If you listen to the narratives around Bitcoin you would think Bitcoin is seriously broken. There are so many groups fighting to fix Bitcoin!
The truth is: Bitcoin isn’t broken.
Simply put: Solving the Byzantine General’s problem and Proof of Work, which is critical to Bitcoin, is a once in a lifetime breakthrough that provides decentralization, network security, distributed ledger technology and immutability. This can’t be argued and the impact of this breakthrough is immeasurable.
Any proposal for or around Bitcoin that veers away from the Bitcoin whitepaper or Byzantine General’s problem is claiming to convert lead into gold.
Blockstream, Liquid and Lightning Network are selling snake oil.
Blockstream does not add value to Bitcoin. Quite the opposite. Blockstream exists to transfer BTC value to their sidechain technology.
Lightning Network solves the problems specifically created by the BTC devs so they can sell Lightning Network as outlined in Blockstream’s whitepaper. Note, if you look closely, the Blockstream Whitepaper has become the BTC Whitepaper. The title of the Blockstream / BTC whitepaper: Enabling Blockchain Innovations with Pegged Sidechains. It’s amazing how transparent Blockstream has been and still the majority of people have not seen the full picture.
BTC has very little to do with what Satoshi designed and therefore very little to do with breakthrough of solving Byzantine General’s problem. The Blockstream supported Lightning Network and Liquid products do not improve upon the system designed by Satoshi as Peer to Peer Electronic Cash. Blockstream is a takeover attempt. They are moving farther and farther away from Bitcoin every day.
Sorry Blockstream, there is no free lunch. Whatever system you promote will not match the characteristics of BCH and will fail. You can fool some of the people some of the time but you can’t fool all of the people all of the time.
Bitcoin isn’t broken but BTC is.
Thankfully Bitcoin lives as BCH and BCH is definitely not broken. Scaling on-chain is THE conversation to have. The clock is ticking towards the next halvening and we are wasting precious time to reach the scale needed. It’s an all hands on deck moment. We cannot afford to waste time in endless internal wars. Destiny awaits.
Consider that BCH was decades in the making. For those in the BCH community, be humble. Consider we all have more to learn than to teach at this time.
First, ask how can you make this genius system work better as it was designed. It’s ridiculous to think that we can radically change a system like Bitcoin before fully understanding and testing it’s capabilities.
We didn’t immediately try to rework Einstein’s breakthroughs.
It’s not hyperbolic to say Satoshi is a genius. He may not have split atoms but it’s undeniable that Bitcoin is a system like none other with amazing potential.
Let’s focus on testing the genius design of BCH to it’s potential before we attempt to alter it at the protocol level.
For anyone triggered by mentioning Einstein and Satoshi in same sentence, check yourself. Bitcoin has that kind of potential for the world. The challenge is how we handle the opportunity. Amazing times right now.
Beware any developer that comes along with radical changes to the BCH protocol. However well intentioned those changes could have long lasting and detrimental effects. BCH protocol changes are forever. Protocol changes should be the measures of last resort. Look at all other options first.
It’s hubris to believe you know better till proven. Beware of false prophets. (I am hesitant to invoke religious connotations as there is no one authority, emperor or leader in Bitcoin but that phrase fits here)
Regarding nChain, as far as I can tell they are fighting for BCH as Cash. If the patents are enforced for “BCH only” then nChain won on merit. This is real world, not fantasy. Calling foul because nChain protected their work is not reality. The world doesn’t work that way. You don’t have to like the nChain team but letting personality mess with your emotions is not helping you or advancing the conversation.
Bitcoin is still in it’s infancy. We barely understand it’s capabilities and the current scale is laughable. I remember my first 14.4kpbs modem. The internet as it is today was unimaginable then. Just for a second imagine BCH working with 1TB blocks. BCH would be as ubiquitous as the Internet is today. That would be incredible.
BCH will evolve, but not at a rapid pace. We don’t rework aviation, medicine or technology every six months. Small groups cannot redefine critical systems at a whim.
BCH could be a critical system to our future but first it must survive as designed: massively scaled peer to peer electronic cash.