At the risk of sounding like a troll or a shill, does anyone still believe BCH is going anywhere but down?
I got into Bitcoin years before the bubble, and accumulated a fair share. When BCH forked I believed in it, and put my money where my mouth is.
But, we have been bleeding virtually the entire time. There was a little bit of up, but most of it has been slowly but surely going down to zero.
As I also work in the cryptosphere, over the past year I've regularly talked with several big Bitcoin people. And while it seemed a constantly uphill battle, I was even able to convince some of them of the merits of BCH vs BTC. It's amazing how firmly lodged the core narrative of on-chain scaling being impossible, store of value, etc, is in otherwise reasonable people. If anything, this has gotten worse over time, not better (it feels like the other side is slowly winning that one).
This fork seems to have shredded the last bit of the confidence. I reluctantly follow ABC, because CSW and Ayre have completely lost it, but its not like Amaury is a shining example of sound reasoning or making good decisions. The egos are clashing while nobody involved seems to actually be worth their ego, and nobody seems to care about the actual users of BCH. Development wise, we're now practically as centralized as core.
Mining wise, this fork shows just how easy it is to get >50% mining share on the BCH chain. We're a madman's click away from being fully centralized.
On technical merits, sure BCH is far beyond BTC. But it seems absolutely nobody outside of our little bubble here on /r/btc believes in it. Overall confidence in crypto is way down, and BCH worse than average. The price has been practically in free fall, volume is completely gone, nobody wants it, trouble aplenty. While everyone here seems positive and hopeful, BCH's relative value compared to BTC would need to double or triple from what it is right now to even being close to getting back on track. Does anybody honestly believe that will happen? How? What can possibly trigger this event? If I as an engineer who believes in the tech, a business man who has the funds to invest, and an idealist who believes in the ideas behind crypto, can no longer bring myself to see hope on the horizon, how will anyone else?
My belief in BCH has literally cost me over a million dollars compared to staying in the inferior BTC. I am nearly to the point where I'm going to have to sell everything to prevent running a loss (how ridiculous is that for someone who got in before the bubble). I'm not saying that to garner your pity - while I'm not a wealthy man I'm certainly not a poor one, and I'll be just fine. But absolutely everything points to BCH being a lost cause at this point.
CMV
No comments:
Post a Comment