How the Banks Hijacked Bitcoin, Using Blockstream as a Trojan Horse - Why Bitcoin Cash

14 235
Avatar for Pantera
2 years ago

Bitcoin can scale on-chain, we know that very well since Bitcoin Cash is scaling and cast out any doubts or “blockchain trilemma” created by those that did not want Bitcoin to scale.

Bitcoin is “P2P Electronic Cash” and if it is going to scale, it can only scale on-chain. A second layer is not a scaling solution for the inefficiency of the BTC blockchain.

Bitcoin is also censorship-resistant. Of course only on-chain.

Any other solutions developers are working on (Lightning, Liquid, etc.) are only creating better options for censorship of transactions. Since there is nothing stopping Strike (a custodial and KYC compliant wallet) in El Salvador, and this government wants to enforce “Bitcoin LN” to its people, it will be a matter of time before we witness the first financial censorship of transactions for BTC within the Lightning Network.

Lightning Network - A Centralization Tool for Banks & Governments

Image: Source of Image

Anyone thinking the Lightning Network will still not allow Lightning hubs to take over the network and that the users can use Lightning by opening and closing channels any time they want, then guess again.

i) The Lightning was supposedly about microtransactions (i.e. to buy a coffee or a soda).

ii) Opening and closing an LN channel requires paying for miner fees.

iii) With BTC fees at $50, would you pay $55 for your soda or coffee?

No, in this case, you are forced to use the Lightning hubs that increase the odds of censorship. A custodial service like Strike, fully KYC/AML compliant, is just how the banks want Bitcoin to be.

How the LN serves the banking system

It will serve the banking establishment since banks with LN are taking control of what they saw as a financial disruptor back in 2010 when WikiLeaks announced Bitcoin adoption.

In the following years, Bitcoin kept expanding rapidly, and it became accepted as a payments method even by Microsoft, Steam, and Twitch!

What also happened is Bitcoin to be considered a threat to the financial stability and the banking establishment.

The overwhelming support to Bitcoin by merchants and consumers needed to stop before it was out of control.

The Fake “Blockchain Trilemma”

The “blockchain trilemma” was Vitalik’s idea, and also an excuse for creating a copy of the Bitcoin blockchain with 70 million pre-mined coins (65% premined!). The trilemma suggests a blockchain has to sacrifice one out of three essential features:

  • Decentralization

  • Security

  • Scalability

Bitcoin Cash has already invalidated this so-called trilemma. If Bitcoin wasn’t able to scale, Bitcoin Cash wouldn’t be able either.

However, Bitcoin Cash managed to scale perfectly and it has proven it is the Bitcoin that scales on-chain and increases its userbase without sacrificing an Iota of its decentralization or security.

Moreover, Bitcoin Cash has proven that everything said and done by the top Bitcoin Core developers (especially those under the Blockstream payroll), was a lie and an attempt to stop Bitcoin's exponential increase in commerce that was occurring around the globe.

How Bitcoin BTC was compromised

Blockstream was created and funded by the banks with the sole purpose to delay progress and what was looking like a possible redistribution of financial power from the banking cartels into the cryptocurrency financial networks.

Blockstream effectively crippled Bitcoin. And this chart that contains undeniable facts, explains how far the banks went to stop the Bitcoin increase of adoption.

This chart, explains the connections of BTC and the Bilderberg group. Mastercard, AXA, and Grayscale and how they are all linked and funded Blockstream:

Source: Reddit

Why Bitcoin Cash?

Image from: Whybitcoincash.com

Bitcoin Cash is now starting again with a user-base that wants a censorship-resistant digital currency, with fast P2P transactions that do not require extreme fees or a centralized financial hub to authorize transactions.

Bitcoin BTC is currently exactly the opposite, an enemy of financial progress and a way for the banks and the elite to stay relevant and still be in the game.

Many are wondering why BTC maximalists exist and why they support the notion that other cryptocurrencies are worthless, trying to brainwash beginners in the field. Especially against Bitcoin Cash, the reaction is always quite extreme.

The elite behind Blockstream didn’t expect this resistance from part of the Bitcoin community and the Bitcoin Cash fork. The plan, in this case, was to silence, remove Bitcoin Cash from the news and censor it from all available channels of communication.

These used to be just: Reddit, Bitcointalk, and the crypto news websites like Coindesk and Cointelegraph.

A beginner that was reading about Bitcoin Cash, was instantly shunned away by the deceptive articles, presentation and the hundreds of negative comments Bitcoin Cash and its supporters were receiving. This slander campaign went on for many years until it finally caught up with reality.

Some individual investors and developers kept fighting, and as the Bitcoin Cash network was running as Bitcoin should, people started thinking about it again. Many of the millions that flocked in Bitcoin in 2017 (myself included) thought about it again, did more research and decided that Bitcoin Cash is why we entered Crypto in the first place.

As users, we wanted a censorship-resistant and decentralized cryptocurrency, but we always thought this would be instant and feeless. This is how we thought Bitcoin was and this is the reason that we see Bitcoin Cash as the real Bitcoin.

Backpage


JOIN Bitworkerss.cash and earn BCH with your skills!


Follow me on:

● ReadCash ● NoiseCash  ● Medium ● Hive ● Steemit   ●Vocal ● Minds

● Twitter ● LinkedIn Reddit


25
$ 21.58
$ 21.01 from @TheRandomRewarder
$ 0.20 from @Crackers
$ 0.10 from @Achi7
+ 5
Sponsors of Pantera
empty
Avatar for Pantera
2 years ago

Comments

Wow! you are good about this. #Bitcoincash is the best.

$ 0.00
2 years ago

Greetings Pantera,

Although I spent a week away from read.cash, it is always pleasant to come back and read your articles, well structured and didactic, which summarize part of the network about Bitcoin. In this regard, newbies can have a clear vision of why Bitcoin Cash is the real Bitcoin.

$ 0.10
2 years ago

Thank you sir! Always appreciated your comments, and your posts both at noise and read.cash!

$ 0.00
2 years ago

This is a good and informative article which highlights the flaws with BTC, BCH as you say has proved that Bitcoin was capable of scaling, but the block size in BTC was deliberately kept small, which pushed up fees and made to only solution to be the Lightning network and Blockstream of which the banks are heavily invested in. BTC no longer seems to reflect the vision of it's founder Satoshi Nakamoto. I am glad that BCH has remained true to the principles of decentralisation and security.

$ 0.00
2 years ago

I think the bank is doing all within its powers to ensure it high jacks the decentralized market of the crypto system which the bitcoin of course is directly championing. This ugly plot has been on for months now as the bad actors would not want to rest a head until their missions are accomplished.

$ 0.00
2 years ago

Nice one

$ 0.00
2 years ago

I'm a new user here and this helps like kinda of a guide to give an idea about these topics coz crypto currencies still confuses me a lot.

$ 0.00
2 years ago

Don't worry. There is still so much going on behind the curtains that we have no idea about. It seems that we will only learn about 10-15% but we are able to understand the remaining percentage. With time you will manage to be critical and understand how important powers are driving prices of BTC and Ether at extremes and how they profit from this. There are individuals behind institutions that have the power to pump the prices. And they use this power very often.

$ 0.00
2 years ago

Nice one😄😄😄

$ 0.00
2 years ago

I love bitcoin Cash, and noise.cash because I am not good at English so noise.cash micro blogging give me good people to support me. Thank you

$ 0.00
2 years ago

An informative article specially for new user like me of bitcoin cash sir. LN seems for the rich ones and if this happens transactions will be censored because it will be done outside the blockchain. You were right sir when you said we want a cryptocurrency that will be decentralized and free from censorship thus i hope bitcoin cash will remain in this field.

$ 0.00
2 years ago

Great Article. Based from your article I understand that banks(elites) will only benefit from the use of LN since LN will move the transactions outside of the blockchain thus censorship. Now, I am asking the question, why do banks need censorship?

$ 0.00
2 years ago

Banks operate under a regulatory framework. They are not an authority officially but act as one, since they manage to pull the strings and pressure governments. Censorship means your transaction will not be authorized by the bank. The reason is a huge list of rejection codes the banks have and many restrictions they force on our financial life.

Banks may put these restrictions for security reasons, but may also lock our money for anything else. It can be political reasons, as it happened lately in Belarus and Nigeria, or it can be problems within the bank sector.

Banks can also confiscate funds as it happened a few years ago in Cyprus where all accounts over $100k were confiscated to deal with the problems of the economy.

$ 0.10
2 years ago

Thank you for answering my question, I understand now.

$ 0.00
2 years ago