THE BITCOIN CASH POWERGRAB PLAY
BITCOIN CASH IS NOT BITCOIN. They just have a similar name.
Now that we've established this let's see what Bitcoin Cash is: A NEW ALTCOIN. Since Bitcoin is open-source software anyone is allowed to "hard fork" Bitcoin and create their own coin. This new coin can be programmed to follow similar rules, or even the same rules as Bitcoin, but it is not Bitcoin and it does not replace it. After the hard fork happens, it starts adding its own separate set of blocks, according to its own protocols, to its own blockchain, that is no longer communicating with the original Bitcoin blockchain. Then it is up to the users, miners, exchanges and other members of the community to support this new coin or not.
The problem with Bitcoin Cash is that ViaBTC, amongst others, are promoting it and claiming it is a continuation of Bitcoin and a way to save the Bitcoin community. This is an outright lie. The Bitcoin Cash narrative is self-serving, attempting to add credibility and value to Bitcoin Cash by undermining Bitcoin, purposefully generating a lot of FUD (fear uncertainty and doubt) and trying to trick users into adopting Bitcoin Cash. The Bitcoin scaling debate has created many stories, not all of them accurate, and they have converged with the tremendous amount of speculation going into August 1, 2017 because of the UASF (user activated soft fork) BIP 148 proposal. Now a group of people are attempting to leverage the uncertainty that's associated with this date to promote their new altcoin by exploiting people's misunderstanding of what's happening. Bitcoin Cash's developers have stated or implied that:
There is an upcoming UASF deadline, otherwise known as BIP 148, on August 1, 2017 which may split the Bitcoin network and poses an imminent threat to Bitcoin and its ecosystem. What they are failing to mention is that BIP 91 was locked-in on Friday July 21, 2017, and that means there is no need for a UASF on August 1.
The Bitcoin community could not reach consensus regarding the scaling of the Bitcoin network. Again, this is a lie. It is true that the Bitcoin community has had a long and drawn out debate regarding how to improve the Bitcoin network, but with the threat of a UASF a solution was implemented and BIP 91 is already locked in. BIP141 is currently projected to lock in during the next period. SegWit2x already has 86.8% of the community signaling intention to adopt it.
They say that Bitcoin has only one development team and Bitcoin Cash is more decentralized, open and aligned with the original peer to peer vision for Bitcoin. These claims are false. The reason it has taken so long to reach consensus on the Bitcoin scaling debate is because there are many proposals put forth by different developers. However, Bitcoin Cash at the moment is centralized, with ViaBTC controlling most of the hash power, and it is the main exchange that promotes Bitcoin Cash trading. Quoting the Bitmain blogpost regarding their support for Bitcoin Cash: "Bitmain and ViaBTC only share an investment relationship in which ViaBTC operates independently. The founder of ViaBTC has ten times the voting rights as those of the investors of ViaBTC.".
Having competing cryptocurrencies is not a problem. Great innovation can come from having different solutions implemented by different people. Bitcoin Cash could even turn out to be a suitable alternative to the scaling issue plaguing Bitcoin, but the people behind Bitcoin Cash are disingenuous and are using the turmoil surrounding the Bitcoin scaling debate and the August 1, 2017 UASF deadline to market and launch an altcoin that piggybacks off of Bitcoin's success. In so doing they are spreading misinformation and lies. The way in which the people behind Bitcoin Cash are attempting to prop-up their new cryptocurrency by discrediting Bitcoin and taking advantage of the FUD surrounding the scaling debate, is extremely damaging to Bitcoin, its developers and the cryptocurrency community as a whole.
Do not be fooled by BITCOIN CASH. It IS AN ALTCOIN, NOT A CONTINUATION OF BITCOIN.
P.S. I urge everyone reading this to examine my claims. It is important for us all to do research and stop the spreading of misinformation which is damaging the cryptocurrency community. Below are some links to resources that can help you make up your own mind about Bitcoin Cash.
muy bueno exitos
an important subject, thank you
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STOP"Disingenuous" might apply better to your article. Bitcoin Cash is as much a result of the scaling debate as any of the other options. This is the great divorce. The BCC people have just as much claim to the legacy of Bitcoin as the Blockstream-controlled side, if not more.
When you are in the overwhelming minority side of the debate, like ViaBTC, and decide to launch an alternative coin, marketing it as the "real" Bitcoin, that seems pretty disingenuous to me. The other issue I am frustrated with is that they purposefully fed the FUD in order to prop-up Bitcoin Cash. We need more clarity in the cryptocurrency space, not people who are willing to publish misinformation for their own gains.