Be careful with Bitcoin cash! All the value is created by manipulation and IT IS NOT BITCOIN!

in bitcoincash •  last year

Bitcoin Cash is pushed as the real Bitcoin by some in the community and many newbies will be fooled into it after they visit sites like bitcoin.com or r/btc. Beside that it can cause a lot of confusion that scares people away from cryptocurrencies and make them hesitant to buy any crypto. Bitcoin Cash is only created as an effort to control and is really bad for the reputation and adoption of crypto currencies (confusion, manipulation, hate, ect.) in general.

Bcash scam.jpg

Scammers try to sell Bitcoin Cash as the real Bitcoin

Some try to sell Bitcoin Cash as the real Bitcoin to gain power and wealth for themselves, thus my advice to get your information from multiple sources before you invest! To avoid confusion between Bitcoin (BTC) and Bitcoin Cash (BCH), I will use the name Bcash from now and hope you will do it too! Here is a great article to explain why:

https://medium.com/@MishaGuttentag/coinbase-should-stop-selling-bitcoin-cash-bch-seriously-ba601d395023

In technical sense Bcash is not Bitcoin

Bcash split off from Bitcoin at the 1st of August 2017 at the same time that Segwit got implemented in Bitcoin. Segwit had full consensus, so got implemented without any trouble and since a soft fork was used all old software is still compatible.

A hardfork is a change in the software that makes the old software incompatible. The purpose of a hardfork is a software update and it needs consensus to succeed. If consensus is not reached, a new minority chain is created that lives beside the original chain.

Bcash had by far no consensus, so their chain split off and took only a few percent of the miners with it. Original software was not compatible anymore, so really a new coin came into existence. Bcash is actually A FAILED UPGRADE OF BITCOIN.

Beside the bigger block size Bcash also implemented the so called EDA (Emergency Difficulty Adjustment). Because they knew they should only get a tiny part of the value and miners blocks would take extremely long to mine, so they implemented code to adjust the difficulty faster.

This caused hyperinflation (many new blocks per minute while normally one block per 10 minutes) followed by extremely slow blocks after the adjustment and this cycle repeated. The first code that the Bcash devs created ended up as a huge FLAW while the Bitcoin devs are maintaining the network smoothly for almost 10 years already! Later this flaw was taken out with another hardfork.

Bcash is NOT the true vision of Satoshi

Bcash supporters claim that Bcash is the true vision of Satoshi because payments were cheap when Satoshi was still around. Satoshi has never been clear about how to solve the scaling issue, so a debate came into existence.

When Satoshi launched Bitcoin it was really an experiment and nobody expected yet that it would succeed, let alone that it should become so big that it need to scale up so much. Saying that the way how BTC worked in the first years was the vision of its creator is like saying that internet is only made for email and video and social media are not the true vision of the creators of the internet.

Satoshi clearly said that he wanted the rest of the development to be done by participants of the open source project what works in a decentralized and permission less way before he disappeared. This means the vision of Satoshi is that hundreds of independent devs made his invention bigger and better than it already was and this is exactly what is happening with BTC now!

Bcash exist only through hate against Bitcoin and manipulation

Bcash supporters are never promoting their coin by telling how good it is, but always by talking negative about Bitcoin. Beside that every rise in price was caused by market manipulation exactly at a moment that Bitcoin showed some weakness.

Even the flawed EDA was used to steal miners from Bitcoin during one of the attacks. Two attacks took place where Bitcoin got spammed, wales dumped BTC for BCH and a huge (social) media attack with paid shills took place:

Bcash attacks.png

The Bcash price spiked 2 times in BTC terms and after that it fell back to the baseline. These spikes were clearly caused by manipulation, they took place exactly at the same time that Bitcoin got spammed and a lot of articles, tweets and posts came out that BCH is wonderful and BTC will die and is not working.

This means that this price is not based on true value, but purely on manipulation for self interest of some wales. As a medium of exchange Litecoin and Dash are way better because their block time is shorter and they are longer around and have a longer track record.

Bcash didn't implement segwit and the supporters of Bcash blocked the update to Segwit on BTC for around a year. This delayed all innovation that can be build on Bitcoin. Now since august 2017 we have Segwit and a lot of very innovative tech will roll out over the coming year (Lightning Network, RSK, Schnor signatures, MAST). Bcash will miss out on all of this and will turn out to be a useless coin (Like Bitcoin without innovation and slower than Litecoin).

Soon the tech of Bitcoin will greatly outperform Bcash and as soon as the market will see this the price will outperform too. Then it will become really expensive to pump Bcash and the value that came from manipulation will flow out. Investors advised by bitcoin.com and r/btc will lose money and they will miss out on the real Bitcoin thanks to a few scammers!

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Useful information for me and everyone, thank you for sharing

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Thank you! This story have to be told with bitcoin.com ranking #1 in Google

Thank you for making sense of bcash

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thank you information bitcoin @michiel

Upvoted. The price will be manipulated again so be prepared for another spike in the coming months (probably this month). Newbies need to be VERY careful that when they send their Bitcoin to an address that it is really a Bitcoin address and not a Bcash address. The addresses look the same and when some new people send Bitcoin to an exchange (sadly that should not be using their Bitcoin for this) to buy some Altcoin they end up sending to a Bcash address and they never get their Bitcoin back. Most exchanges warn people and are very slow to correct this error (if they correct it at all). Strong hand!

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Thank you! The Bcash price shoot up 20% today, totally against the fundamentals of this useless coin. When it has to do with the next pump BTC will be spammed again. Hope people will finally see what the real situation is about. Bcash is not there to deliver a good service, but to (try to) damage BTC. Strong hand indeed!

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If you put Australian coins in a Canadian vending machine, then cry foul, what are you proclaiming? A scam? Manipulation? Not logical.

Resteemed, nice post

One of the biggest problems with BCH occurred when Coinbase was about to list it on the platform. Without anyone knowing about that news 2/3 days before the price of BCH started to rise incredible high and when BCH was listed on Coinbase the price kept going up, investigations are still being done, but it was definitely manipulation from within.

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BCC is Bitconnect Coin, BCH is Bitcoin Cash.

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I don't see much different LOL

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yes, thanks for correcting me, I was thinking on a scam, and I guess my brain decided to write BCC instead of BCH when referring to BitCoin Cash!

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Yes Coinbase clearly did something suspicious. I am so happy that competition for Coinbase is coming to existence. The combination of a bear market and upcoming competition makes it more important for them to behave. I think that is the reason they are finally working on Segwit implementation.

Upvoted. Happy to see the technological advances coming up for bitcoin.

resteemed, upvoted, commented and followed!

The worst has to be the bitcoin twitter account. This account could be used to spread good information about bitcoin and crypto in general. Instead they use it to push their "bcash is the real bitcoin" agenda. Every single post of theirs is a troll post. They have the opportunity to do good for the community and they are wasting it.