2018-12-4 21:49 |
Money Button CEO Says That Every Single Problem Faced By Bitcoin Can Be Solved With Bitcoin
The CEO of Money Button and supporter of Bitcoin SV, Ryan X Charles, talked about Bitcoin and the problems that it is facing. In a recent YouTube video, he said that in order to solve Bitcoin problems, it is not necessary to change the Bitcoin protocol. Additionally, he said that he was against the Bitcoin Cash mandatory replay protection.
He explained that if there is an issue with Bitcoin, it is possible to create a business that creates value for people and charge in Bitcoin for the services. In this way, it is possible to solve these problems and payout in Bitcoin. That allows people to earn, save and spend with Bitcoin without any issues.
He also mentioned that the problems can be solved with the help of the smart contracts deployed on top of Bitcoin. Additionally, he said that Bitcoin was created using a smart contact language that allows individuals to create contracts that solve these issues. Of course, he has also commented that on-chain scaling is also going to improve its global adoption.
He then talked about Bitcoin SV and how transactions do not need confirmation to be processed in the network. Bitcoin (BTC) takes around 10 minutes to confirm only one transaction, a big difference compared to Bitcoin SV. Other networks need 1 or 2 confirmations to be considered valid.
However, as Bitcoin SV has no confirmation necessary to be processed, it can be exploited. In many cases, people would be able to double spend if transactions have not been confirmed. He went on saying that it is a business matter to do double spending transactions.
He mentioned on the matter:
“First of all if the double sounds don’t usually happen, then it’s just a business question if do the benefits outweigh the costs. If there’s a little bit of fraud, so long as that fraud isn’t overly expensive and you’re earning more money than you’re losing and fraud. It’s acceptable, although you certainly want to minimize fraud.”
Additionally, he explained that the fraud can be minimized by analyzing the network and the people sending money. If the results show that there is a low probability after a certain duration, then it can be accepted.
Another possibility is to have insurance that can guarantee an instant transaction and the insurance company takes the cost of the fraud. In this way, it is possible to have instant transactions in a reliable way.
It is also important to remember about the fact that Bitcoin SV is a fork of Bitcoin Cash. However, Bitcoin SV supporters do not call Bitcoin SV the real Bitcoin Cash, but instead, they consider it the real Bitcoin.
Calvin Ayre, one of the main supporters of Bitcoin SV, said that it wants Bitcoin Cash by enacting replay protection and that they do not want to Bitcoin Cash BCH ticker.
Charles mentioned that although Bitcoin SV is not equivalent to the original protocol, is extremely close to it and replay protection will damage it.
About this issue, he said:
“You don’t need mandatory replay protection. If you want replay protection, this is an example of a problem that can be solved with Bitcoin already. You can do voluntary replay protection […] and voluntary split.”
He said that it is also possible to distribute dust to people or people can pay for users to build it into a third party service. Additionally, he mentioned that people can split their coins themselves by using the new opcode, such as OpMul.
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