Why I Hate Bcash - Competition Is A Good Thing Right?
I think everyone knows already that I hate Bcash, I wrote a few posts on this subject already. Maybe some people are wondering where all the hate is coming from, competition is a good thing right? I fully agree on this, but in case of Bcash things are different. here my previous articles:
I don’t want to be seen as a simple hater, so here my story:
Bcash is destabilizing Bitcoin with their instability
The fact that bothers me the most is that Bcash is using the same mining algorithm as Bitcoin, so the miners can switch between both, whatever is most profitable. When Bcash just forked off, they had implemented the so called Emergency Difficulty Adjustment (EDA), what caused huge swings in the difficulty, so there were periods that many blocks were found per minute and periods that it took more than an hour to create a block.
Bcash suffered from hyperinflation in the early days
In the periods of hyperinflation (Satoshi’s vision?) miners left Bitcoin to fill their pockets on the flawed Bcash chain, this destabilized Bitcoin. Blocks of Bitcoin took more than ten minutes and the overall hash rate protecting the network was lower for a while. This made congestion worse (where Roger is always complaining about) and created an attack vector.
The fact that a flaw caused by incompetent Bcash devs can destabilize the Bitcoin network is already annoying, but they even misused it for the single almost successful attack on Bitcoin ever! We all expect an attack from bankers of governments, but the only really strong attack came from the community itself! This is really painful.
This is what happened when Bcash attacked Bitcoin
The cancelation of Segwit 2X and the period of hyperinflation happened at the same time (coincidence??). Because Segwit 2x was cancelled (happily, when the fork later was enforced by a small group it crashed on arrival, imagine when the whole network followed this fork!), many big blockers were frustrated and moved to Bcash.
At the same time a (social) media shill tsunami had started by paid trolls who were talking about the flippening and the price was pumped by rich Bcash proponents who dumpt BTC and pumped BCH. Also the Bitcoin network was heavily spammed. The rising price in combination with the hyperinflation made it extremely profitable to mine Bcash and a staggering 70% of the miners jumped over.
Bitcoin blocks took extremely long to mine because many miners left and the difficulty was still the same. In addition with the heavy spam the network was extremely congested at that time. This was the first time ever that I was afraid to lose my life savings, because the chance for an 51% attack was real and however the Bitcoin network still worked, it was quite unusable for a while. In the mean time people on r/btc were celebrating that Bitcoin was dying.
BTC Reddit, how is this possible?!
It was obviously an attack and the attackers got richer
I was closely following everything this day, it was obviously an attack. Bcash proponents were attacking Bitcoin and got even richer in the proces. Miners like Jihan were able to mine 30 or 40 times more blocks per ten minutes, so they could cash in hugely on the expenses of the users. Pump and dumpers like Roger dumped Bitcoin at the top and bought Bcash at the low and could later take an opposite trade when Bitcoin was cheaper and Bcash more expensive because of the FOMO buyers.
Lost money in this pump and dump? It is now in the pocket of Roger and friends.
Bcash is a threat for the entire cryptocurrency ecosystem
HERE I read an interesting article about how important decentralization is and HERE I wrote my own piece. A fully decentralized Proof of Work blockchain with store of value as main feature will always be important for the entire ecosystem or even the entire world.
Since Bitcoin is the only candidate for this and it will hardly be possible to recreate this, Bitcoin have to succeed to make the world a better place (separation of money and state, a centralized coin will always be compromised by a government). Bcash is very centralized, more than 50% of the miners are controlled by Jihan, nodes will decrease in amount when the block size rises and a hardfork to change the fundamental rules will be done if the ‘leaders’ want it (see how easy the upcoming fork goes).
The point is: When another coin with another mining algorithm overtakes Bitcoin could be negative for the market sentiment, but that is all, Bitcoin will still work as it should. I really don’t have a problem if ETH or EOS overtakes Bitcoin because smart contracts become more popular or when Monero overtakes Bitcoin when privacy becomes more important. Even Ripple wouldn't be a big deal, it only would make me and others very unhappy.
When Bcash overtakes Bitcoin because the manipulation works out wel for them or even by using another flaw, there IS a huge problem. Miners will shift to Bcash and Bitcoin will lose it’s extreme security. This will increase the chance of an attack greatly (what is now the case on Bcash btw) and destroy the store of value proposition.
This would be the perfect chance for governments to take control over centralized Bcash and successfully attack Bitcoin. Now there is no single coin on the world that is not controlled by governments, because they can simply arrest the CEO’s of all other cryptocurrencies as they did with all the centralized e-moneys pre-Bitcoin. A new decentralized currency can be destroyed easily in it’s early days since it will not have the chance to fly under the radar for years what Bitcoin managed to do.
Congratulations anarchist Roger, you just demolished the only chance for humanity, now even more babies will die……
I am quoting his own words in a sarcastic way, I think it is very rude to blame the dead of thousands of babies on a Bitcoin dev who takes a conservative way to improve Bitcoin to avoid what finally happened with Segwit 2X and to avoid centralization. The hilarious fact is that Roger probably delayed Bitcoin by blocking Segwit and spreading confusion and hate.
Bcash is promoted by bashing Bitcoin
Another annoying fact: Bcash is never promoted with facts how good Bcash is, but always with assumptions how bad Bitcoin is. If Bcash is really so good, why the need to talk about Bitcoin all the time? The worse thing is that Roger is invited on mainstream media to have his anti Bitcoin talk and is negatively influencing newbies on Infowars who get immediately distracted from crypto in general because the first thing they see is the dirty scaling debate. Together with the confusion as described later this is greatly holding back adoption overall.
What do you think newbies will think? Go in crypto? Hell no!
Bcash proponents have delayed Bitcoin before they forked off
Before the 1st of August, Segwit (proven to help with scaling and a lot of innovation today) was blocked by the Bcash community for more than a year. In the beginning Roger said that Segwit was great tech but there was no priority. Segwit was heavily tested on testnet, so I couldn't come up with a proper reason to block Segwit when you want the best for Bitcoin, this made me pick side in the debate.
When Roger and the other big block fetishists wouldn't block Segwit back then, we would be were we are today a year earlier, so the 2017 congestion probably would never happen in the first place. It is easy to blame the Core devs, but the biggest delay came from them blocking Segwit.
Bcash is confusing people and decreasing adoption
As described in my LATEST POST about Bcash, they are actively trying to misinform people that Bcash is Bitcoin. Sites like bitcoincom, r/btc and the Twitterhandle @bitcoin are all owned by Roger and shilling for Bcash. This is very confusing for people, and it could lead to losses. People could invest in the wrong asset, or they could lose their money because they send Bcash to a Bitcoin address. Beside the fact that this is heavily decreasing adoption, it is an outright fraud and must stop as soon as possible.
Conclusion
I hate Bcash because it creates an attack vector for Bitcoin and the community is hostile and executed some attacks already in the past. Beside that they have been delaying technological advance and adoption of Bitcoin and are misbehaving through manipulation and fraud. The entire crypto world is better off when Bcash does not exist, I hope many of you will help to call these fraudsters out and educate newbies on this subject and stay away from their services.
Except from the fraud as described above, the mining pool of bitcoincom is only mining Bitcoin transaction with a high fee, so their blocks are almost empty and it decreases the capacity of the blockchain to support his narrative. If you use their services you will harm Bitcoin!
Disclaimer
This is no financial advice, just my view on the market.
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i sold my bcash and i don`t plan to by this shit anymore :)
@michiel I think that there is a need for evolution, whether it be in the animal kingdom or cryptosphere. Forced evolution ( like what you are describing), while painful, drives change that need to take place.
With this being said, the instability is concerning and I hope that lasting stability is created as a result of the conflict.
Very big competition and really wonderful
I wish you all the best, my friend
bitcoin is necessary for the success of crypto
Any attack on bitcoin will result in decline of all the crypto.Bcash is that threat
this is very useful you post it, because munurut me will also develop bitcoin, because this will impact on the development economy.
Her incredible benefits of bitcoin, this something can work for her next big investment.
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bitcoin is very powerfull...it changes many peoples life
BCH is too big to be a scam, and too bad to be a real coin that we trust will improve. That´s why you hate it so much, I don´t have an opinion on BCH, I just don´t want to lose my time on a project that is surrounded with so much doubt and fake promises.
One thing is clear BCH is very attached to BTC no matter what, and the big reason for that is the fact that there aren't many posts like yours for general public (not informed) to read and understand what they confusing with the real BTC...