Forking Exchanges! Bitcoin VS Bitcoin Cash. My story from the Trenches

in beyondbitcoin •  2 years ago 

YouTube - Forking panel


Forking Panel - What's going on with Bitcoin??
DG717 in SF

Eric Martindale
https://fabric.fm/
Elizabeth Stark
http://lightning.community/
https://github.com/lightningnetwork/
https://coincenter.org/our-work
Laolu "roasbeef" Osuntokun
http://lightning.community/
https://github.com/lightningnetwork/
https://github.com/btcsuite/btcd
Christopher "JJ" Jeffrey
https://purse.io/
http://bcoin.io/

Mathematical proof that Lightning can be centralized:
https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800

Both chains can be somewhat centralized because:

Bitcoin: the Core team is dead set on their path. All the agencies previously listed are behind them. Lightning network can eventually be centralized due to the mathematics of it.

Also at the forking panel. I spoke to Elizabeth Stark and her view is that some amount of centralization (of pools of liquidity) are needed in order to scale and process these mass numbers of transactions.

Bitcoin Cash: This is essentially 25% of the Bitcoin hashpower breaking off and doing their own thing because they are frustrated and tired of dealing with BTC and core. These are the Chinese miners, they have a form of software (it remains to be seen how good it is). They also have a massive amount of funding behind them, which pretty much guarantees they will at least get off the ground, and could be a lasting solution. This one will be a trial by fire, but may not actually be as centralized as people think, since anyone can have a compatible node and run it.

In the end the market will decide. I am pretty sure that both coins will survive, at least for a little while. The market will decide which is better/faster. Probably, if BCC really makes money move and works well it will take off like a shot simply because people are waiting for the solution to THE PAYMENT PROBLEM and China has a massive population, so big that it has been the driving force behind all of the recent (2017) large market moves in Bitcoin price.

Only time will tell.

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good video. thanks

hey, its cryptoman from pillar. good video! keep going!