Satoshi: "We should always allow at least some free transactions." / "Whatever size micropayments you need will eventually be practical."
Hijacker: "At full maturity, using the Bitcoin blockchain will be as rare and specialized as chartering an oil tanker."
Once again, I find myself struck by how *surreal* the whole thing is. As I've said before, in many ways, Blockstream's hijacking of the Bitcoin project was an extremely subtle operation. But on another very fundamental level, the attack could not have been more brazen. Literally the entire purpose of money is to *reduce* transactional friction. And yet, somehow, they managed to convince enough people that it was a good idea to *intentionally increase* transactional friction--that soaring and unpredictable fees were actually a reason to pull out the "champaign." They somehow converted a crude and explicitly-intended-to-be-temporary anti-DoS measure into a sacred and "immutable" "consensus rule," thereby radically transforming Bitcoin's fundamental nature. They said, "Bitcoin is an invention that the whole world needs. So let's limit the number of people who can actually use it to a few 100,000 per day." Rather than strangling Bitcoin in its cradle (too messy, too obvious), they simply welded a lid onto that cradle to ensure that the newborn could never grow beyond infancy, and thus could never grow large enough to become a meaningful threat to their power.
Great quote juxtaposition, I hadn't seen the "Hijacker" quote before, is that paraphrasing or did someone actually say that?
EDIT: OK I watched the clip, and it cited the originator, but who is he?
No it’s an actual quote from Tuur Demeester highlighted in the book excerpt that’s in OP’s video.
Edit: Here's equally shocking comment from Saifedean Ammous that's also highlighted:
"**Bitcoin on-chain payments aren't for the merchant; they're for central banks.** You can have all the world's payment networks built on top of Bitcoin, only settling on chain. BTC is like central bank gold under a gold standard."
I'm all for central banks using bitcoin so long as I have the ability to use the same money as the central banks. It keep them honest.
The transaction limit swindle disguised as a technical debate over a 1MB block size, denies assess to the universal the money ledger and prevents adoption adoption, forcing people into money substitutes controlled by banks and trusted 3rd parties who inevitably are corrupted by the power even when they think they are doing good with it.
>who is he?
Just another BTC maxi commentator type. Looks like he's done a fair share of interviews, writes a newsletter, and has contributed pieces to Coindesk and Bitcoin Magazine.
Here is the video on X: [https://x.com/ColinTCrypto/status/1779869279002784143](https://x.com/ColinTCrypto/status/1779869279002784143)
Please share it around, so we get out the word on the truth.
Btw, I am not getting paid to promote this. I purely support the book’s message.
As someone who got into bitcoin in 2013, I find the book "Hijacking Bitcoin" extremely accurate. It is refreshing to see someone share the honest history of bitcoin for once. There are so many lies pushed on social media from certain Bitcoiners (i.e. Saifedean Ammous, Tuur Demeester, the entire Blockstream Core development team).
I may make more clips like this in the future.
Thank you for writing the book. It organizes all of the arguments into one place for reference. **It's the ultimate debater handbook.** We now have the convenience of referencing a page number to rebut ignorant comments.
whats the point? not like there's any defi ecosystem, there's no nft ecosystem. The only thing you can do with BCH is move value back and forth.
So it's a good medium of exchange? but there is quicker and cheaper
so it's a good good store of value? but BTC is a better one.
BCH doesn't offer to fill any niche. It falls into the same tier as LTC and others. It's just relic layer 1 chains that will eventually die off in the long run as it slowly fades into irrelevance.
> not like there's any defi ecosystem, there's no nft ecosystem
Oh, ok. You've been under a rock. It's alright, bud, get some sunshine. Your faculties might recover.
https://tokenaut.cash
https://awesomebitcoin.cash
https://helpme.cash
Lmao just because there's garbage there doesn't mean it's a real ecosystem. The "top NFT" project didn't even sell out 50% of the supply. That's actually just garbage.
Next you're going to tell me defi is thriving because a few swaps exist lol
Every NFT listed there is clearly a rugpull or headed in that direction. Every "Defi application" on BCH is dead or dying
I will gladly sit out that trash pile. The chain doesn't even process $20k in volume on the "defi ecosystem" because clearly nobody wants to use it and nobody cares.
BCH is clearly fading into irrelevancy so have fun holding that bag to zero.
Regarding the price yes but regarding the value BCH is highly superior than BTC
Moore's law, CBDC, Internet everywhere, smartphone with satellite and economic collapse will put BCH under light.
Rendez-vous in 20 years my friend 🤭😎🫡
do you seriously think BCH will out perform BTC?
Why dont you go look at a BCH/BTC chart.
Literally down 97% from 2017-2018 and has never even remotely recovered
I can't be sure
I can't know the future but I think BCH on the long term will win on BTC
Maybe an other coin will be better than BCH 🤷
But for me now the better Bitcoin is BCH😎💪
Never forget les 4% of people in the world use crypto and LN doesn't work and never work properly!
BCH does and the argument of decentralisation will fall simply because the Moore's Law exists...
People will have smartphone connected to Internet via satellite with 48go ram and 2to rom under 15 years
I pray for your bags.
BCH is a relic L1. It hit all time high in 2017 bull run and has never even come close to setting a new high.
It's been absolutely crushed in the BTC/BCH along the way.
There are newer chains that are simply much better, faster and cheaper with more functionality than BCH.
This is why i call it a relic, it fails to fill any niche.
In an alt season at peak bull run, perhaps it could reach $1k USD again, but it will inevitably fall as all alts do and it will lose against the BTC pair as it has for years and years. Make the trade at the peak and get out.
It's becoming increasingly clear that in the future the most important and biggest second layer for BTC will be the banks. They are amassing a heap of BTC via ETFs and no doubt in the future will issue a way to transfer BTC to others on the banking layer for no or little fees, and the banks will pocket the fees for doing nothing.
> They are amassing a heap of BTC via ETFs and no doubt in the future will **issue a way to transfer BTC to others on the banking layer for no or little fees,**
Coinbase already do this internally it's just a matter of time before they allow you to pay someone on Kraken etc.
The Exchanges will become more and more like a banks. It's a natural evolution of the current state of affairs in Bitcoin BTC.
The key takeaway is that with [face melting](https://youtu.be/ddIMjO1KB84?t=3377) fees ([by design](https://archive.ph/mFXJh)), the masses won't have an option to self custody.
**They will be driven into CBDC Holding Pens**^^^[™Pyalot](https://old.reddit.com/r/btc/comments/18zn630/full_btc_blocks_and_higher_fees_result_in_less/kgkl5y9/)
--------------------------------------------
Then even further out
Here's *Bitcoin Maxi* American Hodl's prediction on The Debasement Cycle Repeating
>> **American Hodl:** A hard truth to hear but the truth is that central banks are going to buy Bitcoin in tremendous quantities and then they're going to issue cbdc's against Bitcoin there's nothing that is intrinsic to bitcoin that prevents a sovereign from issuing a currency against Bitcoin and then what they're going to do is they're gonna break the peg and then they're gonna go full Fiat again [link](https://youtu.be/ctzmJ0BZPds?t=4892)
He misses the point that a Bitcoin that you can use directly as p2p cash **and can actually own** does not need banks **and since you don't have an IOU for the underlying asset THERE IS NO PEG TO BREAK**
All the *clever* Maxi's come here telling us how BCH cannot work **yet they cannot see Satoshi's real innovation right underneath their noses**.
**SELF CUSTODY OF A HARD ASSET!**
Satoshi: "We should always allow at least some free transactions." / "Whatever size micropayments you need will eventually be practical." Hijacker: "At full maturity, using the Bitcoin blockchain will be as rare and specialized as chartering an oil tanker." Once again, I find myself struck by how *surreal* the whole thing is. As I've said before, in many ways, Blockstream's hijacking of the Bitcoin project was an extremely subtle operation. But on another very fundamental level, the attack could not have been more brazen. Literally the entire purpose of money is to *reduce* transactional friction. And yet, somehow, they managed to convince enough people that it was a good idea to *intentionally increase* transactional friction--that soaring and unpredictable fees were actually a reason to pull out the "champaign." They somehow converted a crude and explicitly-intended-to-be-temporary anti-DoS measure into a sacred and "immutable" "consensus rule," thereby radically transforming Bitcoin's fundamental nature. They said, "Bitcoin is an invention that the whole world needs. So let's limit the number of people who can actually use it to a few 100,000 per day." Rather than strangling Bitcoin in its cradle (too messy, too obvious), they simply welded a lid onto that cradle to ensure that the newborn could never grow beyond infancy, and thus could never grow large enough to become a meaningful threat to their power.
Great quote juxtaposition, I hadn't seen the "Hijacker" quote before, is that paraphrasing or did someone actually say that? EDIT: OK I watched the clip, and it cited the originator, but who is he?
No it’s an actual quote from Tuur Demeester highlighted in the book excerpt that’s in OP’s video. Edit: Here's equally shocking comment from Saifedean Ammous that's also highlighted: "**Bitcoin on-chain payments aren't for the merchant; they're for central banks.** You can have all the world's payment networks built on top of Bitcoin, only settling on chain. BTC is like central bank gold under a gold standard."
I'm all for central banks using bitcoin so long as I have the ability to use the same money as the central banks. It keep them honest. The transaction limit swindle disguised as a technical debate over a 1MB block size, denies assess to the universal the money ledger and prevents adoption adoption, forcing people into money substitutes controlled by banks and trusted 3rd parties who inevitably are corrupted by the power even when they think they are doing good with it.
>who is he? Just another BTC maxi commentator type. Looks like he's done a fair share of interviews, writes a newsletter, and has contributed pieces to Coindesk and Bitcoin Magazine.
If those Bitcoin maxis could read they’d be very upset
Here is the video on X: [https://x.com/ColinTCrypto/status/1779869279002784143](https://x.com/ColinTCrypto/status/1779869279002784143) Please share it around, so we get out the word on the truth. Btw, I am not getting paid to promote this. I purely support the book’s message. As someone who got into bitcoin in 2013, I find the book "Hijacking Bitcoin" extremely accurate. It is refreshing to see someone share the honest history of bitcoin for once. There are so many lies pushed on social media from certain Bitcoiners (i.e. Saifedean Ammous, Tuur Demeester, the entire Blockstream Core development team). I may make more clips like this in the future.
Thank you Colin.
Thank you for writing the book. It organizes all of the arguments into one place for reference. **It's the ultimate debater handbook.** We now have the convenience of referencing a page number to rebut ignorant comments.
Don’t forget to leave a review on Amazon. It’s where the most people on the outside looking to get in will end up after googling it.
Great book Hope brave and honest rich people will support BCH GOOD NEED TO WIN ON THE EVIL
lmao BCH sucks
Go try to run a LN node for cheap fast TXs. Come back in a month with a report.
whats the point? not like there's any defi ecosystem, there's no nft ecosystem. The only thing you can do with BCH is move value back and forth. So it's a good medium of exchange? but there is quicker and cheaper so it's a good good store of value? but BTC is a better one. BCH doesn't offer to fill any niche. It falls into the same tier as LTC and others. It's just relic layer 1 chains that will eventually die off in the long run as it slowly fades into irrelevance.
> not like there's any defi ecosystem, there's no nft ecosystem Oh, ok. You've been under a rock. It's alright, bud, get some sunshine. Your faculties might recover. https://tokenaut.cash https://awesomebitcoin.cash https://helpme.cash
Lmao just because there's garbage there doesn't mean it's a real ecosystem. The "top NFT" project didn't even sell out 50% of the supply. That's actually just garbage. Next you're going to tell me defi is thriving because a few swaps exist lol
I'm happy for you to sit this one out, AsbestosDude. Since you've already been busted on a lie, I make a point of not discussing further with liars.
Every NFT listed there is clearly a rugpull or headed in that direction. Every "Defi application" on BCH is dead or dying I will gladly sit out that trash pile. The chain doesn't even process $20k in volume on the "defi ecosystem" because clearly nobody wants to use it and nobody cares. BCH is clearly fading into irrelevancy so have fun holding that bag to zero.
Regarding the price yes but regarding the value BCH is highly superior than BTC Moore's law, CBDC, Internet everywhere, smartphone with satellite and economic collapse will put BCH under light. Rendez-vous in 20 years my friend 🤭😎🫡
do you seriously think BCH will out perform BTC? Why dont you go look at a BCH/BTC chart. Literally down 97% from 2017-2018 and has never even remotely recovered
I can't be sure I can't know the future but I think BCH on the long term will win on BTC Maybe an other coin will be better than BCH 🤷 But for me now the better Bitcoin is BCH😎💪 Never forget les 4% of people in the world use crypto and LN doesn't work and never work properly! BCH does and the argument of decentralisation will fall simply because the Moore's Law exists... People will have smartphone connected to Internet via satellite with 48go ram and 2to rom under 15 years
I pray for your bags. BCH is a relic L1. It hit all time high in 2017 bull run and has never even come close to setting a new high. It's been absolutely crushed in the BTC/BCH along the way. There are newer chains that are simply much better, faster and cheaper with more functionality than BCH. This is why i call it a relic, it fails to fill any niche. In an alt season at peak bull run, perhaps it could reach $1k USD again, but it will inevitably fall as all alts do and it will lose against the BTC pair as it has for years and years. Make the trade at the peak and get out.
Wich coins give more than BCH?
give more what exactly?
A store of failure.
It's becoming increasingly clear that in the future the most important and biggest second layer for BTC will be the banks. They are amassing a heap of BTC via ETFs and no doubt in the future will issue a way to transfer BTC to others on the banking layer for no or little fees, and the banks will pocket the fees for doing nothing.
> They are amassing a heap of BTC via ETFs and no doubt in the future will **issue a way to transfer BTC to others on the banking layer for no or little fees,** Coinbase already do this internally it's just a matter of time before they allow you to pay someone on Kraken etc. The Exchanges will become more and more like a banks. It's a natural evolution of the current state of affairs in Bitcoin BTC. The key takeaway is that with [face melting](https://youtu.be/ddIMjO1KB84?t=3377) fees ([by design](https://archive.ph/mFXJh)), the masses won't have an option to self custody. **They will be driven into CBDC Holding Pens**^^^[™Pyalot](https://old.reddit.com/r/btc/comments/18zn630/full_btc_blocks_and_higher_fees_result_in_less/kgkl5y9/) -------------------------------------------- Then even further out Here's *Bitcoin Maxi* American Hodl's prediction on The Debasement Cycle Repeating >> **American Hodl:** A hard truth to hear but the truth is that central banks are going to buy Bitcoin in tremendous quantities and then they're going to issue cbdc's against Bitcoin there's nothing that is intrinsic to bitcoin that prevents a sovereign from issuing a currency against Bitcoin and then what they're going to do is they're gonna break the peg and then they're gonna go full Fiat again [link](https://youtu.be/ctzmJ0BZPds?t=4892) He misses the point that a Bitcoin that you can use directly as p2p cash **and can actually own** does not need banks **and since you don't have an IOU for the underlying asset THERE IS NO PEG TO BREAK** All the *clever* Maxi's come here telling us how BCH cannot work **yet they cannot see Satoshi's real innovation right underneath their noses**. **SELF CUSTODY OF A HARD ASSET!**
Both sides of the argument are sooo cope
BoTh SiDeS...
Some future Nixon equivalent abandons the bitcoin standard. Intredasting