Bitcoin Cash: The Torch Of Freedom
Bitcoin was demonized by the mainstream media in the early days and connected to online criminal activities.
The media were presenting Bitcoin as shady internet money, a highly speculative asset, and a scam that was luring investors with hopes of getting rich fast.
Coincidentally, it all changed in 2015, when BTC maximalists (and Blockstream) decided to strip BTC from its currency features and started selling it to institutions as digital gold.
Today, the successor of the whitepaper, Bitcoin Cash, presents itself as P2P Electronic Cash for the world.
A vision abandoned by the BTC community right after the corporate takeover by Blockstream. As Saylor suggests, the whitepaper was just a document.
A document Blockstream torn to pieces, holding today just novel value to the BTC maximalists.
As Michael Saylor explains, the BTC project deviated from its roots and the original vision of P2P Electronic Cash, once again proving the side of Bitcoin Cash was accurate in everything.
BCH’s Current Standing
Bitcoin Cash is a robust and decentralized payments network with cutting-edge blockchain technology, fast and cheap transactions, on-chain developments, and an EVM-compatible sidechain with thousands of users.
What we encounter today in the block sphere:
- Networks plagued by scalability issues and high fees: BTC, ETH
- Centralized clones of Ethereum: Solana, Polygon, etc.
- Centralized Stablecoins: Tether, USDC
- Coins depending their existence on the SEC: XRP
- Meme coins with no purpose: Shiba Inu
- Meme coins with limited purpose: Dogecoin
- Collapsed Ponzi Schemes: Terra Luna, UST
- Ponzi Schemes Still Standing
- Multiple Pump & Dumps and Rug Pulls
- All the above but Wrapped in ERC20 tokens
Yet, for a few reasons, all of the above projects attracted the attention of the mainstream media while Bitcoin Cash lost ground and dropped to the 25th place in market cap rankings in the previous year.
Anti-BCH Campaign
Bitcoin Cash is silenced in the crypto news (websites like Coindesk, Cointelegraph, Decrypt, etc.) and operated under a maximalist agenda.
These crypto-news media services select to promote what to pump.
The war against Bitcoin Cash begins with these websites. Coindesk and Cointelegraph especially, that reached considerable traffic during 2020–2022.
Coindesk doesn’t ever mention news on Bitcoin Cash unless it is negative. This approach appears to be widespread among the rest non-credible crypto news websites.
We also encounter a network of anti-BCH spam-bots operating on social media and often accusing BCH with inaccurate and dishonest comments.
This network incorporates thousands of Twitter, Reddit, and other media accounts, primarily advertising BTC as an investment.
This vast network of anti-BCH accounts is not just BTC holders though, but a group operating in a similar approach as the one backing the hedge funds investing positions. Funds shorting Wall Street stocks utilize a similar approach.
Similarities with hedge funds shorting stocks
Funds targeted recently functional corporations weak in PR and media coverage as their targets for speculative naked shorting practices. AMC and Gamestop are the examples that created a vast controversy on the methods Wall Street hedge funds utilize.
Usually, these shorts have nothing to do with any quantitative analysis, profits, or the quality of the business. So they have to rely on propaganda.
Perhaps it was just a personal grudge against the CEO of these companies (AMC, Gamestop, Tesla) or, perhaps, just randomly selected by these hedge funds as a short target. Especially with Tesla, the shorting pressure these funds demonstrated was astonishing.
After the fund places a short, a campaign to support these positions begins. The news gets filled with negative comments, articles, and reports that can create terrible terms for these stocks. The aim is to crash the price and profit by naked shorting methods.
Short Squeeze
As events transpired in 2021, shorters lost everything and kept shorting until they suffered extensive losses. Funds worth hundreds of billions destroyed their clients by shorting Tesla since 2015.
AMC and Gamestop are similar cases, with the naked shorts getting crashed for months as WallStreetBets was rallying the retail troops.
A short squeeze occurred in all these stocks, as fund managers quickly closed shorts and entered long positions to reduce their losses. The slower a fund reacted, the worst the losses were, and the higher the price it was buying, the higher the risk again. Some funds lost billions of dollars, and probably most of their clients as well.
Funds today use various mechanisms to manipulate the price of Bitcoin Cash, keeping it at relatively low levels compared to the overall market conditions.
The price suppression mechanisms work so far, and the funds shorting BCH contain overwhelming resources that make it difficult to escape the negative trajectory.
Still, a short-squeeze could apply at any moment, as adoption and interest in cryptocurrencies that work are rising.
In Conclusion
Bitcoin Cash carries the Bitcoin torch, presenting the same financial disruptive abilities and revolutionary spirit. Working hard to develop a state-of-the-art decentralized P2P Electronic Cash system of payments.
As Bitcoin was, Bitcoin Cash today faces the same critics, negative campaigns, and unjust hate.
Bitcoin Cash enlightens the public on economic freedom and presents a robust digital currency that works for everyone.
The anti-BCH campaigns are often irritating to follow, using weak arguments, void of reason, and mostly related to the price of BCH in fiat or Tether-sustained BTC terms.
Bitcoin Cash was correct in any approach we examine the historic events of the blocksize debate. Bitcoin should have increased the block size and not concentrated developments.
Since this happened, Bitcoin Cash was a necessary solution to keep the focus on the P2P side and help Bitcoin become a widely recognized and adopted digital cash payments option.
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Originally published at https://read.cash.
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