Will the real Bitcoin please stand up?

6 54
Avatar for potta
Written by
3 years ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Bitcoin, Bitcoin Cash, Cryptocurrency, Crypto, News, ...

So I was reading this amazing point that @RogerVer brought up on reddit reminding people yet again about the fundamentals of how Bitcoin was envisioned to be and about how Lightning Network could become centralized and if we go that route, we might as well just use Paypal instead of crypto currencies and I am just amazed at just how many people have just not read the original white paper at all.

https://www.reddit.com/r/btc/comments/k4jnby/psa_satoshis_original_white_paper_was_titled/

I don't understand why BTC is pumping so much. Will scarcity and being first the only factors that drive everything (adoption and price) going forward? Why are billionaires pumping money into Bitcoin only and not Bitcoin Cash? Do they not know the limitations of Bitcoin?

I think many people including some of the smart people that I know have just put mental blocks on this subject and they just refuse to think beyond BTC. No one wants to think about practical applications, no one wants to think about scaling issues. All they care about is that if Jack Dorsey and Chamath put their personal net worth or MicroStrategy's Michael Saylor put his company's cash reserves into Bitcoin then this should be the end all be all coin.

How do we get over these hurdles? How do we educate all these people?

Will the real Bitcoin please stand up?

7
$ 111.22
$ 110.00 from @MarcDeMesel
$ 0.89 from @TheRandomRewarder
$ 0.26 from @georgedonnelly
+ 2
Sponsors of potta
empty
empty
empty
Become a sponsor
Get sponsored

Comments

Since alot of people are mis educated about the bitcoin was fustrate me with bitcoin core is transaction fees and the time, Orientation and strong sensitisation is much need.

$ 0.00
User's avatar Jadeliyi
3 years ago

Why are billionaires pumping money into Bitcoin only and not Bitcoin Cash?

For two reasons: because the Bitcoin Core blockchain is better known and above all safer. Safer, which means that it is much more difficult to attack the Bitcoin core blockchain than the Bitcoin Cash blockchain. And the faster the BTC price increases compared to the BCH price, the weaker the Bitcoin Cash blockchain is compared to the Bitcoin Core blockchain. The circle is complete. The circle must be broken. This can only be achieved by increased use. If adoption increases, the BCH price will rise faster, the Bitcoin Cash blockchain will become stronger and stronger and more secure. This will pull billionaires away from BTC and the result will be flipping.

$ 0.00
User's avatar Telesfor
3 years ago

That makes a lot of sense but how does price determine safety? I'm guessing you're referring to the 51% attack? How is that dependent on the price?

$ 0.00
User's avatar potta
3 years ago

As the price rises, the incentive for miners to mine Bitcoin Cash increases. When more and more miners mine, the difficulty to mine BCH increases. The more difficult it is to mine BCH, the more a 51% attack costs. Check the ABC chain. The Bitcoin ABC chain is much weaker than the Bitcoin Cash chain and a miner has been mining empty blocks for days and there have been many reorgs.

$ 0.00
User's avatar Telesfor
3 years ago

My condolences - lemmings never learn.
Their only 'life skill' is following narcissists up gentle slopes.
How to deal with the inevitable spectacle ?
Develop your skills and resources selling tickets, popcorn and drinks at the top of the cliff.

$ 0.00
User's avatar sanctuary.the-one-law
3 years ago

Their only 'life skill' is following narcissists up gentle slopes.

Wow that is incredibly well put.

Develop your skills and resources selling tickets, popcorn and drinks at the top of the cliff.

It's just hard to get to the top of the cliff meanwhile.

$ 0.01
User's avatar potta
3 years ago
About us Rules What is Bitcoin Cash? Affiliate program Get sponsored Self-host