How Bitcoin was hijacked and centralized

[FreeStreamer]

This is what happened in 2013-1014. Bitcoin has a design flaw (increasing blocksize) that makes it distribute mining rewards unfairly, so the miners started merging into mining unions to agree about sharing the rewards equally. The largest merger was named Blockstream which pretty much controls all Bitcoins miners and developers. In 2014 Blockstream become a corporation with a CEO. Adam Back. The parent company of Blockstream is AXA group, which is a multi national French insurance corporation. So don't say that Bitcoin is decentralized. This design flaw has caused it that it's no longer consistent with its own whitepaper. The promise of a decentralized P2P digital cash. It's too slow and nobody seems to be using it. Monero however is consistent with the original vision, because these design flaws have been fixed in Monero with a dynamic blocksize and stealth ledger.

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[stompix]

It's too slow and nobody uses it.

Transactions last 24H - 313,697.
How is that possible when nobody is using it? 

Bitcoin has a design flaw that makes it distribute mining rewards unfairly, so the miners started merging into mining unions to agree about sharing the rewards equally.

Wait, so the Miner's Union fixed the imaginary flaw? 

The largest merger was named Blockstream which pretty much controls all Bitcoins miners

And your proof for this is.....

[mk4]

Man, since when did Blockstream controlled all the miners? They released their mining pool[1] just last year lol. And it looks like almost no one uses the Blockstream pool[2] anyway.

As for the development side, they do have a significant effect. But you might want to check out the GitHub contributors[3] of the past months. Funny how FUDders never mention Chaincode Labs lmao.

[1] https://blockstream.com/2019/08/08/en-mining-launch/
[2] https://coin.dance/blocks/allhashthisweek
[3] https://github.com/bitcoin/bitcoin/graphs/contributors

[FreeStreamer]

It's too slow and nobody uses it.

Transactions last 24H - 313,697.
How is that possible when nobody is using it?  

Coin speculation is not a real utility and user case.

Bitcoin has a design flaw that makes it distribute mining rewards unfairly, so the miners started merging into mining unions to agree about sharing the rewards equally.

Wait, so the Miner's Union fixed the imaginary flaw?  

It's not an imaginary flaw. Bitcoin still has the increasing blocksize, which deals rewards unevenly.

The largest merger was named Blockstream which pretty much controls all Bitcoins miners

And your proof for this is.....


Look it up. The truth is out there

[arbiter5]

Uhuh. Now what? You're going to shill us BSV or whatever your stupid shitcoin of choice is?

You idiots really need to create new false narratives to at least come close to convincing people because you idiots have been using the same false narratives for YEARS. People like you are like the flat-earthers and the anti-vaxxers of the Bitcoin world.

[FreeStreamer]

Uhuh. Now what? You're going to shill us BSV or whatever your stupid shitcoin of choice is?

You idiots really need to create new false narratives to at least come close to convincing people because you idiots have been using the same false narratives for YEARS. People like you are like the flat-earthers and the anti-vaxxers of the Bitcoin world.

A shitcoin is something like Bitcoin. that's just a ponzi and has no actual utility.

[arbiter5]

Uhuh. Now what? You're going to shill us BSV or whatever your stupid shitcoin of choice is?

You idiots really need to create new false narratives to at least come close to convincing people because you idiots have been using the same false narratives for YEARS. People like you are like the flat-earthers and the anti-vaxxers of the Bitcoin world.

A shitcoin is something like Bitcoin. that's just a ponzi and has no actual utility.

If you think Bitcoin is a ponzi then you need to grab a dictionary because you're full of shit and it seems like you don't even know what a Ponzi scheme is in the first place.

[philipma1957]

Well op has a few points.

BTC will never scale.  it now does  300,000 transactions to 500,000 daily transactions = it will never scale up. It is much better for large value movements. Much like a 10,000 USD bond.



I have looked a lot at the setup of pow coins. to me something below may be good.

BTC = 10,000USD and up value movements. very good price to move large amounts very secure.

LTC = 500-10,000USD value movements.  very good price to move medium value very secure and faster then btc

Doge = 1 to 500USD.   one of the cheapest of all to move coins.  super fast.


All of the above are very secure.

All of the above are backed with a lot of ASICs miners.

If you want a money system the three above work really well.

All other coins are more or less for trading on exchanges.


But you could  maybe supplement most if not all fiat with those three coins.

I still find a flaw with all of them.  The 1/2 ings come too quickly and all will have issues when rewards get too small.

And while I typed op said a statement that deserves a permaban.

Uhuh. Now what? You're going to shill us BSV or whatever your stupid shitcoin of choice is?

You idiots really need to create new false narratives to at least come close to convincing people because you idiots have been using the same false narratives for YEARS. People like you are like the flat-earthers and the anti-vaxxers of the Bitcoin world.

A shitcoin is something like Bitcoin. that's just a ponzi and has no actual utility.

A Blatantly false statement should get him flagged and banned.

[mk4]

BTC will never scale.  it now does  300,000 transactions to 500,000 daily transactions = it will never scale up. It is much better for large value movements. Much like a 10,000 USD bond.

I'd say don't sleep on Lightning or layer 2 solutions in general. They're definitely not in their best form right now, but there's definitely progress.

[Bttzed03]

~
Look it up. The truth is out there

When you make outrageous claims such Blockstream controlling miners, you should at least provide a link. That way, readers can raise a counter argument.

Which of the bitcoin mining pools do they control?

I hope you're not using Ver's conspiracy theories as basis for your post.

[philipma1957]

BTC will never scale.  it now does  300,000 transactions to 500,000 daily transactions = it will never scale up. It is much better for large value movements. Much like a 10,000 USD bond.

I'd say don't sleep on Lightning or layer 2 solutions in general. They're definitely not in their best form right now, but there's definitely progress.

If you get those solutions to work I will be impressed.

But read my signature I am much more down with a multiple coin solution then Lightning or layer 2.

I feel that Lightning or layer 2 will not work fairly for miners.


"The original idea was turning power into coins"

If Lightning and Layer 2 fully is worked in I feel miners will be all industrial.  All large scale which is not what I see as best.

If it were best the world would work well and it sure as fuck works like crap for 99.5% of the people.

[mk4]

I feel that Lightning or layer 2 will not work fairly for miners.

I really don't see it as almost every single transaction will be on lightning. I see it as only the smaller amounts(probably 0.02 BTC and below?) going through lightning, whereas transactions above that will be made in the base chain.

Sure, probably less fees for the miners in theory, but if lightning does gain adoption, what would be the point of other payments-focused cryptocurrencies? People would most likely head back to Bitcoin and use it instead, hence increasing the total daily transactions(both in LN and in the base-chain) somewhat balancing out in the end in terms off profit for the miners.

Though I haven't really checked out statistics of transaction values so yea. Time will tell.

[stompix]

When you make outrageous claims such Blockstream controlling miners, you should at least provide a link. That way, readers can raise a counter argument.

Which of the bitcoin mining pools do they control?
I hope you're not using Ver's conspiracy theories as basis for your post.

Is the usual stuff, people make outrageous claims but when they are asked for proofs you have to find it yourself as it's beyond their "duty" to inform you of that as well. He's not the first and he will not be the last, he strats with 1% of truth and ends up with a claim of bitcoin being a ponzi because a company that sells insurance in France is giving money to a group of people.  

Oh, and no, OP is not part of the bsh bch groups, he is having his own dream of "proof of bandwidth"  in the P&D section but he's yet to understand that even his own project can turn into a monopoly without regulation. The same story, everyone who was late to the party has a solution to fix something that is not broken with something broken from the start.

A Blatantly false statement should get him flagged and banned.

Freedom of speech Phil, freedom of speech for everyone, no matter how stupid he is and how many lies he types.
Good old freedom that blessed us with hundreds and thousands of shills since Butterfly Labs  

[boyptc]

A shitcoin is something like Bitcoin. that's just a ponzi

Since when bitcoin became a Ponzi?

and has no actual utility.

To name a few.

--> https://www.financemagnates.com/cryptocurrency/news/japans-largest-consumer-electronics-chain-now-accepts-bitcoin/

--> https://micky.com.au/pay-with-bitcoin-at-brisbane-airport/

[target]

A shitcoin is something like Bitcoin. that's just a ponzi

Since when bitcoin became a Ponzi?

and has no actual utility.

To name a few.

--> https://www.financemagnates.com/cryptocurrency/news/japans-largest-consumer-electronics-chain-now-accepts-bitcoin/

--> https://micky.com.au/pay-with-bitcoin-at-brisbane-airport/

Its not the kind of utility that he meant. Merchants accepting BTC is a kind utility that is from the outside of its blockchain. Ether for example does function as gas fees to every token to be sent to an address, thats a kind of utility within the ETH network.

Somehow there is a gran of truth to his claim. But one thing that is real in BTC is the security. So far its enough to build the ecosystem to run.

You'd have to ask what difference will it have if japans-largest-consumer-electronics-chain also accepts ETH and Brisbane airport also accepts ETH?

[Jet Cash]

Of course it is now centralised and controlled. All miners have to wear mouse masks and blocks have to maintain social distances

[FreeStreamer]

A shitcoin is something like Bitcoin. that's just a ponzi

Since when bitcoin became a Ponzi?

and has no actual utility.

To name a few.

--> https://www.financemagnates.com/cryptocurrency/news/japans-largest-consumer-electronics-chain-now-accepts-bitcoin/

--> https://micky.com.au/pay-with-bitcoin-at-brisbane-airport/

Yeah well Paypal is still better faster and cheaper. I don't see why I need to buy Bitcoin just to buy something from Japan. A ponzi is something that relies only on new recruits to grow. Since when was Bitcoin backed by something else than new recruits?

[mindrust]

Let's assume what you said was true for a moment;

It there weren't blockstream/AXA, there would be bitmain&Ver Co.

Sorry, I'd rather prefer blockstream.

If bitcoin doesn't work for you, you are free to use something else.

Well op has a few points.

BTC will never scale.  it now does  300,000 transactions to 500,000 daily transactions = it will never scale up. It is much better for large value movements. Much like a 10,000 USD bond.

No crypto will ever scale.

A shitcoin is something like Bitcoin. that's just a ponzi and has no actual utility.

A Blatantly false statement should get him flagged and banned.

No, that's freedom of speech. No flag, no ban is needed. People have the right to hate bitcoin too.

[The Cryptovator]

Yeah well Paypal is still better faster and cheaper. I don't see why I need to buy Bitcoin just to buy something from Japan. A ponzi is something that relies only on new recruits to grow. Since when was Bitcoin backed by something else than new recruits?

Who are pushing you to buy bitcoin? Stuck with PayPal if you need to use it. We aren't saying PayPal is bad, but at the same time Bitcoin isn't bad for us. Do you know what is a Ponzi scheme? Read this article. Here is an important quote;

A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]; also a Ponzi game)[1] is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[2] The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds.  

Once you will read Bold part then you should realize Bitcoin isn't a Ponzi scheme. Because its not promising you anything during buy, you are just buying a digital currency, so exactly we can't say it as an investment.This is the peer to peer decentralized electronic money. Of course bitcoin isn't backed by any centralized organization and that's why still we could say Bitcoin is decentralized. But Bitcoin is backed by the community which is stronger than any centralized organization.

[FreeStreamer]

Yeah well Paypal is still better faster and cheaper. I don't see why I need to buy Bitcoin just to buy something from Japan. A ponzi is something that relies only on new recruits to grow. Since when was Bitcoin backed by something else than new recruits?

Who are pushing you to buy bitcoin? Stuck with PayPal if you need to use it. We aren't saying PayPal is bad, but at the same time Bitcoin isn't bad for us. Do you know what is a Ponzi scheme? Read this article. Here is an important quote;

A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]; also a Ponzi game)[1] is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[2] The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds.  

Once you will read Bold part then you should realize Bitcoin isn't a Ponzi scheme. Because its not promising you anything during buy, you are just buying a digital currency, so exactly we can't say it as an investment.This is the peer to peer decentralized electronic money. Of course bitcoin isn't backed by any centralized organization and that's why still we could say Bitcoin is decentralized. But Bitcoin is backed by the community which is stronger than any centralized organization.

Yeah so where are the profits with Bitcoin coming from? If you insist on using a cryptocurrency that's actually consistent with Satoshis original vision, why not use Monero?