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Issue #363: Well, that escalated quickly

Nov 16, 2018
Marty's Ƀent

Issue #363: Well, that escalated quickly

What a weak hash war this whole Bitcoin Cash hard fork turned out to be. I hate that we're even wasting any mental energy on these clowns, but, like I said earlier this week, they have provided us with a beautiful case study in minority fork dynamics and the nature of "hash wars". What we found is that the more fractured a derivative of Bitcoin becomes, the more centralized, vulnerable and annoying the most detached derivatives become. As you can see from the above screenshots, BCHABC (the chain backed by Roger Ver and crew) included a centralized checkpoint in their repository, which is an extremely big "no-no" if you're attempting to pretend that you are running a decentralized service. Now everyone who downloads the ABC repository will have to trust that the maintainers of the repository are providing the correct state of the blockchain up to that block height. That's a lot of trust in very few people.

Not ideal

On top of this, they aren't even completely protected from the reorg attack they are attempting to defend themselves against with this move. They'll have to institute more checkpoints to have a high degree of certainty that a reorg is unlikely, which will only serve to centralize the project more and more. An abject failure if you ask me. The fact that these idiots didn't realize this move would lead to the immediate delegitimization of their vanity project is incredible. It should also cause you freaks to pause, take a step back, and think deeply about the people who threw their intellectual weight behind this project and the people behind it. I vividly remember a prominent crypto hedge fund manager looking me square in the eyes earlier this year, telling me there is a high probability that Craig Wright is Satoshi and that BCH would trade at .4BTC by the end of the year. This turned out to be a very, very bad take. But it was said with confidence, so I pondered it for a week or two and came to the conclusion that this man was naive and had been duped. There were many, many media personalities parroting this line of thinking as well. If anything, yesterday was a reinforcement of the need to have your own thoughts when it comes to these matters.

Beyond the shit show that the actual fork turned out to be, we found out that exchanges don't really like forks at all and aren't too fond of picking winners. Instead, they'll do the right thing and list each fork with a unique ticker, completely disconnected from BCH.

The shitcoin casino lord has spoken.

Think about how annoying/dangerous these forks are for exchanges. Imagine if one had declared ABC or SV the winner of the BCH ticker, had trading open for a day or two, and got reorg attacked 36 hours after the launch of the "winner" on the exchange. It would be a disrupting force to the infrastructure of this industry, the likes of which haven't happened to date. Maybe this petty battle between hubristic betas deadset on personal glory over an actual, usable decentralized digital cash system will dissuade exchanges from ever declaring a winner during a contentious fork. This is an incredible validation of Bitcoin's development mindset to date. Now let's go about our lives and leave Bitcoin Cash in the dustbins of history. I bid you adieu, you cancerous sideshow of a project.

Final thought...

Really feeling the urge to play some pick up this weekend. Only have one ACL, but my desire to ball is burning with the energy of one thousand suns.

Enjoy your weekend, freaks.


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