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:
- https://www.reddit.com/r/btc/comments/7gsom2/1_gb_block_tests_scaling_bitcoin_stanford_peter
- https://www.reddit.com/r/btc/comments/7l9468/you_can_now_store_a_years_worth_of_continuously/
- https://www.reddit.com/r/btc/comments/7qmbqz/peerreviewed_bitcoin_study_finds_no_sound/
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!
