I went on We Are Change recently to talk about the future of bitcoin with Luke Rudkowski.
There is so much going on in the cryptocurrency space. One of the biggest things being talked about is the highjacking of Blockstream and Bitcoin Core by globalist influence.
Many believe Blockstream is working to purposely make bitcoin slower with more expensive transaction fees. They openly advocate this and claim it is ok to have these changes because they prefer to look at bitcoin as a “value layer” in the market, rather than a pragmatic payment system for smaller transactions.
That, in and of itself, is a dramatic change from what bitcoin was designed to be by its creator, Satoshi Nakamoto. And, a dramatic change from what everyone I am aware of who has been in bitcoin since 2009 thought it was supposed to be.
In this sense, bitcoin, or Bitcoin Core, has been a hard fork of bitcoin!
The Bitcoin Core/Blockstream group has essentially censored the discussion so that the other side of the argument can’t be heard on Reddit which is an immediate red flag. Not to mention, seemingly employing an army of trolls to attack those who stand up to this fork of the vision of bitcoin.
Because of pressure from honest users and developers in the community, Bitcoin Core stated a while ago that they would wind up increasing the blocksize - something they said would happen as a result of the Segwit2x fork, which as everyone now knows, did not end up happening.
Many people from the get-go stated that Blockstream would never allow the blocksize to be increased. I gave them the benefit of the doubt. As we now know it was scrapped and those people turned out to be absolutely correct.
It is for this reason that I, among others, have pointed out that Bitcoin Cash (BCH) is closer to being the “real” bitcoin than Bitcoin Core as it can actually be used to transfer funds in a practical, low cost, and efficient manner. Which, if it can’t, is basically bankercoin.
Who wants to wait hours for a transaction to be completed and pay high fees when there are other, more efficient currency options available?
Well, as I always say, the free market will decide.
Hear much more in my interview with Luke Rudkowski:
I have been telling TDV subscribers since August to hold on to their Bitcoin Cash because I knew this was likely going to happen.
Many at the time got very angry and unsubscribed. I don’t care. I will always speak my truth.
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I deal all day every day in bitcoin. Like you, I live in a hispanic country outside the USSA.
Every time Bitcoin gets slow, I stop selling it. They get a huge "Bitcoin is broken right now, can I interest you in some Dash? Or how about some Ethereum?" Let me tell you. There are a lot of new Dash users since then.
One who bought Ethereum now has 5 rigs going..
In Dec. 16 I sold well over 100 leaving only a few bitcoins in my wallet. I bought Dash, Dash went from $9 to $300+ and I am ok with that.
Good pick haha
Good pick hehe
So Bitcoin Cash is the "Real" Bitcoin.... Oh My!
I wouldn't say that.
"Real" in the sense that it is a fork that behaves more like the original developers and early enthusiasts thought "Bitcoin" should.
Imo it makes a lot of sense to at least have the option of using a different chain, considering the mess BTC is in. But whether this becomes a "battle" over market domination is really up to the Bitcoin core team.
Neither coin is dying any time soon I think.
They are all real as long as they are instant and nearly free. So the real bitcoin is no longer "real" becuase it no longer works.
Bitcoin and all the BT(x) money will finally scale one day just as the internet scaled. It used to be imposible to email a video - now we have Netflix and Hulu.
BTC over BCH any day. Look at the people behind BCH and where most of the trading for it takes place and you will quickly see how manipulative this group is! Also don't forget if you had bitcoin in your coinbase account or any other number of other services that did not support it during the hard fork your going to get it when it unlocks. These means millions of BCH are currently locked up which is just inflating the costs of one right now let alone the mining algorithm on BCH is still broke.
Everything is not about the price and how much it can go up, some people are concerned with getting the product we were promised. A peer to peer network for value exchange which delivers fast and can't be shut down.
Literally 1,200 + other options out there that can process payments that came before BCH
Bitcoin use case is even worse if you are going to make that argument. Segwit doesnt fix the scaling issue and breaks the chain of signatures.
Woah Woah, that's actually true as fuck, dogecoin transaction fees are 1/10 of bitcoin cash atm of writing...
Those are not actually equal options, considering that they don't have the same starting block history as BTC, much less support by early BTC adopters and a lack of mining industry/other economic support built up around them.
Come on Jeff, I've been a follower for a long time and you're better than this pump and dump nonsense. You're also smart enough to know that a block-size increase is a temporary solution that isn't scaleable.
Core's Bitcoin will smash the banks, and the only scaleable way to do that is with additional layers. Take the politics and conspiracy theories out of it, it's a matter of technical fact. The financial world can't run with every micro-transaction being logged to a blockchain.
Satoshi's vision was also for privacy, the Core roadmap is more inline with this than is BCH's... who is supported by that stoolie Garzik and his analytics machine.
Yup, its sad really.
Whatever, BCH has eased the critical capacity problem, whereas BTC has not yet.
Jeff has missed the forest for one uprooted, gaudy tinsel draped tree.
BCH is centralized as fuck. Jihan Wu is sketchy as fuck. He
operatesmanipulates mining out of communist China. You think he is a truly independent actor? That BCH is censorship resistant?MIcropayments will never scale on-chain - you don’t have to be a mathematician to grasp that.
Jeff has swallowed one too many conspiracy pills and is now constipated as fuck. Let’s hope it isn’t terminal. JB’s credibility was iffy at best, and it’s down the tubes now.
Someone please post evidence that some globalist has control over Blockstream, and that Blockstream has control over the loose knit open source meritocracy that is ‘Core’.
I'm curious why can't micropayments scale on chain? Because the network will grow too fast and everybody won't be able to run a full node?
Genuinely want to know.
Because even if Bitcoin simply replaced fiat in like form, and not doing anything advanced beyond that, we'd be looking at blocks in the terrabytes.... which leads to a chain in the exabytes and beyond.
Nailed it.
Why would I go with corporate / fake satoshi coin? The circulating supply is inflated by approximately 130,000 BCH!
Did we look at the internet protocol in 1994 and decide that since it couldn't support streaming HD video, Social Media, etc that it was time to change the protocol?
Small blocks work and there is no need to be slamming a settlement layer with micro transactions... we have the lightning network.
BTC
I really doubt you could broadcast and validate a cryptocurrency via satellite with mega sized blocks. This is about keeping it decentralized and censorship resistent. Anything else is either misguided thinking, or an outright attack on our future decentralized vision. Berwick, you shouldn’t type up shit before really thinking it through. Reputations are lost in a heartbeat in the Internet Age.
It's good to have options. BCH is what Bitcoin used to be + bigger blocks, which is entirely in line with Satoshi plans and importantly does not have to be the end of improvements.
Also, Bitcoin is not quite like the internet. Speculative and revolutionary technology that enables greater connectivity yes, but similarities end there.
-For your information though, the internet needs an update as well. It's not what it should be.
The internet is constantly scaling and will have to continue. My point was that this is a marathon, not a sprint.
That much I can agree with.
Was it Satoshi's vision to inflate the circulating supply of BCH by nearly 130,000 above what the block rewards should have paid out? This must be fake Satoshi we are talking about...
Being a Satoshi or original Bitcoin fundamentalist is not practical, nor is it what I suggested.
I don't see the inflation or the companies as a bigger threat than the current people in charged already stopping the implementation of changes that would bring the fees and unconfirmed transaction issues down significantly.
That's not to say that I really see those other people and their associated organizations as much of a threat either. I think BCC will help encourage necessary changes to the BTC organization. It doesn't appear to me that either coin is going away yet. I think they will both be valuable and valued.
That's a misnomer - inflation. The coins are generated slightly faster, but final total is the same at 21 million. That's not inflation.
Last time I checked, small blocks too often don't work. And how many years yet to wait for Lightning?
The BCH pump was clearly an attack on Bitcoin. This attack was build off 3 parts.
First part was technical: The EDA in BCH made miners mine way more blocks per time unit than BTC, because of this INFLATION mining on BCH was way more profitable, so the leverage wherein hashing power shift by a rise of price was enormous.
BCH had 70 % of the total hash power for a while, even when the price was still way lower. Because miners went away from BTC to mine the more profitable chain (this is as designed) BTC blocks took longer and in combination with a lot of spam transactions the network got clogged.
This EDA was a FLAW. How pathetic is it if you have to beat your opponent using a technical flaw in your system (Thought you believe in fair free markets?!?
Second part was economic: If you see the charts of BCH it was really a pump & dump. Also 80% of the volume came from one exchange in Korea, interesting enough the volume started to spread over different exchanges just before the dump started. The intention of this pump was to let as many as possible miners jump to BCH (possible because of the flaw) so that BTC got stocked.
Part nr. 3 was social: Already before the pump started I saw the some people online talking about the 'flippening'. At that moment BCH was only at 5% of BTC and the pump had not started yet. This makes me very suspicious that they were pre informed and probably paid. When the pump happened on Reddit BCH posts were heavily / unnatural up voted and BTC was down voted till invisibility. (Roger complains about censorship?) On Youtube only BCH moon videos were visible, there was no single BTC video available if you searched for bitcoin. This was overwhelming and will have mislead many people and let them lose money by buying in to this pump and dump. Also the moment that 2x was cancelled was perfectly chosen, frustrated big blockers could leverage the planned 'flippening'.
You took place in this attack by posting your recent article exactly at that time (it is very suspicious that exactly that day you found your theory that Blockstream is influenced by bankers). Joining this attack is very strange, because you say in your post you are not sure about core. This means you are not sure but tried to help to destroy THE REAL BITCOIN.................
I don't support either side over the other, but while blockchain politics is clearly involved this wasn't the first time that transactions did not confirm or that fees were high. This has been happening for a long time.
Bitcoin is changed via consensus, not sticking up your middle finger and forking off and then telling everyone you're the real deal. If you want to know a surefire way to tell who the enemies of bitcoin are (whether they know it or not) it's the people who mock, dismiss or belittle consensus. Or flat out lie and claim they have it when they don't like S2X proponents did at first. Consensus is Satoshi's vision. Not this crap. Segwit got consensus from everyone, nodes, users, devs, and miners. That's why it changed bitcoin itself instead of creating a new coin. Consensus is difficult to get by design. What happens if by some miracle bcash becomes "bitcoin"? (it won't) There will just be disagreement again and more forks. Jeff you are now an enemy of bitcoin because you support a coin that not only broke consensus rules but did so willingly because everyone on their side doesn't care about consensus at all unless it suits them. Bcash never even TRIED to get consensus to become bitcoin, thus never even TRIED to BE bitcoin, thus never WILL be bitcoin. If you wanted to raise the blocksize so bad you should have stood on the technical merits of it and convinced everyone to agree to it. That's how you could have fired core, by convincing everyone to stop running the core client and running one that ups the blocksize at a certain block height, there would have been nothing core could do about that. but you blew it and made things worse for yourself and the whole market, you don't know it yet but you will. You've shown everyone who understands bitcoin that core are actually the people who respect consensus and not the bcash side.
BCH "broke concensus rules"?
The posibility of forks and other experimentation - like segwit/segwit2x and disagreements over it - are there by design.
Nice work Jeff. Good to see you calling it how you see it without concern for all the hate you'll get for your opinion. Doesn't matter to me if you're right or wrong because in my book that is called INTEGRITY and that's worth more than being right.
In this case I think you're right though ;)
Good reporting on this issue. It is shocking that too many people in power think high transaction costs are a good thing. Pride before the fall comes to mind. I hope the BTC folks come to their senses soon and get back to true decentralization and low transaction fees.
The more people get involved, and hold Bitcoin and Cryptos, the stronger they gets.
Jeff, looks like tons of people are being misinformed and manipulated from the replies below. I shrugged too in Discus comments. Many simple requoting what they heard, they thought it's right. Rotten to the core. Their apple. But they don't know. And many don't understand how mining works and simply summarise to blame a certain country, so much easier to pin, as how they were indoctrinated to kill poor Vietnamese villagers decades ago. I'm getting Off The Blockchain Wall now. Can't explain to them anymore.
Well.. I think that BCH helps as a check & balance here.
Outflow of money from BTC pushes the BTC community towards increasing BTC's usability as a means of payment.
I have both BTC & BCH, but I'm sure that BTC will evolve for the better, even if not as fast as we would like it to :)
AMEN! Lot's of people don't like to hear it, but unfortunately it is the truth. I waited nearly 24 hours just yesterday for a wallet to wallet transfer, and paid an astronomical fee! Absurd! If we are talking about mass adoption, that is not the way to go about accomplishing it. Unfortunately if that continues, BTC will be more of a "store of value" while BCH starts to get more interesting....Only time will tell. Great post, my friend.
Yes, but that situation is not a coincidence. With this Bitcoin Cash action on the weekend i waited all weekend for a transaction to go through. about 10 dollar fee. when the dust settled it went through...
The question now is, how much longer until we have the same situation with BCH ?
It will at least take longer. I'm not against Segwit, but it was Core who was against the quick straightforward solution for a critical problem. That was also an attack against the miners, who happen to be the foundation of BTC security and value. As a reaction, the miners who obviously have vital interests too, have striked back. I don't blame them for not having such great developers etc., but that might change.
Both BTC and BCH have become a shadow of themselves compared to the situation 3 years ago.
BCH may have helped cause it this time, but this was not a new situation. The issues started way before the launch of BCH.
So the real question is how does this play out over the next 12 months?
My Respect, Jeff. Although I'm not a fan of BCH, one has to acknowledge that core started this mess by refusing to solve the critical capacity problem. Many other coins are facing a similar problem but their adoption haven't got that far yet. Therefore I don't blame Roger and Jihan. Not even the slightest block size increase Core has accepted.
Now that BTC is officially accepted in > 1000 japanese shops, it has embarrassed itself. People can see that BTC core doesn't work as expected. Core supporters are behaving like brainwashed cult members happily marching towards their own death.
Would be good to see some numbers regarding retailers in Japan, such as how much bitcoins were processed and what problems consumers faced.
Come on guys, stop hating.
Buying that island to build that anarcho country is not cheap, you know. It is all for a good cause. Come help pump this thing for a good cause.......not.
Can someone please explain, what excactly is the risk in segwit? - i am really trying to understand the points against btc. but i dont get it. Maybe i am just not crypto enough yet to "see" the code.
Nooooo. i just realised. 8MB are enough.
Enough for the use as currency in an island full of people. I can see where this is going....
Here's the BCash recipe:
1- Get a copy of the BTC source code
2- Modify a constant to make block size bigger.
3- Take out the Segwit code, so to maintain ASICBoost covert mining advantage.
4- Call these changes "Technological Innovation"
5- Get a cartel of Chinese miners to mine it.
6- Get lots of "smoke and mirrors" out to confuse public and create FUD
Result:
A degraded replica of BTC, with centralized and unknown miners, and a closed group of "Big Wigs" managing it. It even has a CEO!
And once the cake is baked, called it the "Real" Bitcoin, and hope that a bunch of innocent new bees in the space eat it all up.
Remember that the Chinese are experts at replicating objects of value. Why wouldn't they attempt to do the same with Bitcoin?
Bitcoin's consensus and Ethos comes from the "Many to the Few".
When they push something from the "Few to the Many,
People Beware!
Remember the Americans are expert at murder. Bailout. Prison. Vaccines. Making their own citizens addicted to sugar, tobacco. And again bank bailout for JPMorgan. And killing villagers in Vietnam.
Look you have something that is stable like Bitcoin and along comes Bitcoin cash claiming all sorts of things, I tend to believe the first one that came along the interloper is the new one. I think what is happening is people are being led like sheep to try to bring Bitcoin down.
In fact just a few weeks ago Jeff was going on about how great Bitcoin was.
Not attempting to shill for Berwick here, but Bitcoin Core is still great in its own way. It's just not what it could be.
It seems that Bitcoin Cash might provide the motivation needed to improve or at least become the goto "cash" in the Bitcoin(-forks) ecosystem. Bitcoin Core can be the "gold bank" if they want to.
Well he's rooting for Bitcoin today.
very wise, I don't know why people didn't see something like this coming as an attack on bitcoin.
Jeff is taking part in the pump and dump. Disappointing. Loosing respect and taking his posts with a grain of salt. Be careful folks.
How is it possible to pump Bitcoin Cash to 3rd place on marketcap?
With bitcoin and the transaction fees, people are indeed dropping it to other coins like ltc and many others. I too stepped away a while ago and went with others. The fees and length of time was a turn off. Thanks for your conversation.
So you went with others like LTC who can do the same thing that BCH can long time ago. Now BCH comes along and they say this is the real BTC. Give me a break!
It could possibly be considered the "real bitcoin", whether we call this "BTC" or not is a matter of practicality. I think BCH is fine for "Bitcoin Cash" and BTC is fine for "Bitcoin Core".
Forking is very different from simply selling BTC coins and buying LTC, which also is already using segwit etc.
In the end, BCH and BTC build on different visions presented to the world. It's not just a pump scheme, no matter how many pump/dump trolls you can find suggesting this online, but some people (some companies, early promoters etc) will certainly be able to profit from it.
This is called having a choice in what currency you use. Don't like it? Don't use it.
What if Satoshi Nakamoto were the NSA? What if all the currencies, crypto and fiat were slated to crash together? Might "Someone" swoop in with a solution to both, in fact placing us all onto the money/crypto of their choice? Carrot and stick, perhaps?
What is the answer?
While I don't buy the idea that Bitcoin was created by the typical government spy agency, such ideas should still be taken into account and thought through for the sake of practicing catastrophe prevention and mitigation.
We also still don't know who Satoshi is or are. The idea that noone would be crazy enough to dump coins or somehow else cause havoc to a currency they themselves created is a worrying belief, because crazy people exist and crazy things happen all the time.
Yes let the conspiracies run wild! nice. Now just imagine someone would create money out of thin air, and then people would actually use it, thus giving it value.... i know, sounds crazy right?
What if "math" was just invented to distract us from the real issues? it is all a big scam...
Satoshi is Bill Gates. He programmed in Windows. Search in Google for the article.
I have felt there was something wrong for some time. Thanks, Jeff, for telling us the facts. I don't believe most of the alt coins are compromised, but this is all the more reason to use Dash and Monero!
You guys are talking me back into gold and silver.
Careful putting your savings in speculative currencies. Bitcoin could be the future, but both BTC and BCH could also be dead in a few years.
What happens in a nuclear/EMP crisis? Specie commodities certainly still have their benefits.
yes but where is the intrinsic value? hwo much stuff do you need to gold plate, before it is useless rocks? ;-)
In the great words of 38 Special
"Just hold on loosely
But don't let go
If you cling to tightly
You're gonna lose control"
thank you Jeff for all the info and you are totally right on bitcoin Also please let everyone know we are now taking donations for The Missionary Fundraiser and here is the Bitcoin address 16QmkDgPZmprV4AgoY2GQRpV17uw7AFjpE
Jeff, can you please send Luke a very important message for me? Please, let him know he looks just like my kid brother, thanks bunches! Upvoted, re$teemed & following!
Love your show, watch it or rather, hear it on my drive to work. Keep doing your no BS articles please.
Well they're definitely worried about something! Anarchapulco is looking better and better :) Thank you for this.
very good video. i am not very familiar with crypto space. your video and post gave some idea. it aroused interest in me to study more about the subject crypto and bitcoin. thank you
Good
Good
Thanks for sharing, enjoy the vote!
The more individuals get included, and hold Bitcoin and Cryptos, the more grounded they gets.
apparently betamax was superior to VHS. Sometimes its less about the tech and more about the infrastructure around it and the monopoly of certain key players early in the game.
Supporting technologies, is another way of saying it. Ever wonder why poor countries that got a lot of money didn't seem to improve? It's not just dirty tricks, althought that's also the case. Capitalism (modern, as well as actual free market) is about building up - creating, collecting, organizing - capital in general, not just credit.
They are all indirectly working on the same BITCOIN CONCEPT and they are all being managed by Block Net OWNERS to create the NEW BITCOIN MONOPOLY using Bitcoin, Bitcoin Cash, Bitcoin Gold and more to come. You have to be blind not to see it. Their goal is to monopolize cryptocurrency by destroying the rest of the coins and tokens and SPLIT BITCOIN so people keep buying BITCOIN DENOMINATION. That's why Jeff hasn't sold any of his BITCOIN, they all expect bitcoin to own a very large percentage of the entire market and screw the small projects. https://steemit.com/bitcoin/@melip/the-bitcoin-game-of-manipulation-dare-to-think-outside-bitcoin FUNNY THING THO, they are all thinking they're running the show.
LET'S STOP THE BITCOIN DRAMA... THINK OUTSIDE BITCOIN, SUPPORT SMALL PROJECTS!!
quite educative and an eye opener...as always your laid out your points convincingly... thanks @dollarvigilante for sharing this...
I am aware
Sure...me too
Bitcoin cash is a good buy, though I feel as though buying it would be bringing down the original.
All this devision in the community is causing mass confusion and essentially devaluing BTC and other crypto. The reason I am invested is to protect my wealth; however big players are making orchestrated moves like we've seen recently with BCH and filling the crypto headlines with statements like "BCH is the real bitcoin" just to make a profit while the small guys panic and transfer their holdings around trying to keep up. I think this is all nonsense and to be honest I'm considering pulling out my investment. It is obvious to me that these moves are orchestrated by big players strictly for profit. This is defeating the very reason I got into crypto in the beginning, to shelter my wealth from greedy rich men trying to get their sleazy little hands on it. Now we are having the exact same thing happen in crypto. Truly disappointing.
You may or may not be correct about the conspiracy. What is for sure is that now people will have to allocate capital in BCH as a hedge. For many it is now way to uncertain, so they will just put more money into other assets. Why would anyone choose BCH as a transfer medium when other coins do it better, without freaking out the market and destroying confidence in an asset that was going to friggin moon before this undecipherable noise. There are better ways to communicate than mutiny, even if it is justified, it destroys the fragile trust BTC has gained and forces people to diversify.
what happened to Bitcoin being the honey badger of money?
Well the beaver got involved
Interesting to see about 10bn of fresh capitol entering the Coin markets - did not expect that so fast. So far it is raising all ships, will see which have holes in them soon enough...good luck out there!
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You raise some very interesting points. I read the Bitcoin Whitepaper about three years ago, and I've often wondered if anyone was paying attention to how far from the original goals we've diverged.
It's ironic because the changes have moved Bitcoin closer to the very things it was intended to bypass.
It wasn't meant to run on supercomputers or require a weeks worth of household electricity per transaction. It was meant to run on personal pcs.
I actually wrote a post about this in December 2014, called Is Difficulty Creating Centralization of Bitcoin so I won't try and write it all again in the comments :)
I actually think Satoshi knew that the difficulty would change and that private "monopolization" would occure. In my opinion, Bitcoin adoption to a great extent depend on it. But that's not to say that it should become "centralized" and that fees should be just as high as within the regular banking system.
Thanks for speaking up what you believe is right!
Thanks for peaking duck
i think i will invest 1k .. and wait like until January im pretty sure it will be 10k the btc .. then i will take my 1k back and after that i will not sell it .. so its mean i will never lose money ? i know nothing about btc but when i saw bills gates and other notorious guy talk about it im almost sure in 2018 its will be at 10k
what do you think ?
Investing is not about buying the hype. Make sure you educate yourself and don't lose your shirt.
Thank you. I think it is useful information
I want your opinion in a coin of ethereum dark
Hey @dollarvigilante , any chance of ever interviewing G. Edward Griffin? Ever try? I'd love to hear something from him about the current state of things.
He did interview him. Search on YouTube for it.
Oh, Thanks!
It's really frustrating to see the Bitcoin network slow down while watching core refuse to increase blocksizes. That was the original vision and every single copycat of bitcoin that has larger blocksizes won't have congested networks.
I also deal in bitcoin everyday and one of the transactions last week took 2 days to confirm. It was ridiculous!
so much in here... I'm newbie when it comes to btc and this (steemit) is my first crypto-currency investment... my head will gonna blow too much information from the audience... phew