Why I did not participate in Zclassic ZCL / Bitcoin Private Fork
Let me start by saying that yes I did profit off of the ZCL pump that occurred after the fork news broke. I had was in the process of buy up every low cap privacy coin when they announced it, but once I saw who would be involved in the process i immediately knew that I would be dumping as high as I can.
On this team you have Rhett Creighton as founder and lead developer. Most know him from his work on Zclassic but I am more familiar with his buried work. He along with Gary le were behind the dubious Ztoken project. Ztoken was to be a complete knock-off of zcoin on the ethereum network. Now I have no issue with coin forking as long as you add innovation and stay in your lane, but these this ztoken project was leveraging Gary's previous connection with Zcoin and their success to try and make a quick buck. They even copied the color scheme and logo withh no attempt to alter.
One would ask why does is matter if he attempted a fork of a coin in the past that failed. Well its a problem when you partner from that project is already in the works of forking the code of another coin and raising funds to do so. This becomes an issue as now we have a clear pattern of abuse of the system to create massive cash grabs.
I'm happy I profited off of the massive pump, but with the pattern that these two have shown I feel it may be short lived. It won't be long before they abandon these projects and move on to their next fork "project"
I didn't realize the shady past.
I bought a few when I first heard the rumor. I had thought it was too late in the rumor cycle, but a quick triple or quadruple of my money showed I was still a bit early. I sold in late December when it seemed they were having trouble getting much exchange support for the fork. The buzz seemed to all be amongst people who already owned zcl and people with bitcoin seemed to not give a toss. I thought about keeping one just in case the fork was a success but ended up not doing so. So far, glad I sold when I did.
So I take it you do not expect much from Bitcoin Private?
Yea the buzz was all hype from those who had it from $1-2 range, Everyone else was gambling but time.
I don’t have much hope for the project as those 2 are already working on another fork in the background.
I don't remember of ztoken.
Most people won't, it was sort of a revenge fork attempt ( long story). After it flopped he they faded back for a bit.
I'm cautiously optimistic about this fork. Bitcoin NEEDS to become a privacy coin. I really think privacy coins and decentralized exchanges are going to be big before the end of 2018 as US federal regulations increase and the SEC revokes the "Do No Harm" approach to crypto.
Make bitcoin a privacy and you will kill its adoption.
I wonder when people are ever going to settle down with the FOMO on these airdrop coins. People do it to get the "free" coins but if you are buying the original coin for 2-3x its normal value and taking a loss when you sell it those "free" coins you got actually cost you money.
I fear the same thing is going to happen with ETC in a few days. It already started dumping due to news of Bittrex not supporting the fork, but after the snapshot (if past airdrops are any indication) it is going to drop another like 50-60%.
I almost feel like now most people use the news of a fork so that they can accumulate the base coin and profit off the pump. Whether the fork is successful or not doesn't even matter because they already made their money.
Free is never free because someone paid somewhere along the lines. When I hear a fork is coming I quickly buy the coin up and sell right before the fork as it always dumps.
Good post @crypto2crypto
Like help me please
Nice post upvoted
What's your opinion please share on this post
or anyone else opinion
How bitcoin will reach 20k in next 4 weeks interesting
https://steemit.com/bitcoin/@salahuddin2004/bitcoin-update-28-02-2018-current-price-usd10-430
how can I help?
great post dear great man. i hope your success at steemit life very son. i well never forget you dear.
Replicas will never get the same benefits as it original