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He 'caved in' because bitpay was bought by bitmain, the largest centralized chinese miner.

dahdum 9y ago
Bought or invested in? Bitpay was shooting themselves in the foot by not branching out into other digital assets while fees and transaction time skyrocketed. If it took Bitmain to force the issue congrats to them.
- Frogolocalypse 9y ago
  The chinese government wanted a crypto they could track, because they want to own all of the mining infrastructure, all of the nodes, all of the code base and the payment gateway to it. So that's what they got. Bcash.
  - r1ch 9y ago
    Who mines a block or where the nodes are etc is irrelevant, the ledger is open and public for both Bitcoin and Bitcoin Cash. This isn't the place for wild anti-Chinese conspiracy theories.
    - Frogolocalypse 9y ago
      Centralized chinese miners, centralized chinese nodes, and centralized chinese payment processor. The chinese government appreciates your compliance with its crypto implementation.
      - smichel17 9y ago
        I appreciate that there's several different opinions across this thread, but this is the 3rd or so time you've posted this exact comment (and several others); it's verging on spam by now, to me.
        Frogolocalypse 9y ago
        If people don't understand that bcash is under regulatory capture of the chinese government, then they are not understanding how cryptocurrencies work.
makomk 9y ago
This does seem like a more plausible explanation. Bitcoin Cash is worse for their application than Litecoin in pretty much every way: it has slower blocks so there's more chance of the price shifting before the transaction confirms, it has less exchange support, they had to create their own address format for it that existing Bitcoin Cash wallets don't even support sending to in order to ensure people didn't accidentally send bitcoins there, and so on. However, it does have the major advantage for Bitcoin miners that their existing mining hardware can be used for it.
- ericb 9y ago
  > Bitcoin Cash is worse for their application than Litecoin in pretty much every way Litecoin will have the same scalability problems as bitcoin core, and it hasn't attracted a cutting edge-team that will be likely to try a different approach to improve the situation. Litecoin is a clone using recycled code and ideas from bitcoin. Clones with stale ideas don't generally eclipse their originators.

Bought or invested in? Bitpay was shooting themselves in the foot by not branching out into other digital assets while fees and transaction time skyrocketed. If it took Bitmain to force the issue congrats to them.

Frogolocalypse 9y ago
The chinese government wanted a crypto they could track, because they want to own all of the mining infrastructure, all of the nodes, all of the code base and the payment gateway to it. So that's what they got. Bcash.
- r1ch 9y ago
  Who mines a block or where the nodes are etc is irrelevant, the ledger is open and public for both Bitcoin and Bitcoin Cash. This isn't the place for wild anti-Chinese conspiracy theories.
  - Frogolocalypse 9y ago
    Centralized chinese miners, centralized chinese nodes, and centralized chinese payment processor. The chinese government appreciates your compliance with its crypto implementation.
    - smichel17 9y ago
      I appreciate that there's several different opinions across this thread, but this is the 3rd or so time you've posted this exact comment (and several others); it's verging on spam by now, to me.
      - Frogolocalypse 9y ago
        If people don't understand that bcash is under regulatory capture of the chinese government, then they are not understanding how cryptocurrencies work.

makomk 9y ago

This does seem like a more plausible explanation. Bitcoin Cash is worse for their application than Litecoin in pretty much every way: it has slower blocks so there's more chance of the price shifting before the transaction confirms, it has less exchange support, they had to create their own address format for it that existing Bitcoin Cash wallets don't even support sending to in order to ensure people didn't accidentally send bitcoins there, and so on. However, it does have the major advantage for Bitcoin miners that their existing mining hardware can be used for it.

ericb 9y ago
> Bitcoin Cash is worse for their application than Litecoin in pretty much every way Litecoin will have the same scalability problems as bitcoin core, and it hasn't attracted a cutting edge-team that will be likely to try a different approach to improve the situation. Litecoin is a clone using recycled code and ideas from bitcoin. Clones with stale ideas don't generally eclipse their originators.