Bitcoin Hard Forks, the good, the bad and the forking scams
Bitcoin has hardforked many times. Coins like Monero are in fact hard forks of Bitcoin.
Keeping the Bitcoin name when hardforking the original Bitcoin, has created huge division in the community and made people like Roger Ver somewhat of a hate figure for many. Ver looks very tired and stressed at the moment and there is clear disappointment on his face about how the hard fork of Bitcoin cash to Bitcoin SV and Bitcoin ABC has gone. I suspect this was not something any of the people in the Bitcoin Cash camp planned well in advance. They appear to have been close business partners, maybe even friends in the Bitcoin cash project. Maybe someone then got drunk on a mega yacht, insulted someones mother and all hell broke loose. Or the lead developer clashed with Calvin Ayre and Craig Wright, and the coin split, which is probably more likely the case.
As you can see in this video, from earlier in the year, the key-people on the Bitcoin cash project all seem very close. Then again, that boat party itself looks pretty nice and it would be hard not to look happy.
Why I think Bitcoin SV and ABC are better than most other coins
Firstly, I should make it very clear, I am a Bitcoiner! And I wish there was only one Bitcoin. We would be much further ahead in adoption. But instead, it is just a real mess out there now! I think BTC is by far the main coin, but this article is about where I see Bitcoins main forks, SV and ABC, in the bigger picture. How do I compare them to the 2000 other coins out there?
Bitcoin SV and ABC are projects that have spent their own money, and for that reason alone, I put them above almost all other projects. These two projects sit in the top 10 for now and, love them or hate them, I like the fact money has been put where their mouths are. Yes, they may have sold off large amounts of their BTC to fund their projects, and in doing so affected the price of BTC, but that is their right to do so.
Bitcoin SV and ABC vs other Altcoins
Yes, there are good projects out there. Personally I like Stellar Lumens for example, but keeping this high level, when I look at the bulk of other projects/cryptocurrencies, it seems to me that these people had good marketing departments, but fork all else. Taking risks with other peoples money is easy, and that is what many have done. I doubt they are sleeping well at the moment and they don’t deserve too! The fact that the likes of Ver, Wright and Ayer have committed personal resources, makes them much more respectable than some of the real scum bags operating in this space. You have to have real skin in the game to be taken seriously and these guys have that. For this reason I take them seriously. As for the rest, very questionable putting it mildly.
What I don’t like about Bitcoins Hard Fork, Bitcoin Cash
It’s true that Bitcoin Cash ABC and Bitcoin Cash SV have more skin in the game than arguably any of the other altcoins out there. They have put money and time in developing their own versions of Bitcoin. But we can’t forget that they are still attacking Bitcoin and claiming theirs is the true version.
They should be helping to educate instead of spreading misinformation. Ultimately the market will decide but slick marketing could play a role here. Calvin Ayre seems to understand this better than most.
People have lost money by sending their Bitcoin to Bitcoin Cash wallets and this often doesn’t get mentioned. We are talking about everyday normal people who might loose significant amounts of money by doing so. Why did bitcoin.com not clearly state what the differences are, and that you can’t send Bitcoin to a Bitcoin Cash wallet? That is a down right shitty thing to do if it was part of the strategy for them. I hope it was not and is not. I believe that everybody should use their knowledge to help people, and not to deceive them with wrong or withheld information!
How to better understand Cryptocurrencies?
I think, learning everything you can about Bitcoin is the only way. If you understand Bitcoin, you will be so much better prepared to make good decisions on any other coin or project too. But it all starts with Bitcoin! I have heard that the Ethereum community is very welcoming and a good bunch of people, with many observers who are in fact Bitcoiners, describing it as a much nicer environment than Bitcoins. That may well be the case but to understand a project like Ethereum you still must start with understanding Bitcoin.
Summary of Bitcoin SV and ABC vs the Alts
Love them or hate them, I am studying these new Bitcoin hard forks closely. I think we will see a huge amount of shit coins fall over and we are in fact seeing this right now. Some will hang around, like EOS, as with 4 Billion raised, they can afford to. For how long, we will have to wait and see. The bulk of the others will be gone within 12 months.
Bitcoin SV and ABC have some talented people in their teams, they have real skin in the game, and in my opinion they are better than the bulk of the alts, shit coins or what ever you want to call them. Am I suggesting you buy them? No! Am I suggesting you study them? Absolutely, yes! Learn Bitcoin, get educated, make good decisions. The year ahead will be full of twists and turns. Stay ahead of the curve by getting forking educated!
- Bitcoin Cash Hard Fork – War Declared!
- Can Bitcoin Go To Zero?
- Bitcoin Hard Forks – Who Is Really In Control?
- What is a Hard Fork?
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