Bcash just had it’s first birthday and might be already half way it’s lifetime, or time of relevance at least. From the beginning people warned investors that Bcash is a useless scam coin and only driven on lies and manipulation, but some kept promoting it like it was their religion. It is hard to say whether they are scammers or just stupid, but after one year so many scandals came out and so many black swans are on the horizon that you just have to be a moron to still keep your money in it.
Before the birth of Bcash it was suspected to be a tool to attack Bitcoin
The big block community caused a lot of damage to Bitcoin before Bcash came to existence. Segwit and thus Lightning are delayed more than a year thus the great scaling solutions and additional applications we are seeing rolled out now (that is literary eating the altcoin market) could be 3 times further developed and adopted than we are today. Also, a lot of FUD and confusion scared away new users and investors.
After Segwit was finally implemented (forced by the users) I hoped the big blockers would not cause to much more damage.
When the Bcash fork was announced it was brought to the market as a ‘friendly fork’. Replay protection was implemented and the creators said clearly that it would become an altcoin because there was by far no consensus for this fork. However, some already suspected that Bcash would be used to attack Bitcoin in times of tension between Bitcoin and Segwit2X. Here is an old article that I have written before the fork:
Bcash was born with a flaw and without consensus
Because there was totally no consensus for the Bcash fork (so tell me how on earth can it be the real bitcoin!?!) the low quality Bcash devs have build the EDA (Emergency Difficulty Adjustment) to prevent it from dying on arrival. The EDA was greatly flawed and caused periods that Bcash was extremely profitable to mine followed by periods that it was extremely unprofitable. This made miners shift between the two chains and caused hyper inflation in Bcash followed by extremely long block times and so on. It even de-stabilised Bitcoin.
The flawed EDA was used by Bcashers to leverage the flippening attack in combination with a BTC dump and BCH pump, the S2X cancelation event, a tsunami of paid trolls on social media shouting that BCH is the real Bitcoin and heavy spam attacks. In this post you can see more details:
The Segwit2X fork was cancelled by 6 important persons (really decentralised LOL) and Bcashers were able to use the anger of the S2X proponents to leverage their attack on Bitcoin. Finally a few miners decided to trigger the fork despite the cancelation and the S2X chain froze immediately because of a bug and was dead on arrival. Imagine that S2X was not cancelled and the 95% of the miners that backed it shifted over! Bitcoin might have failed as the most important project for freedom in human history!
After this attack multiple less powerful attacks took place and Bitcoin .com started to confuse and mislead people by saying that Bcash is the real Bitcoin. I kept warning for Bcash:
Like I did for other scams like Bitconnect (Hilarious enough both started of with the BCC ticker):
AAAAnd I kept give more warnings:
Bcash is NOT Satoshi’s vision:
It is solely based on manipulation:
It would NOT survive without the help of Roger and Jihan:
Bcash is evil:
Bcash is NOT Bitcoin:
You can’t trust the Bcash devs and the tech is risky and not interesting:
Bcash is NOT secure:
The Blockstream conspiracy is BUllshit:
Bcash is heavily overvalued:
AND why big blocks and hardforks are a bad idea:
The 2nd year of Bcash
In the 2nd year the Bcash price is sliding well under .1 BTC after the 4th pump and dump scene, as low as it started off when the fork was created.
Compare this chart to charts of other cryptocurrencies: Do you think it looks natural? PUMP & DUMP
This in itself is not so worrisome, but the black swan I warned for months ago is coming closer:
Bitmain had to open it’s books for the IPO and the results are very shocking! It turns out that they been pumping the Bcash price all the time while selling their Bitcoin stack. Bitmain now own a staggering one million+ BCH, this is even more than the stack of Satoshi himself!. Firstly, it is proving what we were saying all the time:
BCASH IS MANIPULATED BY A FEW WHALES WHO WANT TO DESTROY BITCOIN BECAUSE THEY CAN’T CONTROL IT AND BCASH THEY CAN CONTROL. WHEN THE FLIPPENING WAS SUCCESFULL ROGER, JIHAN AND CRAIG WOULD BECOME THE NEW ROCKEFELLARS AND ROTSCHILDS!
Secondly, decentralisation was already questioned by the crypto-community, but when one entity owns a huge share of the mining hardware, mining power and currency itself too, we can not call it decentralised at all.
Furthermore, The Bcash price didn’t manage to climb in BTC terms while Bitmain heavily supported the price. Since Bitmain is almost out of BTC and IPO investors probably don’t allow them to spend more on this dying shitcoin the price will probably crash without their support.
Also, everyone is scared like hell that these coins will be dumped on the market when Bitmain doesn’t see the bright future anymore. When coins in one of the known wallets of Bitmain start to move a huge selloff will take place because this can bring the price extremely low in the low liquidity Bcash market. Bitmain will never manage to sell all the coins, thus this threat will be as a dark cloud above the Bcash market forever.
The Bitmain story is not the only issue for Bcash. Still nobody is using it and they will miss out on all the innovation enabled by Segwit. Atomic swaps are being done already between Bitcoin Lightning and Litecoin Lightning. An onchain Bcash atomic swap with Bitcoin Lightning was possible but far from straightforward. This means that Bcash will probably be excluded on decentralised exchanges build on Lightning.
Also the re-introduced risky op-codes or the reckless work of the Bcash devs can instantly crash the network. Recently a critical bug is anonymously reported by a Core dev. When this was not fixed it would probably make every Bcash holder lose all his money. Since Bcash devs like to create new hardforks to further centralise the network it is very possible that the next bug will end badly………..
So whats the outlook for Bcash:
-Big chance of 51% attacks and double spends (7% of BTC miners can become majority on Bcash)
-De-list dead spiral very likely (exchanges are at heavy risk to lose money in Bcash double spend attack)
-Huge crash Bitmain dump possible
-Long bear market because Bitmain doesn’t support Bcash anymore
-High risk for bugs (already 3 in one year) because of bad development and risky op-codes
-Heavy competition from faster, safer and cheaper Lightning Network (Dogecoin DOGE and Bitcoin Core BTCC are faster and cheaper too)
-Miner exodus when the halving of Bcash takes place earlier because of the hyperinflation in the past caused by the flawed EDA. This will make Bcash slow, unreliable and extra easy to attack for a while
-Exclusion from Lightning based decentralised exchanges and Lapps
But most importantly: It is simply immoral to take part in a pump and dump scene!
But Bcashers, don’t worry! As with every scam there will probably be a lunatic around to pump the shit out of your shitcoin, even after it crashed from hundreds of dollars per coin to under a dollar!
This is no financial advice, just my view on the market.
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