An Update on Bitcoin Rhodium
Note: This is a personal opinion piece, not an official rating.
Some months ago I wrote a short piece on the absurd premise of Bitcoin Rhodium (BTR), a public blockchain that markets itself as ultra-scarce due to a 2.1 million unit supply rather than Bitcoin's 21 million unit supply. Since that article, the project launched a mainnet, so here is a general update on how the team continues to deceive credulous newcomers.
Mainnet launched in October 2018. People in the official BCT ANN thread had requested links to GitHub or GitLab for months, but the answer was always that the code would be published later. As a consequence of the mainnet launch, the Bitcoin Rhodium team got further exposure through Andy Hoffman's show on the World Crypto Network YouTube channel. In another one of his videos, he claims:
I believe Bitcoin Rhodium could become the Berkshire Hathaway of altcoins in a short period of time.
This is remarkably stupid. The project is still not open source, which actually came as a surprise to me. Even if they open sourced it, they could still trick people to buy due to the deceiving supply narrative. However, after seeing Andy Hoffman praising the project even after this fact, I can only make the conclusion that he has been paid off by the project. He might have stated that publicly somewhere for all I know. But no serious cryptocurrency analyst or consultant has ever pushed for closed source forks of Bitcoin.
As the cryptocurrency market price-wise fell deeper in to the abyss of panic, Andy Hoffman finally gave in and decided to quit the sector altogether. In this good bye-piece of his, he still mentions Bitcoin Rhodium:
That said, as noted above, I believe that in the next bull phase, numerous altcoins will thrive - and in my view, one such altcoin is BRhodium...whose MainNet launched last month, in preparation for exchange listings shortly after year-end.
Andy does in this piece not address the 'low supply' fallacy that should be so easy to understand. The reason I find this very suspect is the countless of people, me included, that has brought up this issue with him. He has chosen to ignore the argument altogether. So to conclude, the most well-known Bitcoin Rhodium supporter is now shutting down. It remains to be seen how the market will price Bitcoin Rhodium once it gets listed on some well-known exchange. I have no doubt it will be bought by even more suckers.