I will share now my position on the BTC vs BCH rivalry, and what can I say, I am not very optimistic. I have had great visions for Bitcoin that somehow it will save us from the corrupt world we are living in right now. Yet what we are seeing in this rivalry is the same corrupt mafia tactics that goes on in politics. On one side you have a heavily corporate backed "Core" team (note they are the core of a supposedly decentralized community), on the other side you have greedy Chinese miners trying to gain a buck or two extra. Hardly your utopian decentralized community that we have been all dreaming about.
And I really start to doubt the integrity of humanity. First I only thought that corruption only happens in higher positions, that only politicians or businessmen in high corporate positions can get corrupted. But now it's clearer than ever, corruption in in all of us, and we will never have a utopia, because even the most righteous amongst us can be up to no good whenever the circumstances dictate.
Bitcoin
So we had Segwit activated. Everyone was cheering like a sheep. But TX costs didn't went down a single penny:
- TX cost still going up, so fuck Segwit: https://blockchain.info/charts/cost-per-transaction
- 25000 Unconfirmed transactions: https://blockchain.info/unconfirmed-transactions
- And % earned from transaction fees: 17.9%
What the fuck? So are you saying to me that these greedy miners are earning 18% of their revenues from fees alone? I thought the fees would only be a big thing after 2100 when the block reward diminishes and goes away. So we are both paying in inflation and in fees. It starts to look like a Government extortion racket isn't it?
And take a look at /r/Bitcoin it's just full of propaganda and disinformation, it's so obvious that even a child can see it:
Between a few morons posting repetitive childish memes:
- https://www.reddit.com/r/Bitcoin/comments/6wjqg7/miami_knows_whats_up/
- https://www.reddit.com/r/Bitcoin/comments/6wm05u/insanity_wolf_knows_how_to_scale/
You have serious propaganda going on there. If you have read any propaganda book you will quickly identify all the characteristics of it like:
- Massive censorship
- Attack campaign against the competitor using any means possible
- Backing your own propaganda position with leaky arguments and quickly banning any person that points out the obvious fallacies.
- "Rallying behind the flag tactics" - As in you have, probably paid shills, that just spew kind of lousy chearleading bringing all people together with emotional manipulation (like those memes) or provoking anger (like bashing Roger Ver) and then groups attack everyone who dissents from that point of view. So when the shills leave, the others are already indoctrinated to automatically attack any dissenter.
- Character bashing: they are always bashing Gavin Andersen, Mike Hearn, Roger Ver and others. Mostly with fake stuff and lies. It literally looks like a 2 minutes of hate session from 1984
In short it's just a total propaganda operation right in front of your eyes, and if you are not a gullible sheep, you can easily see it.
And I also have my concerns with the fact that the Bitcoin development team is now too close to the corporate/banking system. While I have no problem with businesses, and especially not when they bring money into Bitcoin. I alway had the vision that the development team should remain independent, apolitical, and science oriented.
I really don't want any kind of bullshit corporate tactics getting in front of development, I don't think the two mix, there is just too much risk of corruption.
So it kind of looks like to me like Bitcoin is finished if something is not done about this. Then you have the upcoming Segwit2x proposal. It’s just a giant mess right now, and I don’t see any light at the end of the tunnel.
Bitcoin Cash
So now you would think instantly that converting BTC into BCH is a good idea. Well I don’t think so.
As much as I like Roger Ver and his hard work to expose this kind of corruption in the Bitcoin community. I really don’t trust the new Bitcoin Cash devs. They are unknown people with really not much reputation in the community or anywhere else that I know of. Then there were many bugs in the software in the past, and the website looks like shit.
So I am really not in the mood to put my life savings in such an obviously amateur project, and amateur project that is currently worth 10 billion $. Basically you have 2 guys working on it:
And I also don’t like what is going on behind the scenes with the Chinese mining takeover shenanigans.
You also have hashpower fluctuations and they move back and forth between BTC or BCH so transactions might or might not be confirmed. Certainly not a reliable blockchain. If you are on an exchange you have no idea. I did send a BCH transaction on the blockchain, it took 10 hours to confirm, and it had a fee even higher than BTC. So no thanks.
And then we haven’t even talked about the node problem, how nodes will quickly disappear because the 8mb blockchain will become unbearably large pretty soon.
Conclusion
It’s just a giant mess for both BTC and BCH, and things won’t really get better, it looks like both are doomed in my opinion. On the long term at least, who knows maybe in the shortterm while this euphoria lasts a lot of money can flow into both, but I am already planning on moving into another currency as my main reserve.
I really think BTC is fundamentally flawed, it has many problems that are harder and harder to ignore as the day goes by, because they are not even addressed. From the node count problem, to the mining centralization, to even the fact that the developers can be corrupted and coopted.
I really think BTC is just a prototype at this point, it’s the 1.0 version of the true cryptocurrency that will be both efficient, resilient, and anonymous, since BTC doesn’t provide that.
You know in 1996 when the Internet came out developers faced a choice to either have encryption by default and thus have privacy on the Internet, or to just leave it public, all your data. They choose the latter, and now we have all this surveillance problem.
We should not face the same problem with our money, this is why we need anonymous currency by default. So probably Bitcoin will not fit in here: Dash, Monero, Zcash and things like that might.
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Sources:
https://pixabay.com
