Comment by cocktailpeanuts | Hacker News Reader

Comment by cocktailpeanuts | Hacker News Reader

Parent Full thread

cocktailpeanuts

You're a victim of social media propaganda. It's not your fault though. Most people have busy life and they don't have time to stay on top of all the drama so they only hear from "mainstream sources". The thing is, the original Bitcoin community leaders have control over the largest websites for Bitcoin related content (bitcointalk and /r/bitcoin subreddit and so on) and they control their message through their channels and censor anything about Bitcoin cash. So everything you hear about Bitcoin and Bitcoin cash is pretty much a result of censorship and propaganda, which is why you only hear about Bitcoin cash being a scam. But this is far from truth.

If you don't believe me, find the smartest people you know who are professional crypto investors, they will say they secretly hold bitcoin cash but never speak out because they will immediately be labeled as "scam investor", and nowadays character assassination is really scary on Twitter so most people who actually know stuff stay quiet.

The whole Bitcoin thing is meant to be forked, and that's the whole point--that's why Bitcoin as a whole is anti-fragile. If something doesn't work out with one approach, there will be another fork of Bitcoin that may succeed with a different approach, but the original Bitcoin holders--unless they're stupid enough to sell everything just because they want "the real bitcoin"--will keep holding the same amount of fork coins, so everybody wins.

As for the details on Bitcoin vs Bitcoin Cash, they just have different philosophies. Bitcoin wants to focus on stability whereas Bitcoin cash wants to focus on usability. None of them are "scams" and there's nothing wrong with each party. Some people have strong opinions towards either of the forks, but most old Bitcoin investors stay quiet and are just waiting out to see how it all ends, because they have nothing to lose. If Bitcoin wins, then good. If Bitcoin cash wins, that's also good because they have the same amount of coins.

Think about this for a moment. What would happen if Bitcoin Cash dies because "it's a scam", and the original Bitcoin is the only option left? And what if that approach doesn't work out? Then we are left with nothing. I think it's great that these two forks co-exist for now and have chance to prove themselves.

> smartest people you know who are professional crypto investors

This is genuinely, if inadvertently, hilarious.

i know what you mean, but traders do exist, and smart people exist. and sometimes there is an overlap no matter how small it is. Most traders are idiots though.

>If you don't believe me, find the smartest people you know who are professional crypto investors, they will say they secretly hold bitcoin cash

you genuinely believe yourself?

I don't believe, I know for a fact. Most early Bitcoin investors still hold Bitcoin Cash and never sold. And this is the majority of Bitcoin holders. Even the so called "BTC maximalists" still hold the bitcoin cash forks. If you're curious, go ask some of the "famous" BTC maximalists who are aggressively active on Twitter.

Also, if you got in last year, you're a small fish and doesn't really matter in the grand scheme of things, because in the end, it's the older investors who will move the needle. Right now they're just sitting this one out because nobody knows what will happen. But they will start moving their funds once it becomes apparent which one will have the future and which one won't. And when that happens, a "relative hyperbitconization" will happen, shrinking the other chain to irrelevance almost overnight. I'm not trying to say which chain it will be (again, i hold same amount of both so I win either way), I'm just saying, if you hold any type of Bitcoin and want to benefit from this scenario, it's best to do your own research and understand where both parties are coming from, instead of just following the mainstream narrative like a sheep.

Not quite. Yes they control the social media channels, but check any other crypto sub and you'll find some of the same articles and information. For what it's worth, I think forks are great because they allow people to try new things. However, Roger Ver and the Bitcoin Cash community have clearly taken steps to mislead the public into thinking that the original Bitcoin is "Bitcoin Core", and that Bitcoin Cash is "Bitcoin". When an outsider comes in and tries to buy "Bitcoin", but is misled into buying Bitcoin Cash, that's a genuine problem. Here is one example: https://www.wetalkcoins.com/news/quotbitcoin-cashquot-faces-...

> check any other crypto sub and you'll find some of the same articles and information

That's because no matter which coin they own, the main source of their information comes from the Bitcoin community. If Bitcoin dies, all other coins will be affected by it, so even the stupidest traders keep an eye on what happens to Bitcoin even if they didn't invest in Bitcoin itself.

I didn't sell my Bitcoins when the chain split happened so i own the same amount of BTC and BCH, but I still think this "Bitcoin brand is owned by the original Bitcoin chain" is ridiculous and ignorant idea. But that's just my opinion. You see, it's all about opinions and there is no such thing as "fact" in crypto because nobody knows the future. Anyone's free to have their opinion, just like you think Bitcoin cash is a scam. I'm just sharing my own opinion because I think it's as legitimate as the "bcash is scam" opinion yet doesn't get enough attention, mostly due to the unfortunate turnout of the market. Most people who bought into Bitcoin late last year bought BTC and not BCH, and these are the people who are most active on social media, and of course they want BTC to win and BCH to fail because otherwise it means they made a bad investment. In contrast, a lot of early investors (who have owned Bitcoin for a long time even before the fork) don't have any incentive to speak out because to them it doesn't really mater which side wins (unless they're just irrational people who don't understand the market). So we end up with a world where the loudest people are the ones who bought BTC, and the people on the BCH are automatically presented as frauds and scammers.

Reply on news.ycombinator.com