CashApp has followed the trail blazed by PayPal and Robinhood and introduced a “second layer solution” to BTC. They’re called IOUs and they’re totally unlike inflationary paper bills that entitled one to gold in the past, because they’re made in the present.
“Since we ripped up the bitcoin protocol, shrunk the transaction throughput, skyrocketed the fees, and removed the instant and cheap attributes, we figured it’s time to remove the peer-to-peer part as well”, said one prominent Redditor who is definitely not a Greg Maxwell sock puppet account.
CashApp is promising users the ability to send bitcoin to each other quickly and affordably, a revolutionary action that nobody thought of except Satoshi when he invented bitcoin. But in Satoshi’s model, incredibly cheap or even free transactions were recorded on a trustless, public, immutable ledger secured by proof of work. The new innovation is introducing private, mutable ledgers secured by large companies in bed with the government-banking structure.
“The way you get trustless currency is by trusting the people who are in control of the fiat system to act honestly even when it doesn’t benefit them” a guy with laser eyes on Twitter said.
In recognition of this breakthrough scaling solution and the new direction it takes bitcoin, much of bitcoin’s history is being rewritten, and many are advocating updates to the bitcoin whitepaper.
“Bitcoin: A React Native-to-Jack Dorsey-to-Wells Fargo Electronic Fractional Reserve System.”