Years ago, the Bitcoin network became slow and expensive to use. A debate arose over how it should be fixed. One camp was for increasing the block size (allowing more transactions per block on the blockchain). The other camp was for small blocks and using "side chains" to cheaply and quickly process bitcoin transactions. EDIT: off-chain transactions is more accurate than the term sidechain
Coincidentally, a company called Blockstream, funded by Epstein (that's right, funded by Epstein), was developing a system for processing Bitcoin transactions off of the blockchain, using side chains. This system is called the Lightning Network.
Satoshi, the creator of Bitcoin, designed it to have growing block sizes. The more libertarian types in the crypto world (the OG crypto people) were for sticking with Satoshis vision for Bitcoin. But in the end, the noobs fell for the propaganda and Bitcoin was stuck with small blocks, sidechains, and the lightning network.
As a result of the small blockers gaining control of Bitcoin, the big blockers forked the bitcoin blockchain, creating a new bitcoin called Bitcoin Cash. In my opinion, this is what Bitcoin was designed to be, a peer to peer cash system. Cheap, fast transactions.
That's just how I remember it. This happened maybe 6 years ago. Details may be off here or there.
The Lightning Network is not a side chain. It uses Bitcoin scripting itself. It's literally Bitcoin using multisignature channels. Transactions are instant and the fees are pennies or less.
Blockstream did create a side chain, but it's called L-BTC (Liquid). They did not create the Lightning Network.
I'd like to see your proof that Epstein funded Blockstream though.
Thanks for adding nuance. Back then, during the debate, Lightning Network was pretty universally referred to as a sidechain as opposed to a "second layer" or "off chain."
Blockstream was heavily lobbying for small blocks, iirc. It's been years since I read about Epsteins involvement, but I'm sure you'll find it if you want dig.
Bitcoin Cash (aka just the original Bitcoin as it was designed by Satoshi) has transactions that are instant and fees that are pennies or less without needing another layer.
The block size of Bitcoin Cash makes running a node increasingly difficult due to the IBD. Given the same number of blocks, BCH would require approximately 16-32x as much hard drive space, which would also make it incredibly time consuming in areas of low bandwidth, which would de-incentivize node running and therefore, decentralization.
Satoshi discovered a wonderful thing, but he is not the end all, be all regarding Bitcoin. He made many mistakes along the way and with the help of other freedom-minded cypherpunks, was able to solve a lot of problems.
You're telling me that in 2024, the average consumer electronic device can't handle downloading and processing more than 1MB of data every 10 minutes? That is less than a floppy disk and the average YouTube video takes more bandwidth.
And running a node does fuck all for the network if it's not contributing hashrate. The only reason to run a node without mining is if you run a business where verifying transactions is mission critical. The average person does NOT need to run their own node. This is part of the small-blocker narrative that makes absolutely no sense when you think about it.
I believe the Epstein connection was to Joichi Ito who created DCI, which was involved with helping Bitcoin Foundation when they were low on funds.
Not sure he is tied to Litecoin, but that does not mean Lighting Network itself is not yet another controlled operation. Long back when litecoin was all the rage on social media, it seemed like there was a suspicious concerted push. I wont be surprised if some links to the Cabal get exposed at some point.
Litecoin and lightning network are not related. Litecoin is basically a clone of BTC with more supply and faster blocks. LN is a secondary network layer that runs on top of BTC (I think LTC gets used to test out new ideas before implementing them in BTC, so it has its own version of LN).
Years ago, the Bitcoin network became slow and expensive to use. A debate arose over how it should be fixed. One camp was for increasing the block size (allowing more transactions per block on the blockchain). The other camp was for small blocks and using "side chains" to cheaply and quickly process bitcoin transactions. EDIT: off-chain transactions is more accurate than the term sidechain
Coincidentally, a company called Blockstream, funded by Epstein (that's right, funded by Epstein), was developing a system for processing Bitcoin transactions off of the blockchain, using side chains. This system is called the Lightning Network.
Satoshi, the creator of Bitcoin, designed it to have growing block sizes. The more libertarian types in the crypto world (the OG crypto people) were for sticking with Satoshis vision for Bitcoin. But in the end, the noobs fell for the propaganda and Bitcoin was stuck with small blocks, sidechains, and the lightning network.
As a result of the small blockers gaining control of Bitcoin, the big blockers forked the bitcoin blockchain, creating a new bitcoin called Bitcoin Cash. In my opinion, this is what Bitcoin was designed to be, a peer to peer cash system. Cheap, fast transactions.
That's just how I remember it. This happened maybe 6 years ago. Details may be off here or there.
The Lightning Network is not a side chain. It uses Bitcoin scripting itself. It's literally Bitcoin using multisignature channels. Transactions are instant and the fees are pennies or less.
Blockstream did create a side chain, but it's called L-BTC (Liquid). They did not create the Lightning Network.
I'd like to see your proof that Epstein funded Blockstream though.
Thanks for adding nuance. Back then, during the debate, Lightning Network was pretty universally referred to as a sidechain as opposed to a "second layer" or "off chain."
Blockstream was heavily lobbying for small blocks, iirc. It's been years since I read about Epsteins involvement, but I'm sure you'll find it if you want dig.
Bitcoin Cash (aka just the original Bitcoin as it was designed by Satoshi) has transactions that are instant and fees that are pennies or less without needing another layer.
The block size of Bitcoin Cash makes running a node increasingly difficult due to the IBD. Given the same number of blocks, BCH would require approximately 16-32x as much hard drive space, which would also make it incredibly time consuming in areas of low bandwidth, which would de-incentivize node running and therefore, decentralization.
Satoshi discovered a wonderful thing, but he is not the end all, be all regarding Bitcoin. He made many mistakes along the way and with the help of other freedom-minded cypherpunks, was able to solve a lot of problems.
Hard drives have fallen in cost substantially since segwit and will continue to fall into the future. Really not an issue for any serious miner.
You're telling me that in 2024, the average consumer electronic device can't handle downloading and processing more than 1MB of data every 10 minutes? That is less than a floppy disk and the average YouTube video takes more bandwidth.
And running a node does fuck all for the network if it's not contributing hashrate. The only reason to run a node without mining is if you run a business where verifying transactions is mission critical. The average person does NOT need to run their own node. This is part of the small-blocker narrative that makes absolutely no sense when you think about it.
I believe the Epstein connection was to Joichi Ito who created DCI, which was involved with helping Bitcoin Foundation when they were low on funds.
Not sure he is tied to Litecoin, but that does not mean Lighting Network itself is not yet another controlled operation. Long back when litecoin was all the rage on social media, it seemed like there was a suspicious concerted push. I wont be surprised if some links to the Cabal get exposed at some point.
Litecoin and lightning network are not related. Litecoin is basically a clone of BTC with more supply and faster blocks. LN is a secondary network layer that runs on top of BTC (I think LTC gets used to test out new ideas before implementing them in BTC, so it has its own version of LN).