September 10 saw the fight between Roger Ver and Jimmy Song, the two notable bitcoin users. The battle started when the two were about to go on a debate on the topic of Bitcoin and Bitcoin cash. Song was to speak on Bitcoin, while Ver on Bitcoin Cash. This incident happens on a cruise that carries cryptocurrency fans and users.
The third blockchain cruise, known as the “Coinbank blockchain cruise” where the two men sailed to Barcelona, Monaca, and to Ibiza from date 7 to 11 September 2018.
Jimmy Song and Roger Ver
Roger Ver and Jimmy Song are two favorite personalities within the bitcoin community. Roger Ver have heard about the Bitcoin in 2011. He also founded the Agilestar.com, an optical transceiver, in 2005. His first carrier was in 1999, with the foundation of MemoryDealers.com. Both of these still operate to this date. In fact, his company MemoryDealers is the first to accept bitcoin for payments. He is believed to be among the first to invest in bitcoin.
On the other hand, Jimmy Song is an Instructor at Programming Blockchain LLC, apart from being a core contributor in Bitcoin, he is also a former VP of Engineering for Armory. Like Ver, his first glance towards Bitcoin was in 2011. He started contributing in Bitcoin in 2013; he committed primarily for the CoinDesk. For three years he also teaches about the blockchain to Engineers.
Debate on the cruise
At first, Song was interrupted by Ver when Song attempted to give an introduction on “Lincoln-Douglas style debate”. When Ver ask for another microphone Song was displeased and left the stage. But it did not take long to bring the two back on stage to start their debate.
Jimmy Song began by saying “Bitcoin cash is fiat money”(Roger Ver argue on this). He then differentiates between BTC and BCH. Quoting Song, “BTC/BCH have different philosophies. BTC is classically liberal, anarcho-capitalist and Austrian, befitting its cypherpunk roots and is sound money. BCH is interventionist, paternalistic and Keynesian befitting its corporate roots and is fiat money”.
He explains in a crispy way how BTC is decentralized hard money and that the economic philosophy is Austrian. As he gave the topic on BCH, here are a few key points from his speech
- BCH is centralized with an elite group that determines a roadmap. Thus, it is very much paternalistic.
- BCH use a hard fork to assess what needs to be implemented
- Keynesian is the economic philosophy of BCH
- BCH is not a network where users are sovereign.
- BCH has Bitmain as a central Bank
He also argues on how BCH is no different from altcoin as BCH promise is “governance as a benevolent ruler versus granting you self-sovereignty over your own money.” He also rejects the statement of Ver, when he says altcoin don’t have the same history as BCH, but its ledger has BTC’s history. He argued by saying if this is the case “there was an involuntary airdrop to the BTC holder.” The difficulty in building a BCH is due to its centralization; one must have the central authority cooperation.
Roger Ver does not take much chance to refute what Song has said. But they make a bet on Song who says Bitcoin Cash will never overtake Bitcoin. Ver bet a Million dollar if BCH gets a larger market cap than BTC within ten years.
BCH as centralized is one of Song’s point, giving an example of how many people fight over BCH, Ver steps up saying that if it is centralized why are many people fighting over it. Thus, he proved how BCH is not centralized. On top of this, he explains how BTC is much more centralized on the way they censored some post, kick out members and made regulation.
Ver argues on Song’s statement on “BCH is a fiat” by saying nobody is forced to use BCH, while with fiat, the government takes full control on it by requesting the people to use fiat. He promotes BCH as he believed it gave more freedom than any other cryptocurrency.
The two also talk about the transaction fee. Every transaction is always charged. Should the fee be taken off is the question by Song to Ver, Ver answer that the market should decide on that.
To conclude, the basic knowledge we get from this argument is that we learn the difference between Bitcoin and Bitcoin Cash from two well known Bitcoin’s leading figure. Bitcoin Cash brings sound money which acts as a peer-to-peer electronic cash. Bitcoin Cash was born on August 1st, 2017 after the birth of Bitcoin in 2008. Even though they are under the same roof they are taken differently.