Bitcoin Cash: The Smartest ICO in Crypto History?
This is a post about the much feared, but also much hyped, chain fork, we've witnessed yesterday. I have read many opinions on the subject, and this is mine. There are two major leagues in the debate. One is pro Bitcoin Cash, and the opponents say it's a stupid idea, lacking innovation, and uniqueness.
I'm of the latter opinion. I don't like that the creators of BCC introduced a legacy coin as copy of Bitcoin. But what I like far less is the way this whole thing was laid out. On the other hand, it's a piece of art.
What we have witnessed may have been the most clever ICO in crypto history. They did not only get all the attention from their supporters, backers, and advocates, but also the traffic from the opposing side as well.
The way it was played also very clever. They promised everyone who owns one coin, the same amount of their coin. If you think about it. They gave thousands of people a worthless piece of stone that looks a lot like the currency these same folks use daily. And only because of this similarity, people believe their stones now have value.
Bitcoin Cash came free into the pockets of Bitcoin users. People don't throw away free stuff automatically – not when it's some sort of money. We're going to see if Bitcoin Cash will build up value, much as Ethereum Classic had to build value. In a year or two there could even be enough distinction between the two Bitcoins to warrant two different currencies. Right now it's just a new cryptocurrency with a lot of owners.
I am bitter. I am not happy how this was played. This whole business move leaves a taste of rank sweet sour sauce on every exchange.
While I was writing this, I couldn't help but think about next-generation ICO’s. Will the next crowdfunding campaign offer free coins to holders of another coin as well? What do you think?
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Bitcoin Cash isnt an ICO, its nothing was offered, it was the result of the chainsplit, BUT, its very clever though.... they made money appear out of thin air
It is apparent that they used the free gift to give their new coin traction. I think it is very similar to an ICO. Also I chose that word, to imply what they've done a familiar feel. It wasn't an offering, it was free give away.
It's not ICO in the terms that ICO means in this industry. Not every distribution is called ICO. It wasn't a thing for normal currencies which were starting with miners.
In the other hand, do you really think Segwit would do any good to the bitcoin ecosystem? Bitcoin Cash made the move that was so much needed in the ecosystem buy was being blocked by special interests that want bitcoin to act like bankers money instead of the coin it meant to be.