/biz/ - Business & Finance

How much did you pay in taxes for 2018?

WARNING! This is a Core shill with sockpuppet thread. In reality this goes AGAINST the Blockstream narrative which turned into "digital gold" and is against "spamming the blockchain" which is "precious space". Spending BTC in stores is now condemned by the Core church, and anyway most stores which used to accept BTC do NOT accept it anymore since the high fees fiasco which damaged their reputation.

Good news for BTC!
>The transaction fees are high because an on-chain payment requires a lotof resources, i.e., storage, processing and bandwidth. These applications suddenly become possible with L2 protocols, so this adds to the reach of Bitcoin itself. On the other hand Lightning requires strong guarantees that the transactions will be settled in a certain timeframe, for its security. Hence, Lightning will always attach higher than average fees to the on-chain transactions for setup and settlement of its channels. This is okay since coins on these channels may have been transferred hundreds if not millions of times back and forth, so the these high on-chain fees have been amortized over time, and we happily pay them. With the (1) extension of Bitcoin’s reach and (2) the higher than usual fees for setup and settlement, I’m absolutely convinced that miners will have a net gain when Lightning rolls out. Lightning is not cutting into the miner’s profit, it opens up new possibilities. Christian Decker on the mailing list. In the message above, he goes on to explain why transaction fees are high. Although it’s hard to justify how storage, processing and bandwidth (plus electricity) that blockchains incur would trump the expenses of the traditional banking industry and lead to equal or even higher transaction fees. And it definitely defeats the main purpose of the blockchainquick, cheap, trustless transfers.
>To solve the problem, Decker along with ETH Zurich researchers Conrad Burchert and Roger Wattenhofer released a new paper, proposing an entire new layer to be added between the legacy chain and Lightning Network, bumping LN from being “layer 2” to being “layer 3.” And this new layer would supposedly enable up to 15 users to be in the channel so any two of them can transact on the now higher layer, Lightning Network.
https://www.tik.ee.ethz.ch/file/a20a865ce40d40c8f942cf206a7cba96/Scalable_Funding_Of_Blockchain_Micropayment_Networks%20(1).pdf

>The Bilderberg Group funded Blockstream. On February 3rd, 2016, AXA invested $55 million in Blockstream. At the time of that investment, Henri de Castries was the head of both AXA and Bilderberg Group.
https://www.coindesk.com/blockstream-55-million-series-a/
https://en.wikipedia.org/wiki/Henri_de_Castries
https://en.wikipedia.org/wiki/Bilderberg_Group

>MasterCard funded Digital Currency Group, which funded Blockstream. Note: Glenn Hutchins serves as a board director for both the Digital Currency Group and the Federal Reserve Bank.
https://www.ccn.com/mastercard-digital-currency-group/
http://dcg.co/who-we-are/ (Archive: http://archive.is/6BLgo )
http://dcg.co/portfolio/#b (Archive: http://archive.is/u9e3n )
>Blockstream crippled Bitcoin BTC, to push people towards the Lightning Network:
https://cointelegraph.com/news/bitcoins-possible-privatization-has-blockstream-created-problem-to-provide-solution
>The Truth About Lightning Network:
https://youtube.com/watch?v=UYHFrf5ci_g
https://hooktube.com/watch?v=UYHFrf5ci_g
>Larry Summers, the man who started the "war on cash" also serves as "special adviser" to the DCG board.

Blockstream crippled Bitcoin BTC with high fees, so that people will have to use the Lightning Network (a Blockstream project) for everyday transactions.
Result: The Bilderberg Group, the Federal Reserve central bank, MasterCard, and traditional banking sector have taken over Bitcoin BTC, crippled it, to turn it into a currency system that they control & profit from.
Analysis: Bitcoin BTC has been compromised. Time to switch to another cryptocurrency.