitcoin Cash can also implement LN if they want to, and probably will in the future, mostly to help out faucets and micro-businesses, that have a lot of automated transactions.
The difference is that BCH doesn't
forceyou to use LN though high fees. In BCH every transaction can have it's place in the blockchain, and only use LN for automated transactions with many input/output.So this is the correct way of scaling, you give people access to the decentralized blockchain, but also add these "plugins" for special users.
Bitcoin Core wants to force you to use their tech, and essentially create a permission based Bitcoin.
I have no fundamental problem with 3rd party solutions, it's just that they should not be forced on us, if there is somebody that wants to use them, it's fine.
good post, talking about bitcoin is not exhausted, hopefully the digital currency continues to grow, and steemit continues to make a lot of money for us ...
regards to know me @profitgenerator
I love BCH.
Unfortunately, there is a huge war between the two and it is not healthy for both of them. BCH will take time to reach the BTC level and it will happen only when people will start to actually use their BTC instead of keeping them in the wallet as a store of value.
On top of that, Roger Ver is not the most loved person in the market and therefore a lot of people that don't trust him are not buying BCH.
I haven't swapped all my BTC for BCH but definitely the majority of it, the only reason i haven't changed all it is the uncertainty of the market at the moment. This war doesn't help both of them (I.E. the rise of XRP as an example).
BCH is very near the market cap of BTC, and if the economic interests side with BCH, it will even surpass it.
People can't use BTC as a payment system since the fees make it unfeasible, I barely made any purcheses in BTC since 2016, mostly due to fees, but also because of the speculative element.
Once BCH rises to say 1 trillion, it can hardly go higher than that, so people will start spending rather than just holding, combine that with cheap fees, and you have a global permissionless de facto currency.
There is nothing wrong with Roger, he is a great guy, has a sound morality, and embraces free speech on his platform (bitcoin.com and the forum).
The other side is authoritarian, anti-free speech, and constantly making false claims, I don't know what is to love about them.
I'd not keep all my weath in 1 coin at all, but the portion allocated to BTC, which was a majority due to it's security & stability, has been swapped to BCH, due to this.
I totally agree, but it looks like we are just me and you :P
Unfortunately though the market cap is not really near BTC. It's 8 times lower at the moment, until BCH will reach at least 0.5 BTC nobody would really trust the coin.
I only see there a massive potential to make money, the value is easily at par, but the price isn't. Sounds like a massive value arbitrage to me, massive profit opportunity.
I get that Bitcoin cash works better for now, but the entry to barrier is so small that other forks or Bitcoin core if they truly hop on this wagon would be fairly simple in my opinion. However, we shall see!
That is true, but exchanges are now integrating BCH, people can now buy BCH with their credit cards.
Most people when they get into BTC, they don't buy 50,000$ worth,but maybe 50$ or 100$ just to try it out.
If the TX fee is 50$, then literally most money is sitting on exchanges, very vulnerable to theft and has no way of participating in the economy. They can't mvoe their money out.
Low fees are imperative for a smooth economy, this means as soon as more exchanges integrate a FIAT<>BCH bridge, as soon will people use BCH for commerce.
Adding more blocks does nothing for the long term except make mining super expensive. And its currently pretty centralized. Also Bch is fast currently because no one is using it.
Decentralized planning doesnt happen as quickly. Give btc time. I have 0 issue with altcoins until btc gets everything worked out. Hodl on
Mining is centralized because of the consensus algorithm, most cryptocurrencies have an issue with this, nothing specific to Bitcoin.
There are mitigations for this, like POS, or other structures, but this we shall see in the future.
My only other thing is that, what can bch do that ltc or dash or even zcash cant? And why would people choose bch over thise as an alternate to btc?
Dash has masternode centralization risk. Zcash isn't trustless. LTC carries the same stuff as BTC.
BCH is different, read my latest article: