RE: Bitcoin Cash - Everything is in Reverse!?
Who is John Galt? Cough Cough. doesn't really matter.
BCH the real bitcoin?
They both share the same original blockchain...
One maintained the bitcoin name and logo since inception, one was created and announced suddenly during a segwit consensus... bitcoin cash is not the same as bitcoin.
That's like a saying a child is the same as their parent. Some things improve, some do not.
That being said, bitcoin cash is a legitimate altcoin with a high demand at the moment.
However:
The unknown entity has been mining close to 95% of all network blocks for quite some time now.
If this post from the Merkle is true (not the only source), then there is a big problem. Which leads me to suspect the reason for the short notice of the BCH release, among other things.
The article goes on to say:
Whoever is mining these blocks on their own could easily perform a 51% attack against the Bitcoin Cash network at any given time.
In summary, those are interesting nuggets, @worldclassplayer. Bitcoin still has problems, which it has survived in the past through mining consensus and will continue to do. Just my two cents.
Great Book.
The unknown person(s) indeed have a strong position and vested interest in Bitcoin Cash. For Better or for Worse, time will tell. My guess is for the Better.
There's a lot of people who are pissed off with the way bitcoin has stalled over the years.
https://steemit.com/bitcoin/@adambalm/the-truth-about-who-is-behind-blockstream-and-segwit-as-the-saying-goes-follow-the-money
Being Anonymous about the mining...definitely an interesting strategy.
Segwit and bitcoin core (blockstream) is bad for the whole cryptosphere. People are starting to realize the ridiculousness that's been happening for a long while now....years...
My guess is more Big mining interests switch to bitcoin cash.
Thanks for your comment.
Just checked out the post by @adambalm. Very interesting, I'm glad you shared it. Definitely all about scaling and not letting big fiat control blockchain.
Exposes a number of Bitcoin core Developers (Blockstream) here with there direct comments and views - it's bad...
Revealing to say the least...
Awesome. 100%.
I encourage you to post/talk about it.
Bitcoin started as a grass roots movement...then got infilitrated...massive stalling....and the propaganda machine kicked in
All the alt coins have mostly risen out of inefficiency with bitcoin...and the kicker is, if there wasn't so much stalling...infiltration/propaganda/censorship - the development and progression today would be a lot more wow.
it's always a learning process though. Brings up much self-reflection into my own life and my own inefficiencies in processing points...learning lessons effectively. lol.
I respect the argument for larger block sizes and lower fees. However, all Roger Ver argues in this video is that the market share of bitcoin dropped once we hit the full 1 MB blocksize back in march. For each quote.
This could have easily been a 5 minute video.
Since there are valid arguments on both side of the spectrum and the goal is to adopt a decentralized currency worldwide, the focus shouldn't be which is a better bitcoin now.
We should focus on real solutions and have some patience.
For example, we could implement an incremental block size increase over time or under high transaction volumes, then when it stabilizes drop the block size again.
Part of the problem with his charts is the influx of users to the bitcoin network. Of course bitcoin core wants higher fees, they're a business. Same reason bitcoin cash popped up out of nowhere with a massive farm and ridiculously large block size increase.
Thank you for sharing this video. He presented his case emphatically. The case for bitcoin cash has too many red flags for me to get on board that ship, however.
RE: I should post about it.
Thanks for the encouragement. I intend to once I can present an unbiased proposition clearly outlining a plausible solution. That is generally what the BIPs are for.
awesomeness all round. And ya totally - roger's vid could have been like 5 min! lol.
Some reflection I've had in the last day with regards to segwit and blockstream...and off chain settlement and side chains is that it very much creates a "fees market" which from my perspective at the moment parallels into central banking. I've started learning more about BIS - Bank of International Settlements.
It's my opinion at the moment that Bitcoin will likely grow at an ever increasing rate because of the backing and connections into central banking and international finance. Ethereum too for that matter. It seems there's been a lot of behind the scenes planning happening. Will continue to report my reflections as I go.
I definitely enjoy these kinds of exchanges...communications back and forth here as it supports research and education.
Cheers @tunnelrat
I agree with your level of skepticism and research. It's the only way to get to the bottom of it and be able to make informed decisions.
Hopefully, we get enough talent and enough money doing just that; which I believe will happen. Some compromise is inevitable, immediate compromise is not necessary.
This has been a good conversation @worldclassplayer. Looking forward to seeing more developments.