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     7 years ago 

    'Bitcoin: A Peer-to-Peer Electronic Cash System'

    I wonder what Satoshi Nakamoto meant with 'cash' in the title of the white paper. For me 'cash' means quick, no third party, and no (or at least very low) cost of transaction.

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       7 years ago 

      It is explained in the Bitcoin whitepaper. Now you just take the title and give it your own interpretation. By your definition you cast away 9 pages of what they proposed as a solution to some of the challenges the financial realm faces.

      It is them, a group. They use we for a reason in the whitepaper.

      Yes, and coin also is cash. And just like bankers money Bitcoin transports value. Cash is also paper money, 1000 dollar bills. Just like in the movies 'in cash, unmarked 1000 dollar bills.'

      If you understand what 400.000.000.000 financial transactions per year means, than you can calculate how big the Bitcoin blocksize needs to be: 4GB per 10 minute block.

      Do the math, read the whitepaper and maybe you understand why bcash is a laugh.

      For now I'm done here.

      Have a great day.

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         7 years ago (edited)

        'This week Bitcoin Unlimited (BU) chief scientist Peter Rizun revealed the first 1GB block was mined on a Gigablock testnet on October 13. The event marks a milestone for the big block project backed by the University of British Colombia, Nchain, and the Bitcoin Unlimited (BU) development team.'

        https://news.bitcoin.com/gigablock-testnet-researchers-mine-the-worlds-first-1gb-block/

        But after all it's just different views, ideologies and preferences, I don't intend to get emotional about this.
        I understand why most people don't want things to change at the core of our society.
        Peace!

        Ps: All I did was ask a question and give my view on what cash means.

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         7 years ago 

        Yes, 1GB blocks, it can be done, just like 4GB blocks could be done in a test enviroment:

        BU’s Andrew Stone says, “we are not going from 1MB to 1GB tomorrow — The purpose of going so high is to prove that it can be done — no second layer is necessary.”

        That I believe, no problem, even setting up systems that can mine them in a controlled test enviroment.

        But, like mister Stone stated: not tomorrow. And that is a realistic approach, from my point of view.

        One day we will have quantum computers and ultra high speed Exa bytes memory in 3d crytals. On fiberglass lightspeed networks. Do not know if I live to tell thr tale, but it will be done.

        Yet, in a realm that is now I am still convinced that Bitcoin SegWit and horizontal scaling is the way to go. And I do think BTC is ideal for holding high value.

        And I think that we can agree to disagree. Life calls, need to dash.

        Thank you for the conversation.

        Peace.

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           7 years ago 

          Let's agree to disagree then.
          I am still trying to see through the important event we are about to witness, the players, the motives, the tactics.

          So far this path is leading me to doubt segwit in general more and more. Just read this fascinating post about it, right here on steemit:

          https://steemit.com/bitcoin/@modprobe/i-looked-into-segwit-and-here-s-what-i-saw

          Thank you.

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