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Comment by kylebenzle | Hacker News Reader

Please, don't forget, Bitcoin Core (BTC) was hijacked years ago by corporate interests and purposefully crippled with high fees.

From day one Bitcoin was designed to have low or no fees, it is only because Blockstream was able to wrestle control of the GitHub repo and stop the block size increase arbitrarily that high fees exists.

Bitcoin Cash (BCH) long ago took over the "Bitcoin" project as designed by Satoshi Nakamoto and described in his White Paper. Bitcoin Core (BTC) is a broken system designed to enrich developers of "Second Layer" solutions like this.

BTC has failed completely as Peer-to-Peer Digital Cash and today is push only by charlatans and scammers.

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>From day one Bitcoin was designed to have low or no fees

How are miners supposed to be compensated, given that the block reward halves every few years?

>because Blockstream was able to wrestle control of the GitHub repo

Can you rebut these counter-claims made by one of the Core devs? https://news.ycombinator.com/item?id=25566420

>is a broken system designed to enrich developers of "Second Layer" solutions like this.

How are those developers being enriched? Lightning is free and open source.

> How are miners supposed to be compensated, given that the block reward halves every few years?

A solved problem by Satoshi. The block reward covers miners expenses for the next 100 years or so, THEN, once the block size is large enough and transactions are in the millions, a fee of a few cents per transaction replaces the block reward.

> Can you rebut these counter-claims made by one of the Core devs?

Yes, easily. This article [1] shows what I am saying, Core devs are funded by Blockstream. [2] Greg Maxwell (nullc) is, "a very dangerous individual whose [actions] speak for themselves". Just read about his past, he is a master social engineer and manipulator.

[1] https://www.theblockcrypto.com/linked/60250/bitcoin-developm...

[2] https://www.reddit.com/r/btc/comments/74se80/wikipedia_admin...

> How are those developers being enriched? Lightning is free and open source.

Lightning does not work. It is a centralized "solution" to a decentralized problem. Sure, anyone can make a central database, hold Bitcoin and trade them, that is just an exchange, that is what Lightning is. What Blockstream is selling is not Lightning, their product is called Liquid.

lol.

https://taaalk.co/t/bitcoin-maxima-other-crypto-things

Transactions need to be expensive, like the guy you were replying to said. It is beyond obvious.

>he is a master social engineer and manipulator.

Lol, I think we all just learned everything we need to know about your POV.

> The block reward covers miners expenses for the next 100 years or so

No, it does not. It becomes insignificant in just a few decades (getting 32x smaller every 20 years). So a constant backlog of high fee paying transaction is important to long term security [1].

[1] https://bitcointalk.org/index.php?topic=5306354.0

Yeah, in about 70 years, the block subsidy for the entire year will only be 0.01373184 BTC. I highly doubt that would be enough to guard almost 21 million BTC from double spend attacks. That's the equivalent of spending $70,000/year to guard all the gold that's ever been mined.

>Yes, easily. This article [1] shows what I am saying, Core devs are funded by Blockstream.

You clearly didn't read the linked comment because the article doesn't have anything to do with the arguments presented.

>Lightning does not work. It is a centralized "solution" to a decentralized problem. Sure, anyone can make a central database, hold Bitcoin and trade them, that is just an exchange, that is what Lightning is.

How is lightning centralized? You can transact with anyone you want, and you maintain a "tab" with them, which can ultimately be settled up on the blockchain. You can also route payments to anyone else on the network.

>What Blockstream is selling is not Lightning, their product is called Liquid.

Okay, how are they monetizing it?

Please, don't forget, Bitcoin Cash (BCH) was hijacked years ago by Ver who purposefully used misleading marketing.

Bitcoin SV (BSV) long ago took over the "Bitcoin" project as designed by Satoshi Nakamoto and described in his White Paper.

Reply on news.ycombinator.com