The Bitcoin Cash Problem Part 1: Bitcoin ABC
We are a group of former Bitcoin Cash developers and community members that have become dismayed at the current direction and leadership of Bitcoin Cash. A multitude of factors show that there is disaster on the horizon for the chain. Thus, we have decided to create Bitcoin Stash. In this article, we will discuss the Bitcoin ABC problem.
It is clear that Bitcoin ABC development and their leadership in dictating Bitcoin Cash consensus is detrimental to the ecosystem. The market is speaking out; BCH has breached past the important support of 0.1 BTC and is destined to tank further if we do nothing.
The Bitcoin ABC code is poorly reviewed and tested as a Core developer has shown. They rush out major consensus breaking changes with very little justification and poor documentation. The most egregious example of this is their Nov 15th introduction of canonical/lexical transaction ordering. This is a huge consensus change with unknown ramifications. We are not the only ones that share this view. Peter Rizun of Bitcoin Unlimited believes the same and so do many others.
We are most concerned with their aim to turn Bitcoin Cash into a tokenization platform as outlined in their roadmap. They are attempting to copy what Ethereum has done with ERC-20 tokens in order to grab a slice of the ICO pie. This is a shameless cash grab plan that will most assuredly fail. We have begun to see where things are going for Ethereum as the vast majority of the ICO projects are scams and the rest will end up as vaporware. Many projects have already exit scammed and liquidated their Ethereum holdings, erasing whatever gains ETH had made early in this year. The user base on the remaining ICO projects are pathetic, and many projects face a cash flow problem as the ETH price declines.
Even if there was some validity to the tokenization thesis, the ICO market is dead and not coming back. People who have invested in this market are down 90%, and agencies have started to crack down on these illegal offerings. It is highly doubtful that there will be another ICO cycle under these conditions. Bitcoin Cash holders hoping for this tokenization effort to lead to a price increase should reconsider their position.
To conclude, the Bitcoin ABC problem is one of many issues with Bitcoin Cash and will be one that is solved by Bitcoin Stash. We will reveal our plan in the coming weeks.