Attack against Bitcoin through Bitcoin Cash
On Friday evening, an unprecedented attack on a Bitcoin by Chinese miners, actively assisted by Roger Ver, through the sites he controls: bitcoin.com and blockchain.info, runs from Friday night.
Perhaps the script for the attack is matched by the script that was prepared for next week's SegWit2X hard fork. This hard fork failed, but we can not be surprised that people with pungent instruments in their hands are trying to redeem them in millions ...
In general, if you're recently on a Bitcoin, do not panic - such episodes are inherent in the industry. It's just one of those moments that we all dreamed about when the $ 7,000 Bitcoin - we wanted the price down to buy cheaply. Voila!
We can not expect the price to fall by itself without planting fear and uncertainty in the market. That the situation is different from everything so far is completely normal. If it was known, no one would be fooled.
The probable outcome of the saga is as follows:
At the moment, the dollar and euro inflow to the stock markets is interrupted because banks are "resting" over the weekend. At the same time, due to the inflated cost of a Bitcoin Cash, the mining capacities are shifted to a Bitcoin Cash, which makes the blocks in Bitcoin go 20/30 minutes instead of 10 minutes.
That will all change on Monday when stock exchanges will be fed with fresh money. And the big capital in the west will take advantage of the cheap price and buy a Bitcoin.
Why to do it:
- The world's largest derivatives exchange - the Chicago - has announced that by the end of the year it will run futures on the Bitcoin. This also hides its risks, which we will be talking about in the future, but as a matter of principle, it gives institutional investors something very important: access to a new kind, better than anything previously known, safe haven asset. Even 1% of America's financial capital is heading for that, it will affect the price at times.
In the coming months, the abilities of a battler will be fired into space
- By contrast, the development of the technology behind the Bitcoin Cash is exactly zero:
So, get ready to board the train before heading for $ 10,000.
The situation is quite dynamic.
And does not forget the popcorn ...
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BCH claim to lower transaction fees is misleading: both BTC and BCH charge the same base fees (about 0.001), but when the networks get crowded users add to the fees to get preferential inclusion in blocks. The problem was that BTC blocks were full, so the fee market became competitive. But THE SAME FEE MARKET WILL ARISE ON THE BCH chain as soon as it gets crowded. Sure, the blocks are 8 times bigger on BCH but they dont have segwit and they havent been popular before. If BCH were to become the dominant cryptocurrency though, the scaling problems it would face would be IDENTICAL to the ones BTC faces.
Using BCH instead of BTC only makes matters worse in the long run, because it is owned by a bunch of rapacious con-artists who will pump it and dump it all day long and ignore the interests of users. The BTC core dev team is admittedly less focused on profitability but positively more focused on stability and security. Certainly buy some BCH but know that it is purely a pump and dump engine and not a secure vessel for storing wealth.
we'll see about that! again, do you swear that (verbatim): Using BCH instead of BTC only makes matters worse in the long run, because it is owned by a bunch of rapacious con-artists who will pump it and dump it all day long and ignore the interests of users.
Certainly buy some BCH but know that it is purely a pump and dump engine and not a secure vessel for storing wealth.
I will keep this documented!
Great comment, cant put it any better. At a free market, these scenarios will happen from time to time.
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nevertheless, BCH is now the 2nd place in coinmarketcap. the first coin to beat Etherium! Informative post! Keep it up.
Thank you @fycee, this is my opinion, BTH has potential but is in wrong hands and don`t solve anything in long run.
I think Bitcoin sealed its fate with the cancellation of Segwit2X.
It basically solidified it's position as an asset, internet gold, rather than a monetary system that was originally intended by Satoshi.
I'm expecting BCH to overtake BTC soon here. Although, I think BCH isn't much better than BTC anyway. The reason it's making these gains is because of the Bitcoin name. There are far better altcoins in terms of fees and transaction times. -_-
Good thing I have no money in BTC anyway.
Bitcoin and 2X are two completely different camps, Bitcoin did not start or cancel 2X - 2X did.
True. But the reason 2x cancelled was because of the BTC community.
There's supposedly a group that's going to fork it anyway. Which if they do, it will be interesting to see what happens if it does gain any traction.
I agree it would be interesting, I didn't care either way, 2x would be just another altcoin, I dont see why Wall Street shouldnt have their own by now.
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Ford is under attack.
Someone bought a Porche!
Seriously though, if anything, people were voting with their wallets yesterday, which is an extremely good thing for BTC and BTH.
At this stage neither has to/or will die.
Bitcoin cash is solely promoted to hand over the power to rich people(few people) and ultimately screwing the whole concept of decentralized currency .