Author Topic: On shitcoins (Bitcoin Cash specifically)  (Read 23 times)

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On shitcoins (Bitcoin Cash specifically)
« on: January 11, 2019, 10:33:19 AM »
There is a prevailing opinion that Bitcoin's hard forks, Bitcoin Cash being the most notorious among them, are diluting Bitcoin's value and utility, driving away investors and antagonizing regulators, making common people lose piles of money and damaging heavily Bitcoin's image in the public eye

I agree with this view. But as there is no cloud without a silver lining, these forks, despite all their toxicity, are set to have a positive role at the end of the play (their play, obviously). How come? People like Craig Wright are extremely toxic to anything they touch. He was lucky to lay his hands on a shitonne of bitcoins in his early days, at the dawn of crypto, and now, according to his own words, he is going to drive Bitcoin's price into single digits

But it doesn't matter even if he does (which I doubt). What does is the fact that he is no longer part of Bitcoin. And if he tries to weasel his way back after Bitcoin Cash (or what's left of it) finally bites the dust, no one will take him seriously as no one is taking him seriously now. He made his choice and there is no way back for him this time or any other time. The same is fully applicable to other public figures who openly denounced Bitcoin as inferior and worthless

The bottom line is that while all these people may give Bitcoin hard times, it is the price we have to pay for them being no longer part of it. If they remained, they could potentially wreak a lot more damage and a level of destruction which no hard fork will ever be able to make on its own. That's why hard forks, and Bitcoin's hard forks in particular, are good in the long run as they help remove these destructive actors and let them actively destroy themselves if they choose so