Last year, the ethereum network was clogged to a halt after FCOIN Exchange, a Singapore based exchange backed by the former CTO of HuobI, Zhang Jian, began its voting process for its new series of “GPM Tokens.” Many seemed surprised that exchange in its infancy could have such a drastic effect on the network, and was even further surprised by the exchanges acclaimed 7 billion usd in daily volume. However, both the volume and the voting process were heavily manipulated to the benefit of the exchange.
Bitcoin Cash was launched in a blaze of glory in late 2017, promising to fix the scalability problems with Bitcoin. Two years on, its time to look critically at that claim. At best Bitcoin Cash is a halfway house that’s nowhere near as popular as a store of value as Bitcoin. In May, one user reported, that many transactions of Bcash were spam, a single address was responsible for more than half transactions. It also has security issues. Blockstream’s mining capability has about three times more hash power than the entire BCH network, which means it could effectively take over the network if it desired. The price of Bcash at it’s al time high was ~4,300$, now it struggles at 200$.