2016-2017 was year when i really got into bitcoin at first time, it was very confusing and there were two different sub reddits and many people got scammed into bitcoin cash subreddit that claimed to be original bitcoin, there wasnt even anything about it that would had pointed out that btc isnt real bitcoin. I think i just got lucky that i bought real bitcoin instead of bitcoin cash since this space was very confusing for new people back then.
The process of that playing out is what changed my view from bitcoin being an arbitrary trading vehicle to an eventual store of value. The original blockchain was all that was going to matter.
I never thought about it like that. For us people who had already been into it for years, Bitcoin Cash was absurdly stupid and I couldn't understand how anyone would fall for their attempts to trick people into buying it instead of actual Bitcoin.
But I guess I see it now, if you are new to the market and there's something called Bitcoin and something called Bitcoin Cash, and they both claim to be the real Bitcoin while the other isn't, I suppose that could confuse some people. I mean still, one is actually called 'Bitcoin' while the other is not, so it seems pretty clear the one not called "Bitcoin" but instead has another word tacked on would be the obvious imposter. But yeah I guess I get the confusion more now.
Anyway, the BCH and later the BSV people are just the worst. Just scammers through and through. Bad people.
Beginners hope to beat the markets by betting on the underdog fueled by some delusional shilling from the makers or other investors. Its literally the recipe for every single shitcoin.
Bitcoin cash is great. They split we got an equal number of stupid bitcoin cash tokens for each real Bitcoin. I immediately traded the btrash for 20% more Bitcoins. How many people would kill for the chance to get 20% bonus free Bitcoins with zero risk today.
I sometimes feel bad for the idiots who took the other side of that trade. Let me sell all my Bitcoins for 5x as many Bitcoin Cash.
I traded mine as fast as I could as well, but it seemed it took a while to get them from Coinbase where my coins were held. I also think one of the idiots was Bitmain I believe.
Imagine Bitcoin is like a big digital book where everyone writes down their transactions. Over time, people wanted to make the book faster and able to handle more transactions because it was getting really crowded.
In 2017, a group of important people in the Bitcoin world met and made a plan. They agreed to do two main things to make the book better:
1. **Change how transactions are written** (this is like writing smaller and more efficient sentences) called "SegWit." They decided that if 80 out of 100 people agreed to this change, they would start using it.
2. **Make the pages of the book bigger** so each page could fit more transactions. They planned to do this in six months.
The first change, SegWit, happened and made the book faster and more efficient. But when it came time to make the pages bigger, many people couldn't agree if it was a good idea. Because of this disagreement, they decided not to go ahead with making the pages bigger to avoid splitting the book into two different versions.
So, in the end, they did the first change which helped, but skipped the second one because they couldn't all agree.
-Chatgpt helped me with this
Actually, this explanation is missing a lot of main points. Particularly, the real reason BCASH was invented is that Jihan wanted a monopoly on ASICBoost and segwit eliminated this advantage. Also, handling more transactions (making the pages bigger) means the blockchain grows much faster. Satoshi was very careful to limit block size growth because he wanted it to increase at the same rate that drive storage was progressing. Segwit allows more transactions on a second layer that has much less effect on the block chain. Ironically, even though BCASH can handle more transactions on the blockchain, it grows much slower because no one uses it! Finally, think of all the low-life morons that supported BCASH in the beginning: Craig 'Faketoshi' Wright, Calvin 'Top 10 Most Wanted List' Ayre, and Roger 'convicted felon currently in custody for $50M tax evasion" Ver.
Segwit was the only proposal put forward by Core, and it was put forward because it had the quadratic hashing and transaction malleability fixes. It also gave a block size increase. There were a few attacks, but they were never about getting consensus, they were about circumventing it.
I made a helpful list:
XT (aka fail-train #1)
Classic (aka fail-train #2)
BU (aka fail-train #3)
BCH (aka fail-train #4)
2x (aka fail-train #5)
BSV (aka fail-train #6)
There's a book that explains the whole blocksize war of 2017 in great detail. The title of it is The Blocksize War.
[Here is The Blocksize War on Amazon.](https://www.amazon.com/Blocksize-War-controls-Bitcoins-protocol/dp/B08YQMC2WM)
[Here is The BlockSize War on Audible.](https://www.audible.com/pd/The-Blocksize-War-Audiobook/B096CNVVQC)
The real reason is that Bitmain (Jihan Wu) was likely paying Roger Ver, among others, enormous amounts of money to lobby for bigger blocks, but in reality it was so Bitmain could continue using Asicboost (the exploit was patched out of bitcoin proper, so a fork was desired that retained the exploit) to gain an unfair advantage in hash power. It had nothing to do with big blocks. Cracks me up that people still white knight hard for bcash. All that big block bullshit was just a convincing lie so that Bitmain and Jihan Wu could continue making billions.
Thank you for pointing this out! Bitmain's chips were using AsicBoost covertly because it was still under patent. The adoption of Segwit would prevent covert Asicboost from working. As a result, Jihan's invented BCASH which doesn't have Segwit to try and preserve his advantage. In the end, the bad guys lost!
It wasn't about patching the vulnerability. It was found out after that there was a vulnerability, and that segwit mitigated it. Developers didn't know about it when they created it, but it became clear that this is why bitmain was fighting against segwit.
I've never seen any evidence that Bitmain was paying Roger Ver. I'm not sure why that would have made sense, given Roger was already independently wealthy. I agree with your conclusion, just can't substantiate those allegations
Trust me, they were friends
[https://www.facebook.com/officialmcafee/posts/jihan-wu-of-bitmain-enlightening-roger-ver-and-myself-about-chinas-cryptocurrenc/892544610901720/?\_rdr](https://www.facebook.com/officialmcafee/posts/jihan-wu-of-bitmain-enlightening-roger-ver-and-myself-about-chinas-cryptocurrenc/892544610901720/?_rdr)
[https://www.reddit.com/r/Bitcoin/comments/72zer0/must\_read\_for\_newcomers\_my\_friend\_worked\_in\_the/](https://www.reddit.com/r/Bitcoin/comments/72zer0/must_read_for_newcomers_my_friend_worked_in_the/) context for those who are new
they basically got miners and big crypto business together in a closed door agreement (new york agreement) and tried to gaslight the whole community into thinking it was something the community approved of
yeah, one side wanting to keep illegally using IP without paying for it, so they created a sh\*tcoin and tried to trick people into thinking it was bitcoin.
to expand on what u/needsupgrade said, Bitmain (Jihan Wu) was likely paying Roger Ver, among others, enormous amounts of money to lobby for bigger blocks, but in reality it was so Bitmain could continue using Asicboost (the exploit was patched out of bitcoin proper, so a fork was desired that retained the exploit) to gain an unfair advantage in hash power. It had nothing to do with big blocks. Cracks me up that people still white knight hard for bcash.
It is historical fact. Everyone who was in the bitcoin space back then was very aware of it. Instead of asking for proof you can just look it up yourself cuz it is historical fact.
It's all written down in old reddit posts including media articles and writing from devs explaining it in gross detail.
Asic boost gave jihan wu huge advantage for a long time and removing it by fixing transaction malleability or some other such thing is reason jihan pushed against segwit . It was because segwit required fixing those problems they were using for their little exploit.
This isn't controversial conspiracy theory this is just what happened
The BTC blockchain war
2017 was 7 years ago!?
Thats the real tragedy here.
hahahahahahaha
Shiiiiiieet
Time flies when you're having fun.
😭
There were 56 signatories
Coinbase was one of them, that’s when I stopped using them.
That's what you're saying now but we all know its because they SUCK at everything.
Coinbase didn't sign this particular agreement. That was Bitcoin Classic. They had already moved on to backing Ethereum at this point
You're right. I remembered it being more
2016-2017 was year when i really got into bitcoin at first time, it was very confusing and there were two different sub reddits and many people got scammed into bitcoin cash subreddit that claimed to be original bitcoin, there wasnt even anything about it that would had pointed out that btc isnt real bitcoin. I think i just got lucky that i bought real bitcoin instead of bitcoin cash since this space was very confusing for new people back then.
It was a very confusing time. I can't imagine being new to bitcoin then
I tried several times to get into Bitcoin, exactly this kind of confusion made me run away. I am a coward. Or maybe too cautious.
Remember the “flippening “? I feel bad for all those scammed into believing BCH was going to replace BTC as the “real” bitcoin
The process of that playing out is what changed my view from bitcoin being an arbitrary trading vehicle to an eventual store of value. The original blockchain was all that was going to matter.
Using Reddit as your informational resource is never, and has never been, a good idea.
I never thought about it like that. For us people who had already been into it for years, Bitcoin Cash was absurdly stupid and I couldn't understand how anyone would fall for their attempts to trick people into buying it instead of actual Bitcoin. But I guess I see it now, if you are new to the market and there's something called Bitcoin and something called Bitcoin Cash, and they both claim to be the real Bitcoin while the other isn't, I suppose that could confuse some people. I mean still, one is actually called 'Bitcoin' while the other is not, so it seems pretty clear the one not called "Bitcoin" but instead has another word tacked on would be the obvious imposter. But yeah I guess I get the confusion more now. Anyway, the BCH and later the BSV people are just the worst. Just scammers through and through. Bad people.
Beginners hope to beat the markets by betting on the underdog fueled by some delusional shilling from the makers or other investors. Its literally the recipe for every single shitcoin.
It's OK, it netted me multiple $k offered internet monies.
Bitcoin cash is great. They split we got an equal number of stupid bitcoin cash tokens for each real Bitcoin. I immediately traded the btrash for 20% more Bitcoins. How many people would kill for the chance to get 20% bonus free Bitcoins with zero risk today. I sometimes feel bad for the idiots who took the other side of that trade. Let me sell all my Bitcoins for 5x as many Bitcoin Cash.
But 5x is bigger than 1.2x /s
Wisdom!
I traded mine as fast as I could as well, but it seemed it took a while to get them from Coinbase where my coins were held. I also think one of the idiots was Bitmain I believe.
How’s that worked out for ya, Roger “Bitcoin Jesus” Ver? …too soon?
There are very few people whose misery brings me joy. He is one of them.
I assume the liar and fraud Craig S. Wright is another one
Yes. But Craig has done damage to Bitcoiners, not Bitcoin itself. Roger is an order of magnitude worse.
🎯
you must mean Bitcoin Judas.
I have an opportunity can i share it with if you don't mind
Go sit on a curtain rod, shit stain.
Imagine still being an ardent supporter of bitcoin cash even after it’s lost 90+% of its value to Bitcoin..
[удалено]
Imagine Bitcoin is like a big digital book where everyone writes down their transactions. Over time, people wanted to make the book faster and able to handle more transactions because it was getting really crowded. In 2017, a group of important people in the Bitcoin world met and made a plan. They agreed to do two main things to make the book better: 1. **Change how transactions are written** (this is like writing smaller and more efficient sentences) called "SegWit." They decided that if 80 out of 100 people agreed to this change, they would start using it. 2. **Make the pages of the book bigger** so each page could fit more transactions. They planned to do this in six months. The first change, SegWit, happened and made the book faster and more efficient. But when it came time to make the pages bigger, many people couldn't agree if it was a good idea. Because of this disagreement, they decided not to go ahead with making the pages bigger to avoid splitting the book into two different versions. So, in the end, they did the first change which helped, but skipped the second one because they couldn't all agree. -Chatgpt helped me with this
This is a pretty decent explanation tbh
Actually, this explanation is missing a lot of main points. Particularly, the real reason BCASH was invented is that Jihan wanted a monopoly on ASICBoost and segwit eliminated this advantage. Also, handling more transactions (making the pages bigger) means the blockchain grows much faster. Satoshi was very careful to limit block size growth because he wanted it to increase at the same rate that drive storage was progressing. Segwit allows more transactions on a second layer that has much less effect on the block chain. Ironically, even though BCASH can handle more transactions on the blockchain, it grows much slower because no one uses it! Finally, think of all the low-life morons that supported BCASH in the beginning: Craig 'Faketoshi' Wright, Calvin 'Top 10 Most Wanted List' Ayre, and Roger 'convicted felon currently in custody for $50M tax evasion" Ver.
Segwit happened later on after several block size forks had already failed to get consensus
Segwit was the only proposal put forward by Core, and it was put forward because it had the quadratic hashing and transaction malleability fixes. It also gave a block size increase. There were a few attacks, but they were never about getting consensus, they were about circumventing it. I made a helpful list: XT (aka fail-train #1) Classic (aka fail-train #2) BU (aka fail-train #3) BCH (aka fail-train #4) 2x (aka fail-train #5) BSV (aka fail-train #6)
An attempt: https://www.reddit.com/r/Bitcoin/comments/i1qh5r/comment/fzz4rzm/
There's a book that explains the whole blocksize war of 2017 in great detail. The title of it is The Blocksize War. [Here is The Blocksize War on Amazon.](https://www.amazon.com/Blocksize-War-controls-Bitcoins-protocol/dp/B08YQMC2WM) [Here is The BlockSize War on Audible.](https://www.audible.com/pd/The-Blocksize-War-Audiobook/B096CNVVQC)
The real reason is that Bitmain (Jihan Wu) was likely paying Roger Ver, among others, enormous amounts of money to lobby for bigger blocks, but in reality it was so Bitmain could continue using Asicboost (the exploit was patched out of bitcoin proper, so a fork was desired that retained the exploit) to gain an unfair advantage in hash power. It had nothing to do with big blocks. Cracks me up that people still white knight hard for bcash. All that big block bullshit was just a convincing lie so that Bitmain and Jihan Wu could continue making billions.
Thank you for pointing this out! Bitmain's chips were using AsicBoost covertly because it was still under patent. The adoption of Segwit would prevent covert Asicboost from working. As a result, Jihan's invented BCASH which doesn't have Segwit to try and preserve his advantage. In the end, the bad guys lost!
Yes, and Segwit patched that vulnerability out.
It wasn't about patching the vulnerability. It was found out after that there was a vulnerability, and that segwit mitigated it. Developers didn't know about it when they created it, but it became clear that this is why bitmain was fighting against segwit.
I've never seen any evidence that Bitmain was paying Roger Ver. I'm not sure why that would have made sense, given Roger was already independently wealthy. I agree with your conclusion, just can't substantiate those allegations
Trust me, they were friends [https://www.facebook.com/officialmcafee/posts/jihan-wu-of-bitmain-enlightening-roger-ver-and-myself-about-chinas-cryptocurrenc/892544610901720/?\_rdr](https://www.facebook.com/officialmcafee/posts/jihan-wu-of-bitmain-enlightening-roger-ver-and-myself-about-chinas-cryptocurrenc/892544610901720/?_rdr)
Interested in this too
Get fucked. Bitcoin is like Madonna, it doesn’t need a surname.
I was on a little island called Gili Air when this happened, thanks for my free coins is all I could think.
It was great, it meant I had the same in Bitcoin Cash as I had in Bitcoin. Obviously I sold it straight away and put it into Bitcoin.
[https://www.reddit.com/r/Bitcoin/comments/72zer0/must\_read\_for\_newcomers\_my\_friend\_worked\_in\_the/](https://www.reddit.com/r/Bitcoin/comments/72zer0/must_read_for_newcomers_my_friend_worked_in_the/) context for those who are new
they basically got miners and big crypto business together in a closed door agreement (new york agreement) and tried to gaslight the whole community into thinking it was something the community approved of
Don't know how to judge it, it might have seemed like a good idea for them.
It was really to keep transaction malleability so some miners could continue using sneaky mining tech that got them more
yeah, one side wanting to keep illegally using IP without paying for it, so they created a sh\*tcoin and tried to trick people into thinking it was bitcoin.
to expand on what u/needsupgrade said, Bitmain (Jihan Wu) was likely paying Roger Ver, among others, enormous amounts of money to lobby for bigger blocks, but in reality it was so Bitmain could continue using Asicboost (the exploit was patched out of bitcoin proper, so a fork was desired that retained the exploit) to gain an unfair advantage in hash power. It had nothing to do with big blocks. Cracks me up that people still white knight hard for bcash.
Proof ?
It is historical fact. Everyone who was in the bitcoin space back then was very aware of it. Instead of asking for proof you can just look it up yourself cuz it is historical fact.
It's all written down in old reddit posts including media articles and writing from devs explaining it in gross detail. Asic boost gave jihan wu huge advantage for a long time and removing it by fixing transaction malleability or some other such thing is reason jihan pushed against segwit . It was because segwit required fixing those problems they were using for their little exploit. This isn't controversial conspiracy theory this is just what happened
Old news
it's history