Did you know that Bitcoin was the victim of a hijack by the financial and political elites? Why is it important to set Satoshi's original vision in stone?
Bitcoin (BTC), the decentralized, peer-to-peer, permissionless cryptocurrency known by the pioneers, has been a victim of hijack for several years now. Let's analyze the details, the causes and the consequences of this process.
Decentralizing power
From 2009 to 2015, Bitcoin development was led by programmers such as Satoshi Nakamoto, Gavin Andresen and Mike Hearn. They designed a system that took power away from governments and central banks by decentralizing the creation of money. When Gavin and Mike were pushed aside, they tried to create the first Bitcoin fork with large blocks, called Bitcoin XT. Blockstream then hired a botnet operator to perform DDoS attacks until Bitcoin XT was completely destroyed.
«After Blockstream successfully took over Bitcoin Core and expelled anyone who opposed them, Gavin and I forked Bitcoin Core to create Bitcoin XT, the first alternative node implementation to gain any serious usage. The creation of XT led to the imposition of censorship across all Bitcoin discussion forums and news outlets, resulted in the creation of this sub, and Core supporters paid a botnet operator to force XT nodes offline with DDoS attacks. They also convinced the miners and wider community to do nothing for years, resulting in the eventual overload of the main network».
Mike Hearn
«After Blockstream successfully took over Bitcoin Core and expelled anyone who opposed them, Gavin and I forked Bitcoin Core to create Bitcoin XT, the first alternative node implementation to gain any serious usage. The creation of XT led to the imposition of censorship across all Bitcoin discussion forums and news outlets, resulted in the creation of this sub, and Core supporters paid a botnet operator to force XT nodes offline with DDoS attacks. They also convinced the miners and wider community to do nothing for years, resulting in the eventual overload of the main network».
Mike Hearn
Chronicle of a hijacking
In 2016, AXA and the Bilderberg Group, representing the banking and political elite, financed Blockstream to take control of Bitcoin. Since then, the first cryptocurrency has been deliberately paralyzed with small blocks and high fees. An armed hijack so that the powerful would continue to have an advantage. From then on, people would have to use Lightning Network and side chains, designed to enrich Blockstream.
Satoshi Nakamoto's «peer-to-peer electronic cash system» has suddenly turned into «digital gold». Now it turns out that Bitcoin is a valuable haven for the rich, who can afford its high fees, as Samson Mow, Blockstream's CEO, acknowledged in 2016:
Segwit, the segregated witness
When Blockstream executed the hijack, centralizing Bitcoin development, it first implemented SegWit. This is an update of the protocol that changes the way data is stored, separating transaction data from signature data. Segwit added a host of problems to the protocol, making legal proof, as well as authentication of contracts and electronic transactions, considerably more difficult.
«Segwit is horrible because it breaks the chain of signatures and the definition of Bitcoin in the whitepaper as explained here by Peter Rizun. It has a lot of other problems too introduced by the kludge code as well, like the "anyonecanspend" vulnerability, as well as enhancing other problems that already exist with P2SH. It causes problems with validationless mining. It is a nightmare. Some are even saying there is a critical bug in segwit that will be revealed this year, including a mysterious warning post by Satoshi on twitter. Core wanted to shove segwit down our throats, and said we could never have big blocks, so we went off on BCH to follow Satoshi's vision».
cryptorebel
«Segwit is horrible because it breaks the chain of signatures and the definition of Bitcoin in the whitepaper as explained here by Peter Rizun. It has a lot of other problems too introduced by the kludge code as well, like the "anyonecanspend" vulnerability, as well as enhancing other problems that already exist with P2SH. It causes problems with validationless mining. It is a nightmare. Some are even saying there is a critical bug in segwit that will be revealed this year, including a mysterious warning post by Satoshi on twitter. Core wanted to shove segwit down our throats, and said we could never have big blocks, so we went off on BCH to follow Satoshi's vision».
cryptorebel
Block size
In addition, the hijackers decided to strangle the limit of the block size at 1 MB. That means a constrained number of transactions per block, which makes BTC unsustainable in the long run. As a result of both changes, transaction fees became outrageous, delaying the development and adoption of Bitcoin for years.
«Money shouldn't have high fees, it's as simple as that... High fees means slavery, excluding 50% of humanity to participate in Bitcoin because they can’t afford the fees. How did we end up here? Satoshi never mentioned Bitcoin is supposed to be digital gold? It says p2p cash! He said there will be only one global chain, and he mentioned if there was a flawed version, people will find their way back to the official version! BTC is that flawed version. High fees are unacceptable, it isn’t digital gold, so why do we need it? The western world really doesn’t need Bitcoin as much as the poor do! It was always about something bigger, Satoshi said any imaginable transaction could be done in a protocol engraved in stone, what happened to that BTC?».
oudekaas
«Money shouldn't have high fees, it's as simple as that... High fees means slavery, excluding 50% of humanity to participate in Bitcoin because they can’t afford the fees. How did we end up here? Satoshi never mentioned Bitcoin is supposed to be digital gold? It says p2p cash! He said there will be only one global chain, and he mentioned if there was a flawed version, people will find their way back to the official version! BTC is that flawed version. High fees are unacceptable, it isn’t digital gold, so why do we need it? The western world really doesn’t need Bitcoin as much as the poor do! It was always about something bigger, Satoshi said any imaginable transaction could be done in a protocol engraved in stone, what happened to that BTC?».
oudekaas
A silent hijack
The hijacking took place in silence. Without most people noticing, the direction of the project changed little by little. Once again, we were in the hands of those who wanted to control the creation of money. Bitcoin, the currency that promised to clean up the financial system, had been adulterated by banks and governments. And that's not to mention the scandal of their astronomical salaries. The greed of a few almost destroyed the dream.
«Do we want a Bitcoin (BTC)that hardly adds any good to this world? Or a world changing system that is based on keeping people accountable. that fights corruption as the ledger leaves an evidence trail! Next to that do we want one coin that completely depends on Developers....... or do we accept Bitcoin as a protocol and never touch it’s design again as it was intended! Money needs to be simple and stable (i.e., unchangeable)! Satoshi delivered that, it would have been unchangeable if they allowed it to scale since incentives are needed for miners to understand a change to the protocol could have massive economic consequences and therefor impact their reward! BTC devs killed Bitcoin! Do you choose and go for the 1 billion people that need Bitcoin or do you go for the flawed version of Bitcoin that is driven one greed and has no particular vision. Do not assume BTC = Bitcoin question all of it, as it got hijacked in 2017».
oudekaas
«Do we want a Bitcoin (BTC)that hardly adds any good to this world? Or a world changing system that is based on keeping people accountable. that fights corruption as the ledger leaves an evidence trail! Next to that do we want one coin that completely depends on Developers....... or do we accept Bitcoin as a protocol and never touch it’s design again as it was intended! Money needs to be simple and stable (i.e., unchangeable)! Satoshi delivered that, it would have been unchangeable if they allowed it to scale since incentives are needed for miners to understand a change to the protocol could have massive economic consequences and therefor impact their reward! BTC devs killed Bitcoin! Do you choose and go for the 1 billion people that need Bitcoin or do you go for the flawed version of Bitcoin that is driven one greed and has no particular vision. Do not assume BTC = Bitcoin question all of it, as it got hijacked in 2017».
oudekaas
New forks
For these reasons, on August 1st, 2017, a fork occurred that would give rise to a new coin: Bitcoin Cash (BCH), which was born in order to preserve Satoshi's original vision. However, shortly after the split, the ABC group again wanted to centralize the project. Thus, after a network upgrade on 15 November 2018, BCH was again divided into two competing chains: BCHABC (which kept the name Bitcoin Cash) and BCHSV (since then Bitcoin SV or BSV). It was the beginning of the so-called «hash war».
«The whole split with ABC and BSV happened when Amaury said he would take actions to irritate many, by prioritizing "pre-consensus". Basically they are moving away from POW and Satoshi's design of Nakamoto Consensus to a new design called "avalanche", which is more similar to POS. They even added centralized checkpoints and 10 block reorg protection during the split, meaning the ABC chain is completely centralized. Deadalnix the lead ABC dev is even planning to add segwit malfix to BCH, when the entire split with Core happened because of segwit».
cryptorebel
«The whole split with ABC and BSV happened when Amaury said he would take actions to irritate many, by prioritizing "pre-consensus". Basically they are moving away from POW and Satoshi's design of Nakamoto Consensus to a new design called "avalanche", which is more similar to POS. They even added centralized checkpoints and 10 block reorg protection during the split, meaning the ABC chain is completely centralized. Deadalnix the lead ABC dev is even planning to add segwit malfix to BCH, when the entire split with Core happened because of segwit».
cryptorebel
Patches on patches
According to Unwriter, BCH has irreversibly become a censorable, centralized, unstable and anti-Bitcoin maximalist currency that has killed «permissionless innovation». In addition, amendments made since the fork «have added needless technical debt and serious security vulnerabilities, which is why they’ve been releasing patch after patch — to fix the bugs they introduced with the patch before».
«ABC is not Bitcoin at all, they also refuse to raise the blocksize limit the same as Core and they are stuck at 32MB. They said 22MB was the maximum possible, but now BSV proved them wrong by mining a 103MB block, a world record. Update now we do 128MB blocks routinely».
cryptorebel
«ABC is not Bitcoin at all, they also refuse to raise the blocksize limit the same as Core and they are stuck at 32MB. They said 22MB was the maximum possible, but now BSV proved them wrong by mining a 103MB block, a world record. Update now we do 128MB blocks routinely».
cryptorebel
Bitcoin freed from hijack
Since July 24, the blocks in the real Bitcoin (BSV) have a capacity of 2 GB, and in February 2020 that limit is scheduled to be completely removed. Bitcoin has been released from his hijacking. Metanet, the world's largest computer, is already a reality, and its applications are constantly increasing. You can register in its blockchain everything you can imagine and monetize it for life: videos, music, images, texts, files, contracts, microblogging, intellectual property, comments, links, ads, geolocation, weather data, websites or even confidential information, properly encrypted so that only those who have your permission can access it. And this is just the beginning. You can also offer your services, create your own tokens or immortalize your voice. The possibilities are endless, the limit is imagination.
According to Coindance, at the time of writing, transactions are 3,293 times more expensive in BTC than in BSV, and it is 6.50% more profitable to mine BSV than to mine BTC.
A brilliant creation
Quality data is the most important natural resource available and BSV's Metanet is the most viable way to make it a scarce economic resource. Social networks are manipulated and the rabbit hole is long and deep. As Mark Twain said, «whenever you find yourself on the side of the majority, it is time to pause and reflect». Bitcoin is a very intelligent economic and game theory, and the vast majority are still sleeping. After the hijacking, the only cryptocurrency that maintains Satoshi's original vision is Bitcoin SV. Over time, as it scales, everyone will begin to see it more clearly. Bitcoin brings economic freedom to all users, and this time the protocol will be set in stone, so that no elite can hijack it again.
«A while ago I said, “one day you’ll wake up to find that all the puzzle pieces have come together”. That day is today. Open your eyes».
Unwriter
«A while ago I said, “one day you’ll wake up to find that all the puzzle pieces have come together”. That day is today. Open your eyes».
Unwriter
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