TL;DR it kind of does seem there is some justice in the crypto world.
Bitcoin Cash, better known by its derogatory title BCash, has had a particularly turbulent ride the last couple of weeks. Born out of strife – the coin was a blatant land-grab on the Bitcoin brand by a motley group of former bitcoin evangelists, mining moguls and Satoshi-wannabes – it’s fitting that relationships within the BCash group itself should have deteriorated to the point where the coin splits.
The whole episode illustrates everything that is disgusting about crypto – in fact, one of the wonderful things about it is that this partitions off some unpleasant players and pits them against each other, leaving the rest of the crypto world to get on with their own thing and eat popcorn. BCash was enormously controversial when it first launched, accompanied by a massive FUD campaign and a fork that at one point threatened to severely undermine the entire crypto world. The new fork is the result of a disagreement between different members of the BCash camp – notably Craig ‘Faketoshi’ Wright on the one hand, and Roger ‘Bitcoin Jesus’ Ver and Jihan Wu, co-founder of Bitmain, the largest producer of ASIC chips in the world, on the other.
Last week BCash saw a massive pump, taking it from 0.066 satoshis to 0.098 in a matter of days – a 50% appreciation. The narrative is that this was traders buying BCH ahead of the fork to get both coins. Naturally, the bubble burst well before the event itself, as there was little doubt it would (and as Inferno itself warned on Saturday). It would now surprise us greatly if BCH did not ultimately return to its previous pre-pump level. It was nothing more than a P&D, and likely many BTC belonging to Bitmain were spent in the effort.
At the time of writing, Wright’s BCHSV (‘Bitcoin Cash Satoshi Vision’) futures are trading at 0.018 sats on Poloniex, while Wu’s BCHABC is trading at 0.064, indicating the market is almost 4 times more confident in Wu than Wright.
That means that Wright, who claimed to be Satoshi and the creator of a $100 billion blockchain, will end up as the architect of a $2 billion market cap effort – and that’s before it dumps any further. Meanwhile, the in-fighting between Ver and Wright paints the whole BCash effort in a very poor light. BCash is consuming itself from within as the lies and deceit that have been a feature since Day #1 come back to bite it.
The whole episode can be summed up with the maxim: If you lie down with dogs, you get up with fleas.
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