40 Comments

  1. I have some contention with this 5:44 "This is basic economics. Collectible > store of value > method of payment" First, anything that can be owned can be transferred to another and therefore could first be considered a method of payment. Second, I don't know anyone who collects anything that does not have some value. Compared to how you describe it, I think trade has always been a living and evolving thing. Despite infighting, BitcoinCash will be successful because it is useful as a method of payment whereas btc will not be for many years.

  2. unbelievable to me that this video has less than 50k views. Honestly one of the most informative pieces of crypto education i've seen in a while. I routinely refer people to this video

  3. Never seen such an eloquent video on the difference between bitcoin en bcash… it is only surpassed by the authors cluelessness. Jimmy song, you sir are the most wrong person on the planet and your ignorance on the subject matter (economics) is unrivalled in the animal kingdom. Read the books first, then use the words…..

  4. what about sending more than 7 tx's per second (1mb blocks) as an attack and filling the mempool with 200k extra transactions making fees go up into 50$ and week long confirmation times like in december of 2017? would that be an attack vector?

  5. Why is scaling at the base layer going against the fundamentals of a decentralized network system? Why is the choice to scale at the base layer considered not to be decentralized by nature Jimmy Song?

  6. You keep talking about the centralized leadership but does it really matter? The users can ignore the leadership if they are doing something obviously bad like censoring a transaction.

  7. Originally, there was commodity money which had value based on the commodity from which it is made. The commodity could be barley, salt, cigarettes, silver, gold, etc. The commodity has value because it useful on its own. For thousands of years, money was mostly commodity money only until about 40 years ago.

    Then governments passed legal tender laws that said everyone must accept the government money they created, even though there was no commodity backing it. Money by government fiat, by order of the authority that had armies, navies and police to back it up. If someone owes a debt to you, they can pay the debt with fiat money. You can not demand to be paid in gold and silver. The law says you have to accept the fiat money.

    That is fiat money: money that is authorized by a governing authority that has the power to arrest you, put you on trial, convict you and imprison you.

  8. I can’t understand this argument.

    You rail against bcash because it wants to be a peer to peer currency and yet you turn a blind eye to the fact that some miners essentially made a decision that they wanted to get paid from transaction fees which resulted in December; a month where the average fee spiked to the point where it was genuinely preferable to use FIAT ahead of Bitcoin.

    People don’t seem to realise just how harmful December was. Even now, if I speak to people about Bitcoin and they tell me that the first time it was stress tested it failed to scale and ended up being unable to deliver. That’s it’s reputation and it will take years to recover because of the exact same damn greed you blame roger of having.

  9. I agree with everything in this great video except for the "BItcoin will never have bigger blocks" part. Yes it will, when the users decide and when there is consensus for that. But scaling is not a one way thing. we will scale both on and off chain.

  10. bCash is a scam. It has more mb but it is empty! :DDD Also it is centralized as a bank.. So why not just use paypal? bCash robots will allways try to brain wash people… :DDDDD But whats true is true – bCASH = SCAM!

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