Not too long ago, Blockstream Chief Strategy Officer Samson Mow tweeted that “Bitcoin isn’t for people that live on less than $2 a day.” An arrogant, anti-poor statement, it is nonetheless technically true because of the unsustainable character of SegWit1x (BTC). Why? Let’s examine further.
First, a differentiation: BTC is the first cryptocurrency launched by Satoshi Nakamoto et al. back in 2009. Of late, however, it has embarked on a vastly different prospect. Despite claims to decentralization, it appears that the off-chain Segwit version has been taken over by Blockstream. The original vision written down in the Bitcoin whitepaper released by Satoshi Nakamoto is now under threat of being given over to centralization and economic censorship.
For over half a year since its inception Bitcoin Cash (BCH) has been the target of wild claims by its opponents, with a lot of people from the Bitcoin community often referring to BCH as “BCash.” In a report by The Merkle, it was revealed that BCash in fact exists, but only as a wholly different entity from Bitcoin Cash.
Examining its website’s offerings, one would soon realize that BCash.games is a HYIP (high-yield investment program), a type of Ponzi scheme promising unsustainable returns to unsuspecting, often vulnerably illiterate investors. At the moment, the website is undergoing an ICO for its mixture of masternodes and gambling. However, it isn’t in any way related to Bitcoin Cash, the inheritor of Satoshi’s vision.
Note that these discrepancies are merely surface level, because the problem runs deeper when one realizes that there are a number of accounts made by dubious individuals just to spam the internet with the term “bcash”. There’s even a static page called BCash.io hosted from Github Pages that deliberately uses “BCash” as a name, and yet has no further content or functionality other than the descriptions it. It also has no followers or watchers.
Taken apart, it appears that these strategies are in fact part of a social engineering project built to stain the Bitcoin Cash project through an FUD (fear, uncertainty, doubt) campaign. Ever since Bitcoin Cash launched last year, earnest user questions and concerns related to its use have been quelled with censorship.
Just last month, there was outrage over Bitstamp listing Bitcoin Cash as Bcash. This move was denounced as “unprofessional and petty” by Cøbra, co-founder of bitcointalk.org, one of the largest and most active forums on cryptocurrency trading and technology. A little over a week ago, a glitch caused by a confusion between Bitcoin Cash and BTC led to a possible exploit which has been mitigated.
These confusing predicaments would soon end, however, as more mainstream platforms and engines begin to adopt the standard naming protocol for Bitcoin. Here’s to hoping that the future of Bitcoin is accessible to all, easy to use and understand, and doesn’t look down on people just because of their economic status, something that Satoshi himself envisioned: setting people free.