BTC: From Bitcoin to Shitcoin via Blockstream

$SirToshi
5 min readApr 18, 2020

Many people think “Bitcoin is Bitcoin” because they are unaware of the changes that Blockstream made to BTC’s protocol. Satoshi Nakamoto designed Bitcoin & therefore only his design has the right to be called Bitcoin.

Satoshi Nakamoto designed “A Peer-to-Peer Electronic Cash System” knowing that the underlying protocol had to be right first time as there would be no second chances if it wasn’t.

To understand why there is no 2nd chance you can read my article “Why we only have this one shot in history” linked here-https://medium.com/@sirtoshitv/bitcoin-why-we-only-have-this-one-shot-in-history-fa12969c1bc7

Bitcoin is fixed in supply which means it’s value will increases if more people start to use it for trade. It’s the increase in the price of Bitcoin that counters the block reward halving. The miners who secure the system are incentivised to make decisions regards scaling the network that would further increase its use & therefore its value in order to economically sustain their mining operations in the future.

Miners are rewarded in Bitcoin for recording transactions on its blockchain. If transactions are not being made, miners are not being financially rewarded & if miners are not being financially rewarded it means the system becomes more centralised as smaller miners can no longer economically sustain themselves. So, why would miners choose to go with Blockstream’s proposals to make the Blockchain redundant & put themselves out of business?

Blockchain is a new technology and as with any new technology, misunderstanding can be made. It has been reported that Blockstream was funded to the tune of $100,000,000 from financial institutions with suspiciously close links to the Federal Reserve. If this is true it would explain all their decisions & political narratives to offer alternative solutions rather than following scaling instructions left by Satoshi Nakamoto in his Bitcoin White Paper for scaling the Bitcoin network.

1st: First Blockstream used fear to scare the miners into staying with 1mb block size by convincing them that the blockchain couldn’t scale. This meant that those miners who did understand the system had to scale the network but by doing so lost the ticker symbol of BTC as it stayed with the majority of the miners who chose to play it safe & stay as they were. This caused the first split in the chain and BCH came into existence.

To understand more about the Bitcoin chain split you can read my article titled “Bitcoin: A tail of blockchain BTC/BCH/BSV” linked here-https://medium.com/@sirtoshitv/bitcoin-a-tail-of-blockchains-x3-eebb136457c7

2nd: Secondly, Blockstream told everyone that Bitcoin was no longer a peer-to-peer cash system and that it was a “Store of Value” so, therefore, Bitcoin wasn’t meant to be used as cash. This created a “Hodl” mentality were intellectually challenged people thought BTC “number go up” if others simply purchased it. Encouraging others to purchase it (instead of themselves) in the hope that they could sell out later on at a higher price turned BTC into a Ponzi scheme. This is illegal because those who buy-in when the majority sell lose money, which makes it a scam/Ponzi scheme: https://en.wikipedia.org/wiki/Ponzi_scheme

3rd: Thirdly, when Blockstream realised BTC hodlers were getting frustrating with “Hodling” as it wasn’t doing anything they changed the narrative to “censorship-resistant money” and told everyone the network should only be used occasionally & for large transactions. They continued by labelling ordinary everyday transactions that money is meant to be used for such as regular shopping as “spam transaction”. As the majority of the world are not wealthy, only very few “large transactions” would be made, which meant there still wouldn’t be enough transactions on the network to economically sustain the miners in the future. This plan would keep BTC’ers happy while Blockstream continued with their plans to see the network being used less & less.

4th: Fourthly Blockstream told everyone they would be developing an alternative 2nd layer scaling solution, a new technology that they were now inventing, one that had never be built, tried or tested before. This provided them with an excuse to still give the BTC “Hodlers” hope that one day they might be able to use their BTC for something useful even though it kept the majority of the transactions off the Bitcoin Blockchain, so miners still wouldn’t benefit from it. In fact, Blockstream themselves would financially benefit as they would be charging BTC’ers to use it, which is very convenient.

All these efforts saw a massive decline in the price of BTC and yet no one at Blockstream lost their job. BTC has not come close to its previous all-time high (ATH) price, but those who have little understanding of BTC still believe and have since encouraged others to purchase it to push the price up further and brought the price back down as they themselves cashed out. Since BTC is not “A Peer-to-Peer Electronic Cash System” it is a closed market & will never be used, which means its price cannot go up. This means the opportunity for the world to have a global Blockchain & for everyone to benefit from the technological advancements that blockchain offers, along with the ability for everyone to store & own their own digital data securely & immutability will be lost forever.

To read more about the technological advancements that Bitcoin offers you can read my medium article titled: “Bitcoin: The Power of its Decentralised, Distributed Single Ledger” linked here — https://medium.com/@sirtoshitv/bitcoin-the-power-of-its-decentralised-distributed-single-ledger-6777641fc1c5

Luckily, the Bitcoin that Satoshi Nakamoto designed as “A Peer-to-Peer Electronic Cash System” for the world is scaling massively today and you can see the huge blocks on its network packed with data being propagated live right here- https://bitcoinblocks.live/

Bitcoin is defined by the set of digital protocols described by Satoshi Nakamoto in his Bitcoin white paper. This protocol is now named Bitcoin Satoshi Vision, known as Bitcoinˢᵛ with a ticker symbol (BSV).

To understand why Satoshi Nakamoto’s Bitcoin protocol is known as Bitcoinˢᵛ & has the ticker symbol BSV read my Medium article titled: “Bitcoin: A Tail of Blockchain BTC/BCH/BSV” linked here — https://medium.com/@sirtoshitv/bitcoin-a-tail-of-blockchains-x3-eebb136457c7

Satoshi Nakamoto had a vision. That vision was Bitcoin. Bitcoin is Satoshi’s Vision. Bitcoin is BSV.

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