I wouldn't bother arguing with folks on this fren. Crypto currency supporters really are highly intelligent. They know that our fiat money is worthless and they think that they've found a way to beat the system without realizing that it's just a ponzi scheme. As long as there's someone to sell their crypto to before it goes bust, they'll make a profit and that's all they really want. However, the institutional buyers will sell before regular people even know what's going on and then there will be no one to sell their crypto to. Most people will lose it all. I'm betting on sliver. I probably won't make much of a profit when I do sell, but I won't lose a penny of value and I may actually make a dollar or two.
This isn't quite right. Bitcoin started out very much as a cash system, not a ponzi. People were exchanging Bitcoin for pizza, alpaca socks, Steam purchases, Newegg, and various other places, both physical and on the internet.
It wasn't until later, around 2015 or so when Bitcoin went from ~$300 to ~$1,000 (maybe due to maleficence) that this digital gold narrative came about and didn't fully develop fully until the 2017 bull run when people all over began hearing about Bitcoin around the Thanksgiving dinner table.
In 2011 Gavin Andresen went to the CIA to talk about Bitcoin. He held the keys to the git repo for Bitcoin after Satoshi handed them to him after visiting the CIA. He held the keys until they were revoked around 2016 (I want to say) due to supporting Craig Wright as Satoshi Nakamoto (He was wrong but he later admitted to being fooled).
It was when Gavin Andresen lost commit access to Bitcoin Core (the lead bitcoin node software) that Blockstream, a company started by Adam Back (and funded by such greats as MIT DCI, AXA SV, and other DS interests) in 2014 began the takeover of Bitcoin as we know it.
Adam Back, while credited in the whitepaper as a source (for his Hashcash PoW system) was not really involved in Bitcoin until the creation of Blockstream. It was then that he along with others such as Gregory Maxwell (a shitposting Wikipedia editor turned Bitcoin Core developer) began to direct the masses to the idea that Bitcoin can never hard-fork and that layer-2 creations (such as the Lightning Network (funnily enough in the LN whitepaper they stated that the base layer would need ~133mb for world scaling adoption) would be where transaction traffic would be diverted to and so Blockstream along with Lightning Labs began developing the layer-2 solutions (creating the problem and selling the solution).
During 2015 and all the way leading up to the middle of 2017 Bitcoin became more and more expensive to transact on. It was no longer fast and cheap. If you wanted to be included in the next block you had to pay up. Prior to the start of 2017 a Bitcoin tx would cost around $0.05 or so, but in January of 2017 fees jumped up to $0.30 - $0.40. The blocks were getting full and concerns addressing scaling (while they were brought up much earlier, they became very real and needed to be addressed) began to become more commonplace. In December of 2017 at the height of the run, fees went as high as $40+ to place a single transaction (and they only spike upwards as Bitcoin reaches higher).
The topic was brought up and through PsyOps and deceptive campaigns, Blockstream was able to keep the Blocksize at 1mb (The 1mb cap was implemented by Satoshi to prevent spam attacks and never intended it to stay at that limit) (adding the SegWit soft-fork that separated witness data into it's own 3mb block, effectively giving Bitcoin a ~1.7mb of data per block with a throughput of about 7tps). It was then, after numerous attempts by the "big-blockers" to get Bitcoin to scale the way Satoshi had intended, began to create forks of Bitcoin such as Bitcoin XT offering larger blocksizes and hopes of a scaling Bitcoin. Bitcoin XT (forked in 2015) failed but in August of 2017 Bitcoin Cash (BCH) was forked from Bitcoin.
Bitcoin Cash shares the same genesis block as Bitcoin but it's goal is to develop Bitcoin the way Satoshi intended, a peer-to-peer electronic cash system. It has had it's setbacks with Craig "I am Satoshi" Wright weaseling his way into the community and Amaury "The Benevolent Dictator" Sechet forking off and creating eCash after his attempts to steer Bitcoin in the direction he desired failed.
Bitcoin Cash is attempting to take power back from the bankers and Scum That Be (STB) that want to turn Bitcoin into a gold 2.0 where they have control (settlement layer) (think staying on the gold standard but we're given IOU slips, usury madness and the like) and ensuring that Bitcoin stays a peer-to-peer money that scales for the world.
Bitcoin Cash is nailing the scaling debate once-and-for-all with it's Adjusted Blocksize Limit Algorithm (ABLA) coming out in May, is developing it's recently launched Cash Tokens ecosystem (after messing with SLP, a protocol similar to Bitcoin Ordinals but BCH found it to be a poor implementation) that competes with ETHs (sky-high fees there too) token systems.
Most of the crypto space is full of coins that don't really do anything, are expensive to transact on, are centralized (which could be useful in the tokenization of businesses and products to perform like decentralized stocks), or are just blatant pump-and-dump ponzis (I believe that the STB steered the crypto-space into such a numbers go up mentality but that is not how Bitcoin started and it is not where BCH will lead) but Bitcoin Cash, Monero, and MAYBE a few more are the only coins that address the need for peer-to-peer electronic cash.
If anyone wants to know more, feel free to reply or DM me if you made it this far and I'll answer what I can.
Wow, as I said, you crypto fans are really intelligent. Lot's of great info here, but it doesn't change anything. The financial heavyweights will control crypto. These heavyweights are the banking cartels. They are actively lobbying our legislators to implement financial instruments that they don't understand that will ultimately be used to control crypto. They can't let you operate outside of their system for long.
They will know when the time is right and then they'll dump it and drive the price down to nothing. By the time you and I hear about it, it will be worth pennies on the dollar of what we paid for it, unless we got in really early. Most of us didn't. The only way to beat them is to hold physical assets that they can't touch and will always have value. If you're one of those that got in early, you could probably sell and buy a nice chunk of land or something else with real value. I hope all of the best for you and I hope that I'm wrong and you come out on top. It just seems financially risky to me, but that may just be because I'm old and I don't have anything that I can afford to lose.
There was also tons of work put into bitcoin to make it slow and it was very intentional. Anyone wanting faster transactions in bitcoin was banned on Reddit bitcoin for a while. This was why bitcoin cash was made but it was kind of a flop initially and I lost interest
Security researcher and developer Antoine Riard is stepping down from the Lightning Network’s development team, citing security issues and fundamental challenges to the Bitcoin ecosystem.
According to a thread on the Linux Foundation’s public mailing list, Riard believes the Bitcoin community faces a “hard dilemma” as a new class of replacement cycling attacks puts Lightning in a “perilous position.“
bitcoin white paper was called "digital gold" it was never meant to replace fiat
The white paper title is "Bitcoin: A Peer-to-Peer Electronic Cash System".
It was never refered to as "digital gold" until the CIA started pushing that narrative to convince people not to ever spend it.
I wouldn't bother arguing with folks on this fren. Crypto currency supporters really are highly intelligent. They know that our fiat money is worthless and they think that they've found a way to beat the system without realizing that it's just a ponzi scheme. As long as there's someone to sell their crypto to before it goes bust, they'll make a profit and that's all they really want. However, the institutional buyers will sell before regular people even know what's going on and then there will be no one to sell their crypto to. Most people will lose it all. I'm betting on sliver. I probably won't make much of a profit when I do sell, but I won't lose a penny of value and I may actually make a dollar or two.
This isn't quite right. Bitcoin started out very much as a cash system, not a ponzi. People were exchanging Bitcoin for pizza, alpaca socks, Steam purchases, Newegg, and various other places, both physical and on the internet.
It wasn't until later, around 2015 or so when Bitcoin went from ~$300 to ~$1,000 (maybe due to maleficence) that this digital gold narrative came about and didn't fully develop fully until the 2017 bull run when people all over began hearing about Bitcoin around the Thanksgiving dinner table.
In 2011 Gavin Andresen went to the CIA to talk about Bitcoin. He held the keys to the git repo for Bitcoin after Satoshi handed them to him after visiting the CIA. He held the keys until they were revoked around 2016 (I want to say) due to supporting Craig Wright as Satoshi Nakamoto (He was wrong but he later admitted to being fooled).
It was when Gavin Andresen lost commit access to Bitcoin Core (the lead bitcoin node software) that Blockstream, a company started by Adam Back (and funded by such greats as MIT DCI, AXA SV, and other DS interests) in 2014 began the takeover of Bitcoin as we know it.
Adam Back, while credited in the whitepaper as a source (for his Hashcash PoW system) was not really involved in Bitcoin until the creation of Blockstream. It was then that he along with others such as Gregory Maxwell (a shitposting Wikipedia editor turned Bitcoin Core developer) began to direct the masses to the idea that Bitcoin can never hard-fork and that layer-2 creations (such as the Lightning Network (funnily enough in the LN whitepaper they stated that the base layer would need ~133mb for world scaling adoption) would be where transaction traffic would be diverted to and so Blockstream along with Lightning Labs began developing the layer-2 solutions (creating the problem and selling the solution).
During 2015 and all the way leading up to the middle of 2017 Bitcoin became more and more expensive to transact on. It was no longer fast and cheap. If you wanted to be included in the next block you had to pay up. Prior to the start of 2017 a Bitcoin tx would cost around $0.05 or so, but in January of 2017 fees jumped up to $0.30 - $0.40. The blocks were getting full and concerns addressing scaling (while they were brought up much earlier, they became very real and needed to be addressed) began to become more commonplace. In December of 2017 at the height of the run, fees went as high as $40+ to place a single transaction (and they only spike upwards as Bitcoin reaches higher).
The topic was brought up and through PsyOps and deceptive campaigns, Blockstream was able to keep the Blocksize at 1mb (The 1mb cap was implemented by Satoshi to prevent spam attacks and never intended it to stay at that limit) (adding the SegWit soft-fork that separated witness data into it's own 3mb block, effectively giving Bitcoin a ~1.7mb of data per block with a throughput of about 7tps). It was then, after numerous attempts by the "big-blockers" to get Bitcoin to scale the way Satoshi had intended, began to create forks of Bitcoin such as Bitcoin XT offering larger blocksizes and hopes of a scaling Bitcoin. Bitcoin XT (forked in 2015) failed but in August of 2017 Bitcoin Cash (BCH) was forked from Bitcoin.
Bitcoin Cash shares the same genesis block as Bitcoin but it's goal is to develop Bitcoin the way Satoshi intended, a peer-to-peer electronic cash system. It has had it's setbacks with Craig "I am Satoshi" Wright weaseling his way into the community and Amaury "The Benevolent Dictator" Sechet forking off and creating eCash after his attempts to steer Bitcoin in the direction he desired failed.
Bitcoin Cash is attempting to take power back from the bankers and Scum That Be (STB) that want to turn Bitcoin into a gold 2.0 where they have control (settlement layer) (think staying on the gold standard but we're given IOU slips, usury madness and the like) and ensuring that Bitcoin stays a peer-to-peer money that scales for the world.
Bitcoin Cash is nailing the scaling debate once-and-for-all with it's Adjusted Blocksize Limit Algorithm (ABLA) coming out in May, is developing it's recently launched Cash Tokens ecosystem (after messing with SLP, a protocol similar to Bitcoin Ordinals but BCH found it to be a poor implementation) that competes with ETHs (sky-high fees there too) token systems.
Most of the crypto space is full of coins that don't really do anything, are expensive to transact on, are centralized (which could be useful in the tokenization of businesses and products to perform like decentralized stocks), or are just blatant pump-and-dump ponzis (I believe that the STB steered the crypto-space into such a numbers go up mentality but that is not how Bitcoin started and it is not where BCH will lead) but Bitcoin Cash, Monero, and MAYBE a few more are the only coins that address the need for peer-to-peer electronic cash.
If anyone wants to know more, feel free to reply or DM me if you made it this far and I'll answer what I can.
Wow, as I said, you crypto fans are really intelligent. Lot's of great info here, but it doesn't change anything. The financial heavyweights will control crypto. These heavyweights are the banking cartels. They are actively lobbying our legislators to implement financial instruments that they don't understand that will ultimately be used to control crypto. They can't let you operate outside of their system for long.
They will know when the time is right and then they'll dump it and drive the price down to nothing. By the time you and I hear about it, it will be worth pennies on the dollar of what we paid for it, unless we got in really early. Most of us didn't. The only way to beat them is to hold physical assets that they can't touch and will always have value. If you're one of those that got in early, you could probably sell and buy a nice chunk of land or something else with real value. I hope all of the best for you and I hope that I'm wrong and you come out on top. It just seems financially risky to me, but that may just be because I'm old and I don't have anything that I can afford to lose.
There was also tons of work put into bitcoin to make it slow and it was very intentional. Anyone wanting faster transactions in bitcoin was banned on Reddit bitcoin for a while. This was why bitcoin cash was made but it was kind of a flop initially and I lost interest
r/bitcoin is still like that.
r/btc is the uncensored bitcoin subreddit.
We already have instant transactions using Bitcoin itself on the Lightning Network. It works by creating multisignature channels between peers.
(Oct-2023) Bitcoin core developer steps back from Lightning Network over ‘hard dilemma’ https://cointelegraph.com/news/bitcoin-core-developer-antoine-riard-steps-back-lightning-network-dilemma
Bitcoin Core Dev exposes Lightning Network flaw, departs project - "All your mempool are belong to us" https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2023-October/022032.html
How does a lightning replacement cycling attack work? https://x.com/mononautical/status/1715736832950825224
Github - List of Lightning Network technical issues, bugs, flaws, and exploits. https://github.com/davidshares/Lightning-Network