More

    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.

    Bitcoin What?

    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.

    Satoshi's vision

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    2 COMMENTS

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,264FansLike
    2,735FollowersFollow
    4,093FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Money Is At Risk In Banks, Bitcoin Is Probably The Most Secure Currency Right Now: Tim Draper

    “If we're able to hold above $7,800, it will be a very good sign,” - Mati Greenspan Venture Capitalist advises millennial's to start...

    XRPL Labs Founder Wietse Wind's XRP TipBot Banned On Twitter, A Sign To Come For Tipping Bots?

    On January 24, Twitter decided to disrupt the XRP community by banning the XRP Tip Bot account, which is a service developed by the...

    Litecoin Founder Charlie Lee Proposes 1% Block Reward Funding Plan To Rake in $1.5 Million

    Proposal for donating 1% of block rewards to generate $1.5 million per year It’s like paying for your kid’s college and “securing your...

    Travala Expands Its Crypto Payments Options By Adding NEM's XEM Token

    Travel platform Travala, a firm that allows its customers to pay for hotel accommodations using digital currencies, has partnered with the NEM Foundation to...

    Elon Musk Thinks Crypto Could Be a Replacement for Cash

    Billionaire, SpaceX and Tesla CEO Elon Musk is also known for his cryptic tweets on crypto and Bitcoin (BTC), but on January 20, he...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.