Beyond the hashwar that is going on these days in the latest crypto drama - the BCash fork, that is - something even more interesting happens, and this time is about price. Or, to be more precise, about how fundamental math rules are challenged by this split.
When BCash forked last year, the combined value of BTC and BCASH was more than the value of BTC. At a very shallow level, you could say that this fork added economic value. We had 1 + 1 = something more than 2. (I know it didn't add any economic value, but bear with me).
But now, the added value of the two split coins ABC and SV is less than what the value of BCash was before the fork, which, at the same superficial level, means 1 + 1 = less than 2.
1 BCASHABC = $297
1 BCASHSV = $112
1 BCASH = $418
1 BCASHABC + 1 BCASHSV = $409 < $418....
Here are the screenshots from Binance for ABC and SV, and, below them, the BCash price on Coinmarketcap (the BCash price is more or less a snapshot before the split, as many exchanges froze withdrawals until the drama is over).
In my opinion, this fork is very far away from the fundamental values of the Bitcoin project, as it was presented in the initial white paper. The mere fact that you see words like "attack" and "hashwar" next to "Bitcoin" and "financial freedom" is a very big turnoff. I won't go deeper and wouldn't make any comments at the personal level (avoiding names like Bitcoin Jesus or Faketoshi), but, overall, I think we're dealing with human greed and egotistic rushes.
In the long run, neither greed, nor egotistic rushes proved valuable for the survival (let alone thriving) of the human race.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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It's more like
1 Fork_1 + 1 Fork_2 + stupidity + greed < 1 Original
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Nice info here you made it more clear to me
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If i had bch before the fork i should have both coins now?
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It depends where you had your BCH. If you had it in an exchange, you wouldn't have any of it, as the withdrawals are frozen. If you had it in your own wallet, then, theoretically, you would have both coins if you have both wallets (ABC and SV). But what it matters is how exchanges will see this. Some will recognize only the "longest chain" (or the "winner') and then you will have only that token in that exchange, or they may be able to recognize both, in which case you will have both.
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IMHO it is just the natural process to end up having just the original BTC over the rest. If you take a look at all the BTC forks which took place last year, BTC Gold, Diamond, Private, Superbitcoin, etc... None of them has gone anywhere except for BCH which now just entered a civil war with a new fork which could end up killing its value.
It is just a matter of time until just the original Bitcoin is the only one in the markets.
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Craig Wright tweeted that he's going to sell most of his BTC stash in the hash war. Whether he is Satoshi or not, I believe he is a whale. If this comes to pass, BTC is in for a ride.
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Craig Wright tweeted that he's going to sell most of his BTC stash in the hash war. Whether he is Satoshi or not, I believe he is a whale. If this comes to pass, BTC is in for a ride.
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I will do it for you. Ahhh how Bitcoin Jesus has fallen. He be Bitcoin Judas now.
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🏆 Hi @dragosroua! You have received 0.1 SBD reward for this post from the following subscribers: @cardboard
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I think we are getting to know what is happening better.
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This is the kind of thing that erodes confidence and therefore mass adoption of crypto :(
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