1/ Explaining Bitcoin to my children yesterday (see the confusion):

- So there is Bitcoin

- People wanted it to scale but couldn't agree on how

- We have these things called blocks

- One group wanted to make the blocks bigger

- One group wanted to build a new layer



Okay so far.

2/ When buying you have a ticker:

- Bitcoin uses BTC

- Bitcoin Cash uses BCH



On Reddit:

- Bitcoin uses r/bitcoin

- Bitcoin cash uses r/btc



On Twitter:

- Bitcoin doesn't have a handle

- Bitcoin cash uses @bitcoin



On http://Bitcoin.com

- Bitcoin is called Bitcoin Core



Errr

3/ And if you support Bitcoin Cash:

- You don't understand tech

- You don't understand economics

- You are a scammer



And if you support Bitcoin:

- You are a paid Blockstream shill

- You hijacked Bitcoin

- You support censorship

4/ But what is Bitcoin?

a. Bitcoin is a store of value

b. No, Bitcoin is a peer-to-peer electronic cash system



But...

a. Bitcoin is digital gold

b. No, Bitcoin is digital money



Argue, argue, argue...

5/ Before anyone says this didn't happen, it did. This is essentially a Tweetstorm version of a conversation after my son Googled my name and asked: "Why does everyone hate you Dad?"



(Obviously, I also explained that Dad can poke the fire at times).

6/ Anyway, just an observation from someone who has worked in advertising, marketing and branding for +20 years:

1. Bitcoin is not going to change from smaller blocks and layer 2 scaling

2. Bitcoin Cash isn't going away and will promote on-chain scaling

7/ If you want Bitcoin to scale to billions then there will be plenty of people like me who:

- Won't understand tech

- Won't understand economics

- Won't care



Fighting and brand confusion does not benefit anyone (I am a hypocrite), scaling mentality will be beneficial.

8/ If you accept neither chain is going to change, go away or compromise, which scenario is best for new people:

a. A world of fighting and brand confusion

b. Clear branding and explanation of the differences (from a user perspective)

9/ This won't happen, but this could help everyone:

1. Clear and separate names (Bitcoin + Bitcoin Cash)

2. Consistent use of names across all mediums

3. Clear and consistent use of branding and colours

4. Focus on growing your chain not shouting at each other

10/ For names:

1. Bitcoin Cash people call Bitcoin that (not Core)

2. Bitcoin people call Bitcoin Cash that (not BCash)



When fighting over names each group could possibly be causing net harm to their own chain because it is just confusing.

11/ FWIW, Bitcoin Cash would likely benefit from clear and separate branding - BCash. While this is seen as an insult, it could reduce confusion, also the name is actually kinda cool.



Bitcoin + BCash will be much easier to digest than Bitcoin + Bitcoin Cash.

12/ "Bitcoin Cash is the real Bitcoin" + "Following the original white paper", means little to new people and really are false narratives. People won't care and it won't lead to adoption. Benefits matter:

1. Bitcoin is better for n

2. Bitcoin Cash is better for n

13/ This also won't happen but could help:

1. @bitcoin is no longer used for Bitcoin Cash

2. @bitcoincash becomes the handle for Bitcoin Cash



I know you think Bitcoin Cash is the real Bitcoin but this fight is a false economy. The Tweets + sub-Tweets are not helping your growth.

14/ http://Bitcoin.com - clearly @rogerkver will NEVER give this up, so a compromise:

1. Bitcoin is represented as Bitcoin, not Bitcoin Core

2. Independent design and UX to help noobs navigate the differences



Confusion helps neither chain and is likely a net negative.

15/ The amount of time each group spends attacking and defending the tech of each side is time which could be spent building and developing, and on adoption.



A quell of the hostility will likely be a net benefit to all, especially new people coming into the space.

16/ Controversial point, if I want to send value, right now:

1. I can do it with Bitcoin

2. I can do it with Bitcoin Cash

3. I can do it with Bitcoin on the Lightning Network



They all work, value moves from wallet to wallet with certain trade-offs.

17/ In 10 years time who knows what will happen:

- Bitcoin might have high on-chain fees or not

- Lightning might have UX problems or not

- Bitcoin Cash might centralise with on-chain scaling or not



Why don't we just find out?

18/ Clearly the above won't happen and everyone will continue fighting and I am a fucking idiot. But, having spent time talking to both camps and dealing with the fallout, I just think there might be a better option which has an overall net benefit.

19/ Personally, I still support Bitcoin, own no Bitcoin Cash, have no intention of owning Bitcoin Cash. I haven't flipped, I am not a Core parrot or a Blockstream paid shill.



Sometimes a compromise is helpful for all, clearly years of infighting as achieved close to fuck all.

20/ This does not mean I am whitewashing history and the painful experience of SegWit2x. I fully appreciate why Bitcoin supporters see this as the most important defence of Bitcoin.



Bitcoin Cash still exists.

21/ I fully understand some of this runs deep, but I stand by the following:

1. Bitcoin is not going to change from smaller blocks and layer 2 scaling

2. Bitcoin Cash isn't going away and will promote on-chain scaling

3. Fighting is achieving nothing and likely net negative

22/ I hope this Tweetstorm can lead to some healthy discourse and not:

- More fighting

- Digging up old reasons why everyone is a scammer

- Everyone calling each other an idiot



Personally, I am trying to imagine a scenario where we all stop fighting and focus on adoption.

23/ To close I don't think it would be healthy for Jack to step in and force the @bitcoin handle away from its current owner. I just think the Bitcoin Cash chain will benefit from not using it. I think it works against what they are trying to achieve.

You can follow @PeterMcCormack.

Share this thread

Bookmark

____

Tip: mention @threader_app on a Twitter thread with the keyword “compile” to get a link to it.



Enjoy Threader? Sign up.



Since you’re here...



... we’re asking visitors like you to make a contribution to support this independent project. In these uncertain times, access to information is vital. Threader gets 1,000,000+ visits a month and our iOS Twitter client was featured as an App of the Day by Apple. Your financial support will help two developers to keep working on this app. Everyone’s contribution, big or small, is so valuable. Support Threader by becoming premium or by donating on PayPal. Thank you.



Download Threader on iOS.