“I’d Put New Money Into Bitcoin, Not Bitcoin Cash”, Says Tom Lee


via CT

Fundstrat Global Advisors co-founder Tom Lee told mainstream media he would favor buying Bitcoin (BTC) over Bitcoin Cash (BCH) April 24 as markets cement a second week of straight gains.

Speaking to CNBC, Lee, who is well-known for his bullish stance on Bitcoin, said that although he was averse to “taking sides,” he would rather put “new money” into Bitcoin than the altcoin alternative.

“I think both have merits,” he explained to the network’s Fast Money segment.

“But if I were putting new money to work today - a fresh dollar - I would be a lot more interested in buying a laggard that could attract inflows as opposed to something that’s already potentially overbought.”

Lee’s statement comes amidst an ongoing war of words between Bitcoin and Bitcoin Cash proponents.

As BTC/USD fell around 2.4% Wednesday, BCH/USD fared much worse, losing almost 17% in the same 24-hour period.

When asked why BCH had managed to gain considerably in previous days, Lee considered its upcoming network hard fork as a part motivator for money flowing in.

CNBC host Brian Kelly, who recently spoke about investing in the asset, also added that it “had something to do with” market sentiment improving.

Lee’s Fundstrat nonetheless continues to present a strong Bitcoin-centric case this week, a survey of various financial players revealing over 80% believing the price slump of Q1 2018 was over.

In terms of year-end performance, the majority of those asked believe BTC/USD will finish 2018 between $10,000 and $20,000.

6 Likes

I can’t get over BCH blatently trying to trick people into thinking that is BTC rather than just naming themselves and presenting their own value - I can’t bring myself to support something that has such a negative and destructive vibe, regardless of its price.

9 Likes

Agreed. I wouldn’t have as much a problem with BCash if they weren’t trying to blatantly steal the BTC symbol and bitcoin name. Totally scummy. Worst part is that they know it and don’t care at all. They claim it’s to fulfill “Satoshi’s vision” but I just see a bunch of green-eyed monsters who are willing to do or say anything to supplant BTC. It’s insane, really. If that’s “Satoshi’s vision” then I want no part of it.

5 Likes

Agreed. BCH uses us/against them marketing similar to politicians. It certainly doesn’t convince me of their value.

3 Likes
1 Like

Yes - the fact that they’re trying to trick new crypto users by renaming Bitcoin to ‘Bitcoin Core’ and BCH to Bitcoin is a sign of desperation. They wanted to fork and create something new - fine, but trying to undermine the original instead of focus on their merits is the same reason why people hate politicians and have been voting in ways that surprise everyone - people hate slimely tricksters who try and trick people rather than convince them with positive solid benefits.

In reality - anything BCH has done can be done by BTC if actually needed, so while they may be able to market their way to fooling new people and repositioning BTC - anyone who actually sees what’s going on will never support them. Even people buying when BCH rises in price don’t actually want BCH and will dump it as soon as it makes a profit.

It’s like some of these entities are run by psychopaths who don’t care about anything but money and will do anything to trick people into giving them it.

2 Likes

I agree stealing the name is scummy but bitcoin has been hijacked by incompetent morons. I don’t like roger ver but there is no denying bitcoin wouldn’t be what it is today with him devoting 7 years of his life pushing bitcoin hard. To be fair they did tell bitcoin dev team in early 2015 that fees and transactions were going to increase and action was needed. The dev team dismissed the issue and said they was wrong when clearly they wasn’t and roger is following what the white paper does say. As for him doing it for mainly profit I’m not so sure that is the case yes there is some financial incentive for him but I think it’s more about belief and politics to him than money and maybe some ego thrown in. i also think he is angry they let bitcoin go from a 95% dominance to around 35%. He does bring up some very valid points

1 Like

Lets all tweet Roger Ver with the tweet “We dont like Bcash” :joy:

Maybe we will get more then the middle finger.

2 Likes

I tweet to Roger every time I see his rubbish. “Bitcoin Jesus” to “Bitcoin Judas”.

3 Likes

I don’t deny that things can be improved - however slagging off BTC and trying to push his own agenda is not what the community is supposed to be about. I never had any problem with the BTC transaction costs, even when they were higher since we’re still early in this tech and things need time to develop and be tested and secure. Now transaction costs are low again and that issue is back off the table, so if he’d just waited scaling and transaction cost issues would have been addressed.

I think it’s more about personalities and ego now than whether BTC can remain valid as the primary crypto.

Pointing to the white paper and saying “we’re the real BTC” is disingenuous as obviously the white paper was a starting point from which to build something which would inevitably need to change to factor the real-world (ASICs for mining only came out after BTC got started), so I think that’s just a red-herring to justify trying to take BTCs brand away to BCH.

4 Likes

I agree with what ur saying mate but the transactions is a big deal and that issue is certainly not off the table because it will come back IF lightning is a failure. You can’t be happy with $40-50 process fees and then taking days that a joke and they were warned years ago but dismissed it. Roger got a lot of firms to accept bitcoin and they dropped bitcoin for micro transactions which surly pissed him off as it would me if I slooged away at it for 7 years for some newbies to come in and wreak it. Micro transactions is important as 3rd world bank on small sums. I agree with most of what u say and again I don’t like roger or bcash but he does have a point.

1 Like

I hear you - and it WAS an issue. But it could always be resolved and would always be resolved, so there was not a need to start a new coin to force a resolution on it - I think he just wants to push adoption harder than is needed.

It’s a symptom of the way a lot of companies have a fail-fast mentality now, but when security is at the heart of your proposition, you can’t afford to fail so taking the time to develop the extra features rather than rush things through in order to push unnaturally fast adoption is not required.

There are many other cryptos with different technologies saying “we have faster transactions” etc. but they’re not adopted because they haven’t proven themselves to be scalable or secure enough.

Microtransactions will of course be possible on any crypto that wants/needs it eventually so it’s really all about timing and BTC got the brand and security built and claimed top crypto spot - that’s fine, and if any new crypto wants to be the fast transaction, micro-payments platform and get there before BTC does and can show scalability and security to peoples satisfaction - they can take that spot.

But trying to Usurp the BTC name is the main problem here, not who has the cheapest transactions - the market will speak and adopt the best solutions, so creating an alt coin and then trying to pretend it’s BTC is not needed and has such a negative affect on Rogers ethics that it’s undoing any good reputation he built as a builder of the crypto space.

Ultimately most people want the same thing here - so it’s less about the differences in the solution and all about how people are going about it.

I have no respect for politicians who try to look good by bad-mouthing the opposition either regardless of whether I agree with their policies.

Crypto is still new and there is a community - building things with them rather than against them would be a much better approach for everyone - and for adoption and understanding in general.

4 Likes

Looks like the lawsuit against Judas is being prepared.

1 Like

andreas antonopolous is the REAL btc jesus

4 Likes

@cryptolvl9000 Andreas is my tutor.

3 Likes

Love the guy you ever check out his podcast at letstalkbitcoin

1 Like

One of the few people who half understands bitcoin and is learning new everyday

1 Like

He’s on his “world tour” right now, think it was Chicago last night.

1 Like

💰 YEN · YouTube ·️ YEN.CAMP 🧠