In this video, I break down the recent rally of Bitcoin Cash (BCH) following the cancellation of Segwit2x.
Segwit2x was a Bitcoin fork pushed forward by the Digital Currency Group which who's board of directors includes banker Larry Summers and Glenn Hutchins of The New York Federal Reserve. It was utterly rejected by Bitcoin users and was called off.
This was followed by a lot of confusion in the market. Bitcoin skyrocketed to about $7800 USD before falling down to about $7000. In the days after, Bitcoin kept falling like a rock and Bitcoin Cash begun skyrocketing. BCH is sitting around $1300 USD now, up more than 50% in less than a day as Bitcoin heads towards about $6000 USD.
If 1mb Bitcoin classic was the market's choice, shouldn't it have continued on up following the rejection of Segwit2x?
One would think. Yet Bitcoin Cash seems to be rapidly rising to the task as the new kid on the "blockchain" looking to at some point overtake Bitcoin Classic.
Many of the top names in cryptocurrency are theorizing that Bitcoin Cash will simply become "Bitcoin" if it surpasses $2500 USD. The fundamentals are the same. Bitcoin Cash is a basic clone of the Bitcoin blockchain, however the block size is much bigger, transaction times and fees are lower and the market seems to be appreciating it more than ever.
Roger Ver said this on Twitter,
"If reality is contradicting your preconceived opinions then your premises are likely flawed. Study economics to understand why Bitcoin Cash will win wider adoption than 1MB Segwit Bitcoin shortly."
Many including Jeff Berwick, Rick Falkvinge of the Pirate Party and Bobby Lee have had similar theories. Is it time to listen? Yes. Is it time to sell all of your Bitcoin Classic? No way! There's still a lot of confusion. The market will adapt and if you pay attention you'll know what to do.
This is a competing currency system on the free market. As we've always said, when something better comes along, we gotta move it on over!
We will continue to report on this massive development!
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Great video! There's always something interesting happening in the crypto market. What do you estimate will happen to bitcoin (original) if bitcoin cash becomes the new bitcoin?
I'm still not completely sure. This has been a confusing week in the crypto world.
Here's what Rick Falkvinge of the Pirate Party thinks:
The title of your post is hilarious by the way! You talking always over market manipulation and in this case you don't see it?
BCH today reached the price of 0.2 BTC. this makes total sense since BCH was at 5% first and 2x had 15% support in the future markets. this is exactly the size of the big block community, so saying BCH becomes the new BTC is totally bullshit.
BTC is not fundamentally same as BCH, BTC has Segwit and this is the fundament of a lot of innovation. This will make BTC outperform long term, BTC will get extremely cheap and instant payments via Lightning Network soon!
The only way I see BCH rise further is because of Chinese government backing it (mining is heavily centralized, very easy to control) or because public figures like Jeff Berwick and you saying that it will be the new bitcoin (or using click bait titles like this). I was very disappointed in Jeff Berwick because he was always neutral and since he hang out with Roger Ver a lot he is leaning to big blocks. Hyping up BCH on the cost of bitcoin could cause the whole ecosystem a huge delay! Please stay neutral as long as there is no proof that Core is backed by bankers, this is really bad for the most important technology ever!
Absolutely not. It's been fueled by Korea and will take a massive drop in or around the 13th.
https://coinmarketcap.com/exchanges/bithumb/
Indeed it's very confusing.
Some say that BCH is the real BTC following the vision of Satoshi
Some say big mining lobbies in China are dumping BTC to pump BCH (and as per today, BCH has more hash power than BTC) to be able to buy in cheap BTC
Some say it's because of the fork cancelled and the fact that BCH is the good alternative.
Personally, I think it's a mix of everything ! lol
Have you seen BCH hashing power taking over and all those unconfirmed transactions on BTC? Crazy.
https://steemit.com/cryptocurrency/@palme/btc-already-at-132-500-unconfirmed-transactions-and-growing
I know , it is way funny when sheepl try to dismiss Bitcoin and other crypto currencies. But I can’t stress enough how important it is to keep some form of on hand cash . Of course it should be backed by something , but the fluidity of money must still be maintained , because if the velocity of money is not kept we’ll stagnate the economy . And simple things that may not seem important like garage sales , or just an individual buying something from someone else as in sites like Letgo , and Craigslist still add to the economic engine . We must also be open to the idea of trade and barter . This is something that the NWO tried very hard to make illegal during the Ronald Reagan administration . Their arguments for this of course were , and still are simply RIDICULOUS , being that people would be avoiding to pay taxes . Which is laughable . I strongly support Bitcoin and other ways of decentralized currencies , but they must be only part of our wallet , and not our entire wallet . I would like to see a time when we carry gold and silver coin around in a little leather bag like in the days of swords and shields , but a paper note backed by these precious metals would do . Great report & good show👏👍🧐