Liquid Network, the Blockstream solution that enables private Bitcoin Core (BTC) trading, has picked up a few new members. It also now allows its Liquid coin to be traded on several exchanges and, on the surface, appears to be the type of solution many crypto enthusiasts have been expecting. However, there are a couple of things that stand out that cause red flags to be raised by those who see past the smoke and mirrors.
The Liquid Network is essentially nothing more than a crime-driven side chain. It allows for private, untraceable transactions, which goes against the foundation of Bitcoin, and is determined to fail under regulatory scrutiny.
In addition, Blockstream itself has been working since its inception to redevelop Bitcoin, asserting that it was broken and needed to be fixed. If Blockstream’s founders didn’t believe that Bitcoin was relevant, they shouldn’t have built a solution they tied directly to Bitcoin. The organization has been constantly trying to control how Bitcoin was developed, regardless of community input.
Both the Liquid Network and the Lightning Network, upon which the Liquid Network was based, are meant to facilitate transactions on the Bitcoin Core (BTC) network. However, in order to do this, they take a portion of the transaction’s history and move it off the blockchain. The solutions were reportedly created because on-chain scaling was not possible, according to BTC developers, but the result is a break in the continuity of all BTC transactions that use the solutions.
The argument that on-chain scaling wasn’t possible at large levels is a slap in the face to Satoshi Nakamoto and is also completely erroneous. The Bitcoin founder asserted in his white paper that high-volume scaling was very possible, and this has already been proven by Bitcoin SV (BSV). BSV is Bitcoin and is the only digital currency platform that adheres to the guidelines and protocols established by Satoshi.
For those interested in learning more about BSV, or understanding the important role BSV has in defining BTC, CoinGeek welcomes you to this month’s CoinGeek Conference. The event will be held in Toronto on May 29-30 and will see participation by some of the world leaders in blockchains, scaling and digital currencies. It will be an awesome opportunity to get the inside scoop on where digital currencies and blockchains are headed and why BSV is poised to lead the way as the original Bitcoin.
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