- Cointelegraph reports on the ‘schism’ in the world of Bitcoin Cash, the cryptocurrency that emerged when the original bitcoin blockchain split, or ‘forked’ in 2017, and was at the time hailed as representing the true vision of Satoshi Nakamoto, ‘bitcoin’s’ pseudonymous creator.
- According to Cointelegraph’s report, the Bitcoin Cash protocol is now the focus of a three-way battle between interested parties, Bitcoin Cobra, Bitcoin ABC and nChain (the latter being the blockchain development firm of Craig Wright, who once claimed to be Satoshi Nakamoto).
- Its seems that nChain recently announced their own ‘fork’ of the Bitcoin Cash chain, after which Bitcoin ABC announced their own implementation. Now Bitcoin Cobra has announced its own ‘fork’ of the Bitcoin Cash chain.
- Cointelegraph concludes that “The conflict within the (Bitcoin Cash) community represents an ideological schism among developers’ vision for the future of Bitcoin Cash in accordance with the principles set forth in Satoshi’s original white paper”.
Comments
- The dispute among the Bitcoin Cash community has echoes of the dispute among the bitcoin ‘core’ community in 2017, which led to the creation of Bitcoin Cash in the first place.
- The whole episode illustrates three key facts which observers should bear in mind when considering the potential for crypto:
- Decentralisation is no panacea for the ills of the mainstream financial system;
- There’s always a new ‘third party’ – in this case there are several (Bitcoin ABC, nChain, Bitcoin Cobra) whose aims and objectives need to be understood by those who are going to trust their worth to crypto; and
- The supply chain of crypto remains highly unpredictable – if crypto chains can forever splinter and fork into individual variations of a particular chain, then the concept of crypto benefiting from a ‘fixed’ supply of coin must now surely be dead.
- Decntralized crypto will not replace fiat money, nor disrupt existing mass market retail payment systems any time soon.
What do you think?
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