Bitcoin Forks – Is It Time To End All Bitcoin Forked Cryptocurrencies?
Forked currencies are art forgeries of the crypto world.
In art forgery, a forger of considerable sleight of hand in his own merit creates a fraudulent work of art which he passes off as the original, whereas one with a gift of gab discovers an obscure piece of art which he proceeds to fob off as a work of high repute.
Regardless of how many people the forger cozens, regardless of an imitation’s artistic fidelity, forged art will always remain inauthentic, devoid of value itself, only deriving value from false representation as the real thing. It could never itself be the real thing.
Similarly, a forked currency is born out of a group of disgruntled developers bemoaning the original currency's deficiencies, sloping off in a huff, modifying a few lines of code and claiming to have solved all the limitations of the original network. It wouldn't be so much of a problem if the new currencies were in fact ameliorative without graver undesired consequences than inhere within the original currency.
In the case of Bitcoin Cash (BCH), backed by Bitmain, owner of Antpool mining pool, the developers claim their coin is the one which takes after Satoshi's vision, not Bitcoin as Bitcoin has ceased to be a currency, only serving the purpose of a settlement layer. Bitmain announced Antpool in November 2014 as a mining pool ‘pushing forward decentralization'.
How exactly does a de facto centralized chinese mining pool with almost 20% of network hashrate ‘push forward decentralization'? Pull the other one, what was the spiel for BCH again? Big blocks, faster network, low fees. With barely 10% of network volume and less than 20% market cap, average transaction fee is already roughly 50% compared to that of Bitcoin, meaning that if both currencies were of equal value, BCH transactions would cost more.
Max Keiser, host of Russia Today’s ‘Keiser Report', knows what BCH is all about, “Bitcoin cash is an alt-coin that has its fans just like many alt-coins. I don’t think anyone who uses bitcoin’s name and applies it to an alt-coin like bitcoin cash does is adhering to acceptable business practices. In other words, bitcoin’s brand is being stolen by a competitor that calls itself bitcoin cash and this is outright fraud in my opinion, just like it’s fraudulent to use Coca-Cola and Nike’s name to sell soft drinks or shoes.”
Succinct and savage! I couldn't put it any better. BCH is a classic case of scare-mongering, or in the crypto term of art, FUD(fear, uncertainty and doubt). Take away the Bitcoin name, from which BCH leeches off its reputation, the currency would be devoid of value.
Bitcoin Gold (BCG) purported to address the very problem BCH accentuates, centralization, by allowing miners to mine with CPU/GPU instead of dedicated ASICs. There's really not much to speak of BCG except that it is a pointless currency, devoid of context, developed by a group of amateur developers inextricably mired in continual episodes of controversy. Despite its name juxtaposing two of the most prized assets today, BCG couldn't be further from anything even remotely resembling an asset.
BCH team frequently claims their coin better approximates Satoshi's vision. Let's ignore that the claim is outright bogus for that's tacit, typical of a bruised blowhard. Let's talk about ‘Satoshi's vision'.
Graham Bell invented telephone. I'm pretty sure he could not have envisioned smartphones. Marconi invented Radio, does he approve of GPS?
Satoshi will always be the father/mother of Bitcoin and the first man/woman/group to conceptualize the use of a viable trustless shared ledger with proof-of-work protocol. The future of Bitcoin will evolve irrespective of Satoshi's will. Various other great minds will contribute to Bitcoin's evolution along the way, the same way a multitude of magnanimous minds contributed to the evolution of Bell's telephone to a smartphone and Marconi's radio to GPS.
Rejected as a developer? Make your own Bitcoin
The precedent has been set and the consequence is self-evident. Developers, miners who don't get their way have ready recourse – a hard fork. Anyone with courage in his conviction would be able to persuade the entire network of the merits of his method. Bitcoin is open-source and all contributions are welcome and accepted if favorable. There's no reason to drive a wedge between the community except to line one's own pocket by promoting a strictly self-serving propaganda.
Only a pretentious carpet-bagger, or ‘crypto forger’, after a fast buck at your expense would ask you to desert the real thing, Bitcoin, and support his cheap, tacky imitation. Ask yourself, if BCH developers had such visionary ideas, why were they rejected on the Bitcoin network? BCH seeks only to serve the interest of miners, one mining pool specifically.
Like a forged artwork, BCH will never be the real thing. If you leave the Bitcoin network because the network refused to bow to your demands, you don’t understand decentralization and you can no longer claim to be a part of the network, much less reserve any right to steal the name and reputation to promote your own interest.
What should you call a forked cryptocurrency? A kleptocurrency.
History, the Great Teacher
All the great storied revolutions were decentralized, with a leader of dauntless mien and rousing rhetoric who discouraged fawning followers and emboldened the masses, leading by example. The likes of Gandhi, MLK, Mandela inspired men to stand shoulder to shoulder and brave adversity in unison, inspiring a democratic, decentralized revolution.
But even though revolutions are decentralized, the ensuant fruits of every man’s labour ultimately end up being appropriated by an opportune few , who, through expedient machinations, gainfully tame the forces of revolution to submit to their whims. Internet, the most recent revolution, is largely in thrall to the GAFA (Google, Amazon, Facebook, Apple) gang.
We can ill afford a similar fate to befall blockchain. Caving in to the demands of a few individuals or group, motivated only by self-interest, could lead to blockchain and cryptocurrencies falling into the hands of governments and centralized parties in regulatory capture, catering to the interests of corporate entities, such as the GAFA gang.
Repudiate Forked Currencies
In case you haven't heard, we have three more hard forks from the Bitcoin chain before the end of this year, engendering three more Bitcoin clones. How do we put an end to this? When does this stop? Bitcoin will always be open-source, that's not going to change. Anyone can change a few lines of code and claim to have minted a new coin.
There is only one way to firmly deter forked currencies and it requires exchanges and the entire Bitcoin network to work ‘in unison'. Repudiate!
Exchanges, by refusing to list forked currencies and users of the network, by ignoring it altogether. Do not claim, much less mine. If we don't discourage the practice now, cryptocurrency listings will show dozens of Bitcoin clones within the next 6 months claiming to be the new Bitcoin, obscuring the landscape further for an uninitiated crypto neophyte.