No Second Lightening Torch – There Will Be Something Else – Bitcoin Continues In Clutches of Bears

By Maheen Hernandez April 5, 2019 Off
Bitcoin Lightening torch

It seems as if the bears would not give up easily.  The market is in the red mode with Bitcoin and several other altcoins losing their money on a daily basis. 

Dr. Craig Wright, recently stated that Bitcoin could not be considered as a currency.  He further added that the token does not have legal validity.  He is trying to explain that cryptography used in the e-cash systems is different than cryptocurrency. 

He implied, “Cryptography is a kind of secret writing. Bitcoin is the exact opposite of that. Bitcoin is basically a public ledger.  Instead, Bitcoin is a chain of evidence that is pretty much everything that those other systems that aim for anonymous transfer are not.”

 Wright also raises concerns about the financial credibility of Bitcoin.  He stated that Bitcoin has nothing noteworthy to democratize finance.  He stated it is not possible to achieve financial democracy with Bitcoin.  He also implied that it was important for the protocol to remain stable and he felt it was important to restrict developers from making fundamental changes.

Craig Wright was as well skeptical about the collapse of the cryptosystems from quantum computing.  He stated that nothing would affect Bitcoin by his remark: “To create something that could attack Bitcoin in the mythical quantum computer world would require an unrealistic area of quantum computer space: it’s FUD, it’s snake oil …none of it will ever affect Bitcoin.”

Further, it is expected that the Bitcoin Lightning torch will soon burn out.  There were several participants from across the world helping in making these payments experiment a success.  There were participants from countries who were cut off from the parts of the world by economic sanctions. Of note, Jack Dorsey, Twitter CEO was also a part of the experiment.

The lightning torch has burnt across 56 countries so far, the payment was passed from one person to another, with each person adding a few cents in each step.  The cross-border prowess has been showcased in the process. However, when the limit is achieved for safety reasons people might not be able to add 30 cents.  There is a limit as to how much of Bitcoin can be sent across in the lightning channel at once. This is because the users will be able to pass the torch only about a dozen times before the limit is hit.

The common discussion among users is about whether the torch will die out or a new torch will be initiated after this.    They have responded that they might not be another torch. They might start off with something else.