Entrepreneur Roger Ver has caught some heat from his own base for perceived hypocrisy, after he pejoratively referred to Bitcoin as “Cripple Coin” in a post on the r/BTC subreddit. It lies in the fact that Ver himself has slammed a name-calling trend within the Bitcoin community: referring to Bitcoin Cash as “Bcash,” a label that BCH advocates consider an attempt to insult the currency.
This post comes only days after Ver lost his cool during a debate with YouTuber “Bitcoin Error Log” John Carvalho after the latter repeatedly mentioned “Bcash” when referring to Bitcoin Cash — an incident that subsequently caused Ver to issue an apology.
Additionally, during the debate, Ver criticized Bitcoin and its development team more than once for taking it down a path that he considers to be detrimental to Satoshi Nakamoto’s original vision for Bitcoin as “peer-to-peer electronic cash.”
Speaking to Bitsonline, Ver said there’s a difference between using made-up names to mock, and to deliberately mislead:
“No-one is ever going to mistakenly confuse Cripple Coin to be Bitcoin’s real name. Many many people now confuse Bitcoin Cash’s real name to be Bcash thanks to a concerted effort of Core supporters to cause that confusion. I think that is a very important difference. And Bitcoin has been crippled intentionally by Core.”
By “crippled”, Ver means Bitcoin Core developers and supporters are shifting Bitcoin (original chain) away from its original “Peer-to-Peer Electronic Cash” vision.
This claim seems hard to believe right now as the bitcoin price is currently riding high, recently hitting the $10k USD price milestone and even surpassing $11K on the same day.
In addition, CME and Nasdaq recently announced planned bitcoin futures products, thus making his claims sound irrational, or those of an ideologue removed from the current reality.
However, lurking behind all of this success are hidden problems for Bitcoin that could end up hurting it. Could there be some grain of truth to Roger Ver’s gloom and doom?
Well, one important measure of performance is the amount of transactions piling up in Bitcoin’s mempool, something that has significantly increased with Bitcoin’s recent price surge: approximately 90,000 and counting.
Another useful metric for gauging Bitcoin’s success is its average fee per transaction, something that has also increased with increasing demand and congestion. Indeed, CoinCap.io currently has Bitcoin’s AFPT at over $8.00 — far and away the steepest rate of all the top 10 cryptocurrencies.
Thus, it seems some useful commentary can be found in Ver’s otherwise hyperbolic statements: things aren’t all sunshine and rainbows in the Bitcoin universe. Serious problems exist and they need to be addressed.
For instance, transaction buildup in the mempool measures network congestion with more congestion meaning an increasing inability to even use Bitcoin in any capacity. If you can’t buy or sell BTC, then there’s no use for it because people can’t obtain it and users can’t cash out of it.
However, while there may be some legitimacy to Ver’s ideas, many still believe he’s still hurting his own cause by the way he has handled himself. In fact, a top response in Ver’s Reddit post mentioned how another prominent Bitcoin Cash advocate has handled himself in comparison.
“Bitcoin Cash is not Bitcoin. Bitcoin is not Bitcoin Core. Jihan is actually the most levelheaded about this. Don’t follow Roger into the pit of hellfire delusion,” it said.
It does seem like Jihan Wu, CEO of Bitmain and prominent Bitcoin Cash advocate, has attempted to take a different approach, that contrasted with Ver, is less hostile and more collegial.
The pinned tweet on Wu’s Twitter account almost reads as a condemnation of the debate’s antagonistic direction:
BCH community needs to learn a hard lesson. Be friend with other competing coins, learn from them, and make BCH better. Don't play hatred, don't wish competing coins ill. Just wish and try to make BCH better.
— Jihan Wu (@JihanWu) November 10, 2017
What do you think of Roger Ver’s behavior and his derisive comment about Bitcoin? Let us hear your thoughts.
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