[2017-11-20] Roger Ver Declares Bitcoin Cash to Be True Bitcoin

[Terraformer]

Earlier this year, divergent groups within the original Bitcoin community could not agree on a particular protocol to be implemented in scaling the platform. Those who sought bigger blocks therefore hard forked away from Bitcoin and created Bitcoin Cash (BCH).

Battle for supremacy

Since the creation of Bitcoin Cash in August 2017, there has been a tug on both sides of the divide and many key players and stakeholders have publicly taken sides based on reasons that are peculiar to them.

After the hard fork, Bitcoin Cash followed a general downward trend following its initial surge post-creation, while Bitcoin continued to smash the roof and set new record-highs repeatedly. Recently, Bitcoin retraced significantly over a short period of time - about $2,300 in just a few days. The difference between this dip and previous corrections was the corresponding surge in value of Bitcoin Cash which many people see as a direct rival to Bitcoin.

This Bitcoin Cash surge has caused formerly-neutral trading platforms like eToro to add Bitcoin Cash to their platform, with members paying a closer attention to developments around the cryptocurrency.

Which is the real Bitcoin?

Roger Ver is known as ‘Bitcoin Jesus’ due to the fervour with which he preached the Bitcoin gospel in its early days, but now appears as the main face behind Bitcoin Cash. He insists that his version of cryptocurrency, Bitcoin Cash, is the future of Bitcoin.

Ver tells Cointelegraph:

“Bitcoin Cash is the real Bitcoin and will have the bigger market cap, trade volume and user base in the future.”

Currently, Bitcoin Cash has a market cap that is just about one-fifth that of Bitcoin, a daily trading volume of over half and a circulating supply that is slightly higher when compared to Bitcoin. Following the recent price fluctuations, the crypto community is beginning to pay closer attention to Bitcoin Cash.

Challenges are essential for growth

The CEO of Netcoins, Michael Vogel, sees Bitcoin and cryptocurrency as the world's largest and most ambitious open source project. The closest parallel, according to Vogel, is the open source nature of Linux, which is notorious for the sparring that happens between the backers of different versions of the software. Vogel believes that the rivalry between different camps of the Bitcoin community is just a temporary roadblock that will lead to a more robust and resilient technology.

Vogel says:

“I do not think the challenges and in-fighting between various crypto camps are a bad thing. In another way we're effectively witnessing democracy in action. These are, in part, simply growing pains of a new technology, but by blasting through these roadblocks Bitcoin also becomes more robust and resilient. This is why, in my opinion, Bitcoin continued to rally to all-time highs after the Bitcoin Cash fork during the summer; Bitcoin users have realized that "Bitcoin is still Bitcoin" any time a new fork occurs.”

Deliberate market influence

Dana L. Coe, Director at BitLox, sees the current situation as a deliberate action of market makers who are taking advantage of the tender stage of the crypto ecosystem. Coe tells Cointelegraph that the activity between Bitcoin and Bitcoin Cash is pure market volatility driven by rumors and speculation, which essentially drives all markets. However, he notes that in this case one can easily observe the market makers as they are quite obvious. This is especially so, as we have seen Bitcoin recover fully from the fall in price and subsequently break the $8,000 mark.

Coe says:

“The cryptosphere has come a long way, but let us not forget that compared to the economy as a whole, it is still small. Therefore, when actors from the larger national economies take an interest, crypto prices are most certainly to be subject to outsized influences. In the end, Bitcoin will stand or fall on the faith of it’s users and it’s users alone.”

Still more to come

Apparently, there is genuine attention being paid to the two most expensive cryptocurrencies at the moment. Most proponents have taken to social media to show support or criticize either Bitcoin or Bitcoin Cash, depending on which one they support.

Immediately after the hard fork, exchanges such as Bittrex, Kraken, ViaBitcoin and Bter all listed Bitcoin Cash on their platforms, after which its adoption seemed to have reached a plateau. But with more trading platforms listing Bitcoin Cash in the wake of its biggest push since creation, it is only normal to expect more developments around the community as time goes on.

https://cointelegraph.com/news/roger-ver-declares-bitcoin-cash-to-be-true-bitcoin-market-forces-bring-more-attention

[Kardifast]

“I do not think the challenges and in-fighting between various crypto camps are a bad thing. In another way we're effectively witnessing democracy in action. These are, in part, simply growing pains of a new technology, but by blasting through these roadblocks Bitcoin also becomes more robust and resilient. This is why, in my opinion, Bitcoin continued to rally to all-time highs after the Bitcoin Cash fork during the summer; Bitcoin users have realized that "Bitcoin is still Bitcoin" any time a new fork occurs.”

So the debate has attract more attention and the price of both coins have risen a lot recently.

[Slow death]

" Roger Ver is known as ‘Bitcoin Jesus’ due to the fervour with which he preached the Bitcoin gospel in its early days "

This is the most interesting part, he is hatred of the bitcoin community because the majority of the community did not agree with his position and instead of being democratic and respecting the most people, he chose another way... the problem is not he choose other way, the problem is that he is supporting another altcoin by revenge

Ver tells Cointelegraph:

“Bitcoin Cash is the real Bitcoin

No

bitcoin is BTC

Bitcoin Cash is BCH

Are different coins

will have the bigger market cap, trade volume and user base in the future.”

this only shows that he is hatred of the bitcoin community because most of the bitcoin community did not support his position

[bambazamba]

If "Roger Ver" is called the Jesus of Bitcoin , then obviously he might have some robust and big influence on the market . The great hustle between Bitcoin and Bitcoin cash is creating a huge buzz day by day . Every day a new side of the story is revealed about the ongoing controversies . This is infact , a fact that bitcoin cash got some great hike in the price over night but the current status of bitcoin is demonstrating a different scenario .
The future is not known to anybody , maybe due to great support bitcoin cash might get some good value but surpassing bitcoin is going to be a real challenging task for it . The ongoing market of bitcoin cash is going all red . And the ongoing greens of bitcoin is showcasing a scenario of most investments in bitcoin rather than any other alt coin present in the market

[Lieldoryn]

Bitcoin cash is just one of the altcoins. He will never be able to compete with bitcoin. I think it would be to remember only when with it will attack bitcoin. But it may happen 1-2 times. Then nobody will respond to this coin and it will disappear as it happens with many other altcoins.

[roddy5]

Bitcoin cash is the original bitcoin for it's fans, I think Roger ver owns a lot of Bitcoin cash that when it's price increased he will really get a lot of money that is why he is supporting bitcoin cash that way. Is he the one responsible for manipulating the price of BTC and BCH in the past weeks? How much did he earned this time?

[kueyen]

Isn't it more or less established now that bitcoin cash is actually an altcoin? Besides, talking about cryptocurrencies in terms of winners and losers does not help our reputation that cryptocurrencies are a game, or gambling. We must have these discussions on a factual basis and not like we are talking about a game.

[rjbtc2017]

The BCH surge in prices made exchanges to add Bitcoin Cash to their trading platform, A Positive result of Price Manipulation on BCH ( on their part of course ). Is Roger Ver Satoshi? No, Does Satoshi said that BCH is the real Bitcoin? No,  then don't believe Roger Ver's statements about Bitcoin and Bitcoin Cash, he is just creating FUD for his own benefit. BCH is BCH a forked coin of Bitcoin and that's all. Bitcoin Legacy is the real Bitcoin no more , no less.

BCH has a lot of shillers on Bitcoin talk forum and if you visit Twitter and find articles on Bitcoin, there is a lot of them who is worshiping and defending BCH. Roger Ver should know that his plans will never succeed, The Community will still stay loyal to the Legacy Bitcoin.

[coinjack1337]

Everyone be like "Nonono BCC is an Altcoin..." it's nothing more than Bitcoin itself with a slightly different codebase. So whenever Bitcoin changes ist codebase, it's automatically an altcoin? We will see what happens, BCC is the better product to use so to my mind has a good chance to overtake Bitcoin.

[iamTom123]

“I do not think the challenges and in-fighting between various crypto camps are a bad thing. In another way we're effectively witnessing democracy in action. These are, in part, simply growing pains of a new technology, but by blasting through these roadblocks Bitcoin also becomes more robust and resilient. This is why, in my opinion, Bitcoin continued to rally to all-time highs after the Bitcoin Cash fork during the summer; Bitcoin users have realized that "Bitcoin is still Bitcoin" any time a new fork occurs.” So the debate has attract more attention and the price of both coins have risen a lot recently.

A good competition within the world of cryptocurrency and in this case between Bitcoin and BitCoinCash can indeed be good in the long run but I don't think that in-fighting within Bitcoin that affected the scaling problem and the search for lasting solutions would be something I would appreciate. Bitcoin needs to address the many challenges it is facing if it has plan to go mainstream and be accepted by more people across the globe. Being a good store of value is not the only thing that Bitcoin should work for, one day it should be one of the top currencies that we can use everyday in minute transactions.

As to BitcoinCash, there is always a big room available for a good altcoin and until we the people have not spoken that it is the real Bitcoin then no amount of press releases and media campaign can fully convince us to fully switch side. I believe also that there is no need for a war between the two as they can peacefully co-exist while still also growing.

Bitcoin and BitcoinCash can grow together...forever! Peace to all the people of the Earth!

[Xynerise]

Everyone be like "Nonono BCC is an Altcoin..." it's nothing more than Bitcoin itself with a slightly different codebase. So whenever Bitcoin changes ist codebase, it's automatically an altcoin? We will see what happens, BCC is the better product to use so to my mind has a good chance to overtake Bitcoin.

Are you trolling?
Or do you really believe that because BCash has almost the same code as BTC that it's bitcoin?
In that case, is bitcoin gold bitcoin?
What about bitcoin xt?
Or bitcoin unlimited?
Or bitcoin diamond?
Or any shitty forks that will occur?

[Wargika]

Everyone be like "Nonono BCC is an Altcoin..." it's nothing more than Bitcoin itself with a slightly different codebase. So whenever Bitcoin changes ist codebase, it's automatically an altcoin? We will see what happens, BCC is the better product to use so to my mind has a good chance to overtake Bitcoin.

Are you trolling?
Or do you really believe that because BCash has almost the same code as BTC that it's bitcoin?
In that case, is bitcoin gold bitcoin?
What about bitcoin xt?
Or bitcoin unlimited?
Or bitcoin diamond?
Or any shitty forks that will occur?

I will use the coin which has more users and lower transaction fees.

[Xynerise]

I will use the coin which has more users and lower transaction fees.

That's bitcoin (BTC).

[TraderTimm]

Where to even start.

Ver is making a power grab, pure and simple.

This was never about "big blocks", its just used a convenient excuse when the Bitcoin network gets spammed with expensive dust (0.00000001) transactions from wallets ping-ponging to each other. There's been a few incidents of this, which all coincide with BCash sheannanigans.

If you support this shitty fork-coin, you are a complete rube.

There's a reason Satoshi designed things how they are, for reference - this post with a table about the costs of increased blocks:



But again, it isn't about how big the blocks are, but how Ver and Jihan Wu can aggregate their little fiefdom and wield power over others. Luckily, the developers that have been contributing to Bitcoin understand these risks and are working on features that will largely obviate any need for such tricks, but like all things it takes time -- not a hasty fork like BCash with hardly any testing.

There are new things in the pipe that will strengthen Bitcoin and immunize it against this kind of thing, but it still doesn't absolve Roger Ver and Jihan Wu from making a land-grab.

These guys are messing with every person who trusts Crypto-currencies to store their wealth.

That isn't smart, and their efforts will end up dooming them all.

[IAMYOURLEADER]

It's ok. He can declare any coin that he wants to be bitcoin because anyone can do that. A person with the same level as him can also say bitcoin gold is the true bitcoin. Imitations will always stay as an imitation no matter what happens.

[xPPx]

Ver is a genius, and a shrill. BTC is BTC. BCH is fast. I get it, but who in their right mind SPENDS crypto?!?! That's what USDs are for...

[aso118]

Ver is a genius, and a shrill. BTC is BTC. BCH is fast. I get it, but who in their right mind SPENDS crypto?!?! That's what USDs are for...

Transaction fees and confirmation times affect all cryptocurrency users. When you buy some cryptos with cash, it wouldn't be nice if transaction fees take a chunk out of it. If people start spending BCH and BTC remains only in the cold wallets of users, BCH will overtake BTC.

[FrueGreads]

I don't know why Roger Ver decided to abandon bitcoin and went crazy on bcash. For a crypto to ever become cash it doesn't need just fast transactions and low fees. It also needs low volatility. Fiat is backed by governments and issued by banks. We "trust" that these entities know what they are doing, and that it's supply has a good ratio and that money is being well distributed through salaries etc. Prices, salaries and printed money, are adjusted by inflation every year, and we assume that everything is ok. There is also international commerce, and a currency can get more valuable when compared to another, because you will need to to buy stuff from that country with their currency.

I'm saying this, because this means that "fiat value" doesn't have huge changes like cryptocurrencies, and we don't really run out of it's supply. We trust it's value, and we use it because it's more practical to do commerce with fiat. Why on earth we would do that with crypto right now? Even bitcoin has a very small marketcap to be really used as cash. This is why BTC is focusing on becoming an asset first, and then we will see if it will make any sense to use it as a "commerce coin" as well. Bcash is trying to become a form of payment right now, and it will probably fail because their priorities are wrong in my opinion.

As far as technology goes, they are not better than bitcoin. Sure they are faster now and have smaller fees, but since cryto being used as cash is not practical now, that advantage is kind of useless. Crypto real use right now, is as a store of value and an investment, so BTC fees and transactions times are decent for that scenario. Also, just like bitcoin, bcash still can't deal with mass adoption right now and their on-chain solutions are limited and wont work in the long run.

For me, the only reason bcash is so expensive, is because they have bitcoin in their name. If I ever wanted to used a crypto currency as cash, I would keep my eye on dash, or litecoin or even IOTA that has no fees at all.