OpenNode Rejects Roger Ver’s $1.25 Million Investment Offer

OpenNode, a Bitcoin payment processing startup, has declined a $1.25 million investment offer of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Cash protagonist Roger Ver.

OpenNode is developing a Bitcoin-only payment processing system based on the Lightning Network protocol. Replying to Ver’s offer, the company stated that its “open financial system is only possible with Bitcoin.”

No amount of money will make us service inferior money. https://t.co/unBoSX2zpZ

— Rui Gomes (@8bitgomes) December 30, 2018

While explaining the scaling issues of the Lightning Network in a Youtube video, Ver offered $1.25 million to the OpenNode project. His open offer came after an investment of a similar amount made to the Bitcoin-only payment processing project by US-based venture capitalist Tim Draper.

All Hail BCH

Though Ver was clear that he does not want any equity in return for his investments, he wanted OpenNode to work on the payment processing of Bitcoin Cash.

“I don’t need one share whatsoever [for my investment]. All I require is [OpenNode] to work on payment processing of Bitcoin Cash, the version of Bitcoin that can actually scale to become the money for the world,” Ver stated.

Ver, in his video, analyzed the lightning Network using a formula of Moore’s Law. According to his prediction, it would take two centuries for the world to adopt the Lightning Network while Bitcoin Cash can achieve the same in merely 50 years.

“Bitcoin cannot become the money for the world in a reasonable amount of time with its block size limited to 1 megabyte to 4 megabytes...Even with Schnorr’s signature, you are still looking at far more time for BTC to be ready for the world than you are with Bitcoin Cash thanks to Moore’s Laws,” he added.

However, the Bitcoin loving community did not take his analysis in a good way. Many have pointed out the faulty mathematics used by Ver for Bitcoin Cash propaganda.

... "Have these people never heard of Moore's Law?". On top of this he assumes BTC will never have a Block Size increase in over 100 years? In summary: his numbers for BTC have no progress in them while his numbers for BCH have more progress than the growth we've seen last decade

— CryptoTesla (@Sisko86) December 30, 2018

Replying to OpenNode’s rejection, Ver took to Twitter and called it ‘tribalism.’

"only possible with Bitcoin."
That's tribalism, not thoughtfulness. https://t.co/CvLWewxEZt

— Roger Ver (@rogerkver) December 30, 2018

Ver and Bitcoin

Roger Ver, once among the initial developers of Bitcoin, turned on his original team members over the scaling issues of Bitcoin’s network. His call for a hard fork of Bitcoin's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term to increase the block size from 1Mb to 4Mb was firmly opposed by most of his teammates. This created a divide in the community and gave birth to Bitcoin’s arch-rival Bitcoin Cash.