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Bitcoin [BTC] developer Jimmy Song in trial by combat with Bitcoin Cash [BCH]’s Roger Ver

Priyamvada Singh

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Bitcoin [BTC] developer Jimmy Song in trial by combat with Bitcoin Cash [BCH]'s Roger Ver
Source: Pixabay

On 10th September, a YouTube channel published a video from the ongoing blockchain cruise in Spain. Here, Bitcoin developer Jimmy Song and Bitcoin Cash [BCH] proponent Roger Ver debated with the purpose of rebutting each other. The argument contained the subject of centralization in Bitcoin Cash. Furthermore, Jimmy Song made a statement saying Bitcoin Cash is fiat currency.

Recent tweet by Jimmy Song | Source: Twitter

Jimmy Song’s tweet | Source: Twitter

Song opened the debate and stated several points by backing them up with great ease. The developer believes that Bitmain acts as a centralized reserve bank for Bitcoin Cash. Furthermore, the hard fork is actually a group of elites who determined the roadmap for the project and forced the upgrades on the community, stated the techie.

Regarding the central body of BCH subsidizing payments, he also said that it does so through large blocks, instead of listening to the market that opposes the idea. The Bitcoin supporter also argued that BCH is paternalistic.

He based this argument on the recent event that occurred within the BCH community wherein two parties split the community over a clash of ideas. According to Song, Bitmain’s Jihan Wu and Craig Wright are fighting for ‘control over the direction of BCH’.

The highlight of the talk was when Song spoke about the relationship between centralization, Bitcoin Cash and Bitmain. He stated:

“Bitmain is the central bank of BCH. Bitmain has tried to maintain a peg to their reserve currency, BTC, and has failed. Bitmain has failed to keep the peg at 0.15 BTC, 0.12 BTC and recently capitulated the 0.1 BTC level. This is a central bank selling its reserves to keep its peg to another currency. What’s worse, much like a central bank, they’re running out of reserves and BCH will finally float on the market instead of having the artificially inflated value that it has now.”

On all these allegations, Roger Ver did not have much to say at the beginning of his turn. He refuted all the arguments put forth by his opponent by quoting those arguments as ‘nonsense’. Here, Song took to the podium again and continued to state his points.

In one of the statements, Song said that BCH exists without a legitimate purpose. He named nearly a dozen other hard forks of Bitcoin Core, defining the unique selling point of each cryptocurrency. The hard forks included by him were Bitcore, Bitcoin Diamond, Bitcoin Gold, Super Bitcoin, Bitcoin Vote, Bitcoin File, Bitcoin World, Bitcoin Atom and many others but highlighted Bitcoin God as being his ‘personal favorite’, in the interest of sarcasm.

Over the issue of BCH centralization, Roger Ver made an attempt to rebut and turn the argument around. He responded by saying that decentralization is the reason for multiple parties fighting in the BCH ecosystem. According to him, that is what happens in a decentralized space.

Ver also added a challenge in the debate wherein he made a 10-year bet with Jimmy Song claiming a prediction that BCH will have a higher market cap than BTC over the next decade. However, Song showed no interest in the matter, given that the timeline of the claim was too long.



A Twitter user and a cryptocurrency follower named CareNotDude replied to Song’s Twitter post on the same and wrote:

“it’s an affinity scam, If it’s better than bitcoin it doesn’t need to have bitcoin in the name, it can’t stand on it’s own merits so it has to market as “the real bitcoin” in order to sucker people into buying what was created out of thin air with no proof of work.”

Node, another Twitterati also commented:

“I wonder when Jihan decides to dump it all”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

Priya

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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