A great sign that a project is successful is that businesses and developers flock to invest in and develop the idea, because they recognize that doing so will reward their investment. Bitcoin Cash (BCHABC) seems to have a problem in this regard, as they have resorted to begging for donations for their protocol’s development.
On May 31, the Bitcoin.com Twitter handle, one of the more prominent voices for BCHABC, tweeted out “We need your help!” They need donations amounting to 800 BCHABC ($317,000 approximately) to support the developers working on BCHABC.
A visit to their fundraising page reveals more about what they’re trying to accomplish. They write:
“The developers of Bitcoin Cash need your support to build and maintain the infrastructure necessary to keep Bitcoin Cash competitive and ready for global adoption. If you are interested in future functionality, security, and the success of Bitcoin Cash, please consider contributing to the development teams working to make this a reality.”
At the time of publication, the site indicates that 103.11 BCHABC ($40,969) has been raised towards this effort after five days of fundraising. However, why do they even need to ask?
If investors and businesses were interested in BCHABC, it should be flush with cash and have a clear roadmap of their future. What happens if they can’t raise their 800 BCHABC? Will the development of the protocol stall?
This sudden cash shortage at the BCHABC development team reveals just how much they blew their budget in the November 2018 hash war that birthed Bitcoin SV (BSV) as the only protocol following the original Bitcoin white paper. It also reveals how much of a drain legal battles have been on the company, causing good development money to go towards their defense for questionable actions during that hash war.
Bitcoin Association Founding President Jimmy Nguyen noted that the future of money can’t be built on crowdfunding money alone, but needs a professional plan for development. He added:
— Jimmy Nguyen (@JimmyWinMedia) June 4, 2019
Plainly, BCHABC is falling apart. Bitmain has endured massive layoffs and Jihan Wu has lost control for backing the wrong horse. Adoption has fallen off, with one wallet representing most of their transactions. Now, the development team is begging for money.
Perhaps if they let their new donors vote on a direction for the company, they might end up going in a more sensible direction.
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