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201  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 04:14:58 PM
I think your the only person here lol

I'm the boss here, because noobs don't have the slightest idea what the fuck they're talking about, I'm here to stay, just like BCH, whether you like it or not. BTW the burden of proof is not on my side you btc schizophrenic psychopathe: https://btcmanager.com/ethereum-processes-more-transactions-than-bitcoin-after-byzantium/#utm_source=rss&utm_medium=rss

fresh news released just 26 mins ago.

EDIT: https://www.cryptocoinsnews.com/bitcoin-price-hit-50000-catch-apples-800-billion-market-cap-2022-says-previously-accurate-analyst/


"People need to start taking this seriously because today bitcoin caught up with Goldman Sachs. Within five years, it’s going to catch Apple, which has an $800 billion market cap."

You see, you btc schizophrenic psychopate, when I say I'm here to stay, I mean what I say, and even if this fucking analysist comes out to be true in his predictions about btc hitting 50ks within 5 years , which I highly doubt, rest assured I won't be crying over split milk.

202  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Gold : Make Bitcoin Decentralized Again on: October 24, 2017, 01:13:19 PM
yes, we heard that 16000 blocks premined until 25th october before fork, right?

this is because you want to be the longest chain . Do you plan to airdrop some of these premined coins to us for to build a stable community
or just keep all of them to yourselves?

on the other hand, btc holders again one more time rich!

this not done yet, i see they don't take the final decision about premine, but till now i see there is no premine.
they said they will remove premine, and then saying if there is premine, it will be lower than %1 premine.

anyway release time will answer all these questions.

There will be a small premine <1% the developers are currently working hard for free and im following the progress and looking over the modified code on github eventually these developers will want paying for all the work that has been done and that is where the premined coins will go.

For those of you complaining about a small premine which would you rather have the project being self financed and able to serve the community as best as possible or corporate funding that may want to dictate on the direction of the project

Its no small premine, In other words; when bcg is listed on exchanges, the devs will dump hard.
203  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 12:16:46 PM
...

To further illustrate my point in case you brain dead slow mofos did not get that right, market has decided: https://www.cryptocoinsnews.com/bitcoin-price-dips-below-5800-while-ethereum-recovers-beyond-300/

"Earlier today, on October 24, the bitcoin price dipped below $5,800 for the first time since October 19, due to the market’s decline in support for the upcoming Bitcoin Gold hard fork."


Author of the linked article made a mistake. BTG fork is indeed scheduled in Nov, but the distribution will be done as per 'snapshot' block, which was mined yesterday.

So, if anything, the dip in price could indicate that a lot of bitcoins have been purchased for the sole purpose of claiming free BTG, and those bitcoins have been dumped (either for fiat or alts) right after the snapshot block.



https://twitter.com/CremeDeLaCrypto/status/922643765579227136

At any rate, this author did not make a mistake when he posted this comment on twitter. Then the decline in support for BTC is a direct consequence to what the market (i.e investors and traders) view, at best as a non-event, at worst, a failure.

EDIT: in both cases, this does not look good, and I don't have to press hard for evidences, it's all over the news:

https://cointelegraph.com/news/fud-for-bitcoin-praise-for-blockchain-royal-bank-of-canada-ceo-on-crypto

There is little doubting that Blockchain technology is here to stay, and there are many traditionalists that are getting excited about that technology while also shunning its offshoot, Bitcoin.

McKay is in this same boat, backing the underpinning technology.

"Most people in the world aren't talking about Bitcoin. They're talking about Blockchain, the distributed ledger private or public that underpins the Bitcoin application of it," said McKay."

https://www.cryptocoinsnews.com/non-government-digital-currency-junk-says-mastercard-ceo-rejecting-bitcoin/

"If I pay for a bottle of water in Bitcoin, one day it is two bottles for a Bitcoin the other day it is 9,000 bottles. This does not work. Any currency needs stability and transparency, otherwise you will get all the illegal activities in the world. Why was the ransom for the virus (wannacry ransomware) collected in bitcoin? Why has China cracked down on bitcoin?"


https://www.cointelegraph.com/news/why-does-bitcoin-fail-as-a-payment-system

"One of the reasons there is a fee is because the larger the transaction data size, the longer and more energy it will take miners to validate the data,” Analysts at Bank of America Merrill Lynch said."

Last but not least: “Fees are not strictly enforced like transaction fees in normal banking, but if you don’t include appropriate fees, there is a serious risk that a transaction won’t be processed by a miner.”

204  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 10:33:35 AM
this coin is perfect for miners it can not be not profitalbe alt all : ) this is genius for MINERS.
I belive that EDA will be repaired if seg2x fails. But if there will be 2x and bcash it will be funn to wacth it.
And now bitcoin gold is comming.

You can bet BCH will be remembered long after BCG is forgotten.

BCH will be remembered for a long tine but not in a good way

I'm quoting myself lol

To further illustrate my point in case you brain dead slow mofos did not get that right, market has decided: https://www.cryptocoinsnews.com/bitcoin-price-dips-below-5800-while-ethereum-recovers-beyond-300/

"Earlier today, on October 24, the bitcoin price dipped below $5,800 for the first time since October 19, due to the market’s decline in support for the upcoming Bitcoin Gold hard fork."

205  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 09:18:11 AM
this coin is perfect for miners it can not be not profitalbe alt all : ) this is genius for MINERS.
I belive that EDA will be repaired if seg2x fails. But if there will be 2x and bcash it will be funn to wacth it.
And now bitcoin gold is comming.

You can bet BCH will be remembered long after BCG is forgotten.

BCH will be remembered for a long tine but not in a good way

I'm quoting myself lol
206  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 09:08:31 AM
You guys whish you knew what you were talking about?

http://www.newsbtc.com/2017/10/24/coinbase-list-bitcoin-btc-segwit2x-hard-fork-november-full-transparency/

"Evidently, it is difficult to justify which forks of bitcoin is the majority chain and hashrate should not be used as a sole indicator. As bitcoin investor and Atlanta Digital Currency Fund partner Alistair Milne stated, miners tend to follow the more profitable chain and hash rate could very easily migrate from one chain to another, as seen in the case of Bitcoin Cash (BCH).

Milne wrote:

“Miners follow the money, they do not lead the money. This has never been illustrated more clearly than by Bitcoin Cash and the joke that is their difficulty adjustment algorithm. A rational miner fears the market negatively valuing the tokens they are trying to mine. They are extremely sensitive to profit and loss (no matter how rich they pretend to be). “

For instance, hypothetically, if companies have implemented the strategy of Xapo and listed Bitcoin Cash (BCH) as BTC and the majority chain upon its hard fork due to its hash rate, it would have caused extreme confusion amongst bitcoin users because the majority of miners and hashrate moved back to bitcoin once Bitcoin Cash became less profitable to mine."


                                                        Coinbase on Bitcoin Gold

Coinbase has shared the same sentiment with Bittrex and Trezor, and stated that Bitcoin Gold is not ready and unsecure.

“The Bitcoin Gold fork is projected to take place on October 23rd. Information about this fork has been limited and there are concerns about its security and stability. As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time,” said the Coinbase team.

It is likely that Coinbase will not add support for Bitcoin Gold until the Bitcoin Gold development team adds necessary replay protection and completes its codebase.
207  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 08:26:33 AM

I'm not denying that we would be better off with just the one but there is nothing that can be done about it though so you have to take what you get

No matter if you like the core chain or not it's the only one that's been consistent and reliable and the one all forks are coming from


SegWit2x is loosing support fast even coinbase the biggest B2X supporter going has changed their stance and will still list BTC as the core chain and refer to the Segwit2x chain as B2X


Core chain consistent & reliable, man that is a laugh.

All of the complaints before Bitcoin Cash was Born about Segwitcoin being unusable and charging outrageous fees and merchants dropping it because it was too slow just flys over your head.

For those of us that pay attention , Bitcoin Cash has never made anyone wait a week to receive a transaction like segwitcoin has.
Bitcoin Cash is just technologically superior to shitwitcoin implementation.

Hate to break it to you.



Bitcoin Cash Massive 8MB BlockSize verses segwitcoin puny 1 to 1.7Mb blocksize.


╥Aztek

I second  that: https://blockcollider.org/#startx

"Transactions between blockchains is the most demanded feature for 2018."

https://www.bloomberg.com/news/articles/2017-10-24/bitcoin-pioneer-says-new-coin-to-work-on-multiple-blockchains

"Bitcoin Pioneer Says New Coin to Work on Multiple Blockchains"



208  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 08:04:23 AM
I sincerely hope that you guys aren't that stupid to buy into that line: https://www.coinspeaker.com/2017/10/24/bitcoins-new-hard-fork-named-bitcoin-gold-already-active/

"When a group of Bitcoin users and companies split the world’s most popular cryptocurrency into two different versions on August 1st, 2017, it was an unprecedented event in the Bitcoin’s 9-year old history. Now just 84 days after that “hard fork,” as such splits are known, yet another version of Bitcoin has been created named ‘Bitcoin Gold’."

"“the purpose of Bitcoin Gold is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in abusive practices against individual miners and the Bitcoin network as a whole.”


https://news.bitcoin.com/several-bitcoin-service-providers-reveal-segwit2x-splitting-plans/

 The company also notes that Segwit2x doesn’t have replay protection, but Coinbase has initiated its own replay safeguard. David Farmer, the Coinbase director of communications, also wrote a separate blog post for the company, revealing its “timeline and support” for both Segwit2x and the bitcoin gold fork. However, the San Francisco company emphasizes that “there are concerns about its [bitcoin gold] security and stability.”  

"Gatecoin Exchange Refuses to Support Segwit2x, Customers Must Withdraw 12 Hours Before Block 494784"

https://www.reddit.com/r/btc/comments/78dqfy/due_to_segwits_weaker_security_wont_the_segwit1x/
209  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 07:45:31 AM
Yes but looking over twitter and reddit comments it may not go as smoothly as expected a lot of users are angry about this and the miners seem to like the old EDA so "could" create a community split like ETH & ETC this was born from differences over an official upgrade


You guys are always complaining the one big miner mines the majority of blocks.
Well whichever way that miner picks is the way that the network will go.

So which difficulty adjustment they prefer will be chosen.
Everyone else can just shutup unless they have a warehouse full of ASICS that can outmatch the big miner, (who has supported Bitcoin Cash from Day 1.)

ASICS Talk  &  Bullshit walks 
(The Way Satoshi intended.)

* I be more worried that segwitcoin falls into a death spiral when 2x appears and the hash is split between 3 chains. *
Whether the EDA is still in place or a new difficulty adjustment, either way Bitcoin Cash has a difficulty adjustment.
Shitwitcoin has no difficulty adjustment in place to stop a death spiral.


╥Aztek

I would worry more that the cash miners support B2X more and jump over leaving cash dead like all the other failed forks before it (classic, xt, unlimited)

The Segwit2x futures only put at at around 1.5 BTC or ~$900 so far its not looking like much of a threat but it it does succeed we still have all our coins on the other chain 

Also the miners are trying to force the EDA right now (one reduction is already guaranteed to happen)


You're missing the point, investors, traders, miners, coders, developers, users: everyone involved in cryptocurrencies is being screwed with every new blockchains released, pure and simple. Take bch for instance, it has dropped 23% since July.

Agree, BCH price keeps dropping since it started. No wonder it will happen again now. I just dont get it why they are still doing this hard fork etc.
But still those coins have value now. Thats the only best thing that happened. I wish bch will recover its original value or will increase in the coming months.
"Since October 12, the price of bitcoin has surged from $4,800 to $6,199, within a span of 10 days. Investors have expressed their concerns in regards to such an abrupt increase in the value of bitcoin without major corrections."

https://www.cryptocoinsnews.com/bitcoin-price-corrects-5880-270-new-time-high/

“Because this 2x hardfork is so contentious, Coinbase cannot handle it the same way they handled the ETC and BCH hardfork. In other words, they can’t just choose one fork and ignore the other fork. Choosing to support only one fork (whichever that is) would cause a lot of confusion for users and open them up to lawsuits. So Coinbase is forced to support both forks at the time of the hardfork and need to let the market decide which is the real Bitcoin,” said Lee.


210  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 07:35:36 AM
Yes but looking over twitter and reddit comments it may not go as smoothly as expected a lot of users are angry about this and the miners seem to like the old EDA so "could" create a community split like ETH & ETC this was born from differences over an official upgrade


You guys are always complaining the one big miner mines the majority of blocks.
Well whichever way that miner picks is the way that the network will go.

So which difficulty adjustment they prefer will be chosen.
Everyone else can just shutup unless they have a warehouse full of ASICS that can outmatch the big miner, (who has supported Bitcoin Cash from Day 1.)

ASICS Talk  &  Bullshit walks  
(The Way Satoshi intended.)

* I be more worried that segwitcoin falls into a death spiral when 2x appears and the hash is split between 3 chains. *
Whether the EDA is still in place or a new difficulty adjustment, either way Bitcoin Cash has a difficulty adjustment.
Shitwitcoin has no difficulty adjustment in place to stop a death spiral.


╥Aztek

I would worry more that the cash miners support B2X more and jump over leaving cash dead like all the other failed forks before it (classic, xt, unlimited)

The Segwit2x futures only put at at around 1.5 BTC or ~$900 so far its not looking like much of a threat but it it does succeed we still have all our coins on the other chain  

Also the miners are trying to force the EDA right now (one reduction is already guaranteed to happen)


You're missing the point, investors, traders, miners, coders, developers, users: everyone involved in cryptocurrencies is being screwed with every new blockchains released, pure and simple. Take bch for instance, it has dropped 23% since July.

I'm not denying that we would be better off with just the one but there is nothing that can be done about it though so you have to take what you get

No matter if you like the core chain or not it's the only one that's been consistent and reliable and the one all forks are coming from

SegWit2x is loosing support fast even coinbase the biggest B2X supporter going has changed their stance and will still list BTC as the core chain and refer to the Segwit2x chain as B2X


I beg to disagree, of course something can be done about it, but don't worry, someone will address this issue sooner than later....
211  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 07:21:04 AM
@Tek: see how valuable bc[g]* is from the tweet issued by poloniex (which, on a side note, has been widely acknowledged among traders and investors as one of the few "reluctant" exchange to list scammy coins): https://twitter.com/Poloniex/status/922696754667098113

NOTICE ABOUT BITCOIN GOLD

We have received inquiries about Bitcoin Gold and whether we intend to support it. Until the software is released for review, we cannot commit to distribution nor can we pledge to support it. The reason for this is that we cannot be certain about the security and stability of the software, nor the state or health of the network prior to launch. Further, regardless of what the project team behind the new token may assert to the exchanges prior to launch, we must be confident that a blockchain token does not require dangerous and questionable activities in order to support it.

We've stated in the past that the safety of our users' tokens is our chief concern. As such, we have refused to support a forked token unless it had implemented replay protection. We would like to further urge our users to be immensely cautious of any token that expects to be given private keys that control value on another blockchain. This is dangerous and unnecessary, even for an alt like BTG that seeks to distribute tokens using the state of an existing blockchain.

Some reminders that apply to all balance-duplicating alts:

If you wish to be guaranteed tokens distributed according to existing blockchain address balances, you should keep your tokens in addresses for which you control the private keys.
If we credit accounts with forked tokens, we will do so according to balances at the time of the fork. If you have tokens on loan at the time of any fork related to that token, they are not in your balance, therefore you will not receive any forked tokens for them.
Under no circumstances will we redeem tokens distributed according to the balances of addresses that contain customer funds and keep them for ourselves. Should we redeem them, we would only do so to distribute them to our users.
- The Poloniex Team
212  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 07:07:07 AM
Happy because bitcoin cash is now ranked 4 and already past Litecoin, I was initially pessimistic about the future of BCH but now everything is answered and no need to hesitate to invest Bitcoin Cash.

It's been dropping like a rock from the main pump in August. It's just a question of how long until it drops below litecoin, and then starts working its way down the list.

My condolences to all who have tried to catch the falling knife, but with the lack of a solid development team, B2X stealing BCH's thunder and cannibalizing its support BCH is going to fade into obscurity. At least be sure to get out before Coinbase and other remaining services release their coins and further waves of dumping hammer it.

Why does Coinbase hold those coins back for so long at all? Does anyone know the reason? I haven't been following that.
[/b][/color]

Their so-called official story ,
is they need time to make sure it is secure.

The True story ,
is they have been cashing out all of their clients Bitcoin Cash trying to crash the markets so they can keep the bitcoin profit they made.
Problem is this, the Bitcoin Cash Markets have not crashed to the point where Coinbase can keep their ill gotten gain.
So come Mid Nov or Dec , Coinbase is going to have to buy back all of Bitcoin Cash Coins they sold or face a lawsuit in 2018.
Expect the Cash super pump & segwit super dump, when coinbase has to buy those cash coins back.


╥Aztek

Might also explain why: https://www.cryptocoinsnews.com/coinbase-now-lets-you-buy-bitcoin-instantly-with-a-us-bank-account/

"The company says it will continue to expand the availability of this feature during the coming months."
213  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 06:55:35 AM
Yes but looking over twitter and reddit comments it may not go as smoothly as expected a lot of users are angry about this and the miners seem to like the old EDA so "could" create a community split like ETH & ETC this was born from differences over an official upgrade


You guys are always complaining the one big miner mines the majority of blocks.
Well whichever way that miner picks is the way that the network will go.

So which difficulty adjustment they prefer will be chosen.
Everyone else can just shutup unless they have a warehouse full of ASICS that can outmatch the big miner, (who has supported Bitcoin Cash from Day 1.)

ASICS Talk  &  Bullshit walks  
(The Way Satoshi intended.)

* I be more worried that segwitcoin falls into a death spiral when 2x appears and the hash is split between 3 chains. *
Whether the EDA is still in place or a new difficulty adjustment, either way Bitcoin Cash has a difficulty adjustment.
Shitwitcoin has no difficulty adjustment in place to stop a death spiral.


╥Aztek

I would worry more that the cash miners support B2X more and jump over leaving cash dead like all the other failed forks before it (classic, xt, unlimited)

The Segwit2x futures only put at at around 1.5 BTC or ~$900 so far its not looking like much of a threat but it it does succeed we still have all our coins on the other chain  

Also the miners are trying to force the EDA right now (one reduction is already guaranteed to happen)


You're missing the point, investors, traders, miners, coders, developers, users: everyone involved in cryptocurrencies is being screwed with every new blockchains released, pure and simple. Take bch for instance, it has dropped 23% since July.
214  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 06:18:37 AM
What am I reading on reddit.com? "Is Seg[shit]* Collapsing?"

https://www.reddit.com/r/btc/comments/78dagz/is_segwit_collapsing/

quote Blockstream ran out of money to create fake segwit transactions? unquote.

https://twitter.com/BitcoinPutin/status/922691907788173312

"Seems the segwit spammer is running out of funds"
215  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 05:56:02 AM

I mean what I say, and I say what I mean, their devs are probably dumping hard at the time we speak. Allow it to be listed on Shiittrex and see for yourself how valuable a coin it is (irony).
216  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 05:48:27 AM
Cheesy


BCH and BCG are like Microsoft Restore Points... They took a Restore Image from the Bitcoin network at a certain time, and base their future transactions from that Restore Point.   Pure copy cats. 

In the case of BCG, they are supposed to pre-mine - create from thin air thousands of bitcoins before we can access our BCG clones...



On a side note:

https://www.reddit.com/r/Bitcoin/comments/78c0gp/the_devs_of_bitcoingold_are_so_good_that_they_are/

"The devs of BitcoinGold are so good that they are offering a reward of 250 BTG for those who can develop a replay protection in time."
217  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 24, 2017, 05:45:28 AM
I wonder what will happen with BCH when bitcoin gold tomorrow is available, will the price skyrocket?

BTG / BTC Last: 0.07799899 24High: 0.19600000 24Low: 0.00111190
218  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 23, 2017, 08:29:31 PM
rip bcg
219  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 23, 2017, 07:47:04 PM
When will this finally end: https://www.reddit.com/r/btc/comments/7892sd/the_worst_part_of_the_ln_system_is_your/

I'm tired of this segwitt shit.

This particular 2L as currently designed relies on an artificial block size limit cap which creates a bottleneck in order to provide high incentives for miners to participate. It monetizes on backlog of transaction and high fees, which are allocated to miners, not any group in particular. Cheaper and more instantaneous transactions are shifted to the lightning network which is operated by hubs also earning revenue. Note that some of these hubs may choose to monitor transactions and can possibly censor who is allowed to participate in this no longer strictly peer-to-peer network.
We lose the immutability and instead we have a peer-to-hub-to-peer network that is mutable and at best decentralized, and certainly not distributed (see https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800). For regular day-to-day and recurring transactions, it is not a considerable risk or inconvenience. And one could choose to use the main chain any time to bypass the lightning network and truly transact peer-to-peer. But since the main chain has an entry barrier in the form of artificially instilled high transaction fees, common people are not able to use bitcoin as we have known it until now. Peer-to-peer bitcoin becomes institution-to-institution bitcoin with peer-to-hub-to-peer 2L.
To reiterate and stress, note the following lightning network design flaw again. Yes, activating SegWit and allowing 2L such as lightning allows for lower transaction fees to coexist side by side with more costly on-chain transactions. For those using this particularly prescribed 2L, the fees remain low. But since these 2L are managed by hubs, we introduce another element to trust, which is contrary to what the bitcoin network was designed to do at the first place. Over time, by the nature of the lightning network in its current design, these third party hubs grow to be centralized, just like Visa, Mastercard, Amex, Discover, etc. There is nothing wrong with that in general because it works just fine. But recall that bitcoin set out to create a different kind of a network. Instead of decentralized, distributed, immutable network with miners and nodes, with the lightning network we end up with at best decentralized but mutable network with hubs.
Note that Bitcoin Core SegWit has a US-based organization backing it with millions of dollars (see https://en.wikipedia.org/wiki/Blockstream and https://steemit.com/bitcoin/@adambalm/the-truth-about-who-is-behind-blockstream-and-segwit-as-the-saying-goes-follow-the-money). Their proponents are quite political and some even imply $1000 fees on the main bitcoin blockchain (see https://cointelegraph.com/news/ari-paul-tuur-demeester-look-forward-to-up-to-1k-bitcoin-fees).
220  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees on: October 23, 2017, 06:55:00 PM
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