Roger Ver entitled as the ‘Bitcoin Jesus’ says he is incredibly Bullish about Bitcoin Cash and not Bitcoin Core as he declared that he still owns some. Bitcoin.com CEO, Roger Ver weighs in on the future for cryptocurrencies. He spoke with Haslinda Amin from the Bloomberg Invest Asia Conference in Hong Kong on “Bloomberg Markets,” according to news from Bloomberg.
Haslinda exclaimed, from $20,000 to $6,000, the grace of Bitcoin has gradually come down. Do you still believe in it, or do you hold some of it and pay with it like you used to before? She questioned Roger.
“I do own some of Bitcoin Core, like all eggs in a basket, but I converted majority of it to Bitcoin Cash because it resembles the economic formula that led Bitcoin to be the worldwide phenomena that it is today.”
He also explained the reason for his move which is: BCH has all the facilities of being accepted in hotels, flights and almost everywhere but Bitcoin Core doesn’t.
All the coins are thriving to achieve scalability which has not been possible to date. Last year, like the entire world, noticed there were two camps who believed in two different things. One of them thought Bitcoin can not scale while the other thought it can. According to Roger, they are both rights because BCH can scale while Bitcoin Core can’t.
“It is mental problem within the heads of the people and these are the same people with different opinions who were involved in BTC from earlier days even before it forked just like myself.”
He continued to state about the fork:
“A fork is just a scary name for a software upgrade, everybody just freaks out. The upgrade (fork) will avail better features and additional facilities and that is what is about to happen to Bitcoin Cash [BCH] during its fork. It will become more useful than it is today.”
People who say BCH will face the same problems as BTC are probably not paying enough attention to reality, he says. Bitcoin Cash can scale enough money for the entire world and the only reason why Bitcoin Core did not is because people did not believe it could. He refers to an example like: if humans did not believe if they could fly an airplane and had given up at that point, we probably would never have planes.
“It is the same case as the example above, if you think it can be the money for the entire world, it will be and that is what we are trying to do now, we are on our way.”
Cryptocurrencies have tremendously tumbled in recent times and talking about volatility, Roger thinks that’s default with the technology. For this reversal to come, more adoption in commerce is necessary which will lead to a higher market cap. He has been involved in this space for a long time, for almost 8 years full time now.
“I am not gonna quit tomorrow, I am not gonna quit ever. This is a long-term thing we are witnessing before our eyes for the first time ever in human history – a separation of money and state, where the money will certainly be issued by these blockchains and people have choices. This is a fantastic thing for all of the human kind.”
He concluded saying, regulatory issues sure concern the coins but, that won’t stop the blockchain itself.
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Bitcoin Cash’s hashrate comes dangerously close to being controlled by one mining pool
Bitcoin Cash may have fended off the hacker who abused the network upgrade, it may have also upgraded its privacy by implementing Schnorr Signatures, but there is something dangerous happening behind the scenes, which could have a detrimental effect.
Bitcoin Cash’s hashrate, at press time, came very close to being controlled by one single entity, BTC.top. Nine hours ago, the same entity controlled more than 51% of the hashrate, according to a Reddit post.
The attached image showed that BTC.top controlled 54% of the hashrate which would give that pool, the power to double spend any and all Bitcoin Cash, halt transactions and successfully launch a 51% attack on the fourth largest cryptocurrency in the world.
At press time, however, the control of BTC.top waned to 44.44%, which is still a huge amount of control for any entity to have, considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general.
This is not the first time, BTC.top has come close or crossed over the 50% line with Bitcoin Cash. On January 3, 2019, BTC.top controlled about 50.2% of the total hashrate for Bitcoin Cash. BTC.top is a China-based private entity.
Moreover, the pool mined about 7 consecutive blocks 10 hours ago; this is a dire circumstance for Bitcoin Cash if the pool decides to use that hashrate.
A Reddit user commented:
“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “
Although BTC.top controls a majority of the hashrate for Bitcoin Cash, the recent update i..e, Bitcoin Cash ABC 0.18.5 has implemented a checkpoint after every 10 blocks. According to @Bitcoin_ABC’s tweet after the 0.18.5 update:
“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”
In comparison to Bitcoin, the original blockchain from which Bitcoin cash forked off has its hashrate spread out between different entities as seen in the chart below.
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