The article first appeared on Medium and was posted on Reddit today, about a fake version of BCH called Wrapped Bitcoin Cash (WBCH) on Tron's blockchain. The creator is seeking the Bitcoin cash community to invest in this fake version of BCH.
Reading the blog post on Medium, there is nothing noteworthy about the blog post, except that "The main purpose of Wrapped Bitcoin Cash is to provide a way for users to exchange their Bitcoin Cash for the new currency."
The Wrapped BCH is in its initial coin offering (ICO) stage and has 21,000,000 tokens. To finance the creation of the coin, the project's team hopes to raise $5,800,000. The swapping rate against BCH is 1 BCH: 5,800 WBCH.
Hmm! "Exchange their BCH for a new currency"?
Do BCH users need an exit way to exchange their BCH for anything else?
This is rather a joke of the century or an attack on the BCH community that BCH is worthless and that it is only interesting for nothing but speculation and trading.
The creator was even bold enough to post the shit on Bitcoin cash subReddit and went as far as defending his position he asked the Bitcoin Cash community to come and invest.
It's funny how most people think they can attack Bitcoin cash and its currency in their own style, just like they are doing with the cryptocurrency of Ripple. A token that doesn't have any utility other than speculation and short-term trading, and has no real underlying value other than that.
BCH doesn't need to be wrapped into anything else for it to scale or be used as payment for goods, and services. BCH is already smart and scalable, not to mention a shit coin blockchain thinking about wrapping BCH for the purpose of exchange on Tron's blockchain. What exchange they are talking about?
The person who made this trash appears to be in need of a pump and dump. based on a Reddit thread about the post, according to its author The more tokens you have, the greater your gains will be when the price rises to catch up to BCH. Those that invested early will primarily benefit from this rise in price.
This clearly looks like a Ponzi scheme that is only interested in catching a quick buck. There is no purpose for the coin except for people to just swap their BCH for the fake version of BCH.
Some people are complaining on Reddit that it is a scam with some hilarious amusing comments and quips. The Bitcoin Cash community is putting its guard down now that they are busy building and spreading the adoption and not caring much about the nonsense.
In response to the whole scam, a user posted in the comment section of the post; "Tell you what, I've got an even better idea. You and 10 of your friends send me $1,000, then they all get 10 friends to send THEM $1,000, then they all get 10 friends to send THEM $1,000. We all just made a quick $10,000!"
Another user wrote; "So you’re telling me that the price increases when more people buy into it, and it constantly needs more people to buy into it to provide returns. And your “new economy” creates no new assets, services, or goods to exchange. Where do I sign up Mr. Ponzi!!??"
It's hilarious but that's the essence of the whole shitcoin generation. They are not here to do anything else than scam people to make quick profits while setting their target for the ultimate goal - quick monetary gains.
Those are a few of the funny comments made on the post.
No one cares what kind of cryptocurrency you are pushing as long as it works as advertised and has some real value. But to think of wrapping BCH on Tron's blockchain and exchanging it for some shit tokens is disgusting.
The people behind this joke can stop deceiving themselves with all the crypto talk. Let us stop this cryptocurrency nonsense and start solving real-world problems instead of playing up the hype. The people who think about making fake stuff should do so in their respective business sectors and leave BCH out of this gambling shit.