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Joined May 7, 2012
83 Blog Posts

Battle of the Bitcoins: Core vs Cash

You will see a lot of articles on Bitcoin this week. This is what you really need to know.

Bitcoin Core forked from Bitcoin Cash. That’s right. You will hear that said the other way around in 99% of articles, tweets etc but Bitcoin Core altered the way digital signatures are handled to:

  1. Keep an artificial block size limit in place
  2. Provide capability to add a paid service called Lightning Network on top of Bitcoin to solve the problem created in #1

This basic change in how Bitcoin operates means Bitcoin Core is a fork of the original code and that Bitcoin Cash retains the characteristics that made it a 100B market cap with eyes on further exponential growth.

The facts around Core vs Cash are hotly disputed but people are slowly waking up to the truth.

Here’s more about why this distinction between coins matters and who will win (and where to put your funds).

Bitcoin Core promises to solve the scaling problem using SegWit to enable the “Lightning Network”. The Lightning Network is a second layer solution designed to handle transactions (for a fee of course!) and then using Bitcoin only as a settlement layer. Do you see the problem yet? It negates the primary features of Bitcoin. Bitcoin becomes captured by Blockstream, the proponents of SegWit and the Lightning Network. Blockstream will make billions from this scenario. Oh, did I mention several of the Bitcoin Core developers are also Blockstream employees? Blockstream intends to be the vampire squid of Crypto.

Think of money. Then think of Visa. Visa would love to eliminate money! The Lightning Network is like Visa. If Lightning Network were enabled Blockstream would be grifting from every transaction on the Bitcoin network.

Bitcoin Cash promises to solve the scaling problem by increasing the block size. This allows scale using Bitcoin Cash quickly and cheaply without a thrid party involved. This keeps the promise of what made Bitcoin appeal to many early adopters as well as protecting Bitcoin’s resistance to control, censorship and corruption.

So, what’s been going on? A war. I’ve been posting about Bitcoin Cash for a few months. It had a ridiculous spike and retrace even for the wild west of Crypto. But in a few months that will be a blip on the chart. Crypto veterans have seen the craziest things and we’re practically immune. Crypto is changing the world and rewriting the rules of money. It’s going to be fucking messy for a while.

Predictions are a fool’s game but I’m a fool. I expect that BCH resumes it’s climb in next 48 hours and BTC will not reach $7,000 again. In a few months BCH will be king and BTC will be #rekt.

Caveat emptor, motherfuckers.

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26 comments

  1. sarcrilege

    Way, way back, before any talk about hard forking, I commented, “Embrace, extend, and extinguish”. So here we are…

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  2. lapens

    Enigma, do you have any other sources on this or are you coming to your own conclusions? For mine, I’ve bailed out of both btc and bch while this shit is sorted out. Took some tidy profits in the process, but wondering if I should throw some speculative into bch – you seem utterly convinced… (HODLing alts, ppt especially!)

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    • CoinSpeak

      I have a ton of sources…and you should never trust anyone in Crypto.

      Bitcoin is a very deep rabbit hole. Deeper than you can imagine. Tom Clancy couldn’t write a book that would compare to the shit happening in Bitcoin.

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      • lapens

        So are you seriously saying you think that bch will overtake btc? Ballsy move, unless you know something! Hmm what to do, what to do… still sitting with my BTC funds in cash…

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  3. ghostface

    If Bitcoin Cash wins it will be centralized with China along with the patents to competitively mine the coin. I also don’t think big blocks solve the long term problem of scale at a visa level. On top of that there is still the delay to confirm blocks. But as a gold alternative with low fees Bitcoin Cash has value over the current Bitcoin. I thought Segwit plus bigger blocks would have been a step in the right direction but greed on both sides has made a mess.

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    • CoinSpeak

      Bitcoin Cash will be centralized is a propaganda campaign put out by Core.

      Bitcoin Cash and Bitcoin Core compete for the exact same hash delivered by the exact same miners. Yet if Bitcoin Cash has more hash then Core claims Cash is centralized. Total crap.

      Blockstream wants to centralize Bitcoin via the Lightning Network. That’s a true difference between the two coins it’s the definition of centralization and forgoing censorship.

      BCH has something called zero conf. Merchants won’t have to wait for confirmation because BCH has zero conf and has removed Core’s feature “replace by fee”. Those are designed to enable a clawback mechanism on payments like Visa. They are unneeded hacks designed to line Blockstream pockets.

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      • Metalleg

        Why 48 hours? That’s 18 hours from now.

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        • Metalleg

          4 hours from now. BTC > $7k

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        • CoinSpeak

          48 hours after the fork I expected some fireworks. Crypto moves very fast. There is a difficulty adjustment for BTC in ~1 week. Indicators point to miners pointing hash at BTC to keep difficulty flat or higher. We’ll see if there is a sudden shift once the difficulty adjustment happens.

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  4. alk

    BTC is the best store of value, bar none.
    BCH is a better cash substitute.
    That will change. Seems neither is going away any time soon, but no onw knows for sure

    BCH dropped $18 billion in 50 mins. unbelievable.

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    • CoinSpeak

      All of crypto has violent swings. Change is not always pretty. You must be able to handle swings and/or practice risk management. Also makes for opportunities for great trades.

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  5. bob

    > btc will not reach 7k again
    as of this wirting btc $7209.42

    this is why prognosticating the crypto-ponzi is so tough.

    think about what these “coins” really are? they are monetizing a simple blockchain ledger; that is, monetizing units of payment a la monetizing SWIFT. the stupidity of this is gargantuan. truly.

    speculate away, but know that this shit is not good store of value and a terrible alternative currently to using a credit card. there is no anonymity (quite the opposite). so chase the momo, but don’t pretend this shit is anything but a Deep State trial balloon to lure everyone into a cashless IMF SDRcoin.

    sukit hoe

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    • metalleg

      Bob,

      Unless you have made money investing in cryptos, your words here are worthless. You profess to be an expert on what these “coins” are or aren’t and what is or what is not a store of value but you missed the boat on monstrous gains in this space so your credibility, when it comes to giving advice on cryptos, is zero.

      Your comment is a guess based on something you don’t understand.

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      • bob

        or your comment is a guess on something you think you understand.

        opensource code w/ segwit soft-forked into it vs same exact opensource with a tweak here and there. the branding here is vital: btc has all the wall st idiots piling in now to get their muppets to go all in.

        i didn’t profess anything dolt.

        if making money on investing is the only barometer to expertise, then you are a fucking moron. you actually learn more when you lose money, assuming you have a brain. but anyhow, keep pumping this idiocy.

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    • CoinSpeak

      Yeah, making a call in Crypto is tough. Keeps things exciting though!

      BTC is now closer to $8k than $7k. Oh well. I post charts on my twitter if you want to keep up with my thoughts more frequently.

      Bob, Bitcoin Cash is nothing like Visa. It’s better.

      Here’s an article that may be in your wheelhouse. It’s only one angle on how amazing an opportunity it is to be alive when Bitcoin is starting but based on what you posted may be most relevant to you.

      https://hackernoon.com/why-everyone-missed-the-most-important-invention-in-the-last-500-years-c90b0151c169

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  6. georgiebest

    50% drop for BCH from the high in 2 days, generally interested to hear your thoughts Coinspeak

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    • CoinSpeak

      The spike to $2700 was a chart breaker. All TA indicators out the window and needed a reset. However, BCH was trading at $300 just a few weeks ago so at it’s current price of +$1,000 it’s still +300%

      Anyone FOMO’d the 24 hour 300% increase from 800-2400, well, welcome to Crypto. Control of your emotions and good trading discipline is crucial. If they hold their bags they will be OK but it’s going to be uncomfortable for a while.

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      • metalleg

        I know you love you some BCH and I’m in on it too. It’s probably your commitment that convinced me to hold after the 8/1 fork and buy a few more soon after. I believe the better option will win out so I’m holding.

        Besides BCH, watch NEO over the weekend and into Monday. Many have been expecting a gigando move in the ‘Chinese Ethereum’ and it may be starting now. They’ve announced that they are releasing some news on Monday so what happened today is a reaction to that.

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      • georgiebest

        Do you have any long term holdings or you trade BCH?

        Personally I have an average buy in at $1,200 and see support at $800 ish, once I fully allocate I will leave it to either go to zero or evolve through time and review the holding as it goes.

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        • metalleg

          Grab yourself some NEO this weekend. Up a lot since yesterday because they came out and said that there’d be an announcement on Monday. It’s off it’s highs now so probably a good time to get in.

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  7. CoinSpeak

    Saturday the 26th there could be fireworks in Bitcoin.

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  8. georgiebest

    does litecoin not have the lower transfer fees and faster than BCH? or is simply that Bitcoin cash as a stronger brand and will evolve to be faster and will have lower transfer fees than litecoin in the future?

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    • a little knowledge
      a little knowledge

      I prefer LTC (litecoin) / Charlie Lee to BCH.
      Technically I don’t know which is best but I feel comfortable w Charlie Lee; I trust the BCH guys only as far as I can throw them.

      To the non-believers, e.g. sarcrilege.

      Here’s the question you may want to ask yourself:

      At what point would I admit that I am wrong? (about BTC)

      BTC survives for 10, 12, 15, 20 years (8 or 9? yrs so far)
      BTC hits $1,000, $2,500, $5,000, $10,000, $15,000, $25,000, $50,000, $100,000
      other
      PS advice: Buy $100 worth and let the learning begin. It’s not too late.
      No one knows – my guess – 2018 BTC = $20,000 to $50,000

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  9. georgiebest

    If you don’t mind CoinSpeak are you still all in on BCH?

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    • CoinSpeak

      All in on BCH.

      Monero is breaking out today @$145. I sold XMR at the bottom @ $85 to buy BCH at $380. Sometimes you can’t wait for the market. As painful as that trade was it worked out great for me buying more BCH at 380. I posted on Twitter a chart for XMR at $200 by 2018.

      Litecoin has Segwit which, many will find out, is a death sentence.

      Charlie Lee is talented but he’s content for LTC to be BTC’s testnet.

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