The fake Bitcoin - Bcash
Fraud Score: +1 (3/10)
4. REPRESENTATION MUST RELATE TO A FACT
THE REPRESENTATION MADE BY THE PARTY MUST RELATE TO A FACT, WHICH IS MATERIAL TO THE FORMATION OF THE CONTRACT.
Basically, this element says the representation made by the party (bcash community) must relate to a fact (what is Bitcoin), which is material to the formation of the contract (buying Bitcoin). The bcash community has repeatedly spread lies about the functionality of bitcoin. Here’s one from the recently compromised @bitcoin twitter account (700k+ followers)
“CHEAP TACTICS LIKE THIS AREN’T GOING TO FOOL MANY PEOPLE FOR LONG. SORRY “CORE”. YOU’RE GOING TO HAVE TO COMPETE ON MERIT.”
— BITCOIN (@BITCOIN) JANUARY 8, 2018
There’s a lot here, but let’s start with the title, “bitcoin’s latest version has arrived!” Just adding more confusion as bcash isn’t a version of bitcoin, it’s a different coin. Next, again labeling “Bitcoin” as “bitcoin core,” which isn’t a thing. The claim that bitcoin transactions take ten hours or more. This is just entirely misleading, while the average may be high the median is quite low at 7-18 minutes and roughly the same as bcash. While the average transaction fee is $30 again, this is a poor representation of what the average fee is. The median transaction fee over the past month is around $12, which is much more accurate of what the average user might pay. And by the way, if bcash had the same transaction volume as Bitcoin, the fees would be over $2, so it is very misleading. They claim that Bitcoin has no room to grow with no mention of the Lightning Network. Finally, the claim that there is one team that “dictates” how bitcoin works. Literally, anyone with a computer can contribute to Bitcoin it’s open source. Here’s the link if you dare.
Anyways back to the clause. The representation (the propaganda above) made by the party(@bitcoin) must relate to a fact (what is Bitcoin), which is material to the formation of the contract. I’d say that’s overwhelming evidence.
Fraud Score: +1 (4/10)
5. ACTIVE CONCEALMENT OF FACTS
ACTIVE CONCEALMENT RESULTS IN WHEN THE PARTY TAKES POSITIVE OR DELIBERATE STEPS TO PREVENT INFORMATION FROM REACHING THE OTHER PARTY AND THIS IS TREATED AS FRAUD
Well you read #4, didn’t you?
Fraud Score: +1 (5/10)
6. PROMISE MADE WITHOUT INTENTION OF PERFORMING IT
Not directly applicable
Fraud Score: +0 (5/10)
7. REPRESENTATION MUST HAVE ACTUALLY DECEIVED THE OTHER PARTY
Considering there are millions of monthly visitors to bitcoin.com it’s fair to say many have been deceived into thinking bcash is the real Bitcoin. If you don’t believe me go look at anyone tweeting about bitcoin’s mentions on Twitter.
Fraud Score: +1 (6/10)
8. ANY OTHER ACT FITTED TO DECEIVE
This one has already been proven, but for bonus here’s a scam from Bitpay (one of Ver’s companies and large payment processor). Bitpay released an update that claimed to be an upgrade to Segwit, but was actually an upgrade to the NYA hard-fork.
Fraud Score: +1 (7/10)
9. ANY SUCH ACT OR OMISSION THAT THE LAW SPECIFICALLY DECLARES AS VOID
Not going to count this one, but just going to leave this thought from bcash’s fearless leader here…
“YOU SHOULD WANT MORE INSIDER TRADING, NOT LESS.” – MILTON FRIEDMAN
Fraud Score: +0 (7/10)
10. THE PARTY MISLEAD MUST HAVE SUFFERED SOME LOSS
With all the mixed information being spread people are accidentally sending bcash to their bitcoin addresses. Tons of people have reported losing their funds due to theconfusion. It is almost also certain that Bcashers have had a negative effect on the price of Bitcoin. Constantly throwing dirt on the Bitcoin name and spreading lies as I have outlined.
Fraud Score: +1 (8/10)
CONCLUSION
With eight of the ten elements of fraud, the bcash community could not be more scammy.This article focuses on the loudest voices, but they are just a small subset of what the bcash community looks like. On this day, I declare Bcash the biggest Scam of the Crypto World .