BTC is now digital gold, store of value, new asset class, and that's fine! It wasn't always like this, though... it was supposed to be more than just that.
Did you know how easy it was to send BTC around before 2015? The fees were only a few cents so it was viable for tipping people on Reddit, paying for coffee and competing with the likes of VISA! It was advertised as "magic internet money", and magic internet money it was! Scan a QR code, click send, and look at your friend's face as it shows up instantly on his phone! Amazing! It took banks years to achieve that UX with their centralized payment systems. We had it, back in the day.
There was a problem, though. Transactions were rate limited, and this was fine when the community was small as this limit was never reached. Think of transactions as seats on a bus. If the bus is half-empty, there's no competition for the tickets. Well, now that it's full, everyone is jumping over each other to get in, and the ticket price goes up.
This led to a technical debate that lasted for years. The creator (Satoshi Nakamoto) meant to remove this limit one day but he disappeared, and the folks left in charge disagreed about how to continue. Some folks wanted to keep the same bus, some folks wanted to make a bigger bus, or a train of buses if you will. Here's what I mean, visualized: https://txstreet.com/v/bch-btc.
The small bus side argued against making buses larger as less bus makers could afford to build the new design, but they ignored that the ticket prices would prevent millions from riding the bus. Big bus side argued that anyone can try to build a bus but we shouldn't limit those who're good at it just so everyone can particiapte in bus making. We want everyone to ride the bus, not to be bus makers. Competing bus makers will always be free to join, but will have to up their game to current state of bus making, so - let buses be as big as people can make them, the free market will optimize the size and price of ticket.
Maybe the bus analogy doesn't hold well here, e-mail is better. E-mail is decentralized, permissionless, uncensorable and cheap for the user but it wouldn't be if you artificially limited the capacity of e-mail servers so anyone can be in the e-mail server business. No ordinary user runs an e-mail server to use the e-mail system, but as users we can freely choose which server to use, and we can freely raise capital and start an e-mail provider business if
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Historical "time traveler" post was edited years after it was created and linked to and cited so many times:
https://www.reddit.com/r/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
I'm all for freedom, but that post became part of the history, changing it like that (not getting into content of change) is something that should not happen.
Shame.....
EDIT: it looks like post should not be editable. It was archived and original poster deleted his account. Who can we ask about what happened? How is it possible that archived post was edited and who did it?
A common meme is that Roger Ver, Jihan Wu, and Craig Wright are the ones responsible for the creation of Bitcoin Cash.
This is untrue. Those are figureheads who played a role in popularizing or (for Bitmain, allegedly) funding later development, but they played almost no part until Bitcoin Cash development was long since underway.
The Bitmain UAHF contingency plan blog post was made on 2017-06-14. This was the first event in Bitcoin Cash's history that reached a wide audience, but it came 15 months after work on what later became Bitcoin Cash began. The public decision to do a minority hard fork happened 2016-07-31, and was spearheaded by singularity87 and ftrader. ftrader did most of the initial development, which he had started back in March 2016. Even back then, the plan to fork before Segwit's activation was clear:
> I want to fork before SegWit activates
Bitmain was merely joining their effort in 2017, not starting it.
Bitcoin Cash evolved out of the Minimum Viable Fork project that ftrader/Freetrader started in March 2016, and which was discussed in /r/btcfork and /r/btc. Freetrader blogged about it quite a bit. If you read through his posts, you can see his initial prototype was built on Bitcoin Classic. In Oct 2016, a MVF version based on Bitcoin Core was made. Development on MVF stalled during the latter half of 2016 when it seemed like Bitcoin Unlimited's emergent consensus proposal was likely to gain adoption, but heated up again in early 2017 when BU lost support after a few remote crash 0-day exploits were found and used against BU on March 15 and again in April. Freetrader restarted his MVF work on Bitcoin Unlimited in April. The first mention of Bitcoin ABC is from May 7, 2017. The ABC project was started by deadaln
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Hello, r/Bitcoin! On this special day, which I hope we all celebrate, I want to bring to your attention a famous story amongst the older Bitcoiners, but almost unknown to the new ones. This is the story of Ross Ulbricht, one of the people with the biggest contributions for the development of the Bitcoin community.
>Ross has now spent over five years in prison and has paid a heavy price. He was an idealistic entrepreneur who never intended harm. If released tomorrow, he would never break the law again. He clings to the hope of reuniting with his family, and dreams of a future where he can use his education, knowledge and skills to contribute to his community and society as a whole.
As it's written in his official website, which I will link below:
>Ross Ulbricht is serving a double life sentence + 40 years without parole for all non-violent charges, for what prosecutors claim was his role in the Silk Road website.
The conviction is obviously false and unfair, which is why I'm appealing to you today! This is his website, in case you want to learn more/support him in his fight for justice and freedom!
Let's show everyone the power of the crypto community and that we can make a difference! Please, sign this petition if you believe he deserves to breathe free air!!
EDIT: If you also want to donate to his campaign, here is his Bitcoin address:
1Ross5Np5doy4ajF9iGXzgKaC2Q3Pwwxv
Media report of killing and screenshots needed of actual hit messages and confirmation thank you
Bloomberg - "gold and even bitcoin are becoming safe havens" https://youtu.be/6oIuMGBfrvQ
CNBC - Talking about yuan devaluation "the other piece of this is the bitcoin piece" https://youtu.be/SnmTnpDuVoc
CNBC - "Bitcoin is definitely correllated with the overnight moves in the yuan" https://youtu.be/Jf5dmNgIAgE
https://www.cnbc.com/2019/08/05/bitcoin-price-cryptocurrency-surges-past-11000-amid-trade-worries.html
https://www.bloomberg.com/news/articles/2019-08-05/bitcoin-morphs-into-unlikely-sanctuary-as-market-turmoil-rises
https://www.businesslive.co.za/bd/markets/2019-08-05-bitcoin-appears-to-act-as-safe-haven-asset/
