On October 16th, Bitcoin.com published "Bitcoin Cash is Bitcoin". This marks the day where Bitcoin.com was confirmed to be a bad actor in the cryptocurrency space. A bad actor focused on spreading misinformation, propaganda and outright lies using Bitcoin's brand name.
On October 17th, Badbitcoin.org put Bitcoin.com on its badlist with the following justification:
Yes, THE bitcoin.com. They are part of the private cartel trying to steal the name bitcoin and attach it to the altcoin 'Bcash' also created by the segwit 2x conspirators. Read Here. Bcash/Bch is not bitcoin, B2x is not bitcoin, only bitcoin is bitcoin, and as an anti bitcoin site, they thoroughly deserve to be here. You can no longer trust this treacherous site.
Ironically, pre-fraud Bitcoin.com recommended the Badlist on how to avoid fraud, stating the following:
If you’re unsure about the particular website, a good idea would be to run a check on Badbitcoin.org, which has been around since 2014. Its aim is to prevent “a load of scammers and cheap thieves” from endangering the Bitcoin ecosystem.
It has become a useful resource to verify your Bitcoin website, report fraudulent sites, and also contains a “badlist.” The list is rife with known Ponzi schemes such as the now defunct MMM Global, fake cloud-mining services like Cointellect, and even fake cryptocurrencies such as Onecoin. Badbitcoin also offers a Safelist to boot where you can verify everything from Bitcoin faucets to hardware.
The article then states, "a sure sign of fraud is when dubious services offer to buy or sell bitcoin at rates above and below market price along with claims that promise to multiply your bitcoin". By pre-fraud Bitcoin.com's own admission, the site has become a fraudulent actor. Instead of the false promise being multiplied bitcoins, the lie is now to buy Bcash because it follows "Satoshi's original vision" and will become "The Bitcoin".
Still unclear after reading the piece on why its full of misinformation, lies and propaganda? Here are some details. The article stated that Bitcoin transactions with Segwit were both reversible and had signature data entirely removed from the transaction, implying less security. Litecoin founder, Charlie Lee, was quick to call them out on it:
Furthermore, the article is full of attempts to capitalize on the chaos caused by the incoming (now cancelled) Segwit2x hard fork. Outright lies such as "Note: “Segwit1x” is what [Bitcoin] will be called after the Segwit2x fork" were published with the intention to mislead. Anyone who had done their own independent research would see through this facade, but new entrants to Bitcoin are vulnerable.
Bcash & Bitcoin2x - two sides of the same coin
We have seen the damage caused by propaganda recently with Segwit2x futures. We're going to see it again with Bcash - unless we do something about it.
Here's someone who bought ~100k USD of Segwit2x futures approximately a week before the fork's cancellation. When the announcement came out, co-signed by six figureheads, the coin's price plummeted down almost 10x from a peak of ~$2000 USD to ~$250 USD (expected to fade to nil). The victim attempted to justify his clearly misunderstood position:
Why did I spent nearly a $1000/coin for coins that everyone will get for “free”? Simply because I think that the SegWit2x coin will become “Bitcoin” and the current Bitcoin will become Bitcoin Classic. Let me explain…
Users were influenced into trading Segwit2x futures believing it to be "an upgrade to the Bitcoin software" and is the "real Bitcoin". These losses were incurred at the hands of key figureheads who spearheaded the 2X movement. Those same figureheads unilaterally cancelled Segwit2x, which they claimed had achieved consensus through the "silent majority" right up until the point they axed it. Many of the same people now support Bcash in its pursuit for the Bitcoin name and the false rhetoric that Bitcoin.com is pushing.
Over the November 10th weekend, a huge spike was observed in the BCH/BTC trading pair. Bcash's price increased almost tenfold from from ~.05 BTC to almost .5 BTC under the span of a week. As part of a clearly coordinated move, ~65% of mining hashpower went from Bitcoin to Bcash, and miners maintained their positions until the Emergency Difficulty Adjustment (EDA) took place. Bcash prices sunk back down post-spike just as quickly as they increased, leaving those bought into the lie in the red. Propaganda from Bitcoin.com alongside coordinated pumps leads to scenarios as seen with Segwit2x futures guy.
We can expect to see more propaganda pieces come out in attempts to mislead new entrants. More uninformed users will buy Bcash in the expectation it will become "The Bitcoin". Undue financial and emotional losses will continue to incur. Unless we do something about it.
Bitcoin.com will continue to push this fraudulent rhetoric. It's our responsibility to push back.
Featured image from Shutterstock
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Editor at Crypto Insider. Likes decentralization, fungibility and BIPs. Dislikes red tape, corporate stuffiness and oxidation