[2017-10-19] Charlie Lee Criticizes Bitcoin Cash For Branding Itself as Bitcoin

[cybersofts]

Charlie Lee Criticizes Bitcoin Cash For Branding Itself as Bitcoin

On October 17, Bitcoin.com released a controversial statement which claimed that Bitcoin Cash is Bitcoin. In response, leading industry experts including Litecoin creator Charlie Lee offered harsh criticism.

Bitcoin.com Claims Bitcoin Cash is Bitcoin, Angers Bitcoin Community

In September, Bitcoin Cash was launched through a hard fork executed by a few major mining pools including ViaBTC and Bitmain. Since then, the support and demand for Bitcoin Cash have significantly decreased, which is evident in the hash rate and market cap of the cryptocurrency.

At the time, even Bitmain, which first introduced Bitcoin Cash in July as Bitcoin ABC, was caught off guard with the statement of ViaBTC to pursue the hard fork in September. But, within the past two months, Bitcoin Cash has not been able to come close to the original Bitcoin blockchain by any indicator, such as user base, hashrate, market cap, and developer activity.

Still, this week, Bitcoin.com released a controverisal statement that read:

“Based on the above comparisons between the various versions of Bitcoin, the whitepaper, and the years of common understanding that Bitcoin was always meant to be an electronic cash system, it is the position of this website that Bitcoin Cash is the version of Bitcoin that most closely adheres to the original design. The position that Bitcoin Cash is Bitcoin is based on its adherence to the design goals and intended purpose that Bitcoin was created to fulfill.”

Industry Experts Respond, Charlie Lee Offers Criticsm

Earlier this month, some of the largest Bitcoin wallet platforms and exchanges including Coinbase and Bitfinex have announced that the upcoming SegWit2x hard fork in November will not be considered as “Bitcoin” or “BTC” even if it surpasses Bitcoin in terms of hash rate. If 75 percent of miners do pursue the SegWit2x hard fork in November, there is a very high probability that SegWit2x launches with higher hash rate than Bitcoin. But, there is also a high probability that miners switch back to Bitcoin upon its first difficulty adjustment, if the demand from the market, users, and investors is not met.

So far, Bitcoin Cash has not even come close to contention with Bitcoin in any of those indicators. As such, Litecoin creator Lee stated:

“A lot of newcomers are going to be misled by Bitcoin.com . This article is so full of lies and FUD. Not having replace-by-fee does not make unconfirmed transactions safe. Also confirmed transactions are irreversible even with SegWit. SegWit signatures are not removed from the transactions. It’s just the transaction data structure that’s different. It’s just as secure. More Pretty much every other line in that article is FUD and misleading. It’s very much a hit piece on Bitcoin Core and SegWit. Shame.”

As Lee explained above, Bitcoin Cash is not Bitcoin. Bitcoin is the original Bitcoin blockchain which is currently known as “Bitcoin” and “BTC.” Even after SegWit2x debuts in November, there is a higher probability of the current version of Bitcoin remaining as the majority chain, as miners do not decide the value and market cap Bitcoin, users and investors do.

Lee further emphasized that the end result is not important. It is not morally and ethically correct to deliberately confuse newcomers in the Bitcoin and cryptocurrency markets.

“It’s not about who wins. Confusing newcomers to bitcoin is not good,” he said.



Source: https://www.cryptocoinsnews.com/charlie-lee-criticizes-bitcoin-cash-branding-bitcoin/

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[aso118]

Really? I think this was a master stroke by the BCH team. nobody owns the Bitcoin trademark. Newcomers might get confused a little bit at first, but then you expect them to do their due diligence.

[1Referee]

I think the best way to act in these kind of situations is to not give anything related to Bitcoin Cash any sort of attention, because remember even negative attention is still attention. Bitcoin Cash is nothing more than a get rich quick split, and that's really it. Best thing is that the community literally shits on that coin -> no community behind it, no general interest to put actual money into that coin (aside from some delusional individuals), it's insanely obsolete even as altcoin, it's backed by malicious entities, etc. Only negativity.

[iamTom123]

I think the best way to act in these kind of situations is to not give anything related to Bitcoin Cash any sort of attention, because remember even negative attention is still attention. Bitcoin Cash is nothing more than a get rich quick split, and that's really it. Best thing is that the community literally shits on that coin -> no community behind it, no general interest to put actual money into that coin (aside from some delusional individuals), it's insanely obsolete even as altcoin, it's backed by malicious entities, etc. Only negativity.

Yes, the best treatment that we should be displaying with the statement above coming from Bitcoin.com is just to ignore it and let it pass as if nothing happened. That would be the best way for them to realize of the mistake of such a claim. I could not really fathom why there are some corners of the Bitcoin community who continue to push such a baseless claim. I am sure that the intention is to grab some recognition that they can get out of the situation. There will always be one Bitcoin and that is no other than Bitcoin. You can call an orchid a rose but how many people can you fool when things can be so obvious?

[richardsNY]

BCH was doomed to fail even when the split wasn't initiated, and yet these poisonous entities think it has an actual chance to become Bitcoin, or even is more Bitcoin than the legacy Bitcoin. I wonder how long they will keep 'supporting' BCH when they put all their effort into the SegWit2x split. It's almost surreal when you consider that the entities behind that trash are high level 'Bitcoiners', even though it costs me a lot effort to call them Bitcoiners. It's clear that even forking off will not make them go away, the bastards.

[darkangel11]

BItcoin Cash has it's own community that likes to troll around telling people that their BTC is slow and expensive. That they should buy some BCC or the train will leave without them.
Back when some people were spamming BTC chain with small transactions to make the network look more sluggish before the fork there was an increase in trolling from BCC pushers. Conveniently they released a paid transaction accelerator at the same time to make money on all of this. You can see what kind of people you're dealing with and what the real reasons behind BCC were.  

[hatshepsut93]

Bcash supporters are getting desperate these days, because the true Bitcoin keeps growing despite the FUDsters saying that it needs to scale right now (which means compromising it's core value - security, for some short term gain in capacity), while their altcoin keeps falling lower in lower in its BTC value. Bcash even starts looking like some ponzi scheme - in order to survive some more time it needs to recruit new supporters asap, and the easiest way to do this is to confuse newcomers by declaring it the true Bitcoin on a site with a name "Bitcoin.com.