Bitcoin Cash Discussion

[Adriaan Admin]

Bitcoin Cash, the controversial fork of Bitcoin, of which some influential supporters (like Roger Ver) passionately believe it is the original Bitcoin and will become the official Bitcoin after the current BTC/XBT chain fails or Bitcoin Cash proves to be the dominant chain in terms of merchants and users adoption. Whether some like it or not, it is a prominent coin in the market and has a lot of backing. Can both coexist together, or will one of them lose the competition eventually? Let's talk Bitcoin Cash in this discussion: share your questions, opinions, points of view, news and developments. I know that Bitcoin Cash is a controversial topic in crypto politics, so please everyone, stay respectful towards anyone's opinions. We also wrote an article on Bitcoin vs Bitcoin Cash for beginners on the website in case you need more background explanation about this topic.

 

[stellarowl12]

Bitcoin Cash, the controversial fork of Bitcoin, of which some influential supporters (like Roger Ver) passionately believe it is the original Bitcoin and will become the official Bitcoin after the current BTC/XBT chain fails or Bitcoin Cash proves to be the dominant chain in terms of merchants and users adoption. Whether some like it or not, it is a prominent coin in the market and has a lot of backing. Can both coexist together, or will one of them lose the competition eventually? Let's talk Bitcoin Cash in this discussion: share your questions, opinions, points of view, news and developments. I know that Bitcoin Cash is a controversial topic in crypto politics, so please everyone, stay respectful towards anyone's opinions. We also wrote an article on Bitcoin vs Bitcoin Cash for beginners on the website in case you need more background explanation about this topic.

I'm not a fan of 2 main things:
1) Their main supporters' marketing tactics to try to sell it as BTC to newbies.
2) Their approach of indefinitely raising block size to where it may be prohibitive for ppl to run full nodes eventually.

It's the classic tradeoff, should the miners decide which chain is right? Or should the power be in hands of the masses with their full node clients deciding collective which blocks/chains are valid.

 

[Adriaan Admin]

I'm not a fan of 2 main things:
1) Their main supporters' marketing tactics to try to sell it as BTC to newbies.
2) Their approach of indefinitely raising block size to where it may be prohibitive for ppl to run full nodes eventually.

It's the classic tradeoff, should the miners decide which chain is right? Or should the power be in hands of the masses with their full node clients deciding collective which blocks/chains are valid.

1) it indeed is totally not cool that they tried to pull that off.
2) the purpose should surely be an as decentralized as possible distribution of ledgers/full nodes validating. Both parties have arguments why they believe their solution will ultimately lead to more decentralization and also why their opposite party will fail to achieve that.

It is going to be hard to tell/predict who will ultimately be right. At least we can experiment on both solutions and afterwards sure enough the answer will be presented; in the traditional fiat system we didn't have that option.

Another great insightful article is this one: https://medium.com/@Bitcom21/bitcoi...ion-healthy-competition-in-money-c934805a7254

 

[stellarowl12]

1) it indeed is totally not cool that they tried to pull that off.
2) the purpose should surely be an as decentralized as possible distribution of ledgers/full nodes validating. Both parties have arguments why they believe their solution will ultimately lead to more decentralization and also why their opposite party will fail to achieve that.

It is going to be hard to tell/predict who will ultimately be right. At least we can experiment on both solutions and afterwards sure enough the answer will be presented; in the traditional fiat system we didn't have that option.

Another great insightful article is this one: https://medium.com/@Bitcom21/bitcoi...ion-healthy-competition-in-money-c934805a7254

Great article, thanks for the share!

 

[Adriaan Admin]

May 15th, 2018 Bitcoin Cash had a fork in order to upgrade the network (no chain split, so no new coins); most important changes:
1. Increasing Blocksize once again, now from 8MB to 32MB
2. Adding OP codes (this allows for adding logic and allows for smart contracts)
3. increasing the data carrier size to 220 bytes (also to enable smart contracts)

Adding the OP codes is a Satoshi feature that was previously removed from Bitcoin by the core developer team, so this decision clearly gives the Bitcoin Cash community something back that once belonged to Bitcoin and was introduced by Satoshi.

I am not quite sure the reasoning behind increasing the blocksize now already, while the 8MB still seemed to be more than enough, so if anyone has an answer to that, please reply with a comment.

 

[stellarowl12]

May 15th, 2018 Bitcoin Cash had a fork in order to upgrade the network (no chain split, so no new coins); most important changes:
1. Increasing Blocksize once again, now from 8MB to 32MB
2. Adding OP codes (this allows for adding logic and allows for smart contracts)
3. increasing the data carrier size to 220 bytes (also to enable smart contracts)

Adding the OP codes is a Satoshi feature that was previously removed from Bitcoin by the core developer team, so this decision clearly gives the Bitcoin Cash community something back that once belonged to Bitcoin and was introduced by Satoshi.

I am not quite sure the reasoning behind increasing the blocksize now already, while the 8MB still seemed to be more than enough, so if anyone has an answer to that, please reply with a comment.

I don't remember where but I read that they already had a plan for incremental blocksize increases within the BCH community. Some influential figure even said to get rid of capped blocksizes altogether at some point. Does that mean it'd be completely dynamic like Monero?

 

[Emma]

Can both coexist together, or will one of them lose the competition eventually?

 

[Adriaan Admin]

Can both coexist together, or will one of them lose the competition eventually?

I think it is certainly not unthinkable that they can coexist together, but equally it would be quite possible that one of them loses the competition eventually. This is something no one can really predict, eventhough some people may have strong opinions about it. Therefore I think I think investors should think about both scenarios when they consider their investments.