Tech 10 August 2018Erik Gibbs
Rick Falkvinge talks BTC’s confusing narrative
In a recent video publised on YouTube by cryptocurrency expert Rick Falkvinge, he provides some enlightenment over “false narratives” being released by Bitcoin Core (BTC). He cites examples such as a story found on the Reddit r/bitcoin forum, which, once the original post is examined properly, is proven to be full of erroneous data, poor comparisons and a plethora of false narratives.
The Reddit post supposedly compares Bitcoin Cash’s (BCH) value to that of BTC since BCH was first identified. It reads, “The first fork of bitcoin is down 90% in BTC value since its inception. Bitcoin is the real Bitcoin.” It includes an image showing data from GitHub that is meant to support the argument, but it all falls apart from there.
Falkvinge points out that the claim is “materially and categorically wrong.” If you look at the actual historical data, the value of BCH has not fluctuated more than around 5%.
He also points to the use of the phrase “first fork” of BTC, a reference to BCH. However, BCH was not the first fork of BTC. A hard fork can be either a code fork or a chain fork. BCH is a chain fork, but there were a number of code forks seen on the BTC blockchain prior to the split that saw BCH carry on the original definition of digital currency.
The chart values are also completely skewed and the chart type is completely wrong for trying to make the intended comparison. This means that the post’s author literally has no idea what he or she is doing, which eliminates completely the validity of post.
The next point really drives home the absurdity of the post. The chart used by the poster references GitHub activity. In other words, the chart is showing data related to changes in code, as if number of changes in code were an indication of an increase in economic value. If this were the case, a country’s economic value would increase every time new laws were introduced. Everyone already knows that this isn’t the case.
As if the misuse of data to prove a point weren’t enough, there is one final point that buries the information presented in the post. Not only does it try to compare BCH and BTC GitHub data, it compares BTC application code changes to BCH website changes. If that doesn’t leave everyone scratching their heads, I don’t know what will.
The Internet is full of false information—this has been shown time and time again, and usually comes from individuals who don’t have the mental capacity to carry on a conversation above the third-grade level. While most of the false information can be ignored, sometimes it’s important to remind people of its presence and show why people need to be more diligent and challenge the data.
Once readers begin to dig deep into virtually all the r/btc Reddit threads, it becomes apparent that the majority are very good at spreading false narratives, but not so much at sticking to the facts.
Falkvinge closes by encouraging people to question more. If questions are not allowed, that is a sure sign that the data is not being challenged, but the authority. And, authority has no place in cryptocurrency.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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