'eCash' trying to hijack Bitcoin

And how it will be crushed, right from the start

DOAD

There is a simple strategy that actually will have 'eCash' go into oblivion, right from the start. And that's the Dead On Arrival Dump {DOAD}. But maybe I'm going too fast here. Because, dear reader, you might not even know what the fuzz is about. And isn't there already a Bitcoin value draining hard-fork known as eCash? Yes, there is one that claimed they had to do it, well we heard that same crap a couple of times. But all the hijacking hardforkers failed. They managed to cabbage a little of value from the one and only $BTC. And in the free market Crypto realm the only right thing to do is to actually start from Genesis. Even for miners it would have been much more interesting. As all these spoofs could have started from zero. Even stating they are the real ones. In that way I would even have respected their effort.

Somehow this whole 'eCash' thing (a different one than the current XES one) does remind me of the time Hive forked off from SteemIt. And yet it is different. Because SteemIt was actually the blockchain that got Hijacked. All members, me included, had articles and value inscribed on that blockchain. What happened was what I named a Reversed Sybil Attack {RSA}. Where a few large Stake HODLers, had a majority, with the same root owner(s) behind it. Therefore they were able to take control and hand it over to somebody I do not even want to name. We, as a community were sold out to the highest bidder. There was an attempt to keep the blockchain in the hands of the community. But another fork was released by the hijacking party, taking control over the whole blockchain. Even blocking accounts, basically taking their Stake and Value, thus also their Power. That was a bridge too far.

Persona Non Grata

One might argue that Hive dot blog should have started from scratch. Thus wiping out the shameful Ninja-Mining that happened in the first year of SteemIt. In hindsight it makes sense, when a Reversed Sybil Attack was actually planned from the start. This way the code could be made Open Source and 'Steemy' still could be sold out to the highest bidder. Because the ones who started it all had made it like this from the start. Mine as much as possible, have a huge inflation in the first year, getting a majority stake and do as one wishes. And it seems that there was no other way than to fork off from SteemIt. Securing the value, the stake, all the transactions and thus the publications. And what about the value that lead to the hostile takeover in the first place? In a sense one could still argue that a clean slate would have been the best. Besides dumping the Steem and buying Hive with it. The accounts could have been the same, but all starting from zero. No Ninja-mining, that part even wiped out completely. But the majority of witnesses decides in the end and the members follow. And here we are, a 10 years young blockchain and still moving on.

Back to the upcoming eCash attack on Bitcoin, in august of 2026. A Bitcoin developer whom I will name 'Persona Non Grata' {PNG}, is going for the $BTC which is believed to belong to Satoshi Nakamoto. It's thought to be about one million Bitcoin... Now the PNG wants to 'release' those funds and use them for the so called drive-layers (layer-2). This is one part of the controversy that's going on right now. But the PNG does not stop at just stealing the alleged Bitcoins of Nakamoto. He even goes further, because locking the coins in the main chain and releasing them in the 'drive-chains' (somehow it triggers a drive-by-shooting thought) will be done by miners...!? (And vica versa, of course.) Say what...!? Yeah, you got that part, right? This PNG wants to go from a trust-less, permission-less blockchain system to an old fashioned banking government control system. It makes me even wonder who might finance him to even have this idiocy going. He's supposed to be a Bitcoin / Blockchain developer, but he makes himself look like a bleeding obvious old financial system Trojan horse! Even the previous take over attempts did not want to go there. At least I give them kudos for that. (While they are where now exactly? But hey it's a free market.)

Dump it to zero

Now, there will be those who believe that they can make a few bucks, with those free 'eCash'. But those who HODL Bitcoin {BTC} will dump it as soon as they can. Why? Because they get free 'eCash' in the same amount as the have BTC at the moment of the blockchain copy. Now the ideal situation comes where they can dump the useless 'eCash' and buy (a little) more Bitcoin {BTC}. Which will have a double sided effect. The hijack attempt will have a DOAD {Dead On Arrival Dump} experience and BTC will go up in price because of the peak in demand. Meaning more free Bitcoin and also another proof that it's rock solid! Also miners will mine it even more dry, especially as the difficulty will be set to low on purpose, at the beginning. Others tried to overtake the Bitcoin, BTC, blockchain like that, but they forgot that it's not just length that matters, but also the girth that makes the difference. Meaning the total difficulty of a blockchain. And 'eCash' now puts itself in another risky situation by lowering the difficulty on purpose. It could be forked off into all kinds of directions with double spending all over the place. While fight back miners will destroy it, dumping the mined 'eCash' and buying BTC for that right away.

He might better have tried Pump dot Fun first. Because the 'eCash' fork is going to get the DOAD award of 2026. And the real cryptocurrencies will once show again how mathematics actually do the right thing. It does not need an intermediate. Value can be send in a jiffy, to whatever nameless address, anywhere on earth. All secured by complex mathematics. Bitcoin is amazing, this was made by an individual, or a group of individuals, that almost knew about every possible pitfall. Yes, there can be a longer chain, within a fraction of a second, but it comes with a risk of getting split up in many different chains. Because extremely powerful miners can attack such a weak chain, like 'eCash' and destroy it. Locking it in high diff by throwing a lot of mining power at it and then leave, while dumping the 'eCash' on the market. It's going to be a fun time, I can already tell you that. Another attempted take-over attack on Bitcoin. Even wanting to steal the alleged property of Satoshi, that has to backfire, big time. And I'm looking forward to another Bull run after that. Which will be good for all the real Cryptocurrencies out there.

Have a great one!

Edit 1: some minor text changes.