Well, there's more than 10 other forks that are worth $0. Why? Because they're worthless and they have no support.
Both BCH and BSV communities are made up of early bitcoiners who could no longer find a home in BTC since the project turned into something they didn't expect it to become. So by forking away, they still found their spot in crypto.
Forks didn't cause any crash whatsoever, the market was overvalued due to greedy people buying things they don't understand, and selling when they saw the easy money making days are over. It's also still overvalued in my opinion, and it doesn't need a fork to go down again. (Although I think there's a couple of undervalued coins out there).
Agree. Over time, BCH and BSV will just fade away as they won't be able to serve a purpose in real life. Most of the Bitcoin forks known to date, were created with the mere purpose of greed. There's no real vision in making Bitcoin and Blockchain technology better for the world. Adhering to crypto politics, will only make the Blockchain industry look bad, as people will lose trust/confidence in it.
While it's true that many altcoins are overvalued these days, there are only a few cryptocurrencies which are quite undervalued given their scarcity, and active development within the mainstream world. In my opinion, Bitcoin should've been worth at least $10,000 to $20,000 now, because its supply is very limited. Also, its block reward is halving every 4 years, which should have a positive increase in price anytime soon.
If you watch closely the market, you'll notice that prior to the Bitcoin Cash hard fork, prices for Bitcoin and other cryptocurrencies were a lot higher that what they are right now. Once the Hash War started, prices started to decline massively across the whole crypto market. Of course, one cannot deny that there are whales in this space looking to manipulate the market at all costs. However, things would've been better for crypto if all this mess wouldn't have happened in the first place.
I guess that if Craig didn't split the BCH blockchain into BSV, then the hard fork process would've been smooth, and the market would've been relatively stable. Then, Bitcoin would've remained in the $6k spot than the $3k spot we've been experiencing for a couple of months.
Nonetheless, I hope that crypto gains its reputation once again, with upcoming developments that are sure to put an end to the lack of privacy and scalability.
I think that politics always ruin every area in economy. Smart people always try to earn money, politics try to take more taxes from them. They make our lives harder and crypto is area withould politics, please save it.
Yes. In my opinion, crypto should be apolitical as it was created with freedom in mind. The main purpose of Blockchain technology is to eliminate middleman or third parties. Considering how some cryptos (like BCH and BSV) have affiliated themselves with public figures (such as Roger Ver and Craig Wright) it greatly defeats the purpose of Blockchain. Both Bitcoin Cash and Bitcoin SV are extremely centralized projects guided by their leaders every step of the way. With crypto politics in mind, each side defends their view of how Bitcoin should scale for the real world.
However, such scenario is not ideal, as it would cause confusion and more harm to the crypto space than any good. Which is why, both sides should work together to make Bitcoin and Blockchain a better place for anyone to enjoy. I'd be surprised if another Bitcoin fork emerges with the ideal of taxing the Bitcoin blockchain to accelerate the development of cryptocurrency. If this happens, then we'll be seeing another fork from the BCH blockchain named Bitcoin Tax.
