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There is a fundamental feature the Bitcoin Cash side fiercely promotes: Scalability. To address growing transaction demand and compete with established payment networks like Visa and Mastercard, Bitcoin Cash increased the block size limit, in alignment with technological The approach of Bitcoin Cash starkly contrasts with the Core developers’ decision to sustain the block size limit of the BTC network unchanged at 1 megabyte, leading to much higher fees and slower transaction times. Yet, even before the decision to sustain a low block size limit, Bitcoin was already entering the path of obscurity. RBF, or replace-by-fee, was detrimental to stalling progress in the adoption race. A technology that allowed participants to replace their transaction within a limited time and before the next block was mined by placing a higher fee. This way a message propagates on the network that the previous transaction had been replaced and miners would only include While RBF seemed revolutionary at the time, the intentions behind it were proven to be even darker than what the Bitcoin community had imagined. Transaction fees used to be low, at a high cost of around 10 cents, and thousands of merchants, businesses, and websites were accepting Bitcoin without having to wait for any confirmation. Maybe the newcomers have no idea that Bitcoin worked exactly as Cash should, but indeed Bitcoin was instant, and transaction fees were insignificant in the past. RBF-related scams and apps exploiting 0 conf acceptance quickly emerged and merchants were not able to accept Bitcoin with no confirmations again. RBF made instant transactions obsolete and every supposed expert in Bitcoin started claiming how users were always required to wait for confirmations. Each confirmation stands for 10 minutes, which is the average time a new block requires to be mined on the Bitcoin network. The need for one confirmation became quickly six within just a year after RBF, meaning that for a merchant to be sure they would not get scammed and lose their money they’d had to wait for 60 minutes after the payment was sent. Thus, there was no way for Bitcoin to succeed in commerce again. Instead of following the reasonable approach to scale Bitcoin as transactions were increasing and follow the latest technological advancement, the leading development team decided instead to push a technology that would only increase fees even more. Certainly, fees would have increased without RBF as well, and RBF was giving the fair option to pay something extra to skip waiting in line. However, it also rendered 0-conf transactions on the Bitcoin network obsolete by creating the double-spend threat. When I joined Bitcoin in 2017, everyone was claiming that I should never accept 0-conf and just to be sure 6 confirmations were necessary. I asked everyone how exactly was this going to be the future of money but nobody had given it any thought. Five months later, Bitcoin Cash emerged and things started becoming a bit more clear, although the sheer amount of disinformation spread by Blockstream increased the time requirements for a newcomer to clear out the valid information from the lies and propaganda. Thus, it took me another two years to realize that the Lightning Network was just another deception and it was never going to work. It was decided that Bitcoin should have nothing to do with payments and some maximalists had been sincere about that. Since 2017, BTC has been advertised as a store of value, and the new target was finance and ETFs. There was no more revolution, no more disruption, just a new asset to be sold to wealthy individuals and institutions as some kind of exposure in high volatility. And it had to be “Just Bitcoin” as even that narrative would instantly fail. Everything else had to be a shitcoin and maximalists made sure to send that message out. Adding to the controversy it was revealed that the creator of RBF, Peter Todd, was funded by an anonymous individual known as John Dillon. Dillon’s practices and intentions were later exposed on Bitcointalk after Todd’s email was hacked, revealing attempts to shift Bitcoin away from its original vision as peer-to-peer electronic cash. For a relatively small sum of money, Todd complied with Dillon’s demands, further fueling concerns about the integrity of Bitcoin Core’s direction. John Dillon was one of the infiltrators you often hear about, perhaps the most cunning and notorious one. At one point John Dillon made it known to Peter Todd he was a secret agent, something that probably Todd already had suspected, yet, Todd’s actions were solely driven by rewards. He was a bounty hunter, and as one he had a job to finish without any intention of understanding the problems Bitcoin was solving under the original intention of Peer to Peer Cash. With the 2017 split, Bitcoin Cash removed RBF, increased the block size limit and preserved the vision of Bitcoin as a reliable, peer-to-peer payment system. The block size increase aligned with the evolution of technology while maintaining decentralization of node operators. In the last ten years capacity and speed of hardware and internet connections exploded, following Moore’s Law exactly, yet the maximalists somehow proceeded with attempts to undermine even logic. Now, more than a decade after these pivotal events, the results of Bitcoin Core’s decisions are becoming evident. Bitcoin was hijacked and its direction changed to one that was no longer disrupting the legacy financial system. The competition it posed to fiat money was eradicated. The Lightning Network could never work without custodial hubs, and the when the product was supposedly ready, we only discovered centralized, government-regulated wallets like Chivo, Strike, Wallet of Satoshi. The alternative route of second layers that Core was passionately promoting was nothing else but a mirage, a deceptive strategy to sustain support by members of the community who wanted to see Bitcoin succeeding in payments. Bitcoin Cash doesn’t require the Lightning Network because it already scales efficiently on-chain. With lightning-fast transactions and fees consistently lower than a penny, Bitcoin Cash demonstrates that the Lightning Network was redundant to achieve speed and low-cost transactions. Bitcoin Cash itself is proof that blockchain technology can be scalable and efficient without relying on off-chain solutions. Blockstream, during the blocksize debate, opposed Layer 1 scalability upgrades, and still the Lightning Network according to its whitepaper seems to require more than 100 megabyte block size limit to succeed in global scale, This lead to the current situation where the Lightning Network has become a largely custodial solution, making Bitcoin less practical for everyday use. As cryptocurrencies pose a significant threat to traditional banking, these institutions sought to neutralize Bitcoin’s potential by exerting influence over its development. It’s no coincidence that Blockstream is funded by the very banks and payment networks that view Bitcoin as competition. A fact that raises serious concerns about whether Blockstream truly acts in the best interests of the Bitcoin community or is attempting to undermine the project and limit its potential. Blockstream executives aggressively promote Bitcoin maximalism, dismissing all other cryptocurrencies as “shitcoins” — a stance that, while illogical, has effectively rallied a cult-like following around BTC. Moreover, Blockstream’s partnerships with questionable entities like Tether and Bitfinex further cast doubt on their integrity and intentions. These associations should only be raising questions In 2021, the market cap of Bitcoin BTC was established into a trillion dollars based on lies, deception, and fake narratives. This is not Bitcoin with SegWit, RBF, small blocks, and an unreliable network of payments with fees frequently rising to $50 per transaction since 2017. ============================= お気に入りの記事を「いいね!」で応援しよう
Last updated
2024.09.16 04:07:40
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