Bitcoin Cash was under the spotlight back in 2017, when it split from Bitcoin after a hard fork. Bitcoin Cash had an increased block size and at the end of its first day in the market, it became the 3rd largest cryptocurrency in the world. Bitcoin Cash is back in the news now, after Roger Ver defended BCH against rumors regarding its impending collapse.
On May 31, Bitcoin Cash had reached out to people, seeking their help through Twitter. In an effort to help developers, BCH requested the community to raise 800 BCH.
We need your help!
Let's reach the goal of 800 #BCH!
All donations welcome: https://t.co/LoON2QG7ED
— Bitcoin.com Official (@BitcoinCom) May 31, 2019
The fundraising page on Bitcoin Cash’s website further revealed the motive behind the fundraising campaign. It said,
“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.100% of your donation will go to support Bitcoin Cash development, enabling sustainable development and innovation, and thereby adding value to the network and its currency.”
However, some discrepancies soon seemed to come to the fore. Micky reported that Bitcoin.com claimed they’d hit 95% of the fundraising goal yesterday, while community reports on Reddit suggested the completion of 125% of the goal. However, the site at press time, states that the goal is only 87.7%. (They may be collating other fundraisers into the total) completed.
That wasn’t the only development in the Bitcoin Cash space. Twitter user, Skylark_BitCoin, leaked screenshots of what he claimed to be Telegram messages from the BCH Developers group. These messages, if verified for veracity, suggest that the Bitcoin Cash development team has just six or seven core members, struggling to keep up with backports from Bitcoin Core. These messages also revealed a serious discussion about Bitcoin Cash’s recent move to raise funding. However, no official confirmation on the veracity of these messages have been received as of now.
Following the ‘leak,’ members of the cryptoverse have suggested that Bitcoin Cash was on the verge of collapse, with some speculating that a developer coup was on the way. However, Roger Ver aka Bitcoin Jesus, dismissed these speculations by calling them “fake news.” He told Cryptonews.com,
“Bitcoin.com has nearly a hundred people all working on Bitcoin Cash including protocol development.Just this month alone we have raised over USD 300K or nearly 800 BCH for Bitcoin Cash protocol work.”
Lead developer of Bitcoin ABC and former Facebook employee, Amaury Sechet, speculated that the launch of Facebook’s new cryptocurrency – Libra, could be the reason why Bitcoin Cash eventually fails. Soon after Facebook announced the launch of Libra, he tweeted,
With the recent FB announcement BCH could fail unless we learn from this and use what we learn in time. The window to act is closing so we need to step up. Join me as I do everything in my power to make Bitcoin Cash the Peer to Peer electronic cash we all say we believe in.
— deadalǹ͔͜͡i͎̜͖͗̎͞x̛̳̠̤̥̦̉̊̕̕ (@deadalnix) June 15, 2019
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