IOU tokens have been creeping into crypto for a while now, it just depended on what the scheme for backing them was. USDT still somehow maintains their supposed 1:1 backing ratio, which I don't think is 1:1 but I digress. Trying to make this random BTC2 token be backed 1:1 by Bitcoin is definitely a pipe dream, or at least it's a pipe dream for anyone who's expecting to get anything out of the token. The creators are going to get all of the cryptos which are actually worth something and probably run off with the money, just like what we saw with almost every single ICO over the past couple of years.

BCash is still considered a meme from what I can tell. I don't think that there are any fervent supporters for it, but you never know. I thought it was petering out and on its way out the door, but maybe I've underestimated the support BCash has. Hopefully, they wisen up and stop trying to bring jokes to fruition.