The Bitcoin Lightning Scam that just won't die, due to shills/Bank Takeover
This is a little long. Remember, it is up to us to tell the truth so that liars are exposed to our light.
Thanks for reading!
When it comes to shilling the Lightning Network is perhaps one of the biggest shilling operations every undertaken. For those of you who commonly use Twitter or other social media and follow Cryptocurrency news, you will have seen people shilling Dash/Zcash/Doge/Monero/BTC/BCH/ETH/ETC/Steem whatever. Every coin and project has its shills, but the math on 1MB blocks and Lightning Network doesn't hold up.
Let's step through an easy way of debunking why Bitcoin needs to use Lightning Network to "scale".
Instant payments on Lightning Network is a game changing brand new concept, or is it?
Did you accidentally fall down the memory hole??? Maybe....
You could already do instant transactions pre 2013 on Bitcoin(and currently on many other coins + Bitcoin Cash).
Did you know that? I bet not!!!
Blockstream took over the coding for Bitcoin and kicked out the early founders and creators of Bitcoin, lead by an investment firm called AXA(Bitcoin's dev team is on a bank's payroll directly). SOURCE, Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012. So since they forced people to keep a 1 MB block they added in Replace By Fee. Fees kept going up and this was needed becuase too many transactions were getting stuck.
Did you know that 1 MB block every 10 minutes = about 14.44KBPS? Dialup is 56KBPS. Dialup is about 4x faster than the Bitcoin network at transmitting data. Isn't that funny? Because we all stream on Netflix in 1080P and 2160P(4K) now.
People stream on twitch in 4K now which requires something like 100x faster than 1MB blocks every 10 minutes
"Basic viewing requirements. 4K adaptive bit rate streams require between 10 Mbps and 20 Mbps of bandwidth. Online video streaming service provider Netflix requires an internet connection speed of 25 Mbps or higher to stream 4K content. To view 4K resolution content, a 4K TV or 4K monitor is required."
So we take 10Mbps(Mega bits per second) and convert it to Mega Bytes per second. There is 8 bits in a Byte, so you do 10/8 = 1.25MBPS(Mega Bytes Per Second).
We know that Bitcoin has a 1MB block every 10 minutes, which is 14.44KBPS.
So we now convert 1.25MBPS into KBPS by multiplying by 1,000.
1,250KBPS / 14.44KBPS = 86.6
Streaming in 4k requires an internet speed that is 86x faster that of the Bitcoin Network.
We have all been fooled
It is easy to see now that Bitcoin has fooled many of us or outright lied to us. It is ok, as long as we learn and grow and recognize we are being misled by people. This is why we SHOULD NOT look to people as idols, and why we need to use the Scientific Method to debunk false claims as I have done above.
Bitcoin used to be able to do eactly what is shown in this Lightning Video, this is nothing new. Now Bitcoin Cash has taken on that role.
But don't take my word for it, see for yourself!