So, Bitcoin just forked a while back. Whilst many see this with variable opinions and great potential for some, I beg to differ. This is not a good thing. Yes, I have my coins doubled but it is not a good thing! It undermines the future strength of the currency.
Let's get serious, the world of cryptocurrencies cannot take over the world of fiat money if some people can decide to play around with the algorithms and double their money overnight! Isn't this the sole reason for inventing Bitcoin in the first place? To stop the unfairness of central banks creating money out of the blue?
The claim is that they failed "to reach a consensus" and thus the fork! Hmmm... I've worked with money long enough to see a weak excuse when I see one. Just before August 1st, we talked about Segwit, BTU, Segwit2x and other such reforms. There seemed to be an almost unanimous approval of segwit2x. Then suddenly, we have a "failure to reach a consensus". Regardless of what the claimed reasons for this fork are, insidious greed must have somehow fueled this "failure".
Every holder of Bitcoin with even a slight shade of greed was secretly hoping for the fork to happen so they could double their coins. People were holding BTC and are still holding. It's like everyone is greedy. That is why the price of the original Bitcoin (BTC) hasn't showed significant change and the price of Bitcoin cash (BCH) has risen in a very unreasonable fashion for any altcoin in a matter of two days.
When you talk about Bitcoin or any other cryptocurrency going mainstream, we are still in the stage of the early adapters. We cannot start to showcase greed at such early stages. We are creating a very bad image for late adapters and laggards yet these are key people we need to create exponential growth in the value of the coins. There were speculations of the price of a BTC reaching 1 million dollars at some point. But this cannot happen with such trends as what just happened.
We are not working with the blockchain to just make ourselves rich. BTC and other Altcoins are not just to make us wealthy. We are doing this to create a new way of life for EVERYONE in MANY MORE WAYS than just money transfer. We need the rest of the world to join in on the blockchain bus and thus increase the value of our wealth in a more substantial and sustainable way. They won’t adapt this new way of life if they learn that; "hey, we can photocopy money here!" We need to convince them that it is a far credible and more efficient world with blockchain, but forks are doing just the opposite!
Whoever has a voice in the cryptoverse, please do something against forking of any coin. But if it does happen, let’s kill the forked off chain. There are better ways to solve such problems than forks that create phantom value. It's no secret that the price of Ethereum would be far much higher had it not been for its fork. I am so hoping to see Bitcoin cash (BCH) fall down a terrible road to teach a lesson to us all (this may or may not happen). I am very much in support of coinbase and other exchanges and wallets refusing to list BCH. They know what they are doing.
Guys. let's just be patient, great times are coming, times of merry and riches... just a little patience! The real money is coming, and it's going to come from late adapters and laggards.