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Topic: Why bitcoin cash (BCH) is a poor idea. - page 3. (Read 496 times)

hero member
Activity: 717
Merit: 501
April 25, 2018, 12:43:44 PM
#1
The main idea behind BCH is that they are going to allow as many transactions as possible to allow micro-transactions to take place for a low fee.   They use ideas like Moores Law that says hard disk space can increase to cover all transactions forever (although there is no proof). The coin will become centralized over time possibly running on maybe 1000 servers or less. 

The reason why it is a poor idea is it will become too costly to do spinoffs.  Bitcoin has already had 2 code changing ideas, the lightning network and  segwit.  Imagine over time, leaders of BCH are going to come up with more ideas.  But, unlike spinoffs, you are going to be locked into the BCH system because it will be too costly and complicated to move. Governments will start to takeover these networks.   And if it is not government it will be pseudo government entities like large mining pools or icons like Roger Ver.  Small miners might be locked out altogether.

If BCH is going to become centralized, why not just use a fee-less centralized system with off-chain transactions.  https://www.fliptopay.com/ . I noticed this site.  Basically you transfer bitcoin to a centralized wallet.  From there you have virtual bitcoin and can convert to USD or Euros.  There you can use the currency at any android pay store.  Note this is not fee-less, but it easily could have been.  blockchain.info wallet is basically off-chain.  All transactions on these type of sites, between its users and stores, are off-chain, and take zero space or fees on the chain.  Yet they work instantaneously.

The true value of bitcoin can be considered the bitcoin complex.  If you own bitcoin in 2016, you now own several coins BCG, BCH, BCD, BTC, ...  All these coins together can be considered the bitcoin complex and it is this total value is what you should compare to the dollar.  I would actually like to see a coin that ends mining rewards and cuts the block size by 90%. To make the coin more like Island of Yap stone money where transactions are rare.  Where people are not digging gold out of one hole and putting it in another hole the bank vault.  Where the average person makes one transaction per year.

Just a rant and didn't know where to put it (other than my nose).
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