Re: Forking Dilemma:The ticking time bomb that will render cryptos untenable...
Cryptocurrencies should face the same market forces. While people may view Bitcoin cash as valuable and as it stands, it seems that a correction did not happen, the cryptocurrency community should treat forks of coins with the contempt they deserve. When BCH was created out of thin air, its value should have been 0.001$ but instead, the market valued it at $700 and now its about $300. Holders of bitcoin were rewarded new valuable currency as though it were largess. The next cryptocurrency fork should be treated harshly especially if its a further BTC split.
This issue of forking must be addressed if cryptocurrencies are to become as accepted and understood as fiat.
This issue of forking must be addressed if cryptocurrencies are to become as accepted and understood as fiat.
Not all forks are created equally, to use that expression.
The Bitcoin Cash developers are unknown, untrusted people who are just doing a simple fork of the software. The economy backs the Core developers. I believe this will be the case in the future, even if future forks split the network considerably and all network values suffer considerably as a result.But markets are not efficient, especially in this atmosphere of crypto hype and market manipulation in unregulated, illiquid markets. There are forces (Roger Ver, for instance) that are likely propping up the BCH price to dry up the liquid supply. Like BTC, most BCH will not move. Once supply dries up, it can be pumped, and the Bitcoin Cash haters can be "proven wrong." Bitmain could even start pointing hash power at it once it's profitable to mine. Wouldn't that be an interesting development?
Imagine if the new york stock exchange created a 'forked version' of all their shares and tried to pass it off as equal value to which the market erroneously responds by correcting the forked version of the market to 35% of the value and increasing the actual exchange by 35%..it's unbelievable. I know cryptos and shares are different but think about it!