"Segwit2x has now been cancelled, and the problems will never...

  1. 898 Posts.
    "Segwit2x has now been cancelled, and the problems will never get fixed imo..."

    Bitcoin now has Segwit. The Blockweight mechanism allows a maximum of 1MB transaction data, not including the witness data (which can be much larger). In theory, this could lead to a maximum 4MB block. On average once most transactions are Segwit, blocksize would look more like ~1.6-2MB. In addition, witness data is no longer mandatory and the malleability bug is fixed (Bcash still has this bug).

    "Bitcoin cash was created from those that believed this very issue would never get resolved and so the 8mb block size that bitcoin cash has is the long term fix"

    There is no way 8MB blocks is a long term fix for transaction speed limits. All this means is that you can fit ~20-60 transactions per second instead of ~3-7 tps. This came at the expense of node centralisation, requiring 8x the network load for a node to run. Over time bootstrapping a full node will approach ~8x the initial download of the Blockchain compared to Bitcoin. At this great expense of network load leading to node centralisation, the 20-60 tps is still nothing compared to traditional payment processors like Visa (Maximum 24,000 tps). Therefore Bcash would need to have 3.2GB blocks in order to compete with Visa, requiring 14TB of download (Greater upload) per month, leading to extreme node centralisation (Or even system failure). Even with these ludicrous block sizes, it would still be processing transactions once every 10 minutes (Compared to Visa or Mastercard's almost instantaneous transactions).

    "people will flock out of bitcoin and into bitcoin cash, which i believe is the 2nd chance for those that missed out on the previous bitcoin gains... Bitcoin cash in my opinion will takeover bitcoin within the next year, and the price could go up 10x!!"

    Day Trading groupthink like this is one of the reasons bubbles occur, because value is in the mind. These people should be primarily concerned about the long term viability of the investment, not whether they can make extreme gains.

    "Satoshi originally had a vision for bitcoin to be a peer to peer cash transfer system that is decentralised"

    Yet you support a centralised, highly inefficient approach.

    "Satoshi believed that bitcoin can scale to be a real threat to existing transaction methods"

    I've never seen a quote by Satoshi ever mentioning this. It would also be quite bizarre if he did, as existing transaction methods are highly efficient (As per above, Visa has near instantaneous transactions at peak 22,000tps). Why would you try to improve this highly efficient transaction system? A distributed consensus ledger system can never compete with this on the base layer, because it requires every node on the network to come to consensus on the chain of events (Transactions). Rather, Satoshi built Bitcoin to compete and defeat the entire establishment economic system through distributed P2P consensus:

    Quote 1: "The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible."

    Quote 2: "Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own."

    (These above direct quotes also contradict your statement that 'Bitcoin has evolved as being more of a store of value than a cash transfer system, like gold... This was not satoshi's vision...)

    "Bitcoin cash will be able to scale much higher than the 8mb it currently has"

    This is not scaling. It's more like down-scaling, severely diminishing the power of the distributed consensus mechanism on a distributed consensus network. Also, unless the consensus mechanism is removed entirely, Bcash will never be able to compete with the speeds that Visa can accomplish. If they did remove the consensus mechanism, then it is just another competitor to Visa that I would have to trust. In this bad and worse scenario, I would prefer to stick to the devil that I know rather than the devil that I don't know. Fortunately, Bitcoin provides a third option as intended.
 
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