Why BCC block time is taking so long?
It's been four days since Bitcoin Cash fork. First block took more than 6 hours to block but then block time started to go down. This is normal for a new fork but recent development just does not make any sense. I have been closely watching Bitcoin Cash statistics and the last few days not we are not seeing improvements, but the total opposite. Two days ago, average block time was 38 minutes, and since then there is no progress.
| Item | Two days ago | One day ago | Today |
|---|---|---|---|
| Block time | 38 minutes | 61 minutes | 87 minutes |
| Difficulty | 651 G | 273 G | 205 G |
| Hashrate | 447 Ph | 210 Ph | 146 Ph |
Source: Bitcoininfocharts
This does not make any sense
Bitcoin Cash was initiated by miners. If they wanted a Bitcoin of their choosing why they are pulling out hashing power. The longer time it takes for a block to mine, the longer it will take difficulty to adjust. For them it will be very easy, they can lower mining time to 10 minutes within one day.
Who is benefitting from all of this
Bitcoin Cash supporters know very well, most Bitcoin holder were holding Bitcoin outside exchanges, and a slow transaction time is making impossible for them to sell their BCC. First this prevented a selloff on Bitcoin Cash, at least keep the market cap high as long as they can to make it seem that BCC was a success. Second, people that masterminded all of this, knew what will happen. They were the first to be able to sell BCC at a higher price, at a time even above $1,000 per coin.
This is just a postpone of what is going to happen. When difficulty adjust we will see how deep the price is going to crash.
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Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.
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I was looking at the exchange rates on BCH over the last few days and that was the impression I was getting as well. It just looked artificial. That's why I decided not to have anything to do with BCH until the dust started to settle, glad I did. I'm curious to see where the bottom is going to be once the equilibrium has landed.
agree man, BCC will be going down a lot further. God help those poor suckers who invested in it. Good article, so upvoted obviously.