The war within the Bitcoin Cash network that led to the network spilt into BSV and BCH is no longer news. Even people who don’t typically follow up with cryptocurrency market trends heard about the war because it was one of the catalysts that dragged the price of Bitcoin from $6000 to $3000. Until now, the cryptocurrency market hasn’t recovered from that blow. Months after the fork, the founder of Bitcoin.org and Bitcoin.talk.org, Cobra says BCH is a few steps to the grave.
Cobra Says BSV And BCH Are Dying
Cobra Says BSV And BCH Are Dying
This weekend, the anonymous developer took to Twitter to express his disappointment in the Bitcoin Cash project. He pointed out that the lack of leadership and purpose are the fundamental flaws of the BCH network. He said that if things don’t change soon, both projects will hit $0 and would be forgotten by the industry. In his words:
“Bitcoin is dead. The network needs purpose, leadership and direction. If things don’t change, the value of the altcoin would reach $0 in the next few years.”
While Cobra may have given his blunt opinion of the BCH network, he isn’t the only one who shares this view. Many other industry insiders believe that the BCH network is at the verge of collapse. It wouldn’t be a surprise because things like these have happened in the past. Coins that were highly placed varnished from the world because of lack of direction, consensus and leadership on the network. Typical examples are BitShares, Peercoin, and Namecoin. These coins had significant trading volumes and large chunks of the global market capitalization. Unfortunately, thanks to the reasons listed above, they all disappeared from the earth’s surface.
According to Cobra, Bitcoin Cash lacks reliable leadership and this would be its downfall. It’s true that a decentralized network like Bitcoin should not depend on a single developer or group of developers. However, with altcoins, leadership is critical. These tokens need a firm team of developers that will lead the community and help the network move forward.
As expected, Cobra’s tweet faces opposition. Some cryptocurrency community members argued that leadership stands against the entire concept of decentralization. A user with the handle @JoeBGrech said:
“BCH needs new leadership? Isn’t that against the purpose of Bitcoin?”
Bitcoin Cash (BCH) Price Today – BCH / USD
In reply, Cobra said:“Yes it is but the truth is that Bitcoin Cash isn’t the same as Bitcoin. Bitcoin can stand alone without leaders but Bitcoin Cash cannot because it is different and needs direction.”
Cobra also referred to BSV as a shitcoin stating that it’s time for him to sell all he owned. While he has always been considered a controversial figure in the industry, he has built a reputation for himself as one who always airs his opinion. He was the one who proposed the integration of the proof-of-stake consensus mechanism for Bitcoin instead of the proof-of-work. He also warned users of the BCH price crash before the fork. Even if his remarks may sound cruel, they are always solid. To Cobra, Bitcoin is the only Bitcoin. Until BSV and BCH get their acts together, he will not recognize them.
Do you think incompetent leadership is the problem that is plaguing the BCH community?