ZClassic Heads for Fork with Exchange Troubles
The ZCL digital asset may leave holders without forked coins due to Cryptopia problems.
Just days ahead of the ZClassic fork into Bitcoin Private, troubles with the Cryptopia exchange may see investors left without the promised airdrop. Cryptopia has been one of the exchanges that serves as last-resort for several digital assets that are in-demand, but have failed to get listed on larger markets.
Unfortunately, the ZCL team has admitted it cannot help with the issue of withdrawing coins from the exchange:
We have issued a public statement regarding Cryptopia's ZCL connectivity issue. We have done everything possible to contact them. This is an issue on their end. https://t.co/mgoENXZ7Sw— Zclassic (@ZclassicCoin) February 14, 2018
Some users have sold on Cryptopia and bought back the asset on Bittrex. Others have faced troubles with withdrawal limits, especially after the rapid price rise of ZCL. To take part in the fork, the owners of ZCL must move them before February 28, and then seek the new coins.
The price of ZCL is on the rise again, as the day of the fork approaches. This may be problematic for unverified users with a limit of 5,000 $NZD.
The Cryptopia team has stated it would try to manage the issue. According to the coin's team, the exchange may be having connectivity problems.
"To be clear, we cannot know for 100% certainty what issue they are having, however, based on the fact that they have 0 node connections, we believe they need to update their node list," wrote the ZClassic team in a Reddit explanation.
Bitcoin Private Seeks Expansion
The Bitcoin Private project, tied up with ZCL, is giving indications that it seeks more than a fast cash grab and a ride on Bitcoin's brand. The project recently released a call for developers. However, this may also be seen as a negative sign, as starting a project with a shortage of developer talent may be a red flag.
Are you interested in joining the fastest growing open source engineering team around? We're looking for the following individuals: extensive math / cryptography background, C++ / Blockchain, App dev, and front-end. Please apply here! https://t.co/tjQc4XyR81— Bitcoin Private (@bitcoinprivate) February 13, 2018
After a series of forks that started in earnest in the fall of 2017, the Bitcoin Private implementation will face a hard battle. Until now, most Bitcoin forks have shown extreme volatility and some have performed in very underwhelming ways. In general, the image of a forked coin has been tarnished in advance, even if it offers good technology.
In the case of Bitcoin Private, there may be marketing efforts to mitigate the risk that the fork is rejected or ridiculed. Usually, forks have relatively small and tight-knit communities around them, and rarely grab the attention and promotion from the bigger Bitcoin community.
Bitcoin Private will be yet another coin to offer the ZK-Snarks technology. By the rules of the fork, every ZCL owner, and every BTC owner, will receive 1:1 airdrop of Bitcoin Private.