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In this video, I discuss Bitcoin Cash (BCH) in the context of the blocksize wars, as well as indications of Satoshi’s plan for Bitcoin.
Both BCH and BSV (Bitcoin Satoshi’s Vision) are failed copies (hard forks) of Bitcoin that currently command just 1% of Bitcoin’s market cap. In addition, the extra block space that BCH brings is not even close to being utilized.
Money is a competitive market, and only Bitcoin has the decentralization and security to survive direct attacks by nation-states, as well as defeat fiat, gold, and other traditional state-controlled forms of money.
Other cryptocurrencies are a huge distraction, and most do little more than recreate the existing fiat financial system, with their pre-mines and insider control.
BCH folks are usually Bitcoin white paper maximalists, who focus on the title of Satoshi’s white paper without understanding the overall context in which it was published. Satoshi was clearly aware of gold’s scarcity and other desirable attributes, and tried to copy the best parts of it (including proof of work) when creating Bitcoin.
Small blocks help to keep the blockchain size manageable, so that everyone can run their own node. If it becomes too difficult or expensive to run your own node, everyone will outsource it to large corporations like Ethereans do with Infura. This can allow a crypto to become captured or controlled, and defeats any hope of decentralization.
The Bitcoin base layer is a final settlement layer that needs to be reserved for the most important transactions that require strong final settlement guarantees. Activities like buying coffee can be safely handled by higher layers like the Lightning Network.
BCH supporters understand nothing about the advantages of a scaling or layered solution to money. And they don’t understand how badly they have already lost the money game.
BTC is the real Bitcoin. Accept no substitutes.
Not investment advice! Consult a financial advisor.
Download Bitcoin Core to your laptop to run your own node:
My favorite Bitcoin dashboard:
BCH market cap:
BSV market cap:
Bitcoin white paper:
Satoshi quote on central banks:
Blockchain explorer for BCH:
Nobody using BCH compared to BTC:
When President Roosevelt stole all the gold:
Tomer Strolight on the blocksize wars:
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