As I mentioned in my previous article, my target on this one will be Bitcoin Cash. Everyone knows that Bitcoin Cash is essentially a hard fork of Bitcoin with increased block size. Why people did it in the first place, is the main question here. But I think the answer is really easy. Greed. They did it out of pure greed.
A group inside Bitcoin community that was consisted by “bitcoin activists”, investors, developers and China based miners were unhappy with Bitcoin’s proposed SegWit improvement plans of increasing the capacity and pushed forward alternative plans for a split which created Bitcoin Cash. That happened on July of 2017, some months before the crypto all time highs.
They increased the supply to make more profits because they simply could do it. They knew beforehand that not everyone will upgrade to Bitcoin Cash so both bitcoin and bitcoin cash will continue to exist. They made a fortune out of this and no one said anything.
This group thought that without Satoshi present they could make people believe that Bitcoin Cash is the real Bitcoin with just simple marketing. Many people fell for their trap. But a group like this had greed deep inside their souls. That caused another hard fork. Bitcoin Cash split on Bitcoin ABC and Bitcoin SV. Now it is more clear which people are leaders of greed. On one hand you have Roger Ver and on the other hand you have Craig S. Wright.
Bitcoin Cash and Bitcoin SV Look More Like Gangsters Than Cryptos
The split caused the mining war. Now you have two gangster groups fighting over which one of them is the best at misleading people and lies. The result was that both of them are quite good at it. Bitcoin ABC won the “war” over Bitcoin SV and continued as Bitcoin Cash. But Bitcoin SV is still here pumping and dumping from time to time. Even if both say that they are superior to Bitcoin that is not true. Bitcoin is being used more than these two combined and it will be used even more when lightning network is fully ready.
Normal people in the space can’t understand that improving current technology takes time and needs breakthroughs that don’t happen very often. Bitcoin follows the hard, time consuming path to be better in comparison to the other two. Making changes that aren’t tested is bad, every serious developer knows that. If bigger block size was the answer to Bitcoin it could be done from the start. I don’t think they are idiots. They probably thought about that but it had serious problems so they went for the hard way, to implement a new technology that will offer a more serious and stable solution.
Instead of cheering the greed of certain people, let’s cheer for the people who really want Bitcoin to succeed.