In the latest crypto news, we have the Bitcoin payment processing startup OpenNode with a new $1.5 million investment by Roger Ver that was rejected by the startup.
According to the company, its vision of a better and more open financial system could not be achieved with Bitcoin Cash, adding that it would spend 100% of its resources on Bitcoin and its second-layer payment solutions.
One of the main guys at OpenNode shared his thoughts on Twitter, saying that no amount of money “will make them service inferior money.” As he revealed in a tweet:
No amount of money will make us service inferior money. https://t.co/unBoSX2zpZ
— Rui Gomes (@ruigomeseu) December 30, 2018
OpenNode is a startup that aims to process Bitcoin transactions in real-time in order to boost the digital currency’s adoption among enterprises as well as businesses. The startup supports Lighting Network which is a payment protocol designed to confirm Bitcoin transactions away from the main chain.
Roger Ver, who is the co-founder of Bitcoin Cash, believes that the Lighting Network is an inferior solution to solve Bitcoin’s scalability issues, mostly attempted in order to match Draper’s bid. He also confirmed that he would invest $1.5 million in the startup if they readily accept Bitcoin Cash instead of Bitcoin as their only payment processing protocol.
According to an excerpt from Ver’s statement:
“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 also predicted that it would take close to two centuries for the world to board this type of solution. However, in the case of Bitcoin Cash, the time would reduce to 50 years. As he said:
“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,” he added. “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.”
The community was quick to respond to Ver’s claims against Bitcoin and many argued that the Bitcoin Cash CEO was ignoring the fact that Bitcoin could scale in the next century.
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