Two well-known leaders in the blockchain world are coming together to hash out their differences once more. Roger Ver, Bitcoin Cash evangelist, and the well-known Bitcoin writer Jimmy Song of OffChain have had a series of public debates (whether through direct interview or third-party discussions) on the topic of Bitcoin Cash earlier this year. They will reprise the debate at Coinsbank’s third Blockchain Cruise on the Mediterranean, September 7–11. Tone Vays of the CryptoScam podcast will also join the debate.
Bitcoin Cash has had an eventful year. A hard fork from the world’s most well-known cryptocurrency, Bitcoin, the name Bitcoin Cash has inspired hope, fear, and criticism alike due to dramatic rises and falls in value. But we’ve seen the same with Bitcoin in the past — so what’s the difference? One of the biggest problems within blockchain transactions is that they’re slow. Really slow. In contrast, Visa reportedly processes about 1667 transactions per second, and is capable of even more. How many blockchain transactions take place per second? Seven.
Bitcoin Cash was created as a way to address the problem of scalability and to speed up the verification process on the blockchain. It does so by using an increased block size of 8MB, with an adjustable level of difficulty, without regard to the number of miners supporting it. Doubts surrounding the security of Bitcoin Cash have arisen.
Jimmy Song has tried to address this problem. In December 2017, the Song interviewed Ver in a Youtube live stream about scaling Bitcoin. Ver maintains that the decentralization of a developmental team actually makes BCash more secure by removing the power from a central authority. He holds the opinion that Bitcoin’s increasing transaction costs will make the currency obsolete. Last June, he tweeted a statement saying “If you think BTC with it’s full block, high fee policy will be able to maintain market share, you are mistaken. It won’t and it’s time to move on to other things.”
Song, on the other hand, believes that the changes that need to be seen can be made within Bitcoin. He stated in a Medium article published before Bitcoin Cash’s release on August 1st of 2017 that Bitcoin Cash raises more questions than answers, and “One thing is for certain: if you want to maximize your holdings, it’s in your best interest to get your Bitcoin off third-party services and control your own private keys before August 1st.”
Tone Vays, another critic of Bitcoin Cash, will also attend the debate, and taking into account Ver’s “rage quit” due to perceived disrespect in an interview after an interviewer repeatedly referred to the fork as BCash, the boat might feel very small for the two influencers. Vays holds the opinion that any fork of BTC is a scam, and recommends that crypto-enthusiasts stick to their digital gold. Although much of the crypto community seems to favor Song and Vays’ side more heavily to varying degrees, it will be interesting to see how the discussion unfolds. And if tensions do rise — well, there’s no better place to escape than the summer destinations of the Mediterranean coast.
Crypto Battle…On A Boat: Roger Ver and Jimmy Song to Rehash Their Bitcoin Cash Differences was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.