Reddit on the Bcash runup: BCH vs BTC
Image: Best of Reddit regarding the Bcash November 2017 runup.
At the time of writing the Bcash price sits around 1300 USD (0.2 BTC) with Bitfinex ATH of 2799 USD (0.54 BTC).
Bitcoin Cash forks on Monday, November 13 2017
The November fork (official announcement here) will not create a new coin out of BCH, it is an upgrade aimed at fixing unstable mining and inflation issues. The problem lies in Emergency Difficulty Adjustment (nice writeup from medium.com/@Mengerian). The original Bitcoin Cash “EDA” allowed Bitcoin Cash to survive as a minority chain but eventually started producing wild fluctuations of hashrate. The fork will implement an updated Difficulty Adjustment Algorithm.
BCH hard forks to fix EDAs at November 13th, 7:06 PM UTC. Expect the dump to occur then or nearing it. These people really love time spam based forks… Edit: After seeing this price action occur looks like market got way ahead of it’s self and bull probably just finished premature.
Oh your fudding is cute, but this inflation “problem” will be fixed tomorrow. Let’s say at that time BCH has mined 10000 blocks more (being very generous) than BTC, that’s (10000 / 21000000) * 100 = 0.048% Do you really think that less than half of a tenth of a percent more blocks will cause Bitcoin Cash’s price to fall out???
Roger Ver sending 25k BTC to Bitfinex
Roger Ver sent a 25k bitcoins from his known address to an address that moved them to a well known Bitfinex address. People started speculating if he wanted to propel the Bcash rally further up or rather dump BTC. With 25k bitcoins, he could cause a flash crash of thousands of dollars on the BTCUSD market, he could also use the money as collateral for margin trading or he could build walls in the books to pull them later – or a combination of all of that. That, or perhaps nothing at all – it may have been a stunt to scare traders.
The conversation is on ts.whalepool.io right now.
Once the 25,000 BTC deposit clears on bitfinex, he would have enough selling power to push bitcoin price down to $10 on this exchange. Roger Ver hates bitcoin.
Edit: In the event that he does dump his coin, this short pain might be really good for long term outlook on bitcoin. I would love to get over the issue of early adopters such as roger havign too much power and too much coin, even if that means a big dump. He is a dark cloud that hangs over all of us and the entire bitcoin project.
For all we know, he is planning to long the dip and turn against BCH. Wouldnt be the first time he pumped then abandoned an altcoin. He pumped then abandoned DASH, Monero, ETC.
Reposted from reddit.com/r/Bitcoin/comments/7cefom/roger_ver_just… – original tweet at twitter.com/windsok…
Most volume during the BCH pump came from Korean Bithumb, a zero-fee exchange
50% of the volume is from Korea, where there are zero transaction fees. So it isn’t an “organic” rise, or a flippening by any sense of the word. If it was, I’d buy BCH. But it isn’t. When transactions cost nothing it’s most likely manipulation, so beware.
The Bcash rally started blasting off after the SegWit2x fork was called off
Bcash had some accumulation and creek-jumping before but traders relate it to the SegWit2x cancelation anyway.
Bitcoin cash was the straight forward implementation of the only proven scaling solution for bitcoin. Segwit2x was the only chance for the segwit chain to compete, now that risk is gone.
Reminder on how to split the bitcoins
If you haven’t split your bitcoins to get BTC and BCH yet, you can still do it either in your Ledger or Trezor splitting interfaces or by copy-pasting your seed from any wallet into Electron, the Bcash wallet.
- Download Electron from official site (electroncash.org) only!
- Before giving away the seed move your BTC to another, newly generated wallet and wait for the transaction to confirm!
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Author | Filed under UserGenerated | Related tickers: BCHUSD
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