Roger Ver spoke to CNBC recently regarding scaling Bitcoin [BTC] and the situation in December concerning price spikes. He also spoke about the consequences that the upcoming hard fork would have, and reassured Bitcoin Cash [BCH] holders.
Ver stated that he was able to see that Bitcoin would not be able to scale to a point where it could be used as money. He also said that the BTC community had an “insane idea” that higher fees and network congestion was good. This, in turn, inspired him to diversify his portfolio. He stated:
“99% of my cryptocurrency holdings were in Bitcoin, and it was when I saw these people talk[ing] about how high fees are a good thing, that inspired me to diversify into a bunch of other cryptocurrencies at the time, I did that.”
He also spoke about the state of the market at that point in time, stating that Bitcoin had an unquestioned market dominance of above 90%. He spoke about its current market share of lower than 50% and said:
“I think it’s going to continue to go lower because they’re openly cheering for high fees and slow transactions. Bitcoin’s B2C [Business to Consumer] network which is just insane to anybody that realizes that cryptocurrencies are supposed to be usable as a currency. Currencies don’t have high fees and slow transactions.”
When asked about Brian Kelly about the state of the Bitcoin Cash community and the arguments occurring over the upcoming hard fork, Ver stated that it was “very very unlikely” that there would be multiple Bitcoin Cash chains. He also said that arguing existed within every cryptocurrency community. He went on state:
“A bunch of the Bitcoin cash miners are flying out to Bangkok in about 24 hours. We’re all going to sit down in person and talk about exactly what we think as miners should be the future for this and I think things will probably be settled by that.”
Speaking further about the meeting, he also stated that Jihan Wu, the CEO of Bitmain, would be there. Notably, Wu is one of the figureheads of the revolution that is on the brink of compromising Bitcoin Cash, with other parties being Craig Wright and Roger Ver himself. This is due to changes in the Bitcoin Cash blockchain’s different implementations as submitted by various parties.
When asked about whether the politics make him think twice about investing in Bitcoin Cash, Ver spoke about how they were trying to reach consensus as a group, while drawing parallels to those in Washington DC. Pointing out the difference, he said:
“We have disagreements and ultimately you come together but the difference here is you can split off and you can have a fork so you know it is a concern. If they can resolve it at this meeting then that actually would be positive.”
Ver went on to speak about why other parties, such as Wu’s Bitmain, have economic incentive to allow for the resolution of this problem. He said:
“He’s [Jihan Wu] going to do an IPO. Their financials have come out they own a lot of Bitcoin Cash, certainly they have an economic incentive to get this resolved. There’s disagreements over what the software should look like the what the rules should be. [But] if they can come to some kind of agreement and say we are going to have one Bitcoin Cash, that would be helpful.”
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