6 ms·

How in the world can BCH (Bitcoin Cash) be a security if BTC (Bitcoin) isn't?

Vecr 3y ago
It's newer, less well recognized in general, and as far as a government Bitcoin node is concerned it does not exist. Bitcoin's case on not being a security is possibly based on the low likelihood of future incompatible changes and its track record and age.
- EgregiousCube 3y ago
  It's exactly the same age as Bitcoin. What's a government Bitcoin node?
  - duskwuff 3y ago
    > It's exactly the same age as Bitcoin. Don't be disingenuous. Bitcoin Cash didn't exist prior to 2017, when it forked from Bitcoin.
    - xref 3y ago
      …though the Bitcoin Cash blockchain has valid txns going back to 2009 just like BTC. Everyone wants answers that are black and white, cut and dry. The world is a lot more grey.
      - tirpen 3y ago
        If anyone, using your definition of coin age, can create a 14 year old crypto currency instantly, then clearly your definition is not useful.
      - JumpCrisscross 3y ago
        > though the Bitcoin Cash blockchain has valid txns going back to 2009 just like BTC By this logic, the U.S. dollar is millennia old, since it grafted onto an economy that used older currencies still on its adoption.
    - deleted 3y ago
      [deleted]
    - tibanne 3y ago
      You need to read up on how blockchains work.
etherael 3y ago
[flagged]
- vkou 3y ago
  [flagged]
  - etherael 3y ago
    How is "people steal it therefore it isn't worth anything" a legitimate argument?
    - vkou 3y ago
      The argument is 'The only use case it is good for is fraud. Fraud dwarfs all the other use cases.' Shares in a ponzi scheme aren't worthless, but the only use case for running one is fraud. Crypto acolytes constantly point fingers at crypto 'usecases' that nobody actually uses, and constantly gloss over that the only popular usecases are robbing people and getting robbed[1]. [1] Plus a small cottage industry of making and selling guns and ski masks to the robbers. That would be the 'This rugpull was audited by <some crypto audit firm>' line item in those posts.
- JumpCrisscross 3y ago
  > a threat to the actual dominance of the present global financial system Why do you think Wall Street is lobbying with crypto?
  - etherael 3y ago
    Do you mean lobbying for BTC? Because if you do, as I said, they sabotaged it into uselessness for its original purpose as a peer to peer transaction medium that disintermediates traditional centralised finance from the loop in other to maintain their position. If you meant something else, I don't understand your question.
- oblio 3y ago
  > One is a threat to the actual dominance of the present global financial system, one very loudly pretends to be but is in fact hijacked by said global financial system in order to implement their policy goals with a populist cover story. Quick, how do I: 1. Pay for groceries with crypto? Is the transaction cost higher or lower than with current systems? 2. Take out a loan to buy a car with crypto? 3. Get a mortgage for a house? 4. Get a huge loan to buy a container ship for my company? Do you even <<know>> what the "global financial system" does, besides work with currencies (which is more or less the only angle covered by cryptocurrencies)?
redox99 3y ago
I think Gensler is a BTC maximalist and there isn't too much else to it.
- simple-thoughts 3y ago
  Watching his mit lectures is edifying. He loves Bitcoin and thinks all ICO are scams. Of course most ICO are scams but not all…
siwatanejo 3y ago
One is decentralized, the other one isn't.
- mufti_menk 3y ago
  Why don't they just say that and outline their criteria for decentralization
  - siwatanejo 3y ago
    Anything other than bitcoin is centralized. (BTW, ETH is PoS so it's inherently centralized despite the number of validators.)
    - rvnx 3y ago
      Moreover, anything running on code coming from a source-code repository that has majority influence from one organization is actually centralized
      - GoblinSlayer 3y ago
        How do you know what software people use? How people run asic miners? Is it supported by vanilla bitcoin too?
    - mufti_menk 3y ago
      Even Monero?
      - lawn 3y ago
        Of course not, Monero is as decentralized as they come. And with it's ASIC resistant POW it's arguably more decentralized than Bitcoin (and almost all other) POW based cryptocurrencies.
    - username332211 3y ago
      So, if I want to create a decentralized cryptocurrency what should I do? Name it "Bitcoin"?
thepasswordis 3y ago
Because bcash is basically one guys product/scam. There is a head of bcash who is in charge of the project.
- lawn 3y ago
  [flagged]

Vecr 3y ago

It's newer, less well recognized in general, and as far as a government Bitcoin node is concerned it does not exist. Bitcoin's case on not being a security is possibly based on the low likelihood of future incompatible changes and its track record and age.

EgregiousCube 3y ago
It's exactly the same age as Bitcoin. What's a government Bitcoin node?
- duskwuff 3y ago
  > It's exactly the same age as Bitcoin. Don't be disingenuous. Bitcoin Cash didn't exist prior to 2017, when it forked from Bitcoin.
  - xref 3y ago
    …though the Bitcoin Cash blockchain has valid txns going back to 2009 just like BTC. Everyone wants answers that are black and white, cut and dry. The world is a lot more grey.
    - tirpen 3y ago
      If anyone, using your definition of coin age, can create a 14 year old crypto currency instantly, then clearly your definition is not useful.
    - JumpCrisscross 3y ago
      > though the Bitcoin Cash blockchain has valid txns going back to 2009 just like BTC By this logic, the U.S. dollar is millennia old, since it grafted onto an economy that used older currencies still on its adoption.
  - deleted 3y ago
    [deleted]
  - tibanne 3y ago
    You need to read up on how blockchains work.

etherael 3y ago

[flagged]

vkou 3y ago
[flagged]
- etherael 3y ago
  How is "people steal it therefore it isn't worth anything" a legitimate argument?
  - vkou 3y ago
    The argument is 'The only use case it is good for is fraud. Fraud dwarfs all the other use cases.' Shares in a ponzi scheme aren't worthless, but the only use case for running one is fraud. Crypto acolytes constantly point fingers at crypto 'usecases' that nobody actually uses, and constantly gloss over that the only popular usecases are robbing people and getting robbed[1]. [1] Plus a small cottage industry of making and selling guns and ski masks to the robbers. That would be the 'This rugpull was audited by <some crypto audit firm>' line item in those posts.
JumpCrisscross 3y ago
> a threat to the actual dominance of the present global financial system Why do you think Wall Street is lobbying with crypto?
- etherael 3y ago
  Do you mean lobbying for BTC? Because if you do, as I said, they sabotaged it into uselessness for its original purpose as a peer to peer transaction medium that disintermediates traditional centralised finance from the loop in other to maintain their position. If you meant something else, I don't understand your question.
oblio 3y ago
> One is a threat to the actual dominance of the present global financial system, one very loudly pretends to be but is in fact hijacked by said global financial system in order to implement their policy goals with a populist cover story. Quick, how do I: 1. Pay for groceries with crypto? Is the transaction cost higher or lower than with current systems? 2. Take out a loan to buy a car with crypto? 3. Get a mortgage for a house? 4. Get a huge loan to buy a container ship for my company? Do you even <<know>> what the "global financial system" does, besides work with currencies (which is more or less the only angle covered by cryptocurrencies)?

redox99 3y ago

I think Gensler is a BTC maximalist and there isn't too much else to it.

simple-thoughts 3y ago
Watching his mit lectures is edifying. He loves Bitcoin and thinks all ICO are scams. Of course most ICO are scams but not all…

siwatanejo 3y ago

One is decentralized, the other one isn't.

mufti_menk 3y ago
Why don't they just say that and outline their criteria for decentralization
- siwatanejo 3y ago
  Anything other than bitcoin is centralized. (BTW, ETH is PoS so it's inherently centralized despite the number of validators.)
  - rvnx 3y ago
    Moreover, anything running on code coming from a source-code repository that has majority influence from one organization is actually centralized
    - GoblinSlayer 3y ago
      How do you know what software people use? How people run asic miners? Is it supported by vanilla bitcoin too?
  - mufti_menk 3y ago
    Even Monero?
    - lawn 3y ago
      Of course not, Monero is as decentralized as they come. And with it's ASIC resistant POW it's arguably more decentralized than Bitcoin (and almost all other) POW based cryptocurrencies.
  - username332211 3y ago
    So, if I want to create a decentralized cryptocurrency what should I do? Name it "Bitcoin"?

thepasswordis 3y ago

Because bcash is basically one guys product/scam. There is a head of bcash who is in charge of the project.

lawn 3y ago
[flagged]