RE: Attack against Bitcoin through Bitcoin Cash

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Attack against Bitcoin through Bitcoin Cash

in bitcoin •  7 years ago  (edited)

BCH claim to lower transaction fees is misleading: both BTC and BCH charge the same base fees (about 0.001), but when the networks get crowded users add to the fees to get preferential inclusion in blocks. The problem was that BTC blocks were full, so the fee market became competitive. But THE SAME FEE MARKET WILL ARISE ON THE BCH chain as soon as it gets crowded. Sure, the blocks are 8 times bigger on BCH but they dont have segwit and they havent been popular before. If BCH were to become the dominant cryptocurrency though, the scaling problems it would face would be IDENTICAL to the ones BTC faces.

Using BCH instead of BTC only makes matters worse in the long run, because it is owned by a bunch of rapacious con-artists who will pump it and dump it all day long and ignore the interests of users. The BTC core dev team is admittedly less focused on profitability but positively more focused on stability and security. Certainly buy some BCH but know that it is purely a pump and dump engine and not a secure vessel for storing wealth.

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we'll see about that! again, do you swear that (verbatim): Using BCH instead of BTC only makes matters worse in the long run, because it is owned by a bunch of rapacious con-artists who will pump it and dump it all day long and ignore the interests of users.
Certainly buy some BCH but know that it is purely a pump and dump engine and not a secure vessel for storing wealth.
I will keep this documented!

Great comment, cant put it any better. At a free market, these scenarios will happen from time to time.