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Bitcoin's Forks Epidemic: Gift or Fraud?


The creation of Bitcoin's forks with copying of all existing balances containing "gift" coins for all Bitcoin owners is undoubtedly a trend of recent months. In fact, why invest time and money in development or marketing, if it is so simple to attract a great many people who will not refuse to get something for nothing? First, a successful Bitcoin Cash, then a dubious Bitcoin Gold and Bitcoin Silver, which in a few days slid down almost to zero. Now another copy of Bitcoin - Super Bitcoin (SBTC), follows them. The SBTC network plans to appear on block 498888 (around mid-December), and the owners of the original Bitcoin will receive the same SBTC as BTC's "absolutely free" - you just need to get a wallet. According to the official website, SBTC scales the block size to 8 megabytes, and will use smart contracts and Lightning network.

 The person behind the project is Li Xiaolai, the Chinese Bitcoin tycoon. Li is an ambiguous character in the Chinese community, which this year initiated such ICO projects as EOS, ICO.info and PressOne. The PressOne project received $ 550 million within three days without the issue of White paper and was called the typical "fraud" by the main Chinese media.When China banned the ICO in September of this year, Lee issued a letter of apology that he overestimated his abilities and regretted that he somehow misled the newcomers in the crypto-currency area. After that, Lee was still "forgotten" by the community. Preliminary mining of Super Bitcoin again attracted attention to it. In general, the project totals 21 210 000 SBTC of which 210 000 will be mined in the framework of preliminary mining.Like Bitcoin Gold, the SBTC team explains that pre-mining coins will be used for early development, as well as for "building an ecosystem"."I support the struggle between fork coins, but I do not support the preliminary mining of 210,000 coins, which I consider unethical and dishonest," said Jiang Zhuoer, owner of BTC.TOP. Jiang also added that it is pointless to have another network with a large block size, and he does not see SBTC as a threat to Bitcoin Cash.

"I wonder if Li [will write] a white paper this time," ridicules Jiang.

 An industrial player reveals that another two Chinese hard fork projects, Bitcoin Century and Bitcoin Diamond, are also on the way. He believes that this is an ICO in the disguise of a hard fork, or "initial fork offering" as he claims.

"Initial fork offerings have become an innovative way to raise funds. But a premine is more like a scam instead of trying to make bitcoin great again," says Jiang.

 Will there be even more coins bearing the bitcoin name? Let us know in the comment section below!

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