Crypto is back and so am I. If you didn’t buy the dip you still can.
Bitcoin Cash has run 110%+ recently and is gearing up for a May 15th hardfork to enable new functionality in the form of opcodes. In layman’s terms, opcodes enable BCH to do anything any alt coin can do now. It’s Boolean logic. IF….THEN type logic. This means your favorite alt coin just got obsoleted.
“Bitcoin is Turing complete. This means Bitcoin can perform any function related to a payment you can do with a high level programming language.” -Satoshi’s Vision Conference, Tokyo 2018
PROGRAMMABLE MONEY. Plus more. And not that ETH crypto kitties BS. We’re talking about contracts built on a network that can scale.
Also, there is a lot talk about privacy on the BCH chain. Oblivious transfers and threshold signatures. This tech can make BCH private, anonymous and easier to protect. Transfer anonymously, recreate private keys, change every address with every block. This makes BCH anonymous and safe. Public blockchain transactions are optional.
So, can BCH eat every alt coin for lunch? Is privacy and anonymity months away? What would that do for it’s utility and value? Watch this talk from 2017. Google everything you don’t understand. This is THE roadmap laid out for the world to see. (be warned, Craig Wright’s delivery is direct. Listen to the message and set aside your thoughts on the delivery):
What’s the risk? Well, the hard fork could fail. Craig Wright could be full of shit. The hype may be just hype. Shooting straight, there will probably be a mix of all of the above. And it won’t matter.
While BCH has done all of the above BTC has bet the farm on Lightning Network to scale Bitcoin. Being as objective as possible all I can say is LOL. Lightning Network has so many risks it’s more of a new set of difficult problems rather than a scaling solution. The Bitcoin Civil War is not worth rehashing here but all I’ll say is the coin that is poised to capitalize on BTC’s failure to scale is BCH.
I think we’re on the verge of grand larceny for BCH holders. We are going to rob alt coin holders then kick them down an open manhole. I find no other alternative acceptable than to be 100% at risk. All chips on the table, poised for greatness or heartache.
With the exception of a 10% holding of EOS I am all in on BCH. I sold my Monero in the past 48 hours (I have a bull market target on XMR of $600 yet it did not live up to my personal risk/reward ratio).
Also, Kanye is back on Twitter. Follow him immediately.
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Where were you when cryptos were crashing the last few mothns? Doesn’t matter, I guess…
Anyway, I’ve found it hard to find any technical details on BCH, because there is so much fanboy stuff saying it is perfect. However, it seems to me (please correct me if I’m wrong) but BCH has some of the same fundamental falws as BTC.
1) Decentralized foundation, but centralized control in reality: Due the the computing powere needed to verify transacation, a few powereful mining groups control BCH. Many of these are Chinese companies, most likely under the influence (if not control) of the Chinese Communist Party.
2) Maximum limit on number of coins
3) Transaction verification speed is 8 times faster than BTC, I assume because of the 8x block size. However, the nature of BTC still means that transactions get *less* efficient to process as the network grows in size. So speed will continue to slow down going forward.
4) Resource (energy) ineffciient, due to #3
Sure, let’s take a look:
1) Bitcoin is designed to be competitive. It’s capitalistic. It’s a blend of economics, game theory and math. Any BS about BCH is centralized is applicable to BTC as well. Some Chinese miners lean towards BCH more but it’s still balanced by resources. Resources win. And once you have a measurable investment there’s no incentive to tank Bitcoin. Even if a govt attacks Bitcoin it would have a difficult time winning the race to corrupt the network. The design is genius.
2) 21M max limit divisible to 8 decimal places. It could be further divisible with a hard fork. In future $1 may look like .00000100 Bitcoins. (100 Satoshis). Bitcoin was designed to have as many units as there were in the M3 (or maybe it was M1) money supply at the time.
3) Verification speed isn’t quite right. BCH blocks are 8MB and will be 32MB on May 15th with another planned upgrade end of year. They have tested 1GB blocks. BCH is pursuing scaling on chain which keeps value and security inside Bitcoin. BCH should continue to scale under it’s current plan. BTC is risking it all on Lightning.
4) Resources are part of the protection / security model. Yes, it takes resources to run the network. Investment = security. However, the resources it takes to run the network pale in comparison to the benefit to society of uncensorable programmable hard money.
1) So in response to, “BCH has some of the same fundamental flaws as BTC,” you wrote, “Any BS about BCH is centralized is applicable to BTC as well.” I agree with you: neither BTC nor BCH is truly decentralized.
2) You answer shows that you didn’t understand the problem. Bitcoin miners are rewarded for validating transactions by getting paid in newly created coins. If you run out of coins, then you run out of incentives to validate transactions, and the system grinds to a halt.
3) & 4) Of course security takes resources, but that isn’t a justification. My main point is that not that it costs resoureces, but that the cost is actually increasing.
5) Also, due to the increasing cost, BCH has an iherently unstable value (one that is constantly icnreasing). That makes it a poor choice as a unit of currency, becuase it incentivizes peope lto save it instead of spending it. It’s the same effect as hyper-deflation
BTW, I stopped posting for a while because I was tired of hearing noobs like yourself comment on my posts with the type of research you would expect from a diaper wearing chimp.
Welcome back. I have always looked forward to your contributions here. Hope to see more. Its been a rough few months.
PS I’m think BTC and BCH are great innovations, but they I beleive that they are AltaVista and I’m looking for the next Google
I do not believe any one crytpo will ever control more than 50% ever again. They are all tradeable and swappable with each other that is one ofnthe best things about it.. I just do not think one crytpo will rule them all.
I bought $MGTI at the bottom of this last cycle. Thanks for your good advice! I don’t have any BTC, but I will get some soon. I didn’t know about the larger block size.
Glad you are back. Total newb holding btc bch Ltc and ETH, appreciate your insight