Watch the full talk here:
The debate was structured with each participant taking turns making arguments for their respective sides and then getting time for rebuttals.
After winning a coin toss, Tone deferred to Justin and asked that he go first. Here is a summary of the BCH side’s opening statement.
Bons’ Overview: BCH is superior to BTC and does everything the latter does and more.
- BTC is limiting itself in trying and failing to be “digital gold”, a purely speculative asset with no underlying utility as money.
- BCH can achieve being medium of exchange—cash, and eventually a store of value or “digital gold”. This gives it a stronger value proposition since more use cases create more utility which creates actual value. All of this increases the security and thus decentralization of the cash version of Bitcoin, BCH.
- BTC is fundamentally flawed. Over time, the original model of p2p cash has been eroded and the fundamental economic and governance design has changed for the worse.
- Bitcoin inflation via the block reward is what incentivizes mining. This will eventually run out and so transaction fees will need to incentivize mining. BTC aims to be a low volume, high fee network while BCH proposes to be a high volume, low fee network.
- At current scale, BTC fees rise to at least $50 when the network is full. The high cost for this level of security is not viable when competitors like BCH exist which do everything BTC does, for less than a penny per transaction.
- The slow transaction time and the high fee experience on BTC hurts users adoption since it is impossible to pick the appropriate fee for most users.
- Meanwhile, BCH merchants can receive the cryptocurrency in seconds for virtually nothing in fees on their personal smartphone wallets.
- It is superfluous for people in the developing world to run “full-nodes” for BTC when they cannot even afford to use the network for transacting.
Vays’ Overview: BTC can only scale on a “second-layer”.
- Satoshi Nakamoto created Bitcoin in 2008. At first it didn’t have value. Now it has a lot of value.
- BTC has three fundamental properties that give it value: it is unconfiscateable, it is censorship-resistant value transfer, and it has an unchangeable monetary policy.
- Satoshi chose a “gold-style” monetary policy with a finite supply.
- There is nothing from Satoshi to imply that bitcoin is free, that it is instant, or that it is private.
- How do we scale Bitcoin? How do we make it as private and cheap as possible without compromising the three fundamental principles?
- Only BTC matters since if people save on another chain then they might eventually move to another blockchain and another and another.
- Scaling needs to be on “the second layer” because if you try to scale the first layer, you endanger the critical properties of Bitcoin.
- Satoshi purposefully set the max block size to 1mb.
- It’s impossible to raise the max block size of Bitcoin because it will cause a split.
- Bitcoin will scale on a second-layer and “it will be amazing”.
The debate heats up from there as they continue with the rebuttals.
Watch the full video to see the rest and decide for yourself.