Roger Ver is a very bitter man, isn’t he? I don’t know him personally, but I listened to almost every interview, watched almost all related videos and read his posts. He’s a very bitter and frustrated man although he’s not that old to qualify for this kind of bitterness in my humble opinion.
Last night I listened to an interview with Jimmy Song. He was interviewed by Ken Bosek from the Bitcoin Podcast Network. They talked about the Youtube- interview Jimmy conducted with Roger Ver a few days before. After the first interview, I just jump to the second interview and was listening to the Podcast of the Youtube Show where Jimmy respectful interviewed Roger. Respectful because Jimmy was always using the term Bitcoin Cash and not BCash, which I will not. I will call it BCash like the rest of the world is, because it’s not Bitcoin.
Listening to Roger, it’s always the same arguments he’s based his whole BCash discussion. For him, it’s all about the speed and the cost of transactions. And he’s right the Bitcoin network is currently suffering high fees and long transaction cycles.
But that doesn’t necessarily mean it’s not the most secure, tamper proved and stable network in the world. That also doesn't necessarily mean it’s not much safer and more durable than BCash with a much broader user base, a more diversified de-centralised network and a much much bigger developer base than BCash. Bitcoin is THE truly de-centralised System, BCash not (maybe not yet, maybe never).
His only argument is that the headline from Satoshi Nakamoto‘s white paper is talking about electronic cash and that bitcoin cannot fulfil the demand of the word “cash” right now. Only BCash can do that because it has fast transactions and zero fees, which of course Jimmy challenged successfully and found out that zero fee means not zero but less than a penny. Well, it’s all about interpretation of the meaning of words, isn’t it?
The whole interview was always circling back to the same argument which is the headline of Satoshis white paper. Roger never raised real facts and refused to answer questions when Jimmy ask him about stability, security and developer base.
Next, to his reference to the white paper, he’s also trying to convince everybody that the Austrian school of economics is the one and only true science. It claims that if a currency doesn’t have a secondary utility, it cannot work as a currency. Roger even challenges Bitcoin is a cryptocurrency, simply because you can’t buy a cup of coffee with it today.
I don’t know what this guy is up to and why he’s pushing so hard for BCash. It BCash never will be able to maintain the “zero” fee transaction cost as Roger claims. They will suffer the same problems Bitcoin does currently, and that has shown already at the recent pump a few days ago where transactions got slow and expensive.
Is Bitcoin a scam or is maybe BCash a scam?
After the famous words of Jamie Dimon, CEO of JPMorgan Chase, we all have to think about it. Bitcoin is a scam, he said (and that his daughter is stupid, he implied). I certainly don’t believe neither. However, many people around the world are listening to this hero leader and therefore we need to set the record straight.
Let´s have a closer look.
Here is what the Legal Dictionary | Law.com explains:
“the intentional use of deceit, a trick or some dishonest means to deprive another of his/her/its money, property or a legal right. … Since fraud is intended to employ dishonesty to deprive another of money, property or a right, it can also be a crime for which the fraudulent person(s) can be charged, tried and convicted.”
So we need a fraudulent person. Here we have a problem because nobody is benefiting from Bitcoin itself. Therefore there is no fraudulent person. Big problem.
Now I thought maybe BCash is a scam. Maybe!
Why? There are probably some people within the BCash supporters and founders community who would benefit big time after instituting such a system.
What do I mean by that?
Well, let’s step into the shoes of a hypothetical character named Joseph. Joseph is an early Bitcoin enthusiast and was focusing 100 percent on promoting Bitcoin. For whatever reason, he’s unhappy with his status in the community and generally with the rest of the world. Maybe he didn’t get the recognition he thought he deserves. We don’t know the exact reasons.
Joseph fully understands how Bitcoin works and he has a lot of very high-level contacts, especially to mining operators. One day he had lunch, or maybe dinner with one of these big shots of the crypto mining industry and they came up with a preposterous plan.
What if we hard fork the network and build our own altcoin, they asked themselves. The idea was born.
If you or I would do that, we’d soon run into some critical problems. First of all, we would need mining operations to support our new currency. Second, we would need full nodes to run the network itself. But this sort of problem we won’t have if we could co-operate with a large mining unit. The miner just dedicates some of his miners to the new network and provide some full nodes.
Now we have a great plan in place and can go ahead to promote it. If the promotion works and a lot of the existing users download our new client, then it is a great success right away.
If nobody or just a few people follow us, we can run the operations firstly ourselves because we have the mining capacity and the full nodes are easy to set up for an organisation like ours. That’s what they may have thought.
This plan was doable as Joseph was known to the community and had access to communication channels and had enough reach to promote this new coin. The mining operator had all the equipment necessary to technical run this new blockchain.
So after this lunch or for that reason dinner, they set forth some more meetings and eventually started a new calling Bitcoin Wealth — the new Bitcoin! They chose this name because the original inventor of Bitcoin had used these words in a subheading of the white paper.
Why in the world would Joseph do something like that?
After thinking about the above scenario, an interesting question crossed my mind. If I would’ve been in the industry for long enough and would’ve cumulated hundreds of Bitcoin if not thousands of Bitcoins this would be the perfect way to accumulate additional wealth at almost no cost.
After the airdrop of the same amount of Bitcoin Wealth coins than Bitcoins succeeding the hard fork, I would not lose any of my Bitcoins. They would maintain the same value as before; I just would gain the same amount of Bitcoin Wealth, which would be completely free money.
The initial thought about the disadvantages was that everybody else also would get free money. But that wouldn’t bother me at all because first of all I had so much more than anybody else and second anybody else who got free money would spread the word and promote my scheme, innocent and happy.
Therefore the price of Bitcoin Wealth would climb, and my wealth would rise too. I would own a huge amount of Bitcoin Wealth myself which then would easily be summed to the total of my holdings in crypto. Joseph calculated that they would only need a few developers, maybe just one, a few miners and some full nodes. Everything required after the hard fork could be done by some more hard forks if needed. That would be easy as they would own the majority of miners and nodes.
Very low risk, huge rewards.
In this scenario described above there are many beneficiaries to the new cryptocurrency but mostly and foremost the initiators themselves who own a lot of the new crypto currency because they had a lot of the original currency, They will benefit the most.
Now this qualifies so much more to be a scam because in this hypothetical scenario we can see some very good reasons to initialise this kind of system and promote it heavily. In this scenario we certainly can find beneficiaries which we can’t in Bitcoin.
Here is the link to the interview:
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is a child of the Computer Age and is fascinated by Bitcoin, blockchain, and all things cryptocurrency. As a journalist with over 25 years of professional experience in the world of technology, he is ideally qualified to provide an accessible, understandable and transparent insight into the world of cryptocurrencies.
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