On the OKCoin fund
In June 2019, several people reached out to the ABC team and various others in the BCH space saying that OKCoin wanted to launch a fundraiser to help fund the Bitcoin Cash infrastructure.
After looking into the project, it was clear that OKCoin had misrepresented its intentions to the people who reached out to us. The actual project was to raise funds for BTC, BCH and BSV, in a competitive fashion. Such competitions are good for attracting attention to OKCoin, which is presumably the goal, but are also extremely disruptive for the people actually doing the work. The fact that OKCoin was deceptive in its initial presentation of the project indicates that they were aware of this and did not care.
The selection of recipients also ensures that the fundraiser will have minimal impact on the funding of infrastructure. First, OKCoin chose to fund 2 BSV projects backed by billionaire Calvin Ayre. In addition, the graphic used clearly promotes BSV. The goal of the campaign is to present BSV, a project that has been plagued by fraud and incompetence, as a first class citizen in the crypto sphere next to BTC and BCH.
When it comes to BCH specifically, OKCoin chose to separate the funds between BCHD, Bitcoin ABC and Bitcoin Unlimited. While the first two have repeatedly shown their support for BCH, Bitcoin Unlimited has been detrimental to the project. While documenting every instance of such behavior would be very lengthy and outside the scope of this post, its leadership pronounced itself against the organization holding BCH and BTC 50/50 by value which is all one needs to know.
Bitcoin ABC and its team have created and maintained Bitcoin Cash’s infrastructure since its inception and we will continue to do so for as long as funding allows. We are highly committed to Bitcoin Cash’s future and its roadmap.
Bitcoin ABC and its team have created and maintained Bitcoin Cash’s infrastructure since its inception and we will continue to do so for as long as funding allows.
By choosing to fund numerous organizations, over numerous coins, and by picking organizations which are in no need of funding and have proven dysfunctional to the point of being detrimental to their stated goals, OKCoin ensures that the amount received will not make a significant difference in the funding of BCH’s infrastructure. Noisy campaigns like OKCoin’s are distracting from the real purpose and mission of Bitcoin Cash, to the sole benefit of OKCoin.
Noisy campaigns like OKCoin’s are distracting from the real purpose and mission of Bitcoin Cash, to the sole benefit of OKCoin.
PS: OKCoin produced numerous forgeries in order to get out of contracts regarding the use of the bitcoin.com domain. They may want to clear that up and pay the money owed instead of doubling down on dishonest strategies. Trust is easier to lose than win back.