The blockchain/crypto week in quotes

Evil Bitcoin, the Bitcoin Cash hard fork soap opera and Nouriel Roubini up to his old tricks. All this and more as we round up our favourite quotes from the past week

“This Bitcoin Cash hard fork has been something of a soap opera. Fun as it’s been to watch, many people will breathe a sigh of relief once the credits roll and the conflict comes to an end. Although crypto prices have been volatile in the last 24 hours, most of the drama will likely be contained to the Bitcoin Cash community.

One thing to look out for is a potential switch by some Bitcoin miners who might look to support one of the new Bitcoin Cash projects. Even if this happens, Bitcoin will most likely still have more than enough hash power to maintain the security of the network.

Amid this saga, the hard fork may also drive a number of investors away from Bitcoin Cash altogether, into the arms of its parent asset, Bitcoin. We can only hope for a swift resolution to the drama.” Mati Greenspan, analyst at eToro

“I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy. This currency could satisfy public policy goals, such as financial inclusion, and security and consumer protection; and to provide what the private sector cannot, privacy in payments.” IMF Managing Director Christine Lagarde

“Coingeek and nChain are in this battle for the long haul. We will mine BCH and fight as long as it takes to protect the original Bitcoin from Bitmain, Jihan Wu, and their Bitcoin ABC development group who all want to change BCH into some altcoin wormhole token technology. Roger Ver’s company Bitcoin.com is subsidising hash for only 24 hours, taken from his own customers.

As for Bitmain, to keep up with us in this hash war, Bitmain will have to spend millions of dollars a day from its investors’ money and shareholder assets, while also trying to raise more investor money for its shaky IPO. This will bleed Bitmain’s cash and cryptocurrency reserves, because we are prepared to fight for months and months.  If I were a shareholder or investor in Bitmain, I’d be asking why Jihan Wu is spending all your money to control BCH when Bitmain’s business supports multiple cryptocurrencies.” CoinGeek founder Calvin Ayre

“The findings of this study are remarkable. Ireland boasts one of the most highly-skilled and educated workforces in the world, yet most Irish people would not consider a career in blockchain because they don’t feel they have the ‘right’ background.” Wachsman CEO and Founder David Wachsman

“Few remember that Satoshi embedded the genesis block with a Times headline from January 2009 about UK banks’ bailout. In more ways than one, Bitcoin is the evil spawn of the financial crisis.” European Central Bank Executive Board member Benoit Coeure

“The hard fork in Bitcoin Cash will likely lead to many changes in the crypto market as a whole. It is, however, difficult to speculate on the exact effect this will have on the price of Bitcoin Cash or indeed of any other cryptocurrency. In the coming weeks and months, it will be important to see which exchanges decide to list the two new currencies that will be created from this fork, as the possibility of being traded will be crucial for both cryptocurrencies. 

As this develops, features and adoptability will become clearer, allowing for users to make informed decisions on how to invest. We recommend that any investors who have concerns about the new technological advancement seek guidance in their investing activity from seasoned professionals.” Frank Wagner, Co-Founder and CEO, INVAO 

“Bitcoin ABC is the better approach. It better sets up Bitcoin Cash as a more usable currency by unlocking more future development. On chain scaling of Bitcoin Cash requires much more than just increasing the block size limit, and Bitcoin ABC is doubling down on creating a more scalable node by removing a lot of the technical limitations that will pay off in the future. Furthermore, there’s also no reason that ABC can’t increase it’s block size in the future up to 128 MB like Bitcoin SV thinks is required now.

Bitcoin ABC is even more appealing when you take a look at the last year’s worth of blocks and see that the vast majority were well under the current limit of 32 MB anyways.” Tanooj Luthra, CTO, Elph

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