Beyond the hashwar that is going on these days in the latest crypto drama - the BCash fork, that is - something even more interesting happens, and this time is about price. Or, to be more precise, about how fundamental math rules are challenged by this split.
When BCash forked last year, the combined value of BTC and BCASH was more than the value of BTC. At a very shallow level, you could say that this fork added economic value. We had 1 + 1 = something more than 2. (I know it didn't add any economic value, but bear with me).
But now, the added value of the two split coins ABC and SV is less than what the value of BCash was before the fork, which, at the same superficial level, means 1 + 1 = less than 2.
1 BCASHABC = $297
1 BCASHSV = $112
1 BCASH = $418
1 BCASHABC + 1 BCASHSV = $409 < $418....
Here are the screenshots from Binance for ABC and SV, and, below them, the BCash price on Coinmarketcap (the BCash price is more or less a snapshot before the split, as many exchanges froze withdrawals until the drama is over).
In my opinion, this fork is very far away from the fundamental values of the Bitcoin project, as it was presented in the initial white paper. The mere fact that you see words like "attack" and "hashwar" next to "Bitcoin" and "financial freedom" is a very big turnoff. I won't go deeper and wouldn't make any comments at the personal level (avoiding names like Bitcoin Jesus or Faketoshi), but, overall, I think we're dealing with human greed and egotistic rushes.
In the long run, neither greed, nor egotistic rushes proved valuable for the survival (let alone thriving) of the human race.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me 
Wanna know when you're getting paid?
|
I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |