OpenNode, a Bitcoin payment processing startup, has declined a $1.25 million investment offer of Bitcoin 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.”
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.
Replying to OpenNode’s rejection, Ver took to Twitter and called it ‘tribalism.’
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 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.
