Could there be an attack on Bitcoin Cash BCH by the government and its institutions?

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Avatar for francis105d1
2 years ago

The easiest way to find out that something is government-planned is by looking at the way things are named, it is an effortless look at the name, and you will see that it is centralized government planning.

Let me give you the easiest of them all. The Federal Reserve Bank in the United States is not federal. It is not a reserve, national it is not because that bank is privately owned, and it is not a reserve of anything because they don't have any resources; they print money out of thin air.

Now let's go to Bitcoin. Blockstream, the company, is not about blockchain. It is about the blockage of a stream that was already running; in other words, let's block the stream.

Wallet of Satoshi is not something that Satoshi Nakamoto created because he proposed a decentralized network, not a bank account, and it is not a wallet either; it is a service just like your local bank or your exchange, so it is a service, not a wallet and as such you can lose your funds to confiscation or any other reason you don't control your funds, welcome to the future, which is more of the same old, same old.

Bitcoin Core is a hostile takeover, and even the censorship proves it, that is that. A government's attempt to stop the destruction of central banks' fiat systems on its track. But the only thing they can control is for people to learn about it and see Bitcoin Cash must survive because it is the true vision of peer-to-peer currency without compromising decentralization. Unfortunately, BCH had to implement checkpoints in the network, but we needed to have them; let me explain why next.

The Core is not a store of value nor a hedge against inflation. The moment inflation and hyperinflation hit the United States, the whole world will be in the same boat because the dollar is held everywhere, so it will be a worldwide event, and if you were not out of the dollar before that event,, you would lose it all. People will try to use the so-called hedge and store that day, but they will discover (those holding it as a store of value) that everyone else and their mothers can't use. It will be like trying to use the service simultaneously, and Core can't handle that so fees will increase. Many users will lose their funds to coin burn thanks to costs to also market collapse of Core because those who can still afford to get out will sell at any price; those with small amounts will have no choice but to wait. The rich with large pieces are telling the poor to buy today; the only difference is that the rich will have funds to get out in case of an emergency, but the poor will be trapped between market depreciation and high fees.

Many will try to buy BCH; that's when the miner of BCore could try to attack the BCH network; because they know they are dying, they will try to take the competition with them as well's why we need the checkpoint. Checkpoints are centralized because they prevent re-org attacks, but that is a bad thing that currently BCH needs until BCH can have more than 60% of the Sha256 miners.

Now once the small investors lose their money in the Bitcoin Core inflation or hyperinflation event of the US dollar thanks to transaction fees being as high as ETH in satoshi terms, which I have called before The Medusa Attack, they will demand that the governments do something about it; that's when the government will say Bitcoin is banned at the request of the people.

As long as you don't need your money, you can say it is a store of value. Still, the moment you need your cash in crisis events, your store must perform as a currency. Unfortunately, people will realize that BCore has some issues, and relying on custodians will be the worst-case because if the crisis is a worldwide event, you can bet governments around the world may seek to seize any asset that threatens their monopoly over money. To help with the transaction fees issues, BTC is relying on custodians that connect to the LN network, but that peg can be broken at any moment. And it is only in times of crisis that you realize the mistakes you made when it comes to investing.

That is why you must have some BCH sitting around if the world realizes that it needs a peer-to-peer currency where citizens control their keys and do not rely on third parties to process transactions.

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2 years ago

Comments

I choose freedom. I choose Bitcoin Cash.

$ 0.00
2 years ago

I want to tell you about my country situation Last month same thing that you share with us on read.cash , over government also want to get Tax from this Bitcoin Cash cryptocurrency but people realize this is absolutely not good and having a great thinking now everything good

$ 0.01
2 years ago

Simply don't cash out using centralized services; use your bch to buy goods and services, and that way, it is just like cash, no records whatsoever, but both parties must be willing to accept it as payment, and it can be any other altcoin for that use case, bch, BTC or any other.

$ 0.00
2 years ago

Well I want to think positive. Whatever will be happen will be good for us.

$ 0.01
2 years ago

At the moment while btc is taking all the spotlight other project can get to build their networks without having to worry about attracting too much or unwanted attention, unless your project is too centralized that is.

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2 years ago