smartBCH, it's time to chase out the thieves

The coming of smartBCH on the Bitcoin Cash network was received with much optimism by the Bitcoin Cash community and was considered to be a game-changer in the defi ecosystem with huge potential to improve the Bitcoin Cash chain and even take the BCH market price to the moon. Unfortunately, what we are seeing today is the exact opposite. Instead of what was expected by all genuine Bitcoin Cash lovers it has now become a den of thieves and robbers who hide behind an anonymous avatar to con investors who entrusted them with their money and made away with the money freely. What is really going on here?

This is a fundamental threat to the Bitcoin Cash community and the growth of smartBCH. With the frequent rugging here and there it could be right to say that smartBCH is becoming a slaughter ground where investors are the animals that should not be pitied.

Earlier, the community did something right by stepping up for the interest of all BCH investors by making strong recommendations to avoid subsequent rugs after the Beachswap episode that took away hundreds to thousands of BCH from innocent investors. Doxing becomes a prerequisite before a project can gain the trust of the community and investors. Bitcoin Cash PAD BPAD and its creator steps into action to ensure that projects owners who intend to build on smartBCH are privately doxed since BPAD creator is a trusted community member.

But, over time, the influence of BPAD gradually fades away because of one disagreement with one developer or the other. BPAD’s participation is now limited because of those developers that were disappointed with BPAD stringent rules. And the community believes those developers' reports rather than BPAD who were trying to protect investors' funds from being stolen.

Therefore, BPAD which was meant to be the gatekeeper in the smartartBCH community has become unnecessary. So, that leaves the gates opened wide for thieves and fraudsters to invade smartBCH community with impunity. With the spate of rug pulls being experienced in the smartBCH ecosystem these days, I am of the view that a strong dog must be employed to chase these ruggers out of the core community and the smartBCH chain. But, unfortunately, the question is where can we find such a dog?

If a project like BPAD can be given a unanimous vote and a certification to operate as a platform for certifying any project on smartBCH and issue certificates to the effects before a project can launch, there will be little or no rugging incidence on smartBCH in the near future. But as things stand now, it's clear that a new project even with the most promising potential will find it hard to gain investors' trust since a lot of people have had their hands burned in one rugging incidence and the other.

We know we are told to always DYOR before investing in a project, but this DYOR has not helped the situation in most cases since even most tech-savvy investors are also being rugged. And most people in this space are having their first experiences with how the decentralized works.

The effects of all these is a like a two-edged sword. on one side of the sword is a massive withdrawer from smartBCH by most people leading to massive drops in many good projects' token's value, and also lower total value locked in smartBCH.

On the other side of the sword is the strong resistance a good project will have to face to gain community trust or they simply shift their products to other chains. This means it will become discouraging to most genuine developers or entrepreneurs to launch on smartBCH or adopt the technology. And we know that the type of products a chain offers determines the market strength.

I think it's high time the smartBCH community rises with one voice as they did in the early days to chase these imposters hiding behind anonymous avatars out of the community and the chain entirely.

Together we can flush out those fake projects. But I don't know how this can be done, the only suggestion I would have for us will be that those who know and understand the smart contract s technology should always be of help to examine any new project and release their finding openly at the earliest stage of the project. And I am sure this will be a major help to the ecosystem as a whole.

In the future, I think we should all make sure that only genuine projects and people are promoted in the smartBCH ecosystem following the suggestion above. A project must present a community acceptance proof such as a clear list of names of Bitcoin Cash community trusted members who have researched the project protocol and contract. It's even better if this is published to the public as all such transparency leads to trust and confidence from the community.

In conclusion, and to summarize my brief argument in this brief post, the only thing that can save us is that one part of the community needs to come together and let us know which of the many fake projects are being promoted in our community, and which ones are real. Perhaps this will help provide some help to everyone.