Bankcoin ($BTC)

Roger Ver has recently uploaded a Michael Saylor video on Youtube with the title "Is Michael Saylor Afraid of The Bankers?".

I have previously made a topic about Microstrategy and Saylor as I believe we have to know the background of these people that push the narrative to an extent that is just frightening. Bitcoin has become a bank coin, it is nothing else right now and it can't evolve as an autonomous entity, as it was between 2010-2015. Bitcoin today is controlled by a small group of developers under the payroll of Blockstream and more third parties like Square, PayPal, crypto exchanges, and banks that are trying to get a piece of this market.

Michael Saylor in this video explains exactly what Bitcoin has become after the Blockstream hostile takeover. Many will wonder why. In read.cash probably not that many as most users of this platform are already suspicious at least, while most members understand exactly what happened with Bitcoin and why Bitcoin Cash is the real deal.

At the end of the day there will be KYC/AML, tax regulation, some back and forth on what you can do.

If the use case is currency, that's just intentionally inflamatory. Bankers are going to be upset about replacing the Euro and the Dollar.

You can leave Visa and Mastercard alone. We can agree to pay taxes.

Some amazing quotes by Saylor in this video but also consistent with anything else he has been saying all this time. Saylor is a man of the system and knows how Bitcoin is turning to be a bank experiment.

How BankCoin was possible:

Bitcoin started as a decentralized P2P electronic cash system. During the blocksize debate, it was decided to keep the one-megabyte block and proceed with a second layer network. The Lightning Network is explained perfectly in this video. The Lightning Network creates the need for hubs with massive amounts of liquidity that will be similar to financial third-party settlement organizations.

The Lightning hubs will be heavily regulated financial organizations subject to KYC/AML laws and reporting for tax regulations. The big financial institutions that Bitcoin removed from the equation are now again becoming relevant with the Lightning Network. The part that with Bitcoin you can be your own bank has slowly faded away and is no longer a theme for Bitcoin. Everything Bitcoin has, that is empowering the individual and giving access to finance to everyone that was excluded by the banking system, is slowly being removed, not discussed and Bitcoin is not allowed to scale and provide financial freedom.

Bitcoin is currently the opposite of financial freedom. A system, under the rule of Blockstream, that submits to the will of the banking system.

Do not upset the banks! This is the message by Saylor. No wonder why his company never created anything disruptive and was always a mediocre one focusing on stock and crypto bubbles. In a previous post, I created in read.cash, I give a brief history of the twenty+ years of Microstrategy in the markets, and how Saylor was always a speculator, often using shady and illegal means to reach his goals. (Microstrategy - The Bubble).

Of course, the ultimate goal for most Crypto is to profit from our investments. Even if profit is the only reason someone is in Bitcoin, putting ideals and ethics aside, is there a need to go into a second-layer system that will allow the banks to take absolute control of Bitcoin? The main chain is already not used by anyone. Moreover, it has already been six years, and progress in Lightning has been extremely slow. A few exchanges decided to step up and offer LN transactions, probably having the financial incentive to do that.

The Lightning Network is One of the biggest pieces of Vaporware. It doesn't even work as it should be, and instead of lightning-fast transactions, you risk losing all your Bitcoin as it is still unfinished. Besides anything else, there is nothing done for LN to reach a user-friendly interface, with free and costless transactions.

Satoshi on blocksize

It can be phased in, like:
if (blocknumber > 115000)
    maxblocksize = largerlimit

It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete.
When we're near the cutoff block number, I can put an alert to old versions to make sure they know they have to upgrade.

-Satoshi Nakamoto (bitcointalk)

One blockchain that has reached four years ago, where the LN is trying to, is Bitcoin Cash. Without the need for any second-layer solution, Bitcoin Cash is scaling, providing near-instant transactions with limited fees.

Bitcoin Cash with 32MB current block size, it just followed the Satoshi notes on scaling and increased the blocksize to follow the whitepaper and proceed with commerce adoption. It is currently onboarding thousands of merchants each month and this while it is still suffering from censorship and extreme prejudice by the brainwashed Bitcoin community.

Sticking to 1Mb blocks twelve years later and telling that this was the final decision is not just raising eyebrows, but is clear evidence that certain interests did not want Bitcoin to develop and scale, but to develop and sell their products, Lightning, and Liquid.

I don't accept the fact that 1MB blocks should be part of Bitcoin today, and the decentralization concerns some Bitcoin advocates are expressing are not valid. It is a very bad excuse to avoid Bitcoin development and scaling, and keep promoting the idea that second layer networks are the only solution to scaling issues.

Lead Image from Cryptoslate website. They got it right.