JuicyG of SmartCash has stated that for better or worse the SegWit activation represents a new chapter in the history of Bitcoin and traders are positioning themselves accordingly. With less than 24 hours to the dreaded August 1 Bitcoin Network scaling date, the pioneer virtual currency’s price has become a bit Bullish crossing the $2800 line.
He believes people are on a buying spree since they are confident of positive results tomorrow. “Everyone is waiting for the dust to clear and for August 1st to be a none event. People are buying in anticipation, hoping everything will be alright and there won’t be any surprises,” JuicgG told Core Media in an interview.
No Eventful Risk
JuicyG is also confident UAHF or Bitcoin Cash will hard fork but many people in the community will treat Bitcoin Cash as an altcoin. However, he was of the opinion that even though people do not seem to be that worried about it even though it may play a big role in the future. He explains:
“Big blockers may get involved in that project and leave BItcoin behind for better or worse. Roger Ver said he’ll join the Bitcoin Cash camp in case the 2MB hard fork don’t go through according to plan.”
On whether there will be any negative impact, he said it could split the community which is currently fractured. “You’ve got /r/btc and /r/bitcoin on reddit, bitcointalk and bitcoin.com, two warring factions,” he intimated.
When asked if by any chance there is a split, would it affect the strength of Bitcoin, he explained it will create competition which is good for the ecosystem. He explained:
“A split would enable each side to pursue their vision. Big blockers would go the on-chain scaling route with Bitcoin Cash, while small blockers would go with SegWit and side-chains. In the end, the split may be beneficial to both camps. Bitcoin Cash would probably end up being a net positive. Competition is a good thing. So I think the ecosystem will benefit. Bitcoin Cash supports competing implementations and encourages multiple dev teams.”
Panic is Unnecessary
JuicyG maintained the fear was mostly UASF related and now that the UASF threat is gone, there’s not much else to worry about. According to him Bitcoin Cash and the UAHF isn’t a risk to Bitcoin. Bitcoin won’t split because of Bitcoin Cash. Bitcoin Cash also added replay protection, which means they’re playing nice.
“It will only create an altcoin that will trade under a different ticker BCC and it will come with replay protection so it’s not a threat. it’s only a threat in that sense that it will compete with Bitcoin later on but not an immediate threat.”
However, he thinks UASF could have really split Bitcoin, especially since the current core team or at least a good chunk of the current core team was behind it. Also, the Coordinator of SmartCash hinted the plan was to change the PoW algorithm at a later stage and that could have had serious consequences.