Hey all,
I've been watching all morning as people frantically get ahold of and sell their Bitcoin Cash.
Everyone is in a hurry to make a quick buck.
While the madness is going on, I can't help but notice how little everyone actually knows what is going on.
Please take a look at this screenshot from VIABTC, taken from their Pool stats on Aug 1 @ 7:45PM CST.
I have been keeping a close eye on this all morning,
What I have noticed is that; as expected, there was an immediate large selloff of Bitcoin Cash from people who wanted to instantly cash in, causing the price to plummet. That is obvious.
Last time I looked, the price was around $250 / BCC, it has risen already $100 since then to over $350 and climbing.
If you will look at the "Network Hashrate" column (highlighted) you will notice that Bitcoin Cash has a very substantial amount of HashRate. Nearly half of the network has already made the switch to BCC.
In fact, the regular Bitcoin network only has 6.4exohashes but BitcoinCash has approx. 6 exohashes already!
This means, that nearly HALF of all Bitcoin Miners have switched to BitcoinCash (me included.)
Currently, roughly ~48% of Miners are mining BitcoinCash, and as the price rebounds, I expect to see that number hold strong or perhaps even increase. Only time will tell.
If one is judging price based on sheer HashRate alone, that would put the current Bitcoin Cash value at somewhere around $1500 per coin.
You can expect to see a large rebound over the next few days, as Miners begin to choose a side and find their position.
Do you think places like Coinbase can deny BitcoinCash support forever, if the majority of miners and users switch to BitcoinCash?
Folks, we are seeing history in the making. Support BitcoinCash, and do not sell out too early!
You have been warned!
Useful links:
Truth About Segwit and the Takeover of Bitcoin
You seem like a good guy to know; and I like your style.
Great reporting; please keep us informed.
I recommend, since you are such a new user; invest in SP, and let us know more about you, to enhance your reputation quickly.
Please explain to me one thing; I have mined for LTC in the past, I understand the basics. But why would it take this long, for miners to "decide and find their position"?
I had assumed they would make up their mind some time ago?
Cheers!
Surfyogi
Thanks for the kind words and upvote, let me try to explain;
First of all, I need to explain the tug-of-war type of situation we are witnessing here.
The miners have to decide which Coin they prefer to mine, and some have already decided, but some are still changing their mind.
For example, many people do not know about the blatant corruption with Blockstream and those people are slowly learning about the whole thing, those people may well switch over if they are mining BTC currently.
There are also those who understand the block size debate and that Satoshi's ideal way forward is far more in-line with what BCC is doing, those people have seemingly already made up their mind and are mining BCC.
What we witnessed is a massive sell off and price dump of BCC, which were people just looking for the quick cash. That alone, and then combined with things like Coinbase and others refusing to acknowledge BCC, have caused people's support in BCC to wane in general.
The people's support is not directly in line with the miner's support, since most people obviously do not know the full situation.
In my opinion, either of two things could happen here; or perhaps something unforseen. We are truly witnessing history in the making.
Possibility 1) Miners will slowly convert to BCC because price is continually going up and they realize BCC is the "true Bitcoin"
Possibility #2) Miners will slowly convert back to Bitcoin because BCC seems hopeless as the price does not go up or fails to go up past a certain level.
It's going to be constant battle and miners can simply switch pools (which takes about 5 seconds) to change from mining BTC to BCC. I personally think many people mining BCC already will hold true to the promise, and perhaps places like Coinbase will rethink the situation.
I am new to the social media platform Steemit, I have been making quality comments on articles and posts. Will this help my reputation? @briandenver As of August 1 I'm a level 37, whatever that means.
Great point...This has really change my mindset concerning BCC...Thanks for the information....i will resteem this post.
Thanks! I hope the miners hold steady on BCC!
Great post! I resteemed
This post has made me think and reconsider my position on Bitcoin Cash. So thanks for that. I am upvoting and even resteeming.
Is there room for both bitcoin and bitcoin cash to co-exist at similar market caps? Or is the total market cap (upper limit) between the two is fixed and it will be a zero-sum game of one taking from the other?
Great point but is this big coin split really necessary and will it cause crypto currency inflation? @briandenver
There is definitely room for both to exist at similar market caps. If all of of the Ƀitcoins in the world were split evenly between everyone, each single person would only get 0.003 Ƀ
The price will continually go up, as more and more people become interested. There are waves of new people each day. Any gaps in the market will be filled by newcomers. To the moon!
I guess I didn't address your question directly;
My thoughts are that yes, eventually both will be above the current price of Ƀ right now. It may take a while to get there, but I think both will eventually climb.
But, to answer your question more directly, it may currently be more like what you say, where one's value is directly correlated to the other, and BCC "taking price" from BTC.
I think over time the effect of this will subside and we will eventually see both on the rise.
i'm suprised viabtc miners are still in the majority mining btc. They're certainly not the only pool. hashrate was 1/3 of btc last i checked and dropping like the ratings at CNN.
While the rate has dropped to 46.7%, it is still nearly half. Please make sure you look at the column that says "Network Hashrate", not "Pool Hashrate"
The network hashrate is the total amount of miners, everywhere. So, they are very close. CNN ratings are definitely dropping faster since BCC still has ~47% of the miners and the price on CoinCap.io is $430.54
Upvoted. I'm going to resteem this now :)
Thank you !
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