I am curious to learn other’s opinions of why the August 1st fork of Bitcoin Legacy to Bitcoin Cash was successful?
The same way, XCP holders should get XCPC
It was successful because it:
Gave a stake to all bitcoin holders, instantly bootstrapping itself a community. This let it claim that it was actually the ‘true’ bitcoin, more closely following satoshi’s vision. It could NOT have done this if it just started a new chain from scratch. Then it would just have been an altcoin like all the other altcoins, and it would probably have failed.
It provided the market with an option for a different version of bitcoin with different tradeoffs (low fees, but harder to run a node), and let people make a choice of which coin to support, or both. There were philosophical differences in the bitcoin community, and some people wanted this version, so it gained support.
Because the coin works.
There are tons of working altcoins. Almost none of them started with a preexisting base of users and supporters and are top cryptos as a result. Bitcoin Cash did, and because of that it is successful.
Would bitcoin cash have succeeded if it said ‘fuck all current bitcoin holders, we are making our own new altcoin from scratch, you have to go mine or buy your stake’? No, it would have been just like every other altcoin launch. If it was very lucky it might have succeeded as well as Litecoin, but probably not, and it would have taken years to build that level of support that something like Litecoin has.
It succeeded because every bitcoin holder already had it, and so everyone who was in bitcoin and agreed with the philosophy of bitcoin cash was already invested in its success and worked to promote it. And they enthusiastically bought the BCH from those who didnt want it.
it worked because there was a “big blocker” community since the beginning. There were many attempts before Bitcoin Cash and each prior attempt was successfully thwarted by Core/Blockstream. They couldn’t do anything this time.
Bitcoin XT? scare people that hardforks are not “the true bitcoin”, controlling the narrative. also censorship.
Bitcoin Classic? Begin to discredit and slander Gavin Andresen. Kick him out of the BTC repo.
Bitcoin Unlimited? exploit bugs to crash BU nodes. coordinated social media attacks to emphasize BU is “dangerous” or “risky”.
Bitcoin Cash? asic boost and “bcash”. and roger ver, and jihan wu FUD.
also at this point, the censorship began to backfire. They were doing it TOO much and people caught on and there was enough people who gave a shit to expose them.