Tag Archive | Shrem

Did Bitcoin Supporters Just Get Played?

I think they did, and I think that it’s entirely possible–even probable–that Shrem and other Segwit2x supporters did it knowingly and intentionally as a way of driving up the value of Bitcoin, selling off, making their announcement, and shifting into Bitcoin Cash, which has already solved the problems that Segwit2x was supposed to partially address. So let me give you the rundown of what I’m thinking.

I noticed a few weeks ago that Bitcoin.Com wrote an article saying that they would refer to the Segwit2x chain as “B2x” and the other chain as “Bitcoin.” This makes sense, really, though I did take note of it at the time, because just a few days later, a phrase started appearing regularly in their articles in regard to Bitcoin Cash: “the REAL Bitcoin.”

Over and over again for the last month, Bitcoin.com referred to Bitcoin Cash as “the real Bitcoin,” and even went as far as writing an article and including a diagram about how Bitcoin Cash is the most uninterrupted continuation of the Bitcoin blockchain. I found this very odd, especially given all the controversy around Segwit2x and Core, that this major Bitcoin site–the one who owned Bitcoin.com for fuck’s sake–would suddenly start bashing the two major Bitcoins in favor of this offshoot that had existed for months with very little support. In fact, I’m almost certain that I recall reading an October article from them about how Bitcoin Cash was doomed to failure because it lacked support.

Something weird has happened, my friends, and, if I was a statist, I would probably be calling for investigations of fraud. And if Shrem (whose first name I don’t recall) sold even one hundredth of a Bitcoin before he made his announcement about the cancellation of S2X, then I think fraud is almost certain, so let’s refer to a few facts.

  • Regardless of where one stood on the matter, the New York Agreement never came close to a genuine consensus, as notable people were not invited at all, and, among those who were, it was not even possible to bring in 100% of the Bitcoin user base, the only way a consensus can truly be taken.
  • Despite this ambiguity, the “unanimous agreement” of the Segwit2x agreement was touted for months. Segwit was implemented, at which point Core and others, in a perhaps related venture, pulled out of the 2x part.
  • Bitcoin.com released its naming conventions for the coins as “Bitcoin2x” and “Bitcoin.”
  • Bitcoin.com began calling Bitcoin Cash “the real Bitcoin.”
  • Despite the rising contentiousness of the fork, Segwit2x proponents–among them Shrem–continued stating up until about a week ago that the fork would go ahead as planned, because “the community” had spoken and had agreed to implement the upgrade.
  • Seeing as this is the cryptocurrency equivalent of a stock split, lots and lots of people got into Bitcoin, driving the values up to record levels. It peaked at $8,000 at one point, and there is no doubt among crypto users that fork hype was the reason why. Whatever Bitcoin you had at the time of the fork would effectively be doubled–just in different currencies. One of these could easily and quickly be sold off, or converted into something stable like Ethereum. This is what I intended to do to both, in fact, using Shapeshift or Changelly–send one Bitcoin into Ethereum and the other into Litecoin. That way, it became irrelevant to me which was successful. Lots and lots and lots and lots of people who otherwise avoid Bitcoin (evidently I’m not alone in this regard) did the same.
  • Then, with Bitcoin basically at its peak, Shrem took to the world to announce that the fork was cancelled.
  • Immedate sell-offs began, because all of these people like me who just wanted in for the fork wanted back out, into our preferred cryptos (for me, Litecoin, Ethereum, and Blackcoin).

My Tentative Accusation

Elements within the Bitcoin community laid the groundwork for Bitcoin Cash to replace Bitcoin altogether, both Bitcoin and Bitcoin2x. I have no idea if the information can be gained or not, but I would be extremely fascinated to learn which S2X major players sold off Bitcoin before or shortly after the announcement, and I would throw a red flag on the play if even a single one of them converted 0.00001 BTC into Bitcoin Cash.

I’m not accusing anyone of anything, not really. I’m just saying that it’s all very, very suspicious. Given that Bitcoin Cash had already solved the problems that Bitcoin2x was supposed to partially solve, it’s not hard to see a connection between the two cryptos. Let’s face it: Bitcoin Cash’s main features at this point are that it’s the most uninterrupted Bitcoin blockchain, and that it already handled blocksize increases (up to 8 MB, instead of Segwit2x’s 2MB), and significantly lowered transaction fees in the process. These are the biggest problems Bitcoin faces.

These people who openly admitted to supporting a way of partially solving these problems with S2X cancelled at the last minute, while others were literally laying the groundwork for Bitcoin Cash to become accepted as “the real Bitcoin.” I don’t know, man. That’s fishy as hell. And I’m out 0.015 Bitcoin–which is a lot of money for me, honestly, it is… It’s taken me about 3 months to put that much money into cryptocurrencies–because of it. Not only that, but if I ever do get my Bitcoin back (see my coinomi complaint below), Bitcoin has fallen so much and BCH climbed so much that I won’t get anywhere near the BCH that I should have gotten if this shit went through yesterday. So what am I really out? Right now, 0.15 Bitcoin and 0.1 Bitcoin Cash. That’s pocket change to some people, but for me it’s my savings. It’s money that I can afford to lose, but it’s all my savings. And the reasons for this are two-fold: the cancellation of S2X and Coinomi’s failure to manage transaction fees as any ordinary user would expect them to.

Which brings me to a complaint I have to level at Coinomi.

Coinomi

I’m a pretty smart chick, you know? I saw the writing on the wall almost as soon as I woke up yesterday morning and looked into what had been going on. So what did I do? I immediately attempted to use Changelly to shift my Bitcoin back into Litecoin and Ethereum, and stated openly that, after doing so, I was going to shapeshift/changelly half of the ETH and half of the LTC into Bitcoin Cash. If I had done this, I would have gained more than $200 in the last 24 hours. This is why it has me so angry. $200 is a lot of money to me. As it is, because of this fuckup with Coinomi, I was forced to convert my Blackcoin into Bitcoin Cash (only $44 of it), which still has gained me $10, allowed me to purchase 0.01 LTC, and allowed me to rebuy 9 Blackcoin (I have no intention of getting out of Blackcoin–being the world’s first 100% proof of stake coin, I have very high hopes for it).

We normal people use Coinomi because we don’t want to calculate mileage and transaction fees. That’s one of the main freaking appeals of using these multi-currency wallets, in fact. They do all that background stuff for us. If I wanted to do that, i would exclusively use Parity (which I use for Ethereum to some degree, and, obviously, for Airswap Tokens). I don’t want to look up the current average mileage fees, calculate them, and do that work. No one does. That’s why we use these apps.

The last thing I ever expected was that Coinomi would use a Bitcoin transaction fee with its built-in Changelly function that was so low that the transaction would go unconfirmed for more than 24 hours. At the time of writing, the transactions are still unconfirmed, and the Bitcoin network is more congested than ever. There’s no chance the transactions are going to be confirmed. At best, it will take months. My only hope is to download the Bitcoin -QT software, sweep the wallet, and double spend them. This requires downloading the 200 GB blockchain, which I’ve got someone doing for me. But, even then, this might take days to complete. Keeping in mind that I’ve already missed out on doubling my money because of this, how much will I have missed out on by the time I finally get my Bitcoin back? Fuck, man, at least Coinbase automatically cancels unconfirmed transactions after 24 hours! The evil Coinbase!

I even considered contacting John McAfee and asking him to use his miners to confirm the transactions, but I doubt that he actually has 12 independent ones that can do it, even as a favor to me, this chick that he has never met and doesn’t know. I’ve contacted Coinomi support, and they should get back to me “within the next 24 hours.” By then, I expect BItcoin Cash will be over $2000, and I’ll have lost out on even more money. And that’s if they can help me resolve the issue right then and there, which is exceedingly unlikely. They’ll ask me more questions, and then tell me there is nothing they can do about it and send me a bunch of links to information that I’ve already read.

We’re talking a lot of money here–at least for me. And there’s presently nothing I can do about it, because my Bitcoin is lost in the ether, probably never to be confirmed. Double spending is the only option, and the Coinomi app intentionally prevents that (most apps do). I’m hoping they have some sort of override, can take control of my phone directly, and use some developer commands to force the app to allow doublespending. If not, my only hope may be to decompile the software and have a friend go through it and see if he can modify it in a way that would allow doublespending. See how grave this problem is? And it’s not my fault. It’s Coinomi’s fault. Sure, if you go to their website–their website for this app that only supports mobile devices in other words why in the world would you ever go to their website–they will tell you to make sure to increase your transaction fees when processing things for Shapeshift and Changelly, but that’s buried in their site. And no one will even go to look for that until they have already had this happen.

And I’m a tech person! I can’t imagine what a non-tech person would do if faced with this.

This sort of thing has to be worked out for cryptocurrencies to survive. Yes, the blockchain must be immutable, but there must be some changes to the code that allow for transactions to be cancelled and removed from the cloud if they aren’t confirmed even once after 24 hours.