Prior to being the cool coin to own, we mentioned a few weeks ago after listening to one of the experts on our radio show that BCH' was the real Bitcoin! We added BCH' to our portfolio and here is the reasons why!
The original white paper by Satoshi Nakamoto defines "an electronic coin" as "a chain of digital signatures" where each owner transfers ownership control of a coin to the next owner by DIGITALLY SIGNING A HASH of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership". To put it in layman's terms, if you write a living will which transfers the deed to your house to your new found girlfriend, there must be 3rd party verification (notary) and witnesses. Every page of the will is signed! This becomes a legal document in the court of law and there is verification and witnesses to attest to the fact. This is critical as we all have seen estate after estate argued in the courts when there is no 3rd part verification!
So that brings us to segwit. The geniuses behind Segwit may be great code writers but they obviously have not done their legal research. SegWit assumes that the signature data is needed only WHEN the transactions are being validated and then can be discarded as unimportant. (This was described by Pieter Wuille) that signatures are only required at the TIME of validation. Moreover nodes are NOT required to keep the signature data. to help free up expensive data space they can be discarded. GREAT!. This opens up the likelihood that many nodes simply do NOT keep the signature data quite simply because it's cheaper to do so.
Now how does this adhere to the original Satoshi white paper which is "a chain of digital signatures". IT DOES NOT! Period! Argue all you want but this was a key component of the original white paper.
Now why is this important after all I'm just buying a sub sandwich at subway right? Well you are correct for most P2P transactions like paying the lawn boy, buying "party favors" from your buddy it does not matter. For the most part anything you would do as a cash transaction it does not matter. However where it matters is in a court of law. Ever see judge Judy have a defendant that claims to have paid cash for rent and yet there is no receipt with a SIGNATURE? Well it quickly becomes hearsay and unfortunately that is not miscible in court. But the digital age brought in a new need for signing legal documents and the Government enacted laws.
Hence the e-Sign Act which defines electronic contracts. "an electronic signature shall be attached with a contract or other record and executed by a person with the intent to sign a record. This requires 3rd party authentication. (I know how this works because I digitally use 3rd party validation). Without this validation my signature is not binding! Here within lies the issues with segwit. Large institutions where trillions of dollars are transferred daily will REQUIRE a validated signature in the event there is a dispute and it ends up in civil court. By law it requires a digital signature and 3rd party validation. So if you transfer $10,000 to your buddy in California that lost his butt shorting bitcoin so he can make his mortgage payment, he could dispute in a court of law that he does not owe you anything because you have no way of authenticating the transaction. This is why I like ETH & BCH!
So this morning I bought some BTC' to transfer to my trading account to buy more BCH'. It's been an hour and I'm still waiting and the price has risen $23. Nice and thank you BTC you guys have done a stellar job. Now this doesn't mean I'm selling all my BTC' and going into BCH. I think there is a place for BTC' as a store of wealth like gold. But the future of money transfers are in BCH and ETH! I think these two coins along with others like XRP will challenge BTC' for money transfers. Bottom line BTC' does not adhere to the white paper!
"The future of money transfers are in BCH and ETH!"??? Sir not trying to be rude. Your TA is excellent! I eat that shit up. But PLEASE for the love of god read a fucking book on encryption. Don't act like you know what your talking about from a dev perspective with bitcoin when your conclusion proves you don't. Forward this to eric lombrozo and lets see what he says. I work on open source protocols and your fundamental analysis of the situation is piss poor at best. ETH and BCH have 5% of the security of bitcoin IF THAT(security is not just hashing power, it is code). BCH has NO active DEVS! You are about to board a burning plane in the middle of its flight with an incompetent crew that is looking to switch aircrafts (S2X). Do you even understand the concept of a consensus layer? Your whitepaper argument on digital sigs is laughable. You can still check every signature in the exact same way. It hasn't changed. If you think BCH will survive because it has 8mb blocks you clearly don't understand the scaling debate on encrypted messages. No one will use BCH for money transfers because nobody wants it as money. It will be in the 300's within a few months after the fork or it will be forgotten. If you can't tell that Roger is pumping BCH just to stir shit before the fork then there is honestly no hope for you in the space. Your making the bucket bigger by welding a bunch of buckets together. Were making the bucket bigger by creating cheap guns that can clone an infinite amount of buckets. I guess well see who wins won't we?
payam_prz
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@SatoshisPORTALgun, You left us poor souls without shedding your light on ETH subject, your majesty.
SatoshisPORTALgun
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@payam_prz, lol. ETH is great for launching ERC-20 tokens but SECURITY takes priority if you are talking about any system of PAYMENT TRANSFERS (which @GoldBug is). ETH is not designed for payment transfers, it is a blockchain for launching your own customized token. The Ethereum network has been down 5 times this year alone. Does mastercard go randomly offline not allowing you to access your funds? Visa? paypal? Bitcoin has never gone offline EVER! ETH has literally been hacked MULTIPLE TIMES and it will happen again due to the insecurity of their base layer protocols. The parity hack was literally ONE MONTH ago and the Dao hack was not too long ago either. Why do you think Ethereum classic exists?? Vitalik had to fork the ethereum blockchain because the DAO got 100 million dollars hacked from it and users were PISSED (rightfully so). ETH has a much brighter future than BCH. Your money your choice. I've made mine.
payam_prz
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@SatoshisPORTALgun, I'm actually a Bitcoin (chosen by consensus) worshiper and I believe it will go up to 30K by 2020. I bought my first BTCs in 2012 tippled them over years by trading and lost 1/3 of them due to recent bear trap. I know you're gonna hate this, but I'm kinda getting prepared to hop on XRP train right before the fork and get on BTC when it starts behaving itself.
goldbug1
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@SatoshisPORTALgun, Thank you for commenting and more over the compliment on TA. Let me clarify one item you mentioned "If you think BCH will survive because it has 8mb blocks you clearly don't understand the scaling debate on encrypted messages"
I did not mention scaling in the article, it more has to do with the legalities of 3rd party verification of which neither BTC nor B2X have. This is a legal argument and not a encryption argument. The legality of digitally signed documents I am very familiar with as I digitally sign almost daily. Segwit does not authenticate by 3rd party signature each transfer. This is the issue at hand.
Thank you again for commenting.
enrique145
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what a bunch of crap.
mvb1
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BEWARE this is a Bithumb pump again! low volume on the other exchanges!
Who controls Bitcoin Cash... its a centralized piece of garbage, thats the big problem.... owned by the chinesse mining cartels (Jihan Wu) and Roger Ver, both very toxic people in the Bitcoin community.... come on...