Here is what I'm up to, kicking off 2024.

Skip to the "My actual opinion" section for my actual opinion.

Over a year ago, I transitioned from SmartBCH to Sovryn SOV, driven by the belief that DeFi on Bitcoin, particularly in the form of a sidechain, held promise for wider adoption within the Bitcoin community. Despite an initial sense of relief from leaving SmartBCH, my journey with Sovryn unfolded with unexpected challenges, shedding light on the complexities surrounding Bitcoin's approach to decentralized finance.

Bitcoin Maximalism and Social Media Distortions: The realization dawned that Bitcoin's maximalists wield significant influence in shaping the narrative. Social media distortions controlled by Bitcoin maximalists can stifle innovation, as witnessed with past ideas like Vitalik Buterin's proposal to build ETH on Bitcoin and advancements like Ring signatures and XRP fast transactions. The recent scrutiny of Ordinals further exemplifies this trend, with Bitcoin maximalists labeling it a software bug in need of fixing, jeopardizing its role in transaction fee dynamics.

The Ongoing Battle: BIP300, BIP301, Thorchain, Drive Chains, and Sidechains: Discussions around BIP300, BIP301, Thorchain, drive chains, and sidechains have become contentious within the Bitcoin ecosystem. Bitcoin maximalists express dissent, hinting at potential roadblocks to the development of these technologies. The controversy extends beyond layer one, encompassing the fate of sidechains like RSK, with Bitcoin's overarching resistance to adopting innovative solutions becoming increasingly evident.

Warnings from the BCH Community: Early warnings from the Bitcoin Cash (BCH) community about Bitcoin's lack of support for its ecosystem have proven prescient. RSK, despite its potential, faces challenges stemming from a lack of widespread adoption and centralized points of failure associated with stablecoins like USDC and USDT. The precarious nature of decentralized stablecoins, relying on loans and smart contracts, adds a layer of uncertainty to Sovryn's landscape.

The BCH DeFi Experience: Retaining my initial BCH investment, I explored the burgeoning DeFi landscape within Bitcoin Cash using CashTokens. BCHBulls, NFT creation, token usage, and liquidity provision in CauldronDEX became my testing grounds. Bitcoin Cash's DeFi ecosystem appeared to embody the innovation that Bitcoin's maximalists resist, creating a dynamic space for community involvement and development.

Conclusion: As Bitcoin Cash navigates the challenges of evolving into a DeFi-friendly ecosystem, the inherent resistance within Bitcoin's maximalist circles becomes increasingly apparent. The journey from SmartBCH to Sovryn was not just a shift in platforms but an eye-opener to the complex dynamics shaping the future of decentralized finance within the broader cryptocurrency landscape. Engaging with the evolving tools and platforms in Bitcoin Cash's DeFi space presents an opportunity to contribute to a community-driven vision, making the journey more rewarding than a mere pursuit of financial gains.

My actual opinion.

I would say Bitcoin Cash CashTokens feels like the DeFi that Bitcoin people are trying to build but are not allowed by Bitcoin maxis while BCH is developing the tooling just now and that means if you get involved right now you will be part of that building which in my opinion is more fun than actually investing for the sake of profits.s.

I think it was more than a year ago that I moved from SmartBCH to Sovryn SOV thinking that DeFi on Bitcoin as in the form of a sidechain that could eventually be adopted by the Bitcoin community was an idea good for Bitcoin. I will always be grateful that I managed to out of SmartBCH because I saw an opportunity with Sovryn but I was wrong in many ways. I would say some of the Bitcoin Cash community members contacted me directly telling me the bad RSK had, so I was warned in a way.

By moving to Sovryn I managed to protect my money from CoinFlex, but it didn't save me from the reality that now I know about Bitcoin and Sovryn as a whole. But in the end, I went and learned and I still hold all of my BCH that I held just before SmartBCH. So I could have made more BCH but instead, I gained knowledge.

Bitcoin will never adopt DeFi on sidechain because Bitcoin maxis control the narrative by controlling the social media distortions, if they don't like something they will just ban or shadow ban your account and your topic will go away. Just like they have done too many ideas already. Vitalik Buterin wanted to build ETH on Bitcoin, Ring signature what Monero does, XRP fast transactions is a thing because 0 confirmations have been removed, and the list goes on and on. The last victim is Ordinals which now developers like Luke are calling a bug in the software, something that needs to be fixed, and that they are planning to fix.

Even when miners need those fees Ordinals are paying the Bitcoin maxis want to shut down Ordinals because transaction fees are going high sky, something that Bitcoin Cash fixed a long time ago. If Bitcoin is going to censor Ordinals something on layer one, what do you think they will do to a sidechain like RSK? The answer is simple they will never adopt it and will do everything to stop its development as they are already doing. The conversation around BIP300 and BIP301 as well as Thorchain, together with drive chains, and sidechains are all under the same umbrella and Bitcoin maxis are already seeing that is something they don't like.

I was warned by the BCH community that Bitcoin doesn't support its ecosystem and now I understand that was the truth. RSK itself has the issue of no adoption as well as centralized points of failures like stablecoins like USDC and USDT that are probably not supported directly by Tether and Circle, and BabelFish another stablecoin issuer that prints XUSD that may be compromised in the future. The only decentralized stablecoins rely on loans and smart contracts so those are a time bomb in the making. So Sovryn has the issue of Bitcoin hating the idea of the ecosystems even if they are working to improve Bitcoin, plus the issue with extra centralized points with stablecoins not being issued by their respective corporations.

So since my initial BCH investment is still intact and DeFi is something that I love doing I decided to do some testing using CashTokens, and that means I tried BCHBulls, printing NFTs, using tokens, and lately providing liquidity in the CauldronDEX.

I would say Bitcoin Cash CashTokens feels like the DeFi that Bitcoin people are trying to build but are not allowed by Bitcoin maxis while BCH is developing the tooling just now and that means if you get involved right now you will be part of that building which in my opinion is more fun than actually investing for the sake of profits.