A Coin For Privacy Forks?
Core media covered the recent Zclassic pump in this article a couple of days ago. We mentioned how crazy it was for a cryptocurrency that had been declared dead by its developers to double in price in a matter of days. It turns out some investors were accumulating Zclassic based on rumors of another upcoming Zclassic fork. Ran Neuner, the host of CNBC Africa’s Cryptotrader show, says he has the information on the so-called upcoming Zclassic fork.
Cryptomanran Has Information On The Zclassic Fork
Ran loves his altcoins and loves to trade even more. He has been quite open about being in it for the gains. As mentioned earlier, he plans to make this information on the rumored Zclassic fork public when his show airs later today. Below is the tweet with which he made the announcement.
The Zclassic team tweeted in response to warn investors to be cautious and maintained that there wasn’t going to be any further development on the cryptocurrency.
“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.”
This led to the price tumble back down to around $13. This was, however, not the end of the story.
Zclassic vrs Bitcoin Private
The price of Bitcoin Private, which forked of Zclassic and Bitcoin in February 2018, is $38.15 at the time of writing. The deserted Zclassic is back up to $20.59. The effect of the warning from the Zclassic twitter handle was short lived. This also means the Zclassic price is slightly more than half of the Bitcoin Private price. A lot of effort was put into ensuring the Bitcoin Private fork was done well. At the moment, the price is still yet to reach its opening price of about $62. With all this in mind, it is unlikely people are buying Zclassic just so they can have a privacy fork of another altcoin.
At this point, it looks like the cryptocurrency market is all a game. Very few people actually care about genuine projects, good development teams or whether the cryptocurrency being invested in is needed in the first place. It’s all about making money off trades from market fluctuations and arbitrage no matter the means and most people are not even hiding their intentions. This is most likely the case with the current Zclassic price movements. Whether there is going to be a new fork is not what is relevant. People are just going to be trading for the short-term gains. Like the Zclassic team said, be careful if you want to play too.