Categories: Bitcoin

BitTorrent Creator Bram Cohen Critizes Coinbase for Running Bitcoin Classic

Bram Cohen, the author of the peer-to-peer BitTorrent protocol, as well as the first file sharing program to use the protocol, also known as BitTorrent, has criticized global bitcoin exchange and wallet platform Coinbase for running the Jonathan Toomim-led Bitcoin Classic.

Essentially, Bitcoin Classic is a hard fork which increases the block size of Bitcoin by 2 megabytes. Supported by industry leaders and bitcoin experts, Core developers including Gavin Andressen, Jeff Garzik and the Bitcoin Classic lead developer Jonathan Toomim are attempting to increase the bitcoin block size immediately to 2 megabytes, as soon as the activation threshold is met.

Coinbase and its CEO Brian Armstrong have been strong supporters of Bitcoin Classic, and have been running several pilot tests to convince other exchanges in the industry to run Bitcoin Classic with them.

The main issue with Bitcoin Classic however, is the inevitable technological conflict which will arise due to the presence of Bitcoin Core. If the Bitcoin Classic activation threshold is met, and if the Bitcoin Core developers decide to continue the development of the core chain, the Bitcoin network and all of its transactions will be divided into two major chains: the Core chain and Classic chain. In this type of situation, the two chains may result in two different market caps.

Understanding the danger and complexity of running Bitcoin Classic, Cohen strongly rejected the proposal and announcement of Coinbase CEO Brian Armstrong to support Bitcoin Classic.

Related Post

Regardless of the criticism of Cohen and other experts in the bitcoin industry, Armstrong claims that running the Classic chain remains user bitcoins interoperable/safe. He further emphasized that the company is running a few other nodes apart from Bitcoin Classic.

— Brian Armstrong (@brian_armstrong) February 11, 2016

 

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

Share
Published by
Joseph Young

Recent Posts

DOGE Technicals Signal Correction: $50M Capital Might Rotate Into Ripple and DTX Exchange This Week

Dogecoin (DOGE) Technical Analysis: About To Correct? Today, Dogecoin (DOGE) is trading at $0.39, currently…

2 hours ago

Ethereum Reaches Yearly High Amid Bullish Sentiment, But Whales Signal Caution

Ethereum (ETH) has surged to its highest price of the year, supported by positive funding…

2 hours ago

Bitcoin Surges To $93K As New Addresses And Institutional Investments Hit Record Highs

Bitcoin has reached a new all-time high of $93,000, rising by 30% since the U.S.…

2 hours ago

XRP Community Buzzes After 45% Surge, As Robinhood Expands Crypto Listings

The XRP community is abuzz following a notable 45% price surge over the past eight…

2 hours ago

TRON Hits New Market Cap Milestone As Transaction Volume And Stablecoin Ecosystem Expand

TRON has achieved a major milestone with its market cap soaring past $16 billion, marking…

2 hours ago

Litecoin Sees Rise In Short-Term Holder Activity As Wrapped Litecoin Launches On Ethereum

The balance held by short-term Litecoin (LTC) investors has increased significantly, rising 31% over the…

2 hours ago