Meet The Forkers

When I was a teenager, outrageously baggy jeans became fashionable. I didn’t go for them, but grew sideburns, and I’m not proud. I bet you can recall some cringeworthy choices. That’s part of growing up. Indeed, developmental psychologists say that if you don’t have such episodes of rebellion, you have issues as an adult.¹ I think it’s much the same with cryptocurrency. That’s why I don’t get angry or dismissive when Bitcoin forks.

Meet The Forkers

‘Forking’ is when a small clique of devotees copies the software and makes crucial changes. Bitcoin (BTC) and other cryptocurrencies are software, freely copyable, and so forking is always on the table.

There have been three forks of bitcoin (BTC) recently. Let’s take a look at the rebels.

• eCash (ECX)
• Bitcoin Blake2B (XBC/BTC2B)²
• Bitcoin 2nd Chance (BC2)

eCash

ecash.com

This fork of bitcoin makes it easier to swallow up funky new projects. Bitcoin’s code and rules are safeguarded. It’s like a way to add small annexes to a cathedral.

On the ECX website (ecash.com), it states that the main reason for ECX is that it thwarts possible ‘defeat’. What does ‘defeat’ mean?

An Altcoin defeats BTC (via better tech, marketing…)

Better tech, better marketing? In other words: better?

It seems to me that the leader of this fork, Paul Sztork, is doing a ‘Ptolemy’. Ptolemy (c.120 AD) made all kinds of mathematical tricks just to keep Earth at the center of the solar system. He never stopped to challenge that dogma. Mr Sztork will do anything but challenge his dogma that everything revolves around bitcoin.

ECX Pros

Well organized.

ECX Cons

Takes for granted that cryptocurrency devs not currently working on bitcoin will want to.

Bitcoin Blake2B (XBC/BTC2B)

bitcoin-blake2b.org

Maybe you have heard about this one. It has caused a big stink for sure.

A large group of BTC node-runners got fed up about spam on the blockchain. I wrote about it here.

The ‘Blake2B’ version of bitcoin makes two changes. First, no spam allowed. Second, big, multi-million-dollar ‘mining’ rigs are made obsolete.

On this second point, the machines that compete to make the new official batch of transactions (called a block) now, on this new fork, must follow a set of rules called ‘Blake2B’, hence the name.³

I root for these wildcatters, but I fear that time is not on their side. They need to get a lot infrastructure up and running basically now. Goodwill fades. Given the fuss, this fork needs to meet higher standards. Many of the ‘miners’ will leave soon if they can’t even trade their XBC/BTC2B.

XBC / BTC2B Pros

Nick Szabo is more or less on their side.⁴

XBC / BTC2B Cons

Behind the eight-ball.

Bitcoin 2nd Chance (BC2)

bitcoin-ii.org ⁵

This one is so simple it’s almost silly.

Why not just start bitcoin all over again?

BC2 represents the real second chance— a generational opportunity to get in early on a chain that mirrors Bitcoin’s proven mechanics but starts fresh. Many missed Bitcoin’s early days; BC2 offers that window again for those who believe in sound money...⁶

The main reason for starting bitcoin again from ‘block 1’ is the mining rewards. ‘Mining reward’ means that, if you do happen to win the sport to publish the newest batch of official transactions, you get some bitcoin. In the earliest days, ‘miners’ got fifty BTC for every win. Nowadays, it’s just a few BTC. BC2’s reward is back to fifty again. That’s fifty BC2 of course. It’s about 1/8,000th of the ‘real’ BTC reward, but it’s still more value than when Satoshi first ‘mined’ bitcoin.

This fork has a noble goal: Give the plebs a chance to get a bag of bitcoin before the toffs swoop in. I like the lack of hype with this fork. All the same, Bitcoin 2nd Chance (BC2) brings to mind a divorcee claiming “a second chance at virginity.”

BC2 Pros

Undoes dodgy changes to the ‘real’ bitcoin.

BC2 Cons

Extremely wishful thinking.

A silverbug’s defense of forking

My favorite form of money is silver coin. I’m open to crypto, but maybe you’re not? If you’re a goldbug or a silverbug, maybe you’re thinking that forks belong with knives and spoons.

There’s a very good reason for forking.

Uncopyable (non-forkable) software has a small team of developers who know what’s what. They can be imprisoned. ‘Forking’ is a part of contingency.

Why forks piss some folk off

Some folk just have an allergic reaction to forks.

Others are more thoughtful. Satoshi Nakamoto, for example. He warned that the devs should not be spread too thin, and that failures of minority versions give off a bad overall perception.⁷

Fair enough.

I have a more philosophical take.

Is cryptocurrency mature yet?

Do you think cryptocurrency is still a teenager, or is it a 40-something with bills to pay?

We play with identities in our teens. Maybe you went from being a Pearl Jam fan in khaki army pants to being a do-rag-wearing disciple of Tupac Shakur.

I take crypto to be still young, so I’m okay with forks happening.

Forks are outbursts of hope and creativity.

Crypto the middle-aged person

If you think crypto is the middle-aged man with bills to be pay, and so should be beyond forks, then you have some thorny questions to answer.

Why...

• ... did bitcoin (BTC) fail in the only country where it got official status?⁸
• ... do banks still not offer cryptocurrencies as foreign exchange currencies?
• ... do most merchants not accept it?
• ... is marketing at such an amateurish standard?
• ... why do so many exchanges still get hacked? e.g. Bitget hack of September, 2026

Takeaways

• Forks will always happen with copyable software.
• Your attitude towards them should hang on whether you think cryptocurrency is still young.
• If it is still young, forks are outbursts of hope and creativity.