Wednesday, 29 May 2019

Critque of Roger Ver vs. Tone Vays debate.

  1. With respect to the price of bitcoin transactions. Roger Ver is lying here. You can go and see what the average fee is and the average fee hasn't come close to 3 dollars. Where he might get this is from his wallet which purposefully has high fees. That's programming he put in and is not reflective of the real world use of Bitcoin. Tone's assessment of the fees is actually accurate.

  2. Bitcoin Cash is not secure. It doesn't have the proper hashrate and since it uses the same algorithm as Bitcoin a far larger network it's inherently vulnerable to 51 % attacks. It recently just went through a reorg carried out by 2 of the large mining pools on Bitcoin Cash. Bitcoin Cash proponents claim that unconfirmed transactions are safe. Satoshi never believed unconfirmed transactions were safe for a number of reasons. Despite numerous double spends being executed on the network the proponents continue to make this lie. lightning transactions are cheaper than bitcoin cash. Lightning is suitable for micro transactions (actually less than a satoshi) and they are secure. 99% as secure as bitcoin transactions since it is the Bitcoin blockchain that is behind them. The only issue would be some kind of issue where you couldn't be on the network for an extended period of time and you're connected to a node that tries to steal from you. This will be resolved in the future (also thanks to segwit).

  3. You're really only in complete control of your own money if you run a full node. SPV wallets are great, but you're trusting other nodes. The Eclair wallet is similar to an SPV wallet (uses that same technology) but it is more secure. On Chain SPV wallets you are trusting nodes every transaction. With a SPV/Lightning wallet like Eclair you're only trusting it for 2 transactions per channel and from there you can have many secure transactions. You can also run a full node lightning network as well. It's slightly more cumbersome. Setting up a full node lightning wallet takes 2 times as long as setting up a full node bitcoin wallet because of the extra indexing that is required.
    It takes roughly the same amount of time to setup a full node bitcoin wallet as it does to do a full node bitcoin cash wallet. Roger isn't comparing apples to apples here. You're not in full control of your money with an SPV wallet using Bitcoin or Bitcoin Cash, but it's a fine solution for most people doing day to day transactions.

Roger always tries to setup his debates in order to win. He typically has easy opponents. The Bitcoin vs Bitcoin Cash debate comes down to the technicals. If you believe in money owned by the people then look at the technicals you will see that Bitcoin Cash does not provide this as an option. The one time Roger had a debate with a technical person he was dominated it was on the Tom Woods show with Jameson Lopp I believe. Roger's political level debates (where logical fallacies are quite effective) works well because he keeps it about economics "bribing" the people with promises of fast/cheap transactions when in reality he uses half truths to make these claims.

There is a lot of money behind the disinformation marketing campaign behind Bitcoin Cash. As evidence I reference the Bitcoin.com wallet which purposefully uses insane fees for Bitcoin to slander Bitcoin.

Don't trust me. Look at the fundamentals of Bitcoin and Blockchains in general and you'll see Bitcoin has a great path and excellent development behind it.

submitted by /u/lizard450
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