Roger Ver, Reddit, and a Chinese mining pooli recently tried to fork The Real Bitcoin project and create an Altcoin For The People despite the already spectacular array of exactly such garbage. It… didn’t work. And no one is surprised ?
But a keen interest and recollection of history is one of the distinguished markers of thinking people in general – whether or not history or thinking happen to be the fashion – so let’s map out this “Bitcoin Cash” / “Bitcoin Crash” / “BCash” / “BCH” / “BCC” failure so that future generations of would-be “improvers of bitcoin” may learn from this sorely smashed, smeared, and sorry corpse.
THE BIG PHORK happened at blockheight 478`558 on August 1, 2017.ii Right away, the hashrate on the new chain was only about a tenth of that of the Real chain, but the futures price on a few of the extant scam exchanges was already popping as high at 0.2BTC/BCH on the speculation – one can only infer – that surely this time the as-yet-undefeated Republic would be brought to its knees in open battle. Because Thomas The Tank Engine or something.iii
In this effort, and within a few hours of the PHORK, VapidBTC was showing that its ~6% of the TRBcoin network hashrate was now split 67-33 between that and the upstart altcoin. While its entirely ridiculous to take the “Network HashRates” seriously, there being no snowball’s chance in hell that BCC ever had anywhere near the mining power focused on it that BTC did, it’s less ridiculous to compare the internal “Pool HashRate” figures ; figures that we’ll be keeping a close eye on as we follow the death and times of Bitcoin Crash. So keep a mental note of the “BCC Pool” figures below.
And wouldja believe that just 80 minutes later VapidBTC was signalling >200 petahashes on “BCC Pool”. THE PHORK already struggling beneath the crushing weight of incompetent developers, we can now see that VapidBTC is throwing increasing amounts of its pooled “HashRate” at the effort, attempting at least to signal that the gap between fact and fiction is narrowing. Since this gap obviously can’t materially narrow because BCrash is an altcoin and therefore per definitio relegated to fighting for second fiddle with the rest of the one-eyed mutants, signal was all VapidBTC could do. So surprise, surprise, wonder of wonders, miracles of miracles, that’s what they did! As we see below :
But wait, what’s this ? Less than three hours after the above screenshot was taken and there are now THREE BCRASH BLOCKS MINED by these kiddies. Wow man, that’s like a real chain and shit now, y’know ? THREE BLOCKS. But signs of strain were already showing less than 24 hours into this “experiment” that “no one could’ve predicted,” namely the pretend “Network HashRate”iv had fallen by 5%. In three hours.
Eleven hours later still, into the wee hours of August 2nd MST, and it was all over but the crying. VapidBTC was now mining TRB blocks faster than BCrash blox and had suddenly withdrawn two-thirds of its supposed “HashRate” from the scam to the real deal. Money was talking and it was making itself oh so very heard. In fact, it was practically yelling at the top of its lungs for mercy from being wasted so frivolously on so pointless an endeavour as BCrash.v
By the morning of August 3rd, the dried blood caking the cobblestones of the battleground street was already being hosed off by the Republic’s Public Works Dept. Naturally, despite its declining contribution to the woeful attempt at PHORK, VapidBTC was now mining BCrash shitblox like they were going out of style… principally because they were going out of style. And how. Not even the “ITSJUSTAJOKEPHORK” bed & breakfast in HK was mining anymore, leaving only the pond scum’s pond scum, itself a shade of turgid green somewhere between steamed spinach and Kermit on a rollercoaster.
Come the morning of August 4th and a piddling 25PH (out of 3699PH didjaknow) and VapidBTC had somehow doubled the number of blocks it had mined despite decreasing its “HashRate” by 89% while the “Network” “HashRate” had only contracted by 43%. This, in 36 hours. Odd ? Unusual ? Very lucky ? The next best thing to a lottery ticket ? Or an out-and-out scam from the beginning ? You decide! You have the power!!1!1
That’s it really, guys. Some insalutary schmucks you’ll soon forget about (but the Republic never will) went on a phork and lost their money. News whenever the news is on, seriously, who watches the news anymore that isn’t Qntra ?
See ya on the main chain.
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- This particular chicom calls itself “ViaBTC” but they might as well call themselves VapidBTC for all their on-the-ground efficacy. Seriously, how is
a mining poolanything that gives away FREE BMW not a scam ? [↩]
- And you were so worried!! Toldja not to be. [↩]
- What would La Revolucion even be if not the force constantly tilling the soil beneath the feet of the elite ? [↩]
- Why the capitalised “R” and yet the contraction of “Hash” and “Rate” ? Because illiteracy aka marketingspeak knows no borders and is every bit as rampant in China as the Americas. China is still America’s Daddy, but this is equivalent to saying that pistacchio gelato dominates liquirizia gelato. It’s neither a remarkable nor a particularly important observation, even if it’s true. [↩]
- From the logs on August 4th :
mircea_popescu: meanwhile back on planet earth : the bitcoin crash difficulty implies a per-scamtoken cost of about 1/4 btc, and the price is about 1/10btc. the remainder comes straight out of the would-be miner’s pocket. now tell me again all that jazz about how “miners decide” and whatnot bullshit idiots were spewing theoretically in theory. in further lulz : the scamchain is ~300 blocks behind bitcoin. here’s a summary : 478610 1 hour ago 443.02Kb ; 478609 1 hour ago 141.72Kb ; 478608 2 hours ago 291.50Kb ; 478607 2 hours ago 584.60Kb ; 478606 3 hours ago 174.71Kb ; 478605 554.37Kb ; 478604 3 hours ago 771.29Kb ; 478603 4 hours ago 355.16Kb ; 478602 4 hours ago 158.57Kb ; 478601 4 hours ago 424.27Kb. ~340 kb average (over 10 blocks). considering this 10 represents 1/5 or so of the bitcoin chain, so basically they’re about 15 times LESS transaction intensive than bitcoin. in other words, bitcoin cash is exactly equal to a proposition of reducing bitcoin blocks from 1mb to 60kb. on the basis of “what the people need”, as demonstrated by the people themselves, bitcoin blocks of 64kb would be perfectly sufficient.