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Bitcoin’s Lightning Network solves problems created by BTC community: Roger Ver

Ketaki Dixit

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Bitcoin [BTC]s Lightning Network solves problems created by BTC community says Roger Ver
Source: Pixabay

During a conference, Roger Ver also referred to as the Bitcoin Jesus said that Bitcoin [BTC] had no scaling problem and ‘an intentional problem was created’. He says that the Lightning Network was created as a solution to the problem that was created by the Bitcoin [BTC] community in the first place.

A member of the audience questioned Roger Ver using his own experiences of running Lightning Network on the mainnet three weeks prior. On this, Roger Ver said:

“Im a big Harry Brown fan and he talks about the government and he said that the government is like somebody that like, breaks your legs and hands you a pair of crutches and says, ‘see if it wasn’t for the government, you wouldn’t be able to walk and the same is true about the lightning network.”

He said that there was no scaling problem on Bitcoin [BTC] at all and an intentional problem was created. He said:

“Oh! we’re going to create the lightning network to solve the problems that we created in the first place on Bitcoin.”

Roger, later on, by bringing up the drop in Bitcoin [BTC] share over the previous year from over 85% to 35%, continued to say that the Lightning Network is still not ready for the big time and that it is ‘too little and too late’. He further adds that if the Lightning Network is ready in the future then it will work better, faster, cheaper, and more reliably on Bitcoin Cash [BCH] than Bitcoin [BTC].

TotalBuzzKit, a Twitterati says:



“Just be careful not to burn yourself while carrying the torch.”

Buu Huu, another Twitterati says:

“sad little man…”

Roger Ver concluded by saying that ‘we have stunted the growth of cryptocurrencies by years as we did not allow it to keep up’. He said that he is not against Lightning Network but is hesitant to get involved with most of the developers behind it as they refuse to speak out in its favor and are not ready for an open discussion about ideas.





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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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