Episode One: Lien Truong and Lucas Cullen and the Great Crypto Divide BTC/BCH on Crypto Clothesline Podcast
Hot Air or Hot Cash – What The Fork It’s All For Anyway?
BTC vs. BCH
What is Bitcoin (BTC)?
What is Bitcoin Cash (BCH)?
What are the differences?
Why does BCH think they’re the real Bitcoin?W
And extra bonus information from:
Brendan Lee – spokesperson for Australia on Bitcoin SV and regularly in contact with Craig Wright
Roger Ver – Bitcoin SV and Bitcoin ABC are exactly the same thing, the only differences are egos
Herman Schoenfeld– Lightning scaling solution – what it actually is.
JP Parker – How do we create community without creating war? On creating harmonious community in an online world…
Lien Truong (now Lien Chin) is Head of Growth and Marketing at Huobi Australia, a subsidiary of Huobi Global: one of the largest crypto currency exchanges in the world.
“I entered the crypto space a few years back in 2016 where I picked up some bitcoins because our friend talked me into it. They’re like my best friend now. What a good friend!”
With a background in trading and product, Lien was asked to join the Huobi Australia team, travelling interstate and overseas running events to promote not only the platform, but also cryptocurrency and blockchain in general. In turn she’s able to gather Intel from users to better improve their exchange.
Lien: “I came out a winner from trading crypto. I became quite obsessed and this only amplified at the end of 2017 when cryptocurrency boomed. During that time, it became all about making fast money and flipping ICOs. I felt like it what you’d feel if you were on Wall Street, but it was in my living room and I was in my pyjamas.”
There Is Definitely A Bit Of A War Happening Between Bitcoin And Bitcoin Cash.
Bitcoin Cash, according to Lien, is the result of a bitcoin *hard fork. It’s a clone or an altered version of bitcoin.
Lien: “It’s like a carbon copy with a few changes.”
Bitcoin Cash still has everything that bitcoin has:
- decentralized peer to peer
- electronic cash system
- requires no trusted third parties
…but it includes some changes which some may call improvements with the most significant one being that the block size was initially upsized from 1 megabyte to 8 megabytes.
Lien: “I say initially because Bitcoin Cash had full cap until August, 2017, and has since undergone another hard fork or a couple of other hard folks, and has increased its block size to 32 megabytes.”
* A hard fork (or sometimes hardfork), as it relates to blockchain technology, is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the latest version of the protocol software. Investopedia.com
A hard fork is what happens when the community doesn’t agree (or get consensus) and so one group decide to fork off and do things differently, keeping some characteristics of the existing protocol while introducing or ‘updating’ it with new features that are deemed desirable or necessary.
Lien: “Bitcoin, when it was created had all these protocols and rules set into it that, say, half the bitcoin community think should never be changed. And the Bitcoin Cash community thinks ‘no’ because technology’s changing.
“We need to increase the block size because right now if there are a lot of transactions happening on the blockchain, and it gets really congested and really slow and sluggish, so we want to change it.
“Usually what happens is there are a lot of hard folks that have been in Bitcoin, but if the parties can’t come to consensus, what sometimes happens is that half the community will say, all right, we’re just going to split this change or clone it.”
Lucas Cullen is a blockchain developer, the CTO of Civic Ledger, board member of Blockchain Australiaamongst other things… A software engineer by trade, he’s been running the Bitcoin Brisbane Meetup since March, 2013 and playing for Bitcoin since 2011.
What Is Bitcoin? What Happened In This Hard Fork That Created Bitcoin Cash?
Lucas: “I think people don’t understand that bitcoin is really a protocol. It’s not an implementation, it’s a protocol.
“I like to make the analogy like poker, when you sit down, you all agree you’re playing according to poker rules. And we all understand thatprotocol of the game. And you know, even in poker we can have disputes on what we think is fair and ethical and within the rules of the game.”
To make changes to the protocol, there are two ways: hard forks and soft forks. Hard forks are generally not backwards compatible whereas soft forks are.
Lucas: “So the question really becomes down to what is right?”
When the community can’t decide what the protocol changes should be, and they have the right to create changes and champion their own vision of what they believe the correct protocol, or the improvement to the protocol, should be.
Back in August, 2017, there was a group that wanted bigger blocks to (arguably) get more transactions through per second, which has technical merit. Some of the bitcoin community didn’t like that, arguing that it would decrease the amount of revenue that miners would make.
Here’s the rub: should miners and their potential to earn take priority over the development of the technology? Who rules the world anyway? The ones that develop the tech or the ones who control the funds?
How Did These Others Like ABC And SV Come About?
Bitcoin had been traveling along and then the same thing happened where some of the team wanted to go in one direction, and others wanted to go in another.
There were a number of things they said that made one more superior than others during the time leading towards the split of bitcoin cash.
Bitcoin Cash ABC led by Roger Ver was supposedly going to be the most scalable and the most usable in regards to things having lower fees or being the most extensible, allowing people to build assets and smart contracts on top of the Bitcoin Cash blockchain, thereby allowing for non cash transactions.
Whereas on the other hand Bitcoin SV was led by Craig Wright. He disagreed with the non-cash transaction component of it and he wanted to restore it back to the original protocol, this Satoshi protocol that was on the original white paper, while still making radical changes to the network, like changing the block size even further and upgrading it to 128 megabytes.
Lien: “I was listening to an interview with Roger Ver and when he was asked what the difference was between the two Bitcoin Cash ABC and the Bitcoin Cash SV, he said there was almost nothing different and the fork was a result of a clash of egos.”
Lucas: “I give up, I have no idea what the hell this is. It’s really confusing. Even for the experts, you just feel like, oh, I give up. I don’t want to deal with this nonsense. And so, what’s the difference between ABC and SV? That’s the most frustrating part. The difference is almost nothing, almost nothing.”
Lien: “There are faces to these brands that are constantly in the spotlight and constantly creating content and telling us why they’re the best. So, I think, yes, it’s fine to have competition and the fighting is fine because it’s probably marketing and getting it viral and getting the word out there.
“But if it’s impeding on the progress, because essentially these two projects have the same goal of creating economic freedom for people, if it’s impeding on their runway or their path towards that, then maybe it’s not good.”
Lucas, When The Networks Are Really Busy, When There’s A Bull Run And Bitcoin Is Going Exceedingly Slow, Can You Comment On How That Can Be Alleviated?
Lucas: “These aren’t new computer science problems. You’ve just got to think of it like a pipe and the incident as the classic example of being on the freeway, you get bottlenecks all the time.
So what do you do:
- build more lanes?
- get more cars through power
- do you increase the speed?
There are lots of different ways to try and scale, and both are correct ways to scale, but there’s always in engineering a trade-off.
Lucas: “If you increase the block size, it reduces the fees, arguably because there’s more bandwidth on the network.
“So, on one side the consumer may pay less fees, but the people who are running the networks are the miners. They’re going to get a reduction in revenue.
“So sure, increasing block size will increase throughput in transactions, but at what cost and who is going to be the loser out of that equation?
“And you know, like I said, no one will ever win.
“So who is it for? Is it built for, you know, in peer-to-peer transactions where the consumer wins, or do the miners who secure the network have a bigger say?
“These are the philosophical questions. The technology is irrelevant.”
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