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If you're a BUIDLer on Bitcoin Cash, this is FAST approaching hopelessness 😳
I just watched Mark Lamb's latest AMA.
https://www.youtube.com/watch?v=4R62Q4TN-QE
It is abundantly clear that 12 months is the most realistic timeline for any resolution of the SmartBCH Treasuries and a restoration of the $BCH <=> $BCH bridge.
Where is the SmartBCH core team?
I'm fairly disappointed that not a single person from the SmartBCH team responded to the Bailout Plan that I proposed in their official GitHub repo
-> https://github.com/smartbch/smartbch/issues/64
But I KNOW the team is still working hard. They just released SmartBCH v0.4.5 (https://github.com/smartbch/smartbch/releases/tag/v0.4.5) a week ago. And just 2 days ago, the team released a new batch of SHA-Gate2 CashScript covenants https://github.com/smartbch/cc-covenant (so they're presumably still active on GitHub)
But there's a Problem!
I'll start with the fact that I've seen little to no actual "work" (ie. commits) shown in their SHA-Gate repos. This isn't inherently a problem, but it's still a lil sus .. Then there was an immediate red-flag when I saw they are using bitbox-sdk. This library was abandoned 2 years ago; and still utilizes now defunct REST APIs. So it's quite clear that this "FRESH & NEW" code doesn't work! (or at least has never been tested by anyone from their team)
Imho, the core SmartBCH team just doesn't have what it takes to build a "decentralized" bridge, even though they continue to promise one will "eventually" be delivered. From DAY 1, their focus has always been on SHA-Gate, and no one has EVER mentioned how the other HALF (the $SBCH side) of the bridge will be handled. There currently sits approx. $3B in $SBCH assets that absolutely NO ONE seems to be talking about, smh..
https://sonar.cash/address/0x8c4F85ec71C966e45A6F4291f5271f8114a7Ba15/transactions
And where are the SmartBCH developers?
A few big names have already announced plans to migrate cross-chain. And what hope is there to attract NEW developers to the ecosystem? As a result of what I'll refer to as Bridgegate 2022, the HackSmart hackathon (scheduled for end of June) was indefinitely canceled.
Realistically, what are SmartBCH BUIDLers supposed to do with an insolvent blockchain??
If it was the desire of Mark & Co. to destroy the hopes and dreams of a nascent Bitcoin sidechain and everyone who believed in it, then they have succeeded by leaps and bounds. Congratulations!! This is a vivid reminder of the time (back in '13) when Bitcoin Core developers slashed the OP_RETURN from 80 bytes to 40 bytes and effectively killed ALL development of "colored coins" (later known as SLP).
If this be the will of the Crypto Gods, well then so be it, but my journey continues...
For anyone who hasn't already done so, I'd love some feedback on my SmartBCH Bailout Plan
-> https://sbx.cash/bailout
and certainly appreciate any contributions to the MVP campaign
-> https://flipstarter.sbx.cash
Based on their performance over the past year, I absolutely maintain hope that Wang Kui and his team will deliver a miracle that brings a path forward for the future of SmartBCH. But after a month of nothing from the BODAO, very little action from SmartBCH devs, and (imo) nonsense code solutions from the core team ... I'm not holding my breath 🥺
Shomari
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