I think most Bitcoin fans understand that Bitcoin is no longer digital cash in the true sense but digital gold, it's a store of value that has proven to appreciate over time. So it would be foolish to use it as a day to day currency. A more worthy digital cash candidate would be Dash, Monero or XRP. But Roger Ver still thinks BTC is digital cash, he says the network is too slow too expensive and the developers have lost the plot, so its broken and needs to be fixed. Roger, the developers and its main backer, Blockstream had a falling out on how to fix Bitcoin. So Roger is now promoting BCH as the one and only true Bitcoin, based upon Satoshi's white papers. But in order to make BCH the real Bitcoin Roger seems to think he needs to bring down BTC to do that. So I took a close look into Roger Ver's mission to dethrone Bitcoin and what I found was the old chestnuts: hypocrisy, deception, greed and control.
The coup d'état
Roger and his cohorts, one of them being the very influential Jihan Wu, have been planing a coup d'état on Bitcoin for a while now. Stage one of the overthrow was already performed through social media, stage two getting some heavy hitters on board, people of influence in the Bitcoin work and the Bitcoin mining world. Stage three moving the hashing power away from BTC to BCH.
Roger is trying to convince us this is all about bringing Bitcoin back to the fold, its for ideological reasons, its not about money or power. I have to wonder, is this what Jihan Wu is thinking also? I doubt that very much. So I have a few questions: Why not just promote BCH as the one true Bitcoin and just leave Bitcoin to do its own thing? Is revenge against the core developers driving Roger on his mission to dethrone Bitcoin? Will Jihan Wu and Antpool move hashing power to BCH?
I think messing with Bitcoin is a dangerous game for all concerned and I think the next few weeks will be interesting. The markets will be in turmoil and people will be panicking as the value of their BTC nest egg spirals downwards. Chinese miners will slowly switch over to BCH and BCH may become Asia's Bitcoin, which is what Jihan wants.
Hopefully, somehow BTC could stage a rally, a fight back or be resilient enough to hold out until this coup d'état has run out of steam. Its important now for calm and for BTC owners to hold, but I know that will be hard. The Bitcoin we know is under attack and we are now in unchartered waters.
EDIT: Current volume of BCH going through the Bithumb exchange in Korea {KRW=Korean Won}
Bitcoin Cash BCH/KRW $1,033,280,000 $699.88 68.35% !!!!!!
Ethereum ETH/KRW $148,880,000 $297.56 9.85%
Bitcoin BTC/KRW $147,864,000 $4253.49 9.78%
BCH has gained ground and Chinese mining hashing power is moving away from BTC to the now more profitable BCH. But now the Chinese miners have installed software so they can swing between BTC and BCH, whichever is more profitable.
Seem the Chinese miners have got the best of both worlds, so its a win win for them. Where does that leave Roger and his mission? Only time will tell.
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