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Sunday, April 30, 2017

Roger Ver Emotional, Not Rational: Charlie Shrem on Bitcoin Hard Fork

Roger Ver Emotional, Not Rational: Charlie Shrem on Bitcoin Hard Fork

An unsustainable monthly offer of about $500,000 by Roger Ver has been identified by the Bitcoin entrepreneur, Charlie Shrem, as a key factor that could be keeping some Chinese Bitcoin miners with Bitcoin Unlimited, even as the likes of Wang Chun's F2Pool, break away to signal SegWit for Bitcoin.

Chinese miners have been caught in the middle of the unfolding Bitcoin block size debate for quite some time. The BU and SegWit debate has created a deadlock that seems to have stalled the community without innovation.

In the latest edition of Double Down, the radio program on with Max Keiser and Stacy Herbert, Charlie Shrem, the Bitcoin advocate who co-founded the startup Bitinstant in 2011, notes that the debate reflects how emotion could be powerful than rationality.

"As I see in this case, the miners are being rational. Roger has as much money as he wants to spend. He is not being rational. He is being emotional,” says Shrem on air. “He is just saying whatever he wants, doing whatever he wants. He is wasting half a million dollars of his own money per month - those were his words to me directly so I know that it is true. However, these miners run a business and business is everything. It's bad business to support Bitcoin Unlimited at this point and Roger can't prop up all of the miners for so long. The only reason that this certain group of Chinese miners that have 40 percent of the hash rate are still supporting Bitcoin Unlimited is because that is the Asian culture - when you give someone your word, you have to follow it through. But at some point, it becomes economically infeasible."

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