Blood in the streets — Casualties of the Bitcoin Cash fallout
People around the world woke up to a sea of red in their portfolio; sending shock-waves through an already stagnating cryptocurrency market. For some it was inevitable, others were indifferent and there were definitely a solemn few that woke up with a knot in their stomach.
As I alluded to in one of my earlier articles, the fallout from the Bitcoin Cash (BCH) fork could potentially see some dire consequences in the market in general. (If you want a simple explanation on the fork— check it out here). This appears to have been the case with an initial small dip followed by a very strong drop in price across bitcoin and the majority of ‘alts’.
Such a high profile war, played out in front of the public in the form of price fluctuation is a far cry from the crypto world Satoshi Nakamoto originally envisioned. This cannot be healthy for the promotion of a strong and united crypto community to the non-initiated in the general public. I am all for healthy debate and standing by your ideas, however surely there must be a mechanism for competing interests to sort out their difference in vision behind closed doors.
“however surely there must be a mechanism for competing interests to sort out their difference in vision behind closed doors”
What frustrates me the most are the losses incurred by investors and enthusiasts who put in their hard earned personal investment and support cryptocurrency specific projects in general. For some, this investment is significant and a large loss in capital could put them off the market forever. These are the kind of good quality supporters that I don’t want to see burned; hence why I am a strong advocate for responsible investment from the start.
This brings me to my biggest gripe of all. We have two extremely influential and resource rich groups that are playing out their difference of opinion whilst the everyday investor is becoming the casualty in their idealistic war. One of the things that attracted me to cryptocurrency initially is its fluid nature and ability to allow players in the game to freely choose their own destiny. I am hoping that in the long run these kind of feuds are punished by the investment community through minimal support which in turn will discourage future idealistic forking in the public eye.
To all those doing it tough out there my advice to you is to go back to basics. Only invest what you can afford, stick to reputable strong projects and never be afraid to pull your support from a project if you have any doubt.
