SmartBCH: The Way Out Of This Mess

Everyone in the Bitcoin Cash wider community demonstrated overwhelming support for smartBCH.

We were expecting a decentralized bridge to eliminate what was a massive point of failure, the control of the smartBCH bridge by CoinFLEX.

We disregarded fundamentals lately, almost everyone in the cryptocurrency field.

Achieving decentralization, at least at a level we can ensure networks don't degenerate into an oligarchy, was not the priority for any of the new projects that appeared and reached billions of dollars in market cap.

Trusted systems, though, are prone to control and manipulation.

Trust is the liability the whitepaper terminated, as Bitcoin brought us trustless digital cash.

Who would even consider decentralized money was even possible?

From my childhood and my sci-fi reading days, I had concluded what we call today CBDCs was inevitable, together with the oppression and authoritarianism this type of powerful monetary instrument include.

Bitcoin (today in the version of Bitcoin Cash) is hope. At least there will be an alternative when everything turns rotten.

Trust. This is the issue, and always will be.

Is There A Way Out?

We shouldn't ignore that the overwhelming majority of the Bitcoin Cash community (devs, businesses, stakeholders, miners) supported the smartBCH concept way more than anyone would expect.

There were trade-offs, though, and as someone with experience in the crypto field, one drawback I didn't like was the level of trust required. 

The risk was only realized when the CoinFLEX situation escalated.

SmartBCH Has Allies In The Bitcoin Cash Community

SmartBCH has an ally on the side of the developers and businesses of Bitcoin Cash.

SmartBCH found support from highly skilled programmers in a highly qualified community (Bitcoin Cash), a strong userbase, Bitcoin Cash platforms that brought more people into smartBCH (read.cash, noise.cash), businesses that assisted in any way possible (Bitcoin.com, General Protocols), and applications (GoCrypto, Zappit, Bitcoin.com wallet, Paytaca wallet). Devs created dapps, websites, and DeFi platforms. NFTs and a marketplace to facilitate the explosive growth of smartBCH.

The above were decisive factors for the initial success of smartBCH.

Thousands of users flocked to smartBCH, something only a few networks witnessed before (maybe EOS for a while, of course, Ethereum, maybe Tron for a few months in 2018).

Sure the userbase didn't match the volumes (VC funding) other networks generated, but smartBCH didn't do enough to attract funds out of the Bitcoin Cash ecosystem. 

Everyone is trying to find a solution, but the smartBCH development team already has the most practical one at their hands.

Take the step to communicate with all those that supported smartBCH so far. 

We build our community with unity. With division, we demolish.

The prerequisites are:

• constant communication

• transparency

• accountability

All the above never functioned properly, so there goes unity.

Blind trust prevailed, and the examples of networks failing due to this issue are plenty.

Pick up your phone or open your messaging app and call those guys that supported smartBCH.

With absolute respect to everyone involved, there are two paths for smartBCH today:

• The Win-Win approach:

  Sit down with the Bitcoin Cash community for as long as you need (days, weeks, months), and reach an agreement for a plan that will generate value, increase bonds, and reduce the trust requirements.

• The Lose approach: The Bitcoin Cash network won't lose anything from this situation. Sure, some resources were applied (funds, time), and this is a loss, but in terms of the network, there will be no contagion, no matter the outcome.

What we witness is already sad and bothersome, yet I can’t assume how everyone thinks. I’m only trying to state the obvious facts.

99.9% of the Bitcoin Cash community embraced smartBCH.

As a small stakeholder, I’m not in a position to direct conversations or present solutions. Other experienced members can do that.

And, of course, there are numbers I am not aware of. There can be politics that I never even suspected, and there are plenty of decisions and discussions taken privately.

In Conclusion

If I missed anything, this is information I don't have access to.

Also, I didn't write this article for the small minority that was always against smartBCH, without any reasonable arguments but stereotypical remarks resembling maximalists' logic.

Those who know more should probably discuss things more openly as we can't assume what might be happening.

Transparency and communication will produce a resolution and create terms to support smartBCH again.

A united front is the best solution.

Leaving aside what happened with CoinFLEX, the appropriate and professional approach is for smartBCH to proceed in discussion with its direct allies, the Bitcoin Cash community and shape the future together.

• Cover Image: by Nasa James Webb Telescope (Public Domain -Permissions)
  Backgrounds Images used link1, link2, (modified)

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