Another merge-fork will work to gain the attention of investors, but Primecoin has started to slide after the announcement.
For days on end, the Bitcoin Prime merge fork saw skeptics disclaim the possibility. But now, the fork has been confirmed, the community on Telegram adds hundreds of new members each day. However, there is still no set date for the fork.
After the announcement late on Monday, the price of Primecoin (XPM), started to tank, but it is unknown whether the price may set another spike in the days leading up to the fork announcement.
It seems the Bitcoin Prime project is led by Rhett Creighton, who was formerly working for Bitcoin Private. However, his insistence on a new merge-fork caused the Bitcoin Private team to separate paths.
At the same time, ZClassic (ZCL) is going through limited appreciation, but nothing compared to the December and January price spike. ZCL added around 7% to $23.58. Bitcoin Private (BTCP) trades at $40.04, still down 40% this week, for a rather depressed price.
If you haven’t already, check out the @TheCryptoLark exclusive interview with @gstuto on BTCP’s progress to date and thoughts on challenges that lie ahead for the open source community. #WeAreBTCP https://t.co/RbsvE1YLgn
— Bitcoin Private [BTCP] (@bitcoinprivate) May 1, 2018
There is no knowing what price the Bitcoin Prime fork would command, or whether the exchanges would be ready to assist the ecosystem. The more forks are produced, the less attention is paid to them, in comparison to the initial enthusiasm for the first and most prominent fork, Bitcoin Cash (BCH).
At the same time, the community is getting more concerned that merge forks are the wrong approach, since they cause disproportionate price movements:
It’s still unethical af..Give’s you a leverage to pump and dump.Just like @ZclassicCoin @bitcoinprivate #primecoin . U treat new projects as a new toy. Play with it and throw it away when u get bored.Keep it up and In the long run u and @rogerkver end up in CryptoWallOfShame. pic.twitter.com/xbxYeDDE8C
— Regamus D (@regamusd) May 2, 2018
It is unknown if many would believe Primecoin to be capable of three-digit growth, yet dramatic gains and losses are still not out of the question.
There are still no technical details on Bitcoin Prime, and how it would approach the Bitcoin network to ensure a better system. The asset claims to be “Extending the Primecoin mission” and aims to be a proof-of-work coin of yet unknown parameters.