We are seeing the results of the cancelled fork play out here in real time:
Where will it stop?
I would guess the slide lasts for a few weeks to be honest, with spikes and dips along the way before it gains some footing again and starts to resume upwards.
In the meantime hopefully money comes into steem!
Seems to be bouncing back a bit now. I don't think Bitcoin Cash will be a big threat because Bitcoin could implement some changes if it looked in danger. Could be a good time to buy but I'll wait and see if it dips lower.
Bitcoin have now recovered $300 in two hours
Consider the fundamentals of what is happening with the protocol, not just the price. Bitcoin transactions have high fees and get stuck often because the network as it presently exists is at full capacity. This is not a new problem. It could have been fixed already, as many of the more competent devs have been saying for years, but they have been shouted down, bullied, and censored on the /r/bitcoin reddit by the corrupt team that co-opted bitcoin core after Satoshi disappeared.
Bitcoin Cash is not the threat, it is the solution. The Bitcoin Cash fork was only created after it became evident that logic would not persuade those who have secretly made it their mission in life to keep bitcoin crippled. Some who thought compromise was the answer proposed Segwit2x, but it became evident that the other side had no intention of bargaining in good faith.
So now the smart money is leaving core and Blockstream with their crippled coin, while those who care about a functionally useful Bitcoin are moving on to Bitcoin Cash. In terms of merchant adoption, things are just getting started back up again, after many merchants were forced to abandon Legacy Bitcoin because these issues.
Invest how you like, but don't say you weren't warned.... This has been a long time coming.
Very good points. I hold both currently.
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