On Fri, 18 Aug 2017 14:18:40 -0500 Steven Schear <schear.steve@gmail.com> wrote:
And now some politics...
*Here is why Bitcoin Cash (BCH) Is The Real Bitcoin*
*It is the original bitcoin* It was hijacked from Gavin Andresen very surreptitiously by Adam Back (back in the day, Adam and I worked on hashcash and digital cash-related projects) with his Sidechain <http://www.satoshisdeposition.com/podcast/BTCK-169-2015-09-11.mp3> proposal. It was a "Trojan Horse" and together with the help of Blockstream, Theymos and the Core developers the process was completed. We, the original community, have finally regained control of the Bitcoin project, except that we have lost control of the name. This position is about to be redressed.
*It does not have Segwit.* If you look at a Bitcoin file as AD. A being the address and D being the data, Segwit removes the address portion A, It is reduced to a hash and the original signature is discarded after it is verified. So if your "fingerprint" is the hash of all your signatures, the signatures are discarded after being checked, and only the "fingerprint" is kept. This is in effect what Segwit does.
The signatures are stored on another chain, but not the main chain. Some nodes will keep signatures, some only keep partial records, some will discard them entirely. If you ever need to refer back to the transaction to check on the signatures all you have is the hash. "The fingerprint". Satoshi's original design of bitcoin being an unbroken record of signatures is violated.
It has been possible to "prune" old transactions from a local copy of the blockchain with Bitcoin Core for some time before Segwit was ever merged. You cannot realistically force someone to store the entire blockchain for you. The ability to prune old signatures while keeping the core transaction is actually a benefit - every transaction is necessary to verify that no double-spending has occurred or that miners did not create more coins than allowed. So even if the entire network dumped all segwit information, some critical checks of the system can be done by newcomers (but only if at least one person stores the entirety of the transaction information).
[...]
Steve
Lee