I'm seeing a lot of motivational talk in this subreddit, and in all honesty this is now annoying rather than motivating. If we want to keep BCH viable, we need to understand what is going right for it, and what is going wrong, and make the right conclusions
What is going right:
- BCH is still listed on major exchanges as a major crypto
- BitPay and Coinbase still support it as first-class citizen, rather than shitcoin
- It is possibile to use BCH for p2p on-chain trade due to low tx fee
- Zero-conf is working, so micropayments are possible
What is going wrong:
- Stability and trust: I can't stress it enough how damaging the splits are. if you are offering major coin, it MUST be protected from rogue elements. Every time we have a debacle and chain splits, trust is shot, and actors leave.
- Replay protection: when splits happen, all must expend a conscious effort to sell off the coins in unwanted chain. That's a work they should not be doing.
- Anonymity: Lets say BCH splits to BCHN and BCHA, and you don't want BCHA, and want to get rid of it. Since coin is sitting on the same keys in both networks, out of sudden you are forced to open your hand and show your holdings in order to sell off BCHA. Not only that, but while splitting funds, you will likely need to mix them up with small amounts to make split work, and now you provide to all 3-letter agencies full map of your holdings.
Conclusions (mine, you draw yours):
We have to ramp up the governance of the chain. I'm not saying we are electing president now, but there has to be an entity which represents the interest of coin users and investors. There can not be any more splits. Look what happens - litecoin is now more valuable than BCH, why? - cause it's actually been stable. This is not good. We gotta have some sort of consortium that has soft power over network, works to weed out bad actors before they become a danger, works to protect network from miner collusion to execute 51% attacks, prevent splits, reach consensus. In other words, we need bureaucracy. It could be distributed, it could be decentralized, it could be leaderless, it definitely would be inefficient - but it would hold up the coin and provide trust. I don't know how to do it, but it's obvious to me that running BCH in full-on anarchy mode is not working well