Bitcoin and Bitcoin Cash are in a Heated Battle. Can There be Only One? Logically no, but in Practice, Yes.
Bitcoin is a value store, Bitcoin Cash is a payment system. A payment system needs to be fast… and have a stable price. A value store should rise in value steadily.
Not to be dramatic, but people trying to kill Bitcoin right now will potentially be the doom of the entire crypto space.
Maybe a bit of competition is good, in fact certainly it is, but an all out war is SHADY (a lesson often lost on people with power).
Bitcoin is a brand name, it has a stock (GBTC), Coinbase doesn’t trade Bitcoin Cash yet.
I get that Ether took over and old Ethereum became Ethereum Classic… but Bitcoin has been around for a long time, you can’t just come along and replace it with Bitcoin Cash because your slightly shady strategy finally worked and you got everyone to switch coins. That concept just feels off, and things that feel off like that don’t work.
If the whales (of social media and the exchanges) who are pumping Bitcoin Cash and dumping Bitcoin don’t take a breath and think about what they are doing, there is a good chance that the fall out could result in states cracking down on crypto.
If everyone loses their shirts on Bitcoin and makes a ton on Bitcoin Cash (many of who will likely not understand that they owe a chunk to the IRS) it has real potential to cause havoc.
This whole thing is a little crazy and manic.
Now further, if this article is true (or this one), then this whole thing was also done in a shady and black hat way (where Segwit2x was a ruse and people had been planning a hostile takeover of Bitcoin for a while, and Bitcoin Cash was part of that plan). Um, that is MESSED UP!
John McAfee said “business is war” on his Twitter… but like, this isn’t business. This is a chance at a decentralized (yes really, don’t lie to yourself and think it should be otherwise), peer-to-peer, community driven, global payment system. Throwing it into chaos is not helping. Centralizing it is not helping (I am fairly certain that is not what Mr. Satoshi had in mind despite what people want to tell themselves).
Jihan Wu is the only forker who seems to get it, at least somewhat. Although there are a lot of questions surrounding him, what I mean is he says things like, “Bitcoin is Bitcoin. Bitcoin Cash is Bitcoin Cash.” You can tell from his tweets he has a good heart regardless of what else is going on. You can also tell he knows what is happening is partly wrong on some level.
Meanwhile Mr. Ver seems intent on trying to destroy Bitcoin and wants Bitcoin Cash to be “the real Bitcoin.”
Some of these major players need to smoke a joint and do some soul searching. Winning a Civil War is only a win in some senses. We don’t need one of these coins to be the Confederate dollar. They can both exist side-by-side. We don’t need to insert references about Saturn eating his children and such (or in this case Cain trying to kill Able).
What I am saying is this, “to those purposefully manipulating the news and exchanges. Stop. Like seriously. Your plan is evil and not well thought out… and you seem a bit like a sociopath. Stop.”
If you want people to like your payment system, then stop covering it in shade and mania and plot.
If you want a useful payment system, you can’t grow it to $50k in 5 years or eat your appendages.
A useful payment system has a stable value and exists in a stable environment, it isn’t hatched in a secret plot to destroy your fellow community members and enrich you cuz “business.” That is what traditional fiat is for (ha, joke).
Seriously. This isn’t “business,” this is an open source internet project like Wikipedia and WordPress (who themselves have to fend off manic forkers). Those manic Cash backers who are pumping will not be rewarded for flying too close to the sun trying to scheme the world here. This just has a Wolf of Wall Street vibe to it. It can work, but it can’t work well for ever.
To those who would listen, try having a little respect for Bitcoin. That is the way you get respect for Bitcoin Cash.
I’m sure in your minds you have told yourself that Core sucks and you need to do this… but I think you kind of made a poor choice. Wu knows it. Maybe you have a heart-to-heart with him.
If the story behind Bitcoin Cash ends up being that Segwit2x was fake and some shady group hatched secret plan to jack everyone for their Bitcoin… that is not going to play as well as “the secret sexy liberator Satoshi.” That poster won’t be going on the wall.
If Bitcoin Cash tries to kill Bitcoin, the result could be mutual destruction. With that in mind, I’m putting the bulk of my money on Ether until you sort your stuff out (as I don’t like the vibe of Cash and don’t like pumping and dumping going on with ether Bit).
For our readers, I have no clue which horse to back at this point (Ether is a good choice generally if you don’t want extreme risk; but you have to make your own call). Hopefully it’ll be clearer throughout the week. Be careful out there, any recovery of Bitcoin or gains in Bitcoin Cash could be temporary at this point. There is some whales doing “business” and they are ready to eat you like krill.