The Insane Truth About Bitcoin
Prepare to discover the shocking truth that Bitcoin maximalists and modern BTC evangelists don’t want you to know.
In this video, we reveal how Bitcoin, originally designed as a decentralized, peer-to-peer alternative to traditional finance, is now overtaken by the very institutions it aimed to disrupt.
We also highlight how Bitcoin Cash (BCH) stays true to Bitcoin’s original intention, focusing on a fast, affordable, and permissionless money system.
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Transcript
(Disclaimer: Opinions and thoughts expressed on this video reflect only the author’s views.)
Imagine you suddenly find yourself in a world where the foundation of the global economy crumbles beneath your feet. It’s 2008, and the financial system — once thought to be robust and unshakable — has entered a state of unprecedented crisis.
Banks that were deemed “too big to fail” are collapsing, stock markets are plummeting, and the housing market, once a symbol of prosperity, is now a graveyard of foreclosed dreams.
People are losing their jobs, their savings, and their sense of security. The ripple effects are felt worldwide as economies falter, and governments scramble to respond with bailouts and stimulus packages.
Trust in the financial system, built up over decades, is shattered overnight, leaving individuals and institutions alike questioning the very principles that have guided economic decisions for generations.
Bitcoin was created to fix this mess, but during the process, something changed dramatically.
Since 2017 the Bitcoin that fixes money is Bitcoin Cash and here’s the secret that finance and BTC maximalists hide from the public.
It is 2024 and the legacy financial system is still paralyzed and inefficient, struggling to adjust to the rapid advancements in technology and the evolving needs of global commerce.
This system, burdened by outdated infrastructure, excessive intermediaries, and opaque processes, fails to provide the transparency, speed, and accessibility that modern consumers and businesses demand.
There is no alternative in sight, you can’t withdraw your savings from the bank and undertake the risk of holding piles of cash at home.
Bitcoin is not fixing this anymore, at least for the overwhelming majority who would never pay transaction fees worth $50 or even $2 to begin with.
The money of the future has to be fast, reliable, and cheap to use.
If it comes with considerable transaction fees, then it is worthless as money.
Bitcoin does not fix any of the money issues with the currently prevailing BTC version, since the BTC community does not support mass adoption and ignores the average Joe.
You are not welcome in Bitcoin, but you are welcome to keep buying via centralized platforms and undertake serious risks for your funds.
Bitcoin diverted from its original path and remained a vague experiment, with no potential and no revolution any longer.
It was just a dozen individuals who reshaped history and twisted Bitcoin into a service for the already privileged and powerful. Not for the common public, not for everyone.
We have a solution since 2017.
Bitcoin Cash fixes all the above, and as we find out in the process Bitcoin Cash also saved the mainstream BTC version from a humiliating deterioration.
Bitcoin Cash is the brave new coin, the righteous one, the one that manifests the crypto revolution.
Since 2017, Bitcoin Cash (BCH) has been the only Bitcoin version that still pursues global adoption of P2P Electronic Cash.
In Bitcoin Cash, we find developers, investors, businesses, and a driven community with an honest and professional approach, seeking to bring positive disruption far from the failures of legacy finance and to uphold the true values of Bitcoin as described in Satoshi Nakamoto’s whitepaper and as expressed by the early Bitcoin community.
Yet Blockstream, backed by various financial institutions like AXA and Mastercard assumed control of developments in 2015, ousted the Satoshi-era developers, and supported scalability stagnation.
It is evident that the scaling promises about layer-2 networks have not been fulfilled, and it’s unlikely that they ever will.
Bitcoin Cash is there as proof that the blockchain scales and meets global demand for borderless, permissionless, and censorship-resistant digital cash.
Bitcoin Cash is concrete evidence of Bitcoin’s scalability. The blockchain is an efficient tool that can accommodate global adoption.
In addition to securing a permissionless person-to-person payment system free from centralized control and custodial mechanisms, Bitcoin Cash also saved Bitcoin (BTC) from a devastating inflation bug.
In 2018, a critical inflation vulnerability was introduced into the Bitcoin Core code, which could have allowed malicious actors to artificially inflate Bitcoin’s supply.
This serious flaw was identified by a developer from the Bitcoin Cash community, who promptly alerted the Bitcoin Core team, thereby preventing what could have been a catastrophic outcome.
The bug in question was coded by developer Matt Corallo and, despite supposedly being audited by several other Core developers, it was accepted into Bitcoin.
Rather than share responsibility for this oversight, much of the blame was placed solely on Corallo.
He eventually stepped down from his role as a Blockstream founding member, calling out the toxicity that had taken root in the Bitcoin development community.
Despite Bitcoin Cash developers’ crucial role in averting a catastrophic failure, this fact remains obscured and is rarely acknowledged.
There is a fundamental feature the Bitcoin Cash side fiercely promotes: Scalability.
To address growing transaction demand and compete with established payment networks like Visa and Mastercard, Bitcoin Cash increased the block size limit, in alignment with technological advancements as defined by Moore’s law.
The approach of Bitcoin Cash starkly contrasts with the Core developers’ decision to sustain the block size limit of the BTC network unchanged at 1 megabyte, leading to much higher fees and slower transaction times.
Yet, even before the decision to sustain a low block size limit, Bitcoin was already entering the path of obscurity.
RBF, or replace-by-fee, was detrimental to stalling progress in the adoption race.
A technology that allowed participants to replace their transaction within a limited time and before the next block was mined by placing a higher fee. This way a message propagates on the network that the previous transaction had been replaced and miners would only include the new transaction with the higher fee when building the new block.
While RBF seemed revolutionary at the time, the intentions behind it were proven to be even darker than what the Bitcoin community had imagined.
Transaction fees used to be low, at a high cost of around 10 cents, and thousands of merchants, businesses, and websites were accepting Bitcoin without having to wait for any confirmation.
Maybe the newcomers have no idea that Bitcoin worked exactly as Cash should, but indeed Bitcoin was instant, and transaction fees were insignificant in the past.
RBF-related scams and apps exploiting 0 conf acceptance quickly emerged and merchants were not able to accept Bitcoin with no confirmations again.
RBF made instant transactions obsolete and every supposed expert in Bitcoin started claiming how users were always required to wait for confirmations.
Each confirmation stands for 10 minutes, which is the average time a new block requires to be mined on the Bitcoin network.
The need for one confirmation became quickly six within just a year after RBF, meaning that for a merchant to be sure they would not get scammed and lose their money they’d had to wait for 60 minutes after the payment was sent.
Thus, there was no way for Bitcoin to succeed in commerce again.
Instead of following the reasonable approach to scale Bitcoin as transactions were increasing and follow the latest technological advancement, the leading development team decided instead to push a technology that would only increase fees even more.
Certainly, fees would have increased without RBF as well, and RBF was giving the fair option to pay something extra to skip waiting in line.
However, it also rendered 0-conf transactions on the Bitcoin network obsolete by creating the double-spend threat.
When I joined Bitcoin in 2017, everyone was claiming that I should never accept 0-conf and just to be sure 6 confirmations were necessary. I asked everyone how exactly was this going to be the future of money but nobody had given it any thought.
Five months later, Bitcoin Cash emerged and things started becoming a bit more clear, although the sheer amount of disinformation spread by Blockstream increased the time requirements for a newcomer to clear out the valid information from the lies and propaganda.
Thus, it took me another two years to realize that the Lightning Network was just another deception and it was never going to work.
It was decided that Bitcoin should have nothing to do with payments and some maximalists had been sincere about that.
Since 2017, BTC has been advertised as a store of value, and the new target was finance and ETFs.
There was no more revolution, no more disruption, just a new asset to be sold to wealthy individuals and institutions as some kind of exposure in high volatility.
And it had to be “Just Bitcoin” as even that narrative would instantly fail.
Everything else had to be a shitcoin and maximalists made sure to send that message out.
Adding to the controversy it was revealed that the creator of RBF, Peter Todd, was funded by an anonymous individual known as John Dillon.
Dillon’s practices and intentions were later exposed on Bitcointalk after Todd’s email was hacked, revealing attempts to shift Bitcoin away from its original vision as peer-to-peer electronic cash.
For a relatively small sum of money, Todd complied with Dillon’s demands, further fueling concerns about the integrity of Bitcoin Core’s direction.
John Dillon was one of the infiltrators you often hear about, perhaps the most cunning and notorious one.
At one point John Dillon made it known to Peter Todd he was a secret agent, something that probably Todd already had suspected, yet, Todd’s actions were solely driven by rewards.
He was a bounty hunter, and as one he had a job to finish without any intention of understanding the problems Bitcoin was solving under the original intention of Peer to Peer Cash.
With the 2017 split, Bitcoin Cash removed RBF, increased the block size limit and preserved the vision of Bitcoin as a reliable, peer-to-peer payment system.
The block size increase aligned with the evolution of technology while maintaining decentralization of node operators.
In the last ten years capacity and speed of hardware and internet connections exploded, following Moore’s Law exactly, yet the maximalists somehow proceeded with attempts to undermine even logic.
Now, more than a decade after these pivotal events, the results of Bitcoin Core’s decisions are becoming evident.
Bitcoin was hijacked and its direction changed to one that was no longer disrupting the legacy financial system. The competition it posed to fiat money was eradicated.
The Lightning Network could never work without custodial hubs, and the when the product was supposedly ready, we only discovered centralized, government-regulated wallets like Chivo, Strike, Wallet of Satoshi.
The alternative route of second layers that Core was passionately promoting was nothing else but a mirage, a deceptive strategy to sustain support by members of the community who wanted to see Bitcoin succeeding in payments.
Bitcoin Cash doesn’t require the Lightning Network because it already scales efficiently on-chain.
With lightning-fast transactions and fees consistently lower than a penny, Bitcoin Cash demonstrates that the Lightning Network was redundant to achieve speed and low-cost transactions.
Bitcoin Cash itself is proof that blockchain technology can be scalable and efficient without relying on off-chain solutions.
Blockstream, during the blocksize debate, opposed Layer 1 scalability upgrades, and still the Lightning Network according to its whitepaper seems to require more than 100 megabyte block size limit to succeed in global scale,
This lead to the current situation where the Lightning Network has become a largely custodial solution, making Bitcoin less practical for everyday use.
As cryptocurrencies pose a significant threat to traditional banking, these institutions sought to neutralize Bitcoin’s potential by exerting influence over its development.
It’s no coincidence that Blockstream is funded by the very banks and payment networks that view Bitcoin as competition.
A fact that raises serious concerns about whether Blockstream truly acts in the best interests of the Bitcoin community or is attempting to undermine the project and limit its potential.
Blockstream executives aggressively promote Bitcoin maximalism, dismissing all other cryptocurrencies as “shitcoins” — a stance that, while illogical, has effectively rallied a cult-like following around BTC.
Moreover, Blockstream’s partnerships with questionable entities like Tether and Bitfinex further cast doubt on their integrity and intentions. These associations should only be raising questions about the honesty of their intentions.
In 2021, the market cap of Bitcoin BTC was established into a trillion dollars based on lies, deception, and fake narratives.
This is not Bitcoin with SegWit, RBF, small blocks, and an unreliable network of payments with fees frequently rising to $50 per transaction since 2017.
Permissionless money has to be available to all and not just those who can afford high fees. That was always the use case for Bitcoin. In the early days, it was advertised as being feeless which was indeed not going to last for long but if there’s one thing Satoshi never expected and addressed throughout his correspondence it was the high fees BTC has been experiencing since 2017.
Imagine Satoshi announcing in 2008 a store-of-value system instead of peer-to-peer cash.
It would have been insanity and nobody would have ever taken this project seriously.
In 2024 BTC is not money but something else, something nobody in that community can even define without looking like a scammer.
Number-go-up, price speculation, trading promotion, and hostility with aggressive trolling suggest an arrogant and ignorant user base with vast networks of spam bots and paid advocates promoting things they never cared about or understood in the slightest.
The Bitcoin Cash community is composed of early Bitcoin pioneers dedicated to developing a cutting-edge, permissionless money system for everyone.
These leaders possess the knowledge, influence, and determination to drive success. While Bitcoin Cash has faced challenges, the network has successfully rooted out malicious actors — high-profile individuals who sought to seize control, impose taxes, and alter the core principles of the ecosystem for personal gain.
From 2014 to 2022, many newcomers to Bitcoin were enticed by the prospect of profit, eager to become millionaires.
However, for those involved from 2009 to 2014, Bitcoin represented more than just a vehicle for speculation.
It was envisioned as a revolutionary tool for peer-to-peer electronic cash, not merely as a Wall Street asset.
Treating Bitcoin as just another speculative instrument is both disrespectful and degrading, yet this was precisely the agenda of those who sought to control it.
A new crisis is inevitable, the only thing every economic model can guarantee.
2008 will be repeated and BTC will not save the individual.
With bank runs and capital controls, you might find yourself stuck in hours-long ATM lines, struggling to withdraw a mere $50 daily limit, and that’s only in case your bank hasn’t collapsed.
BTC will not be there for you and you better not expect any centralized platform to comply with your requests to withdraw fiat money at times of uncertainty. They will most likely freeze your funds and crypto or run with the money and leave you wondering why you didn’t bother taking control of your private keys instead.
For the rest of the Bitcoin community that chose to embrace the true vision of decentralized, permissionless money that Satoshi originally conceived, Bitcoin Cash is the genuine embodiment of Bitcoin and will establish itself as the beacon of financial freedom.
Bitcoin Cash remains a reliable alternative allowing you to maintain access to your funds without intermediaries, and using your coins instantly without having to waste a significant amount of satoshis on transaction fees.
Bitcoin Cash is for everyone, especially for the people who live with less than $2 per day.
In a world where accessibility and affordability are paramount, Bitcoin Cash is the true testament to Satoshi’s revolutionary vision, embodying the spirit of decentralized finance and paving the way for a future where everyone can participate in the global economy without barriers.
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Another masterpiece!