What Is Bitcoin United and Should You Trust It? - Asks The Merkle
Jdebunt writes for The Merkle and does not like or trust Bitcoin United. See what he wrote below. Feel free to comment at the source and let author know what you think.
JP Buntinx July 23, 2017
In the digital world, it can be difficult to distinguish between what is real and what is fake. A new post on the Huffington Post talks about Bitcoin United being a solution to end all forks. This post makes some very bold claims regarding faster transactions and improved scalability. To most readers, this post is nothing more than a scam or a fake project. However, it is still worth looking into some of its audacious claims.
BITCOIN UNITED MAKES SOME INTERESTING CLAIMS
Judging by the Huffington Post article, Bitcoin United is either a joke or a major scamcoin. Regardless of which argument applies, the “project” feels it has the potential to end the scaling and forking debate. The post claims how Bitcoin United, known as BTC-U, will provide three-second confirmations and a scalable level of up to 10,000 transactions per second.
Most Bitcoin users would not mind seeing such a degree of confirmation times and number of transactions on the mainnet in the future. However, it seems ludicrous to make such claims as if it were possible to achieve them right now. The Bitcoin United “team” asserts that is certainly the case, and claims this project will be a gift to the overall cryptocurrency community. Unwanted gifts are rarely appreciated by Bitcoin users, and this bogus project will fall into that same category.
The article also talks about BitShares developers joining “other alt-Bitcoin developers” to create Bitcoin United. This seemingly indicates that BTC-U is another project by Dan Larimer, a person who is known for his involvement in BitShares and theories on horizontal scaling for Bitcoin and other cryptocurrencies. Since this technology is still unproven and untested, making claims of how Bitcoin United will be “better” seems premature.
Bitcoin United would provide the solution for which the entire community has been waiting, if it works. The team notes this concept is “so much better compared to what we have been offered by insiders.” Bitcoin United claims that it can fix all issues affecting Bitcoin at the same time, despite no one knowing who is behind this project, where the code can be found, or where one can even download a client for BTC-U.
Apparently, Bitcoin United will get a “free upgrade to EOS technology.” EOS is yet another project by Dan Larimer, and is mainly focused on providing cryptocurrency scaling solutions. That technology is still unproven as well, as there is not one single line of code accessible to the public to illustrate how these “ideas” will even work out. It is doubtful that anyone will take BTC-U seriously at this point.
Bitcoin United will also make use of DPOS technology to get rid of the mining algorithm altogether. This will subsequently end inflation, creating another version of Bitcoin with a hard supply cap. Bitcoin United will, of course, be hosted on the BitShares blockchain. This project is all about Dan Larimer expanding his “reach” in the cryptocurrency world. It is doubtful that this project will gain any traction, assuming it is even real in the first place.
Actually Dan Larimer has nothing to do with it. It's his nefarious dad.
Bitcoin Unchained - The Platform Independence Movement
Oh, and the upgrade can happen this summer if some other fork makes the first move. BTC-U will run on BitShares which has been running at 3 second block times and thousands of transactions per second since 2015. It currently holds a record for most transactions processed in a day that is bigger than old bitcoin and new ethereum combined.
It would take less than an hour to have BTC-U trading in real time globally against all the other assets on the BitShares industrial grade decentralized exchange and smartcoin factory.
I've got an itchy trigger finger. Please - just let some other Bitcoin faction make the first move for their gun.
BTC= horse and carriage
BTC-U= Bugatti
choosing anothet BTC over BTC-U does not make sense when judging by speed, friction and overall benefits..
Scams take from people; BTC-U gives the entire a world the Bitcoin they want and asks nothing in return. Jokes parody reality; Bitshares is real, has the best track record in crypto and is very capable of running Bitcoin with 3s tx and 10,000 + tx/s.
BTC-U is neither scam nor joke - it is the real deal and 99% of people using BTC would be 100% happy using BTC-U.
nice post tnx for sharing ^^
@stan - when will BTC-U be on the DEX? Aug 1st?
If it has anything to do with bitshares or EOS then Dan is in on it. Stan(his nefarious Lockheed Martin father) seems to be trigger happy about something that makes no sense at all, specifically using the Bitcoin brand to create another token on bitshares.
yes trigger happy to inform everyone how much there side of the crypto space has developed and what possibilities come with a BTC-U. Only a idiot would want to choose another BTC over BTC-U. its like choosing the fat kid with diabetes at recess for flag football.
Judge these tokens correctly.