21 - 22/Apr/2021
This time it's different
I remember when Bitcoin Cash first launched. I could barely find any information on the project in those earliest days. But after a couple months I started seeing all these reports about the so-called flippening. People were saying Roger Ver and Jihan Wu were going to dump their massive Bitcoin holdings in exchange for Bitcoin Cash, and that BTC was going to suffer from a chain death spiral. And who could forget the rumors that Satoshi Nakamoto himself supported BCH, and he was Australian!
I didn't even know who Amaury Sechet or Bitcoin ABC was in those days. I suppose the fact that it was Amaury and his team who wrote the code to create BCH didn't make for exciting headlines. Instead, I read post after post about "Operation Dragonslayer" and how BCH was the real Bitcoin.
Compare that to the start of BCHA. The absence of any hype whatsoever for this project is practically unheard of in crypto. While other projects make announcements of announcements, the only kind of announcements Bitcoin ABC has made thus far were related to their regularly scheduled bi-weekly releases.
Now some of you reading this may wish ABC would do a little more hyping, but as someone who has been there and done that, let me tell you why I disagree. I remember getting caught up in all the BCH hype back then and falling for it hook, line, and sinker. I supported the dream of a truly peer-to-peer electronic cash system and was convinced that BCH would prevail. I'm not blaming anyone for my choices, but being new to the space, I was definitely gambling with my money and needed more education. This is why I much prefer the BCHA approach. Rather than trying to pump the price with flashy headlines, this project is looking for educated investors who understand the risks that come with any investment.
The fact is that building a peer-to-peer electronic cash system that can be used on a global scale isn't easy. That's why there's no guarantee that Bitcoin ABC will deliver. But what I do know is that I'd rather put my money on a team that is honest and focuses on building rather than promising 1000x returns to those looking for their next hit of hopium.
That isn't to say ABC shouldn't market the project. Like many of you, I am very much looking forward to the rebrand and any other updates, but only when they are ready. I don't want to hear fake announcements that aren't backed by anything of substance.
To me the idea of an electronic cash that can be used to transact without needing to go through a third-party is perhaps one of the most powerful ideas in the history of civilization. But it's not just about investing in the right idea, it's about investing in the right people who can execute on that idea.
Over the next few months I look forward to seeing what ABC delivers. If they don't deliver something that appears to be moving the ball forward, I can always choose to sell my coins and invest in something else. That's the beauty of crypto. While I may not be able to fully opt out of the traditional financial system, I look forward to the day when we live in a world where all of us have many different choices when it comes to the money we use.