Another Failed Attack on Bitcoin
Recent uproar around the transaction fees and backup of the Bitcoin transaction pool has proven to be nothing but another failed attack by those pushing a Bitcoin Cash agenda. This has been happening for months now and with each attempt, the end result is the same - bitcoin emerges unscathed and often better suited to scale than ever before.
Bitcoin transaction fees are now averaging about 9 cents per transaction and dropping. This down from highs of $50 per transaction when the spam attacks were at their height approximately 3 weeks ago.
The Motivation Behind the Attacks
Coinbase is currently the largest (by active registered users) worldwide wallet and brokerage platform for bitcoin. While , they have been highly criticized by the bitcoin community of late as they are not using the blockspace efficiently due to their inability to properly batch transactions. This has caused significant congestion on the network due to the volume of users and transactions Coinbase processes on a daily basis. Since coming under fire in the past several weeks, Coinbase has put resources against properly batching their huge log of transactions and as a result, the mempool (think of this as the logjam of unprocessed transactions) has gone down significantly.
While Coinbase might be guilty of incompetence in their role in the logjam, bitcoin cash and the small but highly influential (and wealthy) backers behind it have much more sinister intentions behind their actions. Spearheaded by Roger Ver, aka "Bitcoin Jesus", Ver is a strong supporter of bitcoin cash, which split off from bitcoin on Aug. 1 as developers debated the best way to improve transaction efficiency.
Ver has gone to extremes to try and push this faulty and misguided agenda. He has taken over the @bitcoin twitter handle and highly visited bitcoin.com to push the 'bitcoin cash is the real bitcoin' agenda. And on numerous occasions, he's flooded the bitcoin mempool with spam transactions while simultaneously promoting how fluid and fast the bitcoin cash mempool is (mostly due to non-existant volume). He's tried this on several occasions and while most attempts have a momentary effect on the price, it is fleeting and all Ver is succeeding at doing is ruining his own reputation within the larger cryptocurrency community.
The reality is, with the release and adoption of the lightning network, Bitcoin Cash loses most if not all of it's relevancy as it can't match the speed and minimal fees that have already been verified in the wild. Ver knows this and has stepped up his attacks as a seemingly last ditch effort to cling to the fading hope that bitcoin cash will ultimately replace bitcoin.
All of the crypto currencies are trying to achieve the same goal, decentralized daily trasnacting currency based on an immutable blockchain. While having different technologies is extremely good for the space, because of the competition, we can't have in fighting and especially not attacks on competing coins. The leaders of blockchain coins need to get along in order to reach our goal.