Today, I'd like to do things a little differently with this blog post.
Normally I like to bring the latest cryptocurrency and Bitcoin news to the wonderful world of Steemit coupled with my own slight flair.
However, today I'd like to open it up a little more to hear exactly what the community here on Steemit thinks.
The Subject that I am curious about and would like to hear the community's thoughts on has to do with the latest fork of Bitcoin and Bitcoin Cash being created.
What else would I talk about right?
The Specifics.
Specifically, something very interesting happened on August 1st that was not all that expected, at least by me.
Bitcoin cash was created and it's market cap at the time was around $7 Billion USD (currently it's at just over $5 Billion USD). That isn't interesting by itself, it was interesting because Bitcoin didn't drop by a corresponding amount.
Normally when you have a split (of anything), any value that the newly created asset has is mostly subtracted from the original asset it split from.
This wasn't the case with Bitcoin and Bitcoin Cash. Instead roughly $7 Billion dollars were created out of thin air, with no drop in price in the underlying Bitcoin.
Poof!
Magic Money!
What's the problem?
That sounds great and all, especially if you are a holder of Bitcoin and got that free money, but what does that mean going forward?
Human nature would dictate that if someone just got a nice benefit without any real consequences, wouldn't they try to do it again?
Of course they would!
Specifically, there is now nothing stopping a group of miners getting together and splitting Bitcoin any number of times in the future to collect this seemingly free money.
At least the money would be free at first.
Eventually it would likely stop working like this after it was attempted several times, but my point in all of this is that what just happened with the creation of Bitcoin Cash and the free money that was created along with it potentially just opened a pandora's box of things to come...
Likely many more splits/forks like this are on the way...
If a group colludes to split the chain, they all can benefit, and after all, who wouldn't like a few more coins in their pocket?
What's to stop them?
What do you all think, did we just set a dangerous precedent for Bitcoin going forward?
Let me know in the comment section below.
I look forward to a nice debate! :)
Image Source:
https://www.theodysseyonline.com/pandoras-box
