Despite thinking that we had avoided a hard fork with the addition of segwit2x, it seems that the geniuses over at r/btc decided they didn’t just want big blocks, but they want a complete removal of bitcoin core from the start. Essentially this entire time they were pushing a compromise that they didn’t even want and when it got accepted, they decided it wasn’t good enough and will be creating their own coin called Bitcoin Cash/ABC/UAHF whatever they want to call it moving forward. As you can see I am a bit upset with this call because over and over again for a year now they have been blocking advancements purely out of spite.
Thankfully not everyone of the big blockers are buying into the bullshit and are supporting core as long as they hard fork to 2MB. However those who aren’t are flooding subreddits with their attempted coup. Well heres what you need to know about Bitcoin Cash. If you have any bitcoin at the moment of the fork, you will have coins on both chains. This will likely trigger a large sell off of bitcoin cash the second an exchange lists it, but it will probably survive like we saw from the Ethereum fork.
The coin itself is mostly being pushed by bitmain, Roger Ver and Viabtc, who, surprise, have been the major advocates of stalling segwit. They have let personal problems get in the way of what is best for the future and now believe they can develop a coin better than the smartest people in the space who have been writing research papers on cryptocurrencies since the 90s. If they want to take a shot at it, by all means do it, I personally will be selling off my bitcoin cash the second they fork, not because I think it won’t raise in price, but because out of principle I find their actions in the last year have severely hurt the bitcoin user base.
At this point, I am honestly glad that they are leaving the main chain alone and going to create their own coin. None of the business like coinbase are going to support them, they will have to build from the ground up and I suspect have many bugged releases. Bitcoin cash is the equivalent of flipping the monopoly board after you lost the game and I am finally happy to have these people out of the bitcoin main chain. I say out of the main chain because many of them are claiming they will sell all their main chain coins the second the market hits, but lets see what actually happens. I think this is a situation where a fool and their money will soon part.
If you want to know how to claim your Bitcoin Cash, take your coins off any exchanges and look at the subreddits come August first. You will probably have to do some technical work, but many people will walk you through it. Make sure you have your own keys though and you don’t have coins on an exchange because many exchanges have already said they wont support it and wont even give people the coins. Well see what happens, but once more, it seems the first will be an eventful day.
Thanks to @Elyaque for the badges