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      "author": "steemitboard",
      "permlink": "steemitboard-notify-daniel3-20190815t090618000z",
      "title": "",
      "body": "Congratulations @daniel3! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@daniel3/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@daniel3) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=daniel3)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "Well now we have SegWit and LN.\n\nProblem solved for Bitcoin Core.\n\nYou made the mistake of implying scaling issues are permanent and can never be solved.\n\nI wish you BCash people would be a bit more truthful",
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      "body": "I sent some SBD! By the way I like your post!",
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      "author": "daniel3",
      "permlink": "history-repeats-itself-removal-of-the-gold-standard-and-bitcoin-blockchain",
      "title": "History Repeats itself: Removal of the Gold Standard and Bitcoin Blockchain",
      "body": "![bgs.png](https://steemitimages.com/DQme8xPdgvM6pFt8m4xgdXdZnCStpsRSo7K6E8mo9zXnMi8/bgs.png)\nWhat does the Bitcoin Blockchain and the Gold Standard have in common? Financial Control & Discipline.\n\n\nThere's a striking similarity to the implementation of Segwit on Bitcoin and the removal of the Gold Standard.\n\n\n# Digital vs Reality\nThe Bitcoin Blockchain has a very unique function that has created wealth out of thin air. This function gives Bitcoin, digital information, the ability to behave and act like a real object.\n\nIf you held a coin in your hands and gave that coin to someone else you gave away the ownership of that coin. On the other hand, if you sent an email to someone over the internet you did not change ownership of the  email but just gave a *COPY* of the email which you could give to as many people as possible. Digital data is not exclusive to any one person if it can be copied -- That is how digital data *behaves* and *acts*.\n\nThe Blockchain gives Bitcoin the property to behave and act as if it were a real object in the digital world through the assurance of exclusive ownership by way of cryptographic algorithms in the Blockchain.\n\n# Gold Standard\nThe Gold Standard was a standard used by countries in the past to limit their supply of money to the amount of Gold Reserves they stored. That is a stark contrast to how central banks and governments operate today where they can print money out of thin air. If we do that it is simply called ***COUNTERFEITING*** but when governments do it they like to use complicated terms like: ***\"QUANTITATIVE EASING\".***\n\nWith a Gold Standard governments and banks were limited on what they could spend. If they wanted to go to war, for example, they would need to collect taxes for fear of going bankrupt themselves. This gave the incentive to be as efficient with money as possible. Banks would need to carefully study speculative investments or risk losing money. \n\nOn the other hand economies could grow and expand if people worked hard and earned the limited supply of money. A long time ago ordinary people could just save their money and retire early if they wanted to.  And banks and governments made more efficient and effective use of the money involved simply because of the risk of losing it if they made bad decisions.\n\n# Bitcoin's Blockchain\nSurprisingly Bitcoin's Blockchain is parallel to the Gold Standard. The Gold Standard acted as artificially created *scarcity* for the pieces of paper used as currencies. People *could* have mass-produced money back then but they made it limited. And Bitcoin's price behaviour reacted in the same way since Blockchain made it *encoded* scarcity in its computer code. The entire supply of Bitcoin is now limited to 21 Million Bitcoins and a  person's Bitcoin could not be counterfeited since the Blockchain's parameters would not allow it to exist in the same cyberspace called the Internet.\n\n# Bitcoin, Gold & The Free-Market System\nBitcoin and Gold have very interesting similarities. One of them is that their value came out of the Free-market system as they were universally accepted as currencies. The power of the Free-market cannot be underestimated as can be seen with the price of gold still rising despite the removal of the Gold standard decades ago. And out of computer code came Bitcoin which gained exponential growth through the power of the Free-market of the Internet as well.\n\n### Gold Price Chart\n![15.png](https://steemitimages.com/DQmNTB6Y71tBq8hU97YpAnsJkggmWuEExZPh1psyWRmptmx/15.png)\n\n![16.png](https://steemitimages.com/DQmdVLs9wnqbH68bDfHLX8Rd3BfMTyLNEBWnDhcPgQn5T2z/16.png)\n>Source: https://coinmarketcap.com/currencies/bitcoin/#charts\n\n### Nearly identical pattern...\n![17.png](https://steemitimages.com/DQmayCiYzS5geLxQRZoJZMMAVqvj8wdW2UoCgESWdqm19gV/17.png)\n\n# 1971 - Removal of the Gold Standard\n![14.png](https://steemitimages.com/DQmcQx2PWSh1nq9YVKKveV1xRGvtsRyi1fauT7vqzMdCvBx/14.png)\nWhen the Gold Standard was removed following the philosophy of **Keynesian Economics** everything changed.\n\nFirst came Fractional-reserve banking where they could multiply the money supply based on the present Gold Reserves. Afterwards they removed the Gold Standard altogether and printed as much money as they could.\n\nGovernments and Banks would no longer be limited to what they could spend because they could just simply print more money out of thin air. The problem, of course, is that nothing comes free -- the result of the removal of the Gold Standard is massive *INFLATION*. Inflation of the money supply is a form of indirect taxation because it steals the buying power of everyone's money through the rising prices of goods and commodities. \n\n# 2017 - Removal of the Blockchain\nNow the title may be misleading since the Blockchain is still here. But something drastic is happening to Bitcoin and it started with the implementation of Segwit. \n\nSegwit stands for Segregated Witness. It separates the Digital Signatures (Proof of ownership) from transactions and instead of broadcasting them together with the Blockchain the Digital Signatures are transferred to Sidechains.\n![18.png](https://steemitimages.com/DQmcsjgZb43jYCMvKyPd46vwMHWJVnzQsXDUPF24vHimhqg/18.png)\n\nWhat is the purpose of Segwit? It is a complicated and convoluted answer to a simple problem. When 2017 started the number of Bitcoin users and investors grew to the point that the 1 MB Blocksize limit was reached. This caused a congestion in the network and created artificial competition of transactions to join the scarce 1 MB Blocksize through high transaction fees. \n![hhh.jpg](https://steemitimages.com/DQmdyXy8NTZhyEiGPP8ACWQcz6jCjLiHnJCE1ujFYPEaWaz/hhh.jpg)\n![19.png](https://steemitimages.com/DQmYJgMoUzGQkML38NaSi48m4F7bQMTVVbbNQYRoHWDtzZ3/19.png)\n\nBitcoin's Segwit has had a disappointing debut since the transaction fees still remained high due to the 1 MB Blocksize limit congestion. Needless to say support and adoption for Segwit is dropping.\n![20.png](https://steemitimages.com/DQmNciREhqS8hF1PuDQ6Kp7MupNPLeMPTDniRLhcPnMHTPU/20.png)\n\nSegwit is just a stepping stone towards the removal of the Blockchain from the equation and the future implementation of the...\n\n# Lightning Network \nBitcoin's entire success rested heavily on the Blockchain and the simple thing to do in order to solve the congestion and transaction fees at the same time was to simply increase the blocksize. However, due to a certain group of Core Developers that wanted the  1MB to remain Segwit was pushed through instead.\n\nThe Lightning Network expands Segwit's concept of sidechains by transferring transactions ***OUTSIDE*** the blockchain and into channels instead.\n\n### NORMAL BITCOIN TRANSACTION\nIf Amy wanted to send to Bob a Bitcoin she would send it directly to him and it would be validated by the Blockchain.\n![a.png](https://steemitimages.com/DQmTrDMtUtCueHGFAnET7Qjz6GxFMrzuvkaKZAzkzeYPJDE/a.png)\n### LIGHTNING NETWORK TRANSACTION\nWith the Lightning Network, its proposal is to further use Sidechains to send transactions to a 3RD-PARTY before it reaches its destination. This supposedly would make transactions faster with an overly complex solution when compared with simply expanding the Blocksize limit. \n![b.png](https://steemitimages.com/DQmPRdEQ1PFz87CrqjBxsc8BYnEPtGVjsyUf5E99yGRHd4J/b.png)\n\nThere are several technical and legal issues and consequences with such a move such as KYC/AML complications for 3RD-PARTY involvement in money transfers which **ULTIMATELY** defeats the purpose and mission of Bitcoin in the first place of being ***PEER-TO-PEER***.\n\nThe very concept of independence from middle-men through the Blockchain is essentially being removed from the equation in favor of 3rd-party involvement with high transaction fees for the ordinary users. \n\n# Fractional-Banking on Bitcoin\nIf Lightning network sidechains become the driver of the network instead of the Blockchain then it opens the floodgates to manipulation. Fractional-banking would be a perfect example, where in the future the Bitcoin supply could be artificially expanded diluting the value of Bitcoin through inflation through the sidechains.\n\n# Bitcoin Cash\nThe developers of Bitcoin Cash foresaw this future and acted to expand the Blocksize limit to 8MB. It immediately solves the underlying problems of Bitcoin: Transaction Malleability, Network Congestion and High Transaction Fees.\n![bcc.png](https://steemitimages.com/DQmTNDueAVLCxwNmWE4wLR9ijbFwV2XtFzhA3PWC35Utfcy/bcc.png)\nIt stays true to financial independence through the Blockchain and continues Bitcoin's legacy before Segwit.\n\n# Conclusion\n#### 1971 - Removal of the Gold Standard\nThis marked the period of decline of the purchasing power of the U.S. Dollar as well as the currencies around the world which used to rely on the Gold Standard.\n#### 2017 - Removal of the Blockchain\nHistory repeats its mistakes. Segwit and LN developers are neglecting Financial Discipline, sacrificing standards in pursuit of ambitions against the interests of the general public. Because of the focus on Segwit and the upcoming LN instead of practical solutions like increasing the Blocksize limit transaction fees remain high and Bitcoin is becoming more of an asset for the speculators instead of a peer-to-peer cash currency for the masses.\n\nAnd just like the removal of the Gold Standard the removal of the Blockchain principles that made Bitcoin successful in the first place will drive down the value and purchasing power in the future.\n\n# <center> THANKS FOR READING FELLOW STEEMIANS! </center>\n# <center> If you found this interesting please UPVOTE, RESTEEM or FOLLOW me for more! </center>\n## <center> Have a great day everybody! </center>",
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      "body": "Really great analysis.\n\nIt is a logical path that it can take.\n\nNeed to follow the trends in BCC!\n\nThanks for sharing :)",
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      "title": "Bitcoin: Death by a thousand fees...",
      "body": "![12.png](https://steemitimages.com/DQmWoW2ENRD4V2KZ2T9poufQFmjW9P5XrRNGockBmnBovQu/12.png)\n# Hello again fellow Steemians! With the Bitcoin price at an All-time-high people are buying for Fear-of-Missing-out but I want people to see that the economic fundamentals that made Bitcoin successful are in trouble.\n\nDue to the rising transaction fees Bitcoin today is becoming less of a currency and becoming more of an asset. People are no longer using Bitcoin but saving it and praying that it gets more valuable.\n\nEven the Russian government's financial sector wants to ban people from buying Bitcoin and will only allow \"QUALIFIED INVESTORS\" (usually means *already RICH* investors) to buy and sell Bitcoin in Russia. *I'm pretty sure this was not Satoshi Nakamoto's intended goal.*\n>Source: https://www.coindesk.com/russian-regulator-bitcoin-limited-qualified-investors/\n\nIf Bitcoin continues to be the way it is now with high transaction fees then more and more Bitcoin users will slowly but surely move on to other cryptocurrencies to provide faster and cheaper solutions. This will eventually leave the network with just speculators and traders. Unless new money flows into the network to feed the gains and profits of these people the price will stagnate and soon drop.\n\n# Am I sure Bitcoin is in trouble?\nIt is and I fear a lot of people are going to be affected by it. But I think this will be a long and slow journey before it finally crashes. The reason for this is because businesses and institutions are already invested in it and will continue using it despite the rising transaction fees especially with people jumping on the bandwagon of wanting to see Bitcoin's price go higher.  China and Russia especially are going to continue fueling the speculation train. Russia just recently announced plans on raising funds to invest heavily in Mining equipment to *compete* with China's dominance.\n\n**But** *historically and economically* speaking, **growth based on speculation instead of utility** is 100% guaranteed to fail sooner or later. The overall number of transactions (confirmed and waiting in the mempool) are getting smaller and yet the price has just hit an All-time high this week... Less people are using it due to rising transaction fees but bigger investments are pumping in. These are signs of a Bubble right now.\n\n![11.png](https://steemitimages.com/DQmUqFbtveYWxQJKi2ghYkFadxAnC4DewaP68gk9nJ5xq8j/11.png)\n>Source: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m\n\nThe price will keep rising but soon it will be a slow and long drop to bottom. The only question is WHEN.\n\n# Is there hope?\nSegwit was supposed to be the *\"HOPE\"* everyone was promised but it did not live up to its promises and just left Bitcoin with the same problem with even more technical questions than answers.\n\nThe root cause of the problem is the transaction fees. Unless it decreases enough to encourage people to use Bitcoin again then the problem remains. \n\nPeople are leaving Bitcoin and in the short to mid term people are choosing other Alt-coins like Ethereum, Monero, Dash and others. \n\n### But in the LONG-TERM I believe **Bitcoin Cash** will inherit the Bitcoin legacy's network and cryptocurrency market dominance.\n\n# Why Bitcoin Cash will be chosen:\n<p><center>https://steemitimages.com/DQmTNDueAVLCxwNmWE4wLR9ijbFwV2XtFzhA3PWC35Utfcy/bcc.png</center></p>\n\n## Bitcoin User Adoption\nUsers, Businesses and Institutions that have Bitcoin can choose to *invest again* in another Alt-coin to replace Bitcoin but this will just mean spending *more time and money* in understanding a new cryptocurrency as well as trying to get their own friends and customers to adopt to the new changes which will cause delays and uncertainty.\n\nWith Bitcoin Cash, on the other hand, they don't need to spend as much time and money to adopt to changes because Bitcoin Cash is mostly the same as Bitcoin in terms of code with the added incentive of having cheaper transaction fees. \n\nEach Bitcoin Public Address has an equivalent Bitcoin Cash Public Address which makes integration much simpler than choosing another cryptocurrency. \n\nHowever, the issue with Bitcoin Cash right now is that it still needs stable Mining hashpower support for it to provide faster transactions.  \n\n## Mining Infrastructure\nBitcoin mining pools have invested a LOT of money, time and effort in buying, installing and maintaining their mining rigs and hardware. Their specialized hardware is customized to maximize profit and be as efficient as possible but will ***ONLY*** perform for Bitcoin transactions, it cannot mine any other cryptocurrency -- But that was until Bitcoin Cash came along.\n\nThe Bitcoin mining pools will be faced with a choice when Bitcoin eventually becomes unprofitable. They will either retire and throw away their expensive equipment *OR* utilize their hardware for BITCOIN CASH. And when that happens Bitcoin Cash will acquire the hashpower support it needs to provide consistent and reliable network transactions.\n\n# End Game for the Bitcoin Legacy chain\nThe last chance for it to succeed is the anticipated \"Lightning Network\" which promises *faster* transactions.\nBut unfortunately this will require 3rd-party participants for transactions which makes it even less likely that the root cause of the problem (TRANSACTION FEES) will get smaller...\n\nHopefully, the transition from Bitcoin legacy to Bitcoin Cash will be a gradual process resulting in less financial casualties in the end.\n\n## Bitcoin Cash Crash: Chicken or the Egg\n>Which came first the chicken? Or the egg?\n<p><center>https://steemitimages.com/DQmf8S2xKKNzQgZQXV8Eeceg9rkwFC6N8YCQKXnYV34MXdR/coe.png</center></p>\n\nDid people use Bitcoin because the price was rising? Or did the price rise because people were using Bitcoin?\n\nDespite the falling price of Bitcoin Cash it's economic fundamentals (CHEAPER transaction fees) are in place for it to succeed and continue where the Bitcoin legacy is today. \n\nAnd as the Bitcoin legacy chain becomes less profitable more miners will support Bitcoin Cash making it faster as well.\n\nWhen people start using it the price will rise as well. \n\n# <center> THANKS FOR READING FELLOW STEEMIANS! </center>\n## <center>If you found this interesting please UPVOTE, RESTEEM or FOLLOW me for more!</center>\n## <center>HAVE A GREAT DAY!</center>",
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      "body": "![CD.png](https://steemitimages.com/DQmbDv7YXacFT8bVgNagxyXGcaEG9avZTeY3XJUBQWG6dma/CD.png)\n# <center> Bitcoin: Capital Gains vs Digital Currency </center>\nHello again fellow Steemians! I was reading forums on https://www.reddit.com/r/btc/ and stumbled on a discussion on how Uber drivers were soon going to accept Bitcoin as payment. What surprised me was someone's reaction when he asked \"Why would you spend Bitcoins to pay a ride?\" I didn't understand his question right away because I had a paradigm belief where *everyone* knew that Bitcoin could be used for payment, until I realized that he saw Bitcoin as something not to be spent but something to be saved since it would increase in value!  Which brings me to my topic:\n\n## Bitcoin: Is it a store-of-value, like Gold? Or is it to be used as a form of currency for buying and selling products and services?\nBecause of the massive rally in price of Bitcoin and how people are comparing it to stocks or precious metals some, if not most, buyers of Bitcoin are seeing it as an *investment*, which I believe it is, to be saved and held on to for long-term capital-gains profit rather than as a replacement for the fiat currency we use in purchasing products and services, which I believe it can too.\n\n# Let's examine the 2 cases:\n\n### 1) Capital Gains Bitcoin\nWhat is Capital Gains? To illustrate it just imagine if you had $100 of *CAPITAL* and bought Bitcoin when 2017 started and today you sold it and *GAINED* $800!  Using your ***CAPITAL*** you ***GAINED*** profit -- ***CAPITAL GAINS!***\n\n![9.png](https://steemitimages.com/DQmSYmcjRxKJ5WqzYN5ABsQKd7X9GY9mzkvHvkkCEqeqoX3/9.png)\n\n## And so Bitcoin buyers today, speculators and investors, want to invest in Bitcoin *despite* the network congestion and high transaction fees because they see Bitcoin as a STORE-OF-VALUE that would protect their money from losing value through the inflation of Fiat Currencies and are hoping for higher returns in their investment in the future. \n\n### These people don't really mind the rising transaction fees and long confirmation times especially if they are long-term investors/speculators.\n\n### 2) Digital Currency Bitcoin\n![10.png](https://steemitimages.com/DQmQfQ9RAuibPYitdknpxK5N6zQm14GY1fP1Sab56Batkwc/10.png)\nSatoshi Nakamoto's original intention and vision for Bitcoin was actually for it to be used as a digital currency for everyone around the world to use as can be read in his original whitepaper.\n>Bitcoin: A Peer-to-Peer Electronic **Cash** System\nSource: https://www.bitcoin.com/bitcoin.pdf\n\nBitcoin when it started in 2009 was literally worth $0. People laughed, ridiculed and even called it a scam back then, well, even today actually but that view is quickly disappearing.\n\n### So what caused it to gain popularity and rise so quickly? Here are the 2 main reasons I believe caused it in my personal opinion:\n\n* Transaction fees are almost zero (in the past)\n*People would send Bitcoin to each other for fun and eventually used it the same way we use online banking -- Online banking is only computer code too but it is used to track the balances we have between each other the same way Bitcoin does it too.*\n\nWhen Bitcoin started some transactions could be processed without any fees. Eventually as it got popular small transaction fees became necessary to discourage DDOS attacks. People and businesses then used it instead of banks and remittance centers because of its low fees.\n\n* Relatively Fast Transaction times\n*Bitcoin's other advantage over the banks and remittance centers was its ability to perform transactions between people without the need for a 3rd party that would just cost money and time (24 to 72 hours). With a Bitcoin transaction you would only need to wait around 10 minutes or less.*\n\n### These people are affected immediately with any rise in transaction fees and confirmation delays.\n\n# Verdict\nBitcoin can be used for **CAPITAL-GAINS** *as long as* it is *used MORE* as a **DIGITAL CURRENCY.**\n\nThe only reason Bitcoin has reached the price it is today is because ordinary people throughout the years were legitimately using it for their everyday needs and wants without really minding the volatility of the price. And it was attractive to use as well because of its ***speed*** and ***cheap transaction fees.*** \n\nBut despite its apparent rapid growth this is actually *STUNTED* growth. Why? Because it had the potential to grow even *BIGGER* than it is now. But because of the 1 MB Blocksize limit literally **THOUSANDS** of transactions a day are delayed for *hours* and sometimes *DAYS!*\n\n![8.png](https://steemitimages.com/DQmb7N34xquwtW88UgMzPFsu8QvoF1QZWVNaSQA4XLcHdDj/8.png)\n\nSegwit was introduced to solve this problem but unfortunately it did not live up to its hype with the same problem still in place. Unless something improves quickly to let people have faster and cheaper transactions again it is only logical that what is coming next is people leaving Bitcoin for something *faster and cheaper than bitcoin* -- and there are literally hundreds of cryptocurrencies waiting to take its place.\n![lo.png](https://steemitimages.com/DQmRpuBGryYfgaqa3og2Smst1gmCJYTX1E1PV6vhqRBDdrC/lo.png)\n\n##### My personal favorite: Bitcoin Cash *(Satoshi Nakamoto's original vision continued)*\n<p><center>https://steemitimages.com/DQmTNDueAVLCxwNmWE4wLR9ijbFwV2XtFzhA3PWC35Utfcy/bcc.png</center></p>\n\n*Don't let the crashing price fool you! Could this be a great failure as the Segwit supporters would have you believe? Or will the rise of Bitcoin Cash be the greatest underdog story of cryptocurrency history?*\n\nI will make my argument for why it will eventually be dominating the market in the future in another blog.\nIn the meantime, to learn more about the untold debates between Bitcoin and Bitcoin Cash visit here: https://www.reddit.com/r/btc/\n\n# <center>THANKS FOR READING FELLOW STEEMIANS!</center>\n# <center>If you found this post interesting please don't forget to UPVOTE, RESTEEM or just FOLLOW me for more blogs in the future!</center>",
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      "body": "Thanks @kapetanic! Appreciate it!\nYup... \"Bitcoin\" has been usurped by Bitcoin Core Developers and Blockstream. Their propaganda against Bitcoin Cash worked really well in the beginning but after Segwit finally activated and flopped miserably on its promises the users and businesses are finally seeing through their lies the hard way through $5 to $10 average transaction fees... The Bitcoin community is paying the price (literally) for their \"1MB forever\" delusion!",
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      "body": "@daniel3 This is the kind of content that I appreciate here on Steemit! Jeff Berwick on @dollarvigilante shared his taughts that Bitcoin cash will be \"the only one left standing at the end\". Thanx for this post. I learned something here... ;-)\nFollowed and upvoted\n\nSteem on!",
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      "body": "Cheers @daniel\n\nSomething i've realized here though is: just because Bitcoin Cash has 'maybe' the potential to be better than Bitcoin...doesn't mean for sure it's going to happen.  Reminds me old vhs video and the other one Beta. Beta was 'apparently' better...yet vhs got mass market adoption.\n\nalso - betting on super elite wealth isn't a terrible investment strategy. (blockstream and other)\n\nwisest move at this point is still likely to hold support for both sides - as this insures best possible outcome of support holding for both sides.\n\nFrom a more riskier position - it would be to bet bitcoin on bitcoin cash.\n\nless risky: turn bitcoin cash into bitcoin. but keep some bitcoin cash.",
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      "body": "![6.png](https://steemitimages.com/DQmSrB7kN7bEhJfiuvxh92z7d2zGQVzBAwkgDRMmfXL4emc/6.png)\nHello everybody! Today I wanted to share with you Gresham's Law and my view on how it affects the world today.\n\nThe law was named after Sir Thomas Gresham (1519–1579), who was an English financier.\n\nGresham's Law says that \n>*Bad Money drives out Good Money if they exchange for the same price*\n\nAnother way to phrase it is: Bad Money drives out Good Money *if people are forced to accept* the Bad Money. But if people are *NOT* forced to accept it then **GOOD MONEY DRIVES OUT THE BAD MONEY!**\n\nThis is an  *ECONOMIC LAW OF MONEY* that is followed subconsciously and without fail by all human civilizations.\n\n# Legal Tender Laws\nLegal tender laws force people to accept coins or banknotes and use it for payments.\nWhen laws force people to use BAD MONEY then people tend to hoard GOOD MONEY.\n\n# Good Money\nWhat is \"Good Money\" anyway?\n\nHere's a checklist:\n1) Hard to Counterfeit\n2) Scarce (Limited in Supply)\n3) Divisible\n4) Homogeneous (Each denomination is uniform in value)\n5) Easy to Transport\n6) Easy to Store\n\nIn the distant past Gold and Silver were the universally accepted Good Money. And I even wrote how the world accepted Gold as Good Money here: https://steemit.com/money/@daniel3/the-story-of-how-pieces-of-paper-became-money\n\n# Bitcoin and the Cryptocurrency Revolution\nEver since the release of Bitcoin into the world from Jan 4, 2009 people kept criticizing it and saying how it would fail.\nBut after over 8 years and a price of over $4000 people are still scratching their heads wondering how it hasn't crashed yet -- and even more shocking to them is the fact that over more than 800 more Cryptocurrencies have emerged successfully  by themselves! \n\nAnalysts and Doom-prophets keep repeating that Bitcoin and the other Cryptocurrencies are bubbles soon to burst based on what they know of traditional finance and stocks.\n\nBut what they fail to see, or more likely have chosen *NOT* to see, is *Gresham's Law* at work:\n> Bad Money drives out Good Money if they exchange for the same price\n\n* Good Money are the cryptocurrencies that complete our checklist.\n* Bad Money (based on our checklist) are the *FIAT CURRENCIES* around the world: US Dollars, Euros, Sterlings, Pesos... etc.\n\n###### The price rise of Bitcoin is not behaving like typical stocks. People around the world are simply rejecting the coins and banknotes force-fed on them by the central banks of the world and are ***REPLACING*** them with *GOOD MONEY* cryptocurrencies.\n\nWhat was once laughed and ridiculed by the rich banking elite are now being eyed with fear and concern because they can see a real possibility of a monetary revolution that would render all their wealth worthless to the world.\n\nThe conversion from BAD MONEY to GOOD MONEY is not perfect with other cryptocurrencies turning out to be scams or just failing to complete the checklist of being GOOD MONEY. But with a market capitalization of over $150 Billion the cryptocurrencies are now too big to ignore anymore. \n![fff.jpg](https://steemitimages.com/DQmfJuJeTaEBPkiXW24GmgagsjE1RgcXrsJnavioJSVQfrm/fff.jpg)\n\n### The financial markets around the world are TRILLIONS OF DOLLARS today. What do you think would happen to the cryptocurrency prices if investors from those financial markets added to the Market Capitalization and raised it to at least *$1 TRILLION DOLLARS?*\n\n# The original Bitcoin and the Segwit pivot\nWhat drove the adoption and price of Bitcoin up from nothing was purely basic laws of economics lining up.\nBefore Segwit Bitcoin was accelerating to mainstream adoption as GOOD MONEY as evident in its skyrocketing price and number of transactions.\n\nBut that was until the 1 MB ceiling was hit and everything changed.\n![hhh.jpg](https://steemitimages.com/DQmdyXy8NTZhyEiGPP8ACWQcz6jCjLiHnJCE1ujFYPEaWaz/hhh.jpg)\n\n###### Transactions are getting slower and getting more expensive.\n\nTo address this after years of debate and politics miners and users were forced to accept Segwit and after activation the effect was effectively zero. Transactions remained expensive and the number of unconfirmed transactions keep getting bigger. \n\n# Until something changes Bitcoin today is no longer GOOD MONEY\n![7.png](https://steemitimages.com/DQmYKt4bXjSXXJtH2j1PQ3KzWZLxdEFdf2y7eUJ7FktmXYB/7.png)\n\n# Bitcoin Cash and the Alt-coins\nGresham's Law will soon reveal itself once more but this time against Bitcoin as it currently stands\n> Bad Money drives out Good Money if they are forced by law\nBut Good Money drives out Bad Money if there is no force by law\n\n###### When there is no coercion by law Good Money will always circulate and the people will reject the Bad Money.\n\nSegwit failed to deliver it's promises and we are left with a stunted Bitcoin network. \n\nAnd right now, because Bitcoin is no longer **Easy to Transport/Transact** people will sooner or later reject it and find other cryptocurrencies. It is basic economics and Gresham's Law will prevail.\n\nBitcoin Cash would be the next logical choice for current Bitcoin users since the only difference is that it has expanded it's Blocksize limit to 8MB allowing for more transactions and cheaper fees to be processed. And if they had Bitcoins before the Hard Fork then they would have an equivalent amount of Bitcoin Cash to use and transact with.\n<p><center>https://steemitimages.com/DQmTNDueAVLCxwNmWE4wLR9ijbFwV2XtFzhA3PWC35Utfcy/bcc.png</p></center>\n\nThe Market Capitalization of Bitcoin would slowly transfer to Bitcoin Cash and effectively continue the original intent of Bitcoin of being a peer-to-peer digital cash being used with cheaper fees and faster transactions and available for everyone around the world to use. \n\nAnd the same can be said with Alt-coins as well of being able to offer faster transactions and cheaper fees than Bitcoin today. As long as they follow the checklist of being Good Money then in the long-term future they could might as well replace Bitcoin in dominance.\n\n## Mass speculation and media hype are keeping the Bitcoin price up but when Gresham's law finally catches up we could be seeing a very TRUE FLIPPENING if no improvements happen soon...\n\n# Thanks for reading! If you found this interesting please don't forget to Upvote, Comment or Resteem!",
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      "body": "### What happened to the solutions Segwit was supposed to provide to Bitcoin?\n![Segwit-Post.jpg](https://steemitimages.com/DQmRnBE4Z7ttAA7rJ4ZzXWP9twukeVaNeZrTypMr6Dawzjn/Segwit-Post.jpg)\nFor those who want a quick recap of what Segwit is here's an old pre-segwit activation article summarizing it:\nSource: http://www.investopedia.com/terms/s/segwit-segregated-witness.asp\n![1.png](https://steemitimages.com/DQmbnkjeXFABrY5KEg2y9n1Hxr47RKzt3EaJ4Nqak7SvKik/1.png)\n\n# Segwit was supposed to solve the growing problems of the Bitcoin network and had promises like:\n1) The increase of block capacity by allowing more than double the amount of transactions included per block.\n2) Cheaper transaction fees.\n\n# Did Segwit manage to solve these problems?\nLet's see the effect Segwit had:\n\n**1) Transactions per block:**\nThese are the average number of transactions per block within a year with the Blocksize limit already getting congested. As you can see the number hits the ceiling of around **2200 transactions.**\nSource: https://blockchain.info/charts/n-transactions-per-block?timespan=1year\n![2.png](https://steemitimages.com/DQmXwTZLkmpfTKoJYTHgQ3qJweLq7JazfJrJbxqoWxhcgUE/2.png)\n\n**AFTER SEGWIT...**\nHere are the Bitcoin blocks mined recently and the number of transactions included are more or less the same as *before* Segwit was activated with the exception of 2 noticeable blocks exceeding **2500 transactions.** But these are still exceptions, more time is needed for a fair comparison between the *average* number of transactions before and after segwit.\nSource: https://blockexplorer.com/blocks\n![3.png](https://steemitimages.com/DQmRLrq2MwL8E3UnDq8oMeS83mBPAQHPURMhiu7iwUzvmG5/3.png)\n\n**Did Segwit improve the transactions congestion in the mempool?**\nAs we can see with this chart below, **the number of transactions waiting to be confirmed** are still growing without a considerable difference, it is even growing more than ever with the Segwit hype increasing the number of Bitcoin investors.\n\nIt peaked on August 23 to over ***100,000 TRANSACTIONS still waiting to be confirmed...***  But this was before Segwit.\n\nAn interesting thing we instantly notice is the sudden dip of the Mempool we see on the chart. That was the moment Segwit activated. Not really sure what that means, a temporary glitch when Segwit activated? Who knows?  \nSource: https://blockchain.info/charts/mempool-count\n![4.png](https://steemitimages.com/DQmbNFEEqDsU6Zmw7qcRVffUHDx3NF7HHrTkXZs5ehh1PAa/4.png)\n\n**2) Transaction Fees**\nA popular idea is going around the internet saying that Segwit would decrease the transaction fees. And I think the logic behind that is that as there is more *SUPPLY* of space in the 1 MB blocksize limit the *PRICE* would naturally decrease (This would follow the *Economic Law of Supply and Demand.*)\n\n**AFTER SEGWIT...**\n\nSource: https://www.blocktrail.com/BTC\n![5.png](https://steemitimages.com/DQmaHWJADqiV8DcJjqpu4EoEMdsuMowFBhrQeszxhVfekXx/5.png)\n\nThe image above, as of this writing, shows the \n- **Optimal Transaction fee**\n*Based on the last 30 blocks this is the lowest possible fee that has more than 75% chance of getting into the **next block.***\n- **Low Priority Transaction fee**\n*Based on the last 30 blocks this is the lowest possible fee that has more than 75% chance of getting into the **next 2 blocks.***\n\nWith the price of Bitcoin at $4373.62 the prices would translate to:\n**Optimal Transaction fee = $18.89 *per transaction***         \n**Low Priority Transaction fee = $15.83 *per transaction***\n\nTo put these into context there was a time before the 1 MB blocksize limit was reached when transaction fees were *virtually zero* with fees as low as a *few cents...*\n\nBut we should take note that these are *optional* transaction fees recommended if you want to have at least a 75% chance of getting confirmed in the next block, otherwise your transaction could take a while to be processed.\n\nWhen faced with these contradictions of their supposed solutions to the problems the people behind getting Segwit on Bitcoin have some very ***interesting*** views:\n### \"...Bitcoin Core developers, and in particular employees of Blockstream Corp, think such time is needed for ***blockchain fees to increase*** so that once LN is ready everyone, except for LN hubs, ***stop using the blockchain.***\"\nSource: http://www.trustnodes.com/2017/08/24/segwit-activates-fees-increase-congestion-remains-no-noticeable-change\n\nThat's right. They want us to **stop using the blockchain** once the Lightning Network arrives.  \nThat's making \"Bitcoin\" sound more and more like another *Paypal* or *Visa* payment system with us relying *once again* on *THIRD-PARTY* companies and banks.\n\nThe sad thing is I suspect the vast majority of new Bitcoin users will have no idea that they are slowly being led back to the old dinosaur financial system of bankers that the original pre-segwit Bitcoin and Satoshi Nakamoto stood against. \n\nThe evidence of the deceit speaks for itself with the empty promises of Segwit today. \nWill Segwit improve over time and make things better? Does it really matter anyway? When Segwit then moves on to the Lightning Network, which supposedly promises faster transactions, will it really deliver the way Segwit has so far delivered? Or will it continue on with high transaction fees, slower confirmation times and more questions than answers? The Segwit developers are showing no signs of backing down or changing directions.\n\nWill this hurt Bitcoin and lead people to other alt-coins? Was this their intention all along? Only time will tell.\n\n# Thanks for reading! Don't forget to Upvote, Follow me or Resteem if you found this blog interesting!",
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      "parent_author": "worldclassplayer",
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      "author": "daniel3",
      "permlink": "re-worldclassplayer-bitcoin-cash-everything-is-in-reverse-20170824t133331157z",
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      "body": "I would like to personally thank you @worldclassplayer ... If I hadn't read your blog about Bitcoin Cash and saw the Roger Ver video you shared I would still be one of the Sheeple who blindly followed the Segwit hype...",
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