What Makes Bitcoin Bitcoin? Bitcoin Cash, According to Roger Ver
Roger Ver has tweeted a reminder that bitcoin cash is the real bitcoin, provoking inevitable Crypto Twitter scorn. His tweet referenced an April YouTube video on what makes bitcoin bitcoin. In it, he argues that bitcoin cash has more of the qualities of bitcoin — as originally conceived by Satoshi Nakamoto — than bitcoin.
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The Chain Originating From the Genesis Block Makes Bitcoin Bitcoin, According to Voorhees
Ver’s video was in response to a tweet by Erik Voorhees arguing that as “the chain originating from the genesis block with the highest accumulated proof of work”, bitcoin is the real bitcoin:
Roger – please stop referencing me to back up your opinion that Bitcoin Cash is Bitcoin. It isn’t. Bitcoin is the chain originating from the genesis block with the highest accumulated proof of work. The Bitcoin Cash fork failed to gain majority, thus it is not Bitcoin.
— Erik Voorhees (@ErikVoorhees) April 27, 2018
Roger Ver took exception to the idea that having the longest chain was the sole factor determining what the real bitcoin was. In his recent tweet linking to the video, Ver states unequivocally that “The real Bitcoin is BCH, Bitcoin Cash”:
Those who buy BTC while thinking that it is Bitcoin are making a mistake. The real Bitcoin is BCH, Bitcoin Cash. https://t.co/NFZzUr6MPk
— Roger Ver (@rogerkver) August 19, 2018
So What Makes Bitcoin Bitcoin?
The bitcoin cash founder outlined the qualities that make bitcoin bitcoin in his YouTube post called “Why Bitcoin Cash is Bitcoin”. He identified ten properties that the real bitcoin should aim to have. The two characteristics Ver rates highest — at five — are “peer-to-peer electronic cash system” and “Longest Chain, With Most Proof of Work”. He argues bitcoin cash has the former property, while conceding it lacks the latter.
The eight other factors listed, Ver argues, are characteristic of bitcoin cash and not bitcoin, with the exception of “SHA-256: one-CPU-one-vote”, a feature of both. Citing postings by Satoshi Nakamoto on Bitcointalk and Satoshi Nakamoto Institute, in addition to the bitcoin whitepaper, Ver finds that:
“Bitcoin cash has more bitcoinness than bitcoin core.”
Among all the characteristics Ver sees as being important in measuring how faithful a coin is to Satoshi’s original whitepaper, he pits bitcoin cash at 68 percent against bitcoin at only 32 percent. The conclusion he reaches, then, is clear. A link to the spreadsheet is provided.
Ver Trolling Resumes in Full Swing
Ver trolling is hardly a new phenomenon on Crypto Twitter, so it is perhaps somewhat surprising the BCH founder decided to spark renewed interest in the video. TokenPay, based on bitcoin’s codebase, has labeled itself “Bitcoin on steroids” and boasts two-second transaction speeds and anonymity features. TokenPay’s branding highlights security and speed and the project is clearly intent on making cryptocurrency use mainstream. The company argues that if bitcoin is not suitable for day-to-day transactions, then Bitcoin cash — “fake Bitcoin” in their words — is, by definition, even less so:
Not sure how “we are the real Bitcoin”, makes BCH even a candidate as a transaction coin? Bitcoin isn’t even good for ordinary transactions as it is slow and expensive. We fixed that with $TPAY. Why would anybody want to use fake Bitcoin for anything related to commerce activity?
— TokenPay (@tokenpay) August 20, 2018
Crypto Twitter wars of words are as unsuited to solving disputes as Roger Ver says bitcoin is to making peer-to-peer transactions, so little was accomplished during the unedifying troll-fest. There was, however, some reassurance to be gained from being reminded that Roger Ver remains as controversial as ever.
Have your say. Bitcoin, bitcoin cash, bitcoin on steroids… what makes bitcoin bitcoin?
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