Was It Worth It? | Bitcoin ABC's Amaury Séchet Faces Backlash from Community
Bitcoin Cash Split: A Controversial Move
In November 2020, Amaury Séchet, lead of Bitcoin ABC, introduced a contentious Coinbase Rule mandating that 8% of block rewards fund Bitcoin Cash (BCH) infrastructure. This decision led to a network split, creating two factions: BCHN, which rejected the proposal, and BCHA, which enforced it and rebranded as eCash in July 2021.
A Divided Community
The November split sparked fierce debate, causing many community members to scrutinize Séchet's decisions. Comments reflect widespread dissatisfaction, with one user stating, "The split occurred at a price of around $300. $17 is 5.5% of that. His proposed tax was 8%. checks math> It wasn't worth it." Another summatively chimed, "Who even cares about Bitcoin Cash? All those willing to post about it, heh heh." A response from one user noted the continuing interest from long-time participants: "OG Bitcoiners do."
Key Questions for Amaury Séchet
As the community grapples with this fallout, heated inquiries remain:
Why did he not retract his proposal when it faced staunch opposition?
Does he regret any harm inflicted on the Bitcoin Cash movement?
What is his current direction in the crypto space?
Sentiment Shifts
Initial excitement surrounding BCH and BCHA has given way to a more negative outlook. Many reactions now express disappointment regarding BCH's future, indicating a drastic shift from previous enthusiasm.
Key Insights
🔍 8% rule sparked significant backlash, splitting the community
📉 Current trading at $17 signals a sharp decline from earlier values
⚖️ "Not worth it" sentiment resonates with many in the community
"This wasn’t exactly groundbreaking, but… it was definitely divisive."
As discussions of past actions linger, it's evident that Bitcoin Cash's future remains uncertain. Fragmentation continues to cloud its prospects, with many questioning the value of decisions made.
Future Trajectories for Bitcoin Cash
The next few months could significantly influence Bitcoin Cash's fate. Investors and community members will monitor market trends closely, as prices might swing by 30% in either direction. Analysts suggest that if Bitcoin Cash clarifies its path under Séchet's leadership, it may rekindle interest, potentially lifting its value back to around $300. However, if current sentiments continue, a stabilization around $10 may occur, implying a 50% drop from present levels. Community engagement and future decisions will critically inform this trajectory.
Uncommon Lessons from the Music Biz
The Bitcoin Cash situation mirrors the late 1990s music industry, where artists resisted traditional label structures. Like the BCH split, the emergence of independent labels divided fans but sparked innovation and diversity. Just as questioning the direction of music led artists towards new ventures, the Bitcoin Cash community may need to explore fresh avenues to foster a more resilient ecosystem.