The Zclassic Related Forks Bitcoin prime and Anonymous Bitcoin
There is one Zclassic fork / Bitcoin fork (Bitcoin Prime) coming up and one fork related to Zclassic that forks Primecoin and Bitcoin (Anonymous Bitcoin).
This has shined a bit of a spotlight on Zclassic (since it is directly related to one fork and indirectly to the other). First let me give you a quick breakdown of what I know about the forks, and then let me offer a word of warning.
- Bitcoin Prime: TBA. A fork of Primecoin and Bitcoin, with atomic swaps. It is like the Zclassic fork Bitcoin Private where two coins fork into one. Perhaps not surprisingly it being developed by the developer of Zclassic. https://bitcoinprime.org/
- Anonymous Bitcoin: A privacy bitcoin with masternodes. It is a fork of Zclassic and Bitcoin. One might think it has the same devs as Bitcoin prime, but one would be wrong. Just a similar method of forking. https://www.anonymousbitcoin.io/
In short, if you have Primecoin or Bitcoin before the Bitcoin Prime fork, or Zclassic or Bitcoin before the Anonymous fork, you’ll get the new forked coin at the snapshot block if you have your coins in an official Primecoin, Bitcoin, or Zclassic wallet (please note I don’t know the snapshot dates yet; see details on how forks work… for details).
With that covered, there should be a disclaimer attached to any project related to Zclassic.
Here are some reasons why:
- Zclassic is somewhat of an abandoned project. Their Twitter has had two posts since April. One of those posts warns that all development has stopped on Zclassic and essentially says “beware of any upcoming forks.” That is ominous.
- Zclassic did this dual fork thing between Zclassic and Bitcoin back in the winter to create a coin called Bitcoin Private. Zclassic went up like a gazillion percent in anticipation of that fork. This was great as we told our readers about it early… thing is, the market dumped Zclassic essentially the second the block height occurred and the price almost instantly dropped from about $230 to $4. In short, everyone who HOLD’d Zclassic got ruined (despite some recovery since and despite some nice Bitcoin Private price action). This is essentially the most gnarly thing I’ve seen in crypto outside of Bitconnect (at least most other coins that go to zero tend to grind toward their doom rather than just getting dumped in the span of moments). When you consider that Bitcoin Anonymous is run by the dev who did that fork (Rhett Creighton) and Bitcoin Prime is a dual Zclassic Bitcoin fork that Rhett is warning people about via the Zclassic Twitter… it is all sort of a basket of giant red flags.
That said, let me stress that I’m not a hater. Primecoin, Zclassic, Bitcoin, Rhett, etc aren’t bad or good and you’ll need to make up your own mind. I’m just trying to clue you in, as it is important to understand the background here before jumping in headlong and holding until these specific forks due to the history of Bitcoin Private.
This is important, because although I first wrote about these forks when Zclassic was at its 2018 low, Zclassic is currently pumping (I’m guessing in anticipation of the fork).
Given what happened in the winter anything is possible in terms of further price increases… however, holding Zclassic until the fork means risking what happened last time. Is it a good gamble until then? That is a matter of personal taste. Was it a great buy the other week when we first mentioned it? For sure! Is it a good HODL…. well that is a tricky question. The point here is I would caution those who don’t realize the gamble they are taking to do some research before getting in too deep.
As said in March, all work has stopped on #Zclassic. Nothing about this has changed. Any proposed fork you may hear about does not have widespread consensus. Please use caution before participating in any fork that is promising guaranteed returns or may sound too good to be true.
— Zclassic (@ZclassicCoin) April 27, 2018