Bitcoin Cash Reference

 

 

 

Recently I've been looking at the Bittrex exchange-traded product exchange and the cryptocoin called Bitcoin Cash. The interesting thing is that there are actually two currencies in the mix. That is, there is the regular bitcoins and then there is the cash, which is the Dark Wallet. It's a pretty straightforward way of doing things. If you're familiar with the Forex market you'll know that the trades are not really made on the basis of what is in the currency; they're made on the basis of what the traders want to trade in.

You can imagine how this will affect the Bittrex platform. If you have a live account on the Bittrex platform, then obviously you will be trading in the Dark Wallet, since you are allowed to do so. Now imagine if you were able to get into a toomim reference client with your free Bittrex account and had access to both currencies at the same time? Well, you would be able to trade in multiple currencies simultaneously.

In other words, you could imagine two Bitcoin Cash Reference live trading sessions on two different computers, where in one you had your regular account and in the other you had access to the full node software which backs up the Bitcoins and the altcoin named Dark Wallet. With the Dark Wallet you would be able to trade in the traditional way you would trade in the conventional market. With the normal software you'd be limited to trading in maybe a dozen or so currencies. With the toomim reference client you'd be able to trade all the major currencies in the world.

Of course, back to the infrastructure funding plan; when the fork happens and there is a big split between the two coins, then naturally one of them will become the dearer. This means that the people who have money in the Bittrex will have to fork over their funds to get the new altcoins out of the full node software. In this way there will always be an economic incentive for a group of central banks to come up with a coordinated multi-blockchain project. The problem that comes from this is that the chain will need to work closely with the Bitcoin cache protocol, which will make it more complicated and more prone to failures than what we've seen so far with the mainchain.

So if we go back to the original economic order theory, then it makes sense that whatever comes next will need to use the previous protocol as well in order to ensure that everybody stays in business. However, the combination of the Bittrex +full node + Satoshi wallet really creates an environment where the economy cannot function without the previous and current fork. It also means that it will be extremely difficult to come up with another economic order theory that will be acceptable to everybody. You see, the problems that are being experienced now are because there is an artificiality to the economic order that is not natural. This is the exact same problem that we've had since the launch of the Internet, where there was supposed to be a one size fits all approach to web design.

With regards to the Bittrex reference client, it is really a shame that we've come to this point. At the very least, we should be able to take a look at the reference client and decide whether or not it's something that we want to work with moving forward. The problem is that we currently have a problem that wasn't really recognized at the time and as long as we don't figure this out, we'll continue to have problems. The question is, can we ever work towards recognizing a more realistic view of how these things work?