SmartBCH Is Dying

By the time smartBCH was been launched, I was still just a random student in one of Nigeria's foremost universities trying to make good grades both in academics and in character. By reason of being a full time student, had to depend on my parents for the bulk of all my expenses, and for those of us who have or are studying in a Nigerian university, you'll know it's never enough. By this time, all I knew about crypto was bitcoin, ethereum and litecoin.

Fast forward to almost 6 months after the launch of smartBCH, I was introduced to read.cash by a friend as a means of earning side income. This was when I first learned anything BCH, the currency use by the platform to reward it users. My time on read.cash has been an eye-opener as it has exposed me to so much crypto stuff and education. It took me a while to convince myself to try it out, but by then I had been reading too many testimonies know the amazing performance of one token or the other, but the most important topic then was lawpunk. That was actually the straw that broke the camel's back for me. I wasn't going to continue been on the sidelines, while others make so much money of smartBCH.

I paid my due in commiting time to learn about everything smartBCH I could, and after days of holding back, I finally invested. I invested my low capital, hoping that one of these days, the token might moon moon moon!!! From the time I joined the smartBCH flux till date which span anything between five to seven months period, a lot more projects have been launched on the chain, even more than all that had been launched altogether before I onboarded. Basically, smartBCH was attractive and had great potentials.

But since the explosion of NFT on smartBCH, the entire smartBCH ecosystem is becoming something else. We are seeing soft and hard rugs on a lot of projects. It seems people are now so caught up on the euphoria of the initial success of the platform that they rarely bother to check projects before falling deep in it. What we see today is a new normal for devs to just go to another chain, steal a concept, copy it and launched on this platform.

This has been exceptionally and exponentially bad in terms of NFT and Gamefi projects. The NFT craze started on smartBCH thanks to the success of lawpunks. With the little money they earned from the minting, they've been able to do more than all the other NFT projects combined have done. The devs of today do not even bother making any effort these days, they just go and copy someone else work, put it on smartBCH with little to no modification, and expect us to invest our money in it.

Even those NFT projects that claim to have usecase are hardly able to follow their road maps. At the end of the day, they either rug or become useless on the secondary market. Then, there's the proliferation of tokens on the chain, majority of which are either meme tokens or rugged tokens. Of the almost a 100+ tokens on the chain, only a few have any real use case and/or value. It's almost like every dick and harry can just wake up and launch a token or an NFT project these days.

This has led to so many rugpulls, scams and fraud on the chain, that the TVL seem to be stagnant, because for one, for every $1 fresh capital injected into the platform, it's like $30 gets ejected due to the actions of these fraudsters and scammers. The supposed "devs" are beginning to come across as very lazy and uncreative. Imagine the latest habit of just assigning rarity score to minting ID, how lazy can one get? Of minting ID is ten thousand, you're rank ten thousand. Absolute nonsense. They have removed the fun in minting.

This was never the plan nor purpose of launching the side chain. The side-chain is supposed to lead to more adoption of bitcoin cash as well as increase the amount of money in the chain. But the amount of fraud, fake and copycats projects we see on the platform is achieving the opposite. With the way things are going, I doubt any Institutional or big private investor will want to put their money in it, and if we are been frank, we see that today.

This new culture of bringing copied, failed or scam projects to smartBCH is actually fuelled and encouraged by the community. From the time I've spent on various projects telegram group, I can see all the community is good at doing is shilling. Nobody really cares about asking the right and important question. Majority of the time, the signs of a failed project are there early now, but we disregard them out of own stupidity and greed. We all want to make a quick buck on NFT specials, token presale. Gamefi and so on. smartBCH is turning into a place where we no longer believe in projects but see that as speculative instruments. This is really bad.

Due to the fact that the community is too busy trying to cash out quick from every running and upcoming projects, they don't bother to check out the feasibility of success of the roadmap, most don't even check anymore, they just jump on every train. This attitude of not making demands of supposed "devs" is why they can behave arbitrarily and make us look like fools. We are turning smartBCH into a hybrid version of ethereum and binance, except we are taking the bad traits from both. From ethereum, we are learning at to throw money at things that have,no real value or usecase, while from BSC, we are picking all the best ways to rug people. The community needs to be honest and focused on the long term goal of the side chain. We need to always remind ourselves why we started.

Conclusion

SmartBCH as we all know it, is dying and the community and the devs are responsible. Most people have not considered the long term effect of smartBCH failing. If the side chain fails, the main chain will fail, that I can guarantee you. We seem to have forgotten the purpose it was made. We are killing smartBCH and BCH by extension. We need to stop, we need to do better, we need do our part and do it right. I don't want it to be said in the future, that it was my generation that destroyed the future of crypto, of money and the world's financial system; bitcoin cash.

Thanks for reading my humble opinion