Bitcoin Prime and Anonymous Bitcoin Are termed as blatant Cash Grabs
Crypto News

Bitcoin Prime and Anonymous Bitcoin Are termed as blatant Cash Grabs

There would always be controversies whenever forks come into place. The latest could be bitcoin prime and anonymous bitcoin. Both are regarded as the most controversial things that are yet to hit the cryptocurrency market. There are already allegations of developers being opportunistic in these two virtual currencies. As a result, these two were branded as shameless cash grabs, and the architects of these schemes project have reacted strongly.

A swathe of Crypto Community

Bitcoin private founder, Rhett Creighton, has always been identified as a figure for polarization. However, his latest stunt has the opposite effect. This time, his action has integrated a swathe of the digital currency community in condemning him. For instance, Dan Larimer of EOS is known for jumping between projects and his flitting assumed significance. He pointed out that Rhett and his cronies have already engaged in inflating ZCL price after announcing a dual fork of bitcoin and zclassic in December last year. The same person and his cronies are now behind to create bitcoin prime. That is a clear indication how Rhett is trying to make use of the market’s position.

Aside from these, there is a separate project that is doing the round with another zclassic fork and bitcoin to develop Anonymous Bitcoin. The purpose is to ‘become the new standard for truly private banking,’ news.bitcoin reported. That would suggest that zclassic would have forked twice now enabling the digital currency to establish a pair of zk-SNARK-associated privacy coins. That is three times of zencash. Incidentally, that also came out of a ZCL fork, Zen, only.  As the virtual coin went on to establish its own community, it could differentiate itself from its parent coin.

On the other hand, bitcoin private did everything to infuriate ZCL bagholders as a number of them lost money. As a result, ZCL has died and reborn several times that no one could ever remember it. Currently, it is up 242 percent within a month. As far as primecoin, it was trading only at 80 cents until Rhett acquired a bunch and made his plan to fork it. He also abandoned the bitcoin project only to proceed further with his most recent money spinner.

The cryptocurrency community is not ready to fully believe several claims of Rhett. Significantly, Jimmy Song, a developer of bitcoin, thinks that forks are nothing but airdrops or altcoins. Therefore, they don’t deserve to be classified under the banner of bitcoin that is enjoying the leadership status.

Censure

Irrespective of the status, the developers approach like Rhett of indulging themselves in forking coins has attracted calls for censure. Primecoin has already recorded 350 percent gain since the announcement of a fork. Therefore, those who acquired it early such as Rhett Creighton would stand to gain more irrespective of happenings.

Reports suggested that most of the big cryptocurrency exchanges have given forks of bitcoin short shrift after bitcoin diamond and bitcoin gold for reasons best known to them. However, Bitfinex extended its support to bitcoin interest that was forked in January.

Article written by George Samman

George Samman is a co-author of KPMG’s report: “Consensus: Immutable agreement for the Internet of value”. He is a cryptocurrency and blockchain consultant to financial institutions, policymakers, and professional services firms. To know more about George, follow him on Twitter.