The Two Wizards That Broke Bitcoin!

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1 year ago

LN Fails As BTC Transactions touch $50.

Taproot was the latest Bitcoin (BTC) creation of Core devs (Maxwell, Poelsta, Wuille) to improve scalability using batching of signatures and transactions, and the upgrade was activated on November 12th, 2021 (at block 709,632).

Taproot, also partially enabled smart-contract functionality, aiming to allow developers to build DeFi on the BTC blockchain.

It didn’t take too long until developers figured out ways to store NFTs (images) on-chain, with Udi Wertheimer and Eric Wall becoming the Taproot Wizards, the duo that “broke” Bitcoin!

Ordinals with “inscriptions” allowed the broadcasting of NFT collections on the Bitcoin (BTC) blockchain, with the images stored directly on-chain, creating havoc as blocks were getting filled even at a 4MB scale which was the Segwit (2017) limit.

BTC Broke Again

In February, several prominent Bitcoin maximalists (with Adam Back leading the opposition) publicly addressed the “spam” of the blockchain with “ape” images, even calling miners to censor ordinal inscriptions.

The increase of NFTs produced and “uploaded” on the BTC blockchain is visible today, with the mempool clogged (500,000 transactions pending) and BTC on-chain fees touching even $48.

Not the future Satoshi and early Bitcoiners anticipated but a hijacked and restricted version of Bitcoin, harmless to the financial establishment, unable to compete with payment networks such as Visa and Mastercard.

Worst of all, the Lightning Network also failed.

The Lightning Network:

Here’s how Lightning services fail one after another:

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

On a previous occassions:

Imagine running a wallet that advises you NOT to transact but wait for better days!

Imagine a payment service that celebrates a payment network charging customers $50 per transaction!

The future of finance? Not even close.

Binance pausing BTC withdrawals:

Source: Twitter

The Truth about Lightning:

The Scaling Solution — The Bitcoin That Doesn’t Break

On Twitter

It can be confusing, especially to someone that recently discovered Bitcoin and the revolutionary principles of the whitepaper.

Reality begs to differ. BTC is the diversion today, not the solution.

A small team of devs funded by big banks hijacked Bitcoin, censored voices, and forced out the majority of the community that promoted the concept that logic suggests: Scaling.

The alternative, the better version, the Bitcoin that works and did not sacrifice disruptive and permissionless features, is Bitcoin Cash.

Bitcoin Cash follows the latest technology, innovates with various upgrades and developments aiming at robust scalability, instant transactions, and low fees, and offers a real money solution for the whole world.

All that Bitcoin Cash did was follow logic. Innovation doesn’t end at scaling, though. The May 15th upgrade transforms Bitcoin Cash into a peer-to-peer economy, incentivizing developers to build on-chain smart contracts for financial apps.

  • Cover picture (Background) on Pixabay

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Polesta

Poelstra

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1 year ago

oh, thanks btcfork.

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