How the Banks Hijacked Bitcoin, Using Blockstream as a Trojan Horse - Why Bitcoin Cash
Bitcoin can scale on-chain, we know that very well since Bitcoin Cash is scaling and casted out any doubts or “blockchain trilemma” created by those that did not want Bitcoin to scale.
Bitcoin is “P2P Electronic Cash” and if it is going to scale, it can only scale on-chain. A second layer is not a scaling solution for the inefficiency of the BTC blockchain.
Bitcoin is also censorship-resistant. Of course only on-chain.
Any other solutions developers are working on (Lightning, Liquid, etc.) are only creating better options for censorship of transactions. Since there is nothing stopping Strike (a custodial and KYC compliant wallet) in El Salvador, and this government wants to enforce “Bitcoin LN” to its people, it will be a matter of time before we witness the first financial censorship of transactions for BTC within the Lightning Network.
Lightning Network - A Centralization Tool for Banks & Governments
Image from: Source
Anyone thinking the Lightning Network will still not allow Lightning hubs to take over the network and that the users can use Lightning by opening and closing channels any time they want, then guess again.
i) The Lightning was supposedly about microtransactions (i.e. to buy a coffee or a soda).
ii) Opening and closing an LN channel requires paying for miner fees.
iii) With BTC fees at $50, would you pay $55 for your soda or coffee?
No, in this case, you are forced to use the Lightning hubs that increase the odds of censorship. A custodial service like Strike, fully KYC/AML compliant, is just how the banks want Bitcoin to be.
How the LN serves the banking system
It will serve the banking establishment since banks with LN are taking control of what they saw as a financial disruptor back in 2010 when WikiLeaks announced Bitcoin adoption.
In the following years, Bitcoin kept expanding rapidly, and it became accepted as a payments method even by Microsoft, Steam, and Twitch!
What also happened is Bitcoin to be considered a threat to the financial stability and the banking establishment.
The overwhelming support to Bitcoin by merchants and consumers needed to stop before it was out of control.
The Fake “Blockchain Trilemma”
The “blockchain trilemma” was Vitalik’s idea, and also an excuse for creating a copy of the Bitcoin blockchain with 70 million pre-mined coins (65% premined!). The trilemma suggests a blockchain has to sacrifice one out of three essential features:
- Decentralization
- Security
- Scalability
Bitcoin Cash has already invalidated this so-called trilemma. If Bitcoin wasn’t able to scale, Bitcoin Cash wouldn’t be able either.
However, Bitcoin Cash managed to scale perfectly and it has proven it is the Bitcoin that scales on-chain and increases its userbase without sacrificing an Iota of its decentralization or security.
Moreover, Bitcoin Cash has proven that everything said and done by the top Bitcoin Core developers (especially those under the Blockstream payroll), was a lie and an attempt to stop Bitcoin's exponential increase in commerce that was occurring around the globe.
How Bitcoin BTC was compromised
Blockstream was created and funded by the banks with the sole purpose to delay progress and what was looking like a possible redistribution of financial power from the banking cartels into the cryptocurrency financial networks.
Blockstream effectively crippled Bitcoin. And this chart that contains undeniable facts, explains how far the banks went to stop the Bitcoin increase of adoption.
This chart, explains the connections of BTC and the Bilderberg group. Mastercard, AXA, and Grayscale and how they are all linked and funded Blockstream:
Source: Reddit
Why Bitcoin Cash?
Image from: Whybitcoincash.com
Bitcoin Cash is now starting again with a user-base that wants a censorship-resistant digital currency, with fast P2P transactions that do not require extreme fees or a centralized financial hub to authorize transactions.
Bitcoin BTC is currently exactly the opposite, an enemy of financial progress and a way for the banks and the elite to stay relevant and still be in the game.
Many are wondering why BTC maximalists exist and why they support the notion that other cryptocurrencies are worthless, trying to brainwash beginners in the field. Especially against Bitcoin Cash, the reaction is always quite extreme.
The elite behind Blockstream didn’t expect this resistance from part of the Bitcoin community and the Bitcoin Cash fork. The plan, in this case, was to silence, remove Bitcoin Cash from the news and censor it from all available channels of communication.
These used to be just: Reddit, Bitcointalk, and the crypto news websites like Coindesk and Cointelegraph.
A beginner that was reading about Bitcoin Cash, was instantly shunned away by the deceptive articles, presentation and the hundreds of negative comments Bitcoin Cash and its supporters were receiving. This slander campaign went on for many years until it finally caught up with reality.
Some individual investors and developers kept fighting, and as the Bitcoin Cash network was running as Bitcoin should, people started thinking about it again. Many of the millions that flocked in Bitcoin in 2017 (myself included) thought about it again, did more research and decided that Bitcoin Cash is why we entered Crypto in the first place.
As users, we wanted a censorship-resistant and decentralized cryptocurrency, but we always thought this would be instant and feeless. This is how we thought Bitcoin was and this is the reason that we see Bitcoin Cash as the real Bitcoin.
Originally published at Read.Cash
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- Lead Image from: Source
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