It is a centralized network. The opposite of what cryptocurrency should be. Banks or other instituations will have full control of it again.
Why is Bitcoin still so much worth? Why was no move to Bitcoin Cash (with the higher blocksize as supposed in the whitepaper) for a real DE-centralized coin.
Is it only cause most exchanges use BTC as trading?
Is it, cause the majority of people and media only know the term "Bitcoin"?
When do you see a change of this, or will (((they))) win again?
Other urls found in this thread:
en.wikipedia.org
m.youtube.com
twitter.com
Distributed is literally the most efficient, are you saying they'd willfully program a non-efficieny algorithm?
That means that whoever programs the efficient algorithm takes the cake.
>Distributed is literally the most efficient
If distributed is the most efficient, we wouldn't need to process a Bitcoin transaction with electric power that's enough for a city.
>are you saying they'd willfully program a non-efficieny algorithm?
People aren't willfully stupid and incompetent. Saying that you want to write an efficient algorithm doesn't necessarily mean the end result will be an efficient algorithm.
>If distributed is the most efficient, we wouldn't need to process a Bitcoin transaction with electric power that's enough for a city.
People seem to think that the hashing power of the network is somehow related to the number of transactions the network can process. In reality the power consumption is so high because of the high price of the coins, which makes it more economically viable for more people to compete for them.
There's no reason for the ridiculously high power consumption, period.
It exists because it's profitable. If the price crashes watch the hashing power plummet.
Efficient != Decentralized.
Bitcoin will be efficient with the Lighting Network, but it will be centralized and will be controlled by banks and other instituations again.
Do you really want the biggest cryptocurrency (Bitcon for now) is a CENTRALIZED coin, in control of some institutions and banks?
who cares about power consumption, you are not in your political correct commie shithole, nobody cares especially if Jonny McJew prints everyday useless paper Fiat with much more power consumption
The issue is its Not anymore decentralized and therefore the Supernodes (connecting to a lot of people) are invaluable to make the system work, they will act as gatekeeper like your ISP company, fuck this system fuck Bitcoin Core, i believed in a decentralized structure which makes us Independent again, but this is exactly the opposition
neets that can't even cook themselves dinner are somehow masters of cryptography and decentralization theory. lotta experts on this site.
How long until lightning nodes have to register as a "Money Services Business" and implement KYC/AML?
this
In a few month Bitcoin Core is a fucking joke. They bought Bitcoin and centralizing this.
The community is so blind cause of the massive gains. This is going the wrong way. We have to do something.
Bitcoin was taken over by kike shills from Bilderberg group. Their goal is to move transactions off-chain to nodes they control. They have also fabricated consensus by voting with non-mining nodes all owned by Blockstream. Kikes see crypto as an enemy to their control.
The jews have been a plight throughout history and soon Bitcoin cash will put these heebs in the metaphorical oven.
This is alright, you can still use the base layer (blockchain) if you want security/anonimity in this world those just come at a cost
I'm not a fan of the lightning network, but this is taking the worry a bit further than it should be
There were similar claims made in the early days of bitcoin worrying that as a node in the Bitcoin network, that kind of could make you a "payment processor" if the law wanted to see you that way
Needless to say there were no such laws passed
>hurr durr commie
You can't see the forest for the trees. Power consumption is going to put a limit on all POW coin marketcaps. There won't be widespread adoption because of this.
Decentralization doesn't mean anything when there's a huge dependency on electricity. Banks have already withdrawn credit card funding for crypto. It's not inconceivable that utility companies would drastically raise electricity rates on mining operations.
follow the money retards. nothing in this world can stop the elite. them saying almost every cryptocurrency is going to 0 is not fud nor is it for them to buy into your shitcoins. it is a warning. ride the dragon or get burned
Hmmmmmm......
PEER TO PEER
ELECTRONIC
CASH
>using lightning network
>sending a payment to Alice but my internet connection drops and my raspberry pi node crashes
>that cunt Alice steals my coins because my node is offline and she's still in the channel
this....this is the power of the lightning network.
>Distributed is literally the most efficient, are you saying they'd willfully program a non-efficieny algorithm?
Are you stupid? The network with the least number of hops is the most efficient. The type of Lightning Network with the least hops is a network with only one Lightning hub. Because networks tend to create the most efficient system Lightning will tend toward having only one hub.
Here's an even worse situation.
>Be a gas station
>Use Lightning Network to accept funds
>A rat chews through my ethernet cable
>It is impossible to accept Lightning funds without an online node so I have to shut down my gas station until the ethernet cable is fixed next week
>Tfw I could have used Bitcoin Cash and accepted payments whether I have an online node or not
Don't you think bitcoin cash or any other crypto currency would have the same scaling issues like bitcoin?
LN is a second layer solution for fast transactions. LN won't be fully decentralized, but no one can steal or freeze your bitcoin. The underlaying blockchain is still decentralized.
this
lol retards how is bitcoin like right pic when there are several mining farms that process 90% of the transactions. the every node is equal meme is dead and dpos takes a similar approach
>lol retards how is bitcoin like right pic when there are several mining farms that process 90% of the transactions. the every node is equal meme is dead and dpos takes a similar approach
There was never an "every node is equal meme" it was one cpu one vote where a cpu is a central processing unit. That means those with more cpus you get more votes, like the one dollar one vote mechanism in free markets. Furthermore the topology of Bitcoin Cash is a graph network where each wallet address connects to an outside layer of mining nodes. Each wallet connects to each miner on the outside layer of the network and each miner is connected to all wallets. This is how the network is connected Bitcoin Cash is a graph network, not a mesh. Please educate yourself.
Once you understand the difference between graph and mesh networks you will realize that it is fucking impossible to censor graph networks as you can take out any node or address and it doesn't mean shit. Take out a few centralized nodes on mesh networks and they no longer function. That is what makes Bitcoin Cash decentralized while Bitcoin Segwit is big banks using your stupidity to control you.
People do not seem to understand that. It's only about having the biggest tx rate dick.
btc merchant adoption is shrinking bch adoption is growing
there is not a single reason to cap blocks at 1mb (non mining nodes do nothing)
segwit destroys the mining nash equilibrium incentivising the collusion of miners to change the UTXO without owners signatures. m.youtube.com
You can only trust jihan and roger to not be doing this right now.
why introduce segwit before a blocksize increase when lightning network requires 133mb as specified in the lightning network whitepaper
why introduce segwit at all when it is not necessary for second layer solutions
lightning network will not be decentralized because to solve the routing problem is NP hard
why would anyone want lightning network when it is not a decentralised ledger? the whole point of bitcoin is to scale on chain as that is what makes decentralised uncensorable money which can free all the people in the world from the financial repression of central banks
Sure are a lot of BCash shills in this thread
The pic on the most left is retarded, if you do that you're begging to have network problems.
What's going to happen is "decentralized", that's the most realistic approach. And before you complain, that's how Internet works too. You can't just have a 100% decentralized system or that commie dream you have on the right, one would fuckup too much while the other would cost too much.
>decentralized
>commie dream
So this is what peak retardation looks like? Impressive.
You nigger, decentralized is literally the definition of Free Market
Something I want to add that isn't often stated is that Lightning is an entirely new way to lock up an asset. So take something like Bitcoin. If you have Bitcoin and commit it to a lightning funding channel you will only be able to transact with those who are already a part of the Lightning network. So its kind of like you're creating a new coin with Bitcoin since you need to bootstrap that new network and everyone who wants to adopt it from scratch. You could argue that is the same as an opt-in peg between Bitcoin and Lightning Coin (its not a coin but they function the same) as transactions between the main chain and lightning would be incompatible.
Does anyone else hate all these corecucks with lightning bolts next to their twitter handle? Like they probably have no idea how it actually works but just follow bitcoin like retarded sheep.
it amuses me how hard the bcash shills want to desperately discredit code.
you cant play political games when all of the political children already left.
I don't give a fuck about either. The politics are retarded but you're blind if you don't see the massive problems bitcoin faces.
name and marketing are the most impostat thing, bitcoin has them.
Bcash does not, its just spreads fud over BTC and that is it.