With Friday’s birth of a new coin called “bitcoin private,” the cryptocurrency space just keeps getting more meta. The much-discussed launch finds the cryptocurrency being created from a copy of the zclassic cryptocurrency (itself a copy of zcash, which was a copy of bitcoin).
But if that sounds crazy, it’s all – allegedly – in the spirit of innovation. “The big experiment with airdropped coins was that they’ll just fail, and if people are getting free coins, they’ll just immediately sell them and it will dump down to pennies,” said Rhett Creighton, who’s leading the bitcoin private effort.
Yet, in a number of cases, that notion just didn’t pan out. Bitcoin cash, bitcoin gold and ethereum classic, three high-profile hard forks, are now valued at $1,285, $115 and $34, respectively.
And for those who owned large amounts of bitcoin or ether, those launches meant big gains with little effort. But for zclassic, its fork wasn’t exactly a success story.
Zclassic flatlined throughout most of 2017, falling to under $2 per coin, while zcash stayed in the hundreds. Rather than walk away, though, in December, Creighton doubled down. Read more from altcointoday.com…
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