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BCH rising fast? Any top for this?

WorriedNoodle

By WorriedNoodle
in Cryptocurrency News

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ghworker2010 Silver Member

ghworker2010

Posted
Posted

The word on the street is that the Chinese miners are shifting to Bitcoin cash. There are 150,000 unconfirmed transactions on bitcoin legacy chain. If the has power on this chain continues to fall then its in serious trouble.

 

It seems that a lot of folk are selling bitcoin and buying bitcoin cash as they think it could replace the original. They could be right. 

 

I sold my bitcoin in the high 7000 range. Yesterday I bought a chunk of BCH in the low 900 range. I think that to be safe I will hedge this by buying the old bitcoin when the price drops more. Even if I lose that money (i.e. if bitcoin chain dies) I will still have massive profits to offset against that small loss because if Bitcoin cash is the winning horse then it will go to the $5000 to $10,000 range. 

 

Dario, are you worried at all. I read a short time ago that you bought in at high prices. Are you worried about losing all your money?

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maisodni Senior Member

maisodni

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Posted (edited)

There is a battle going on right now between BTC and BCH.  Most likely, only one will prosper.  The core developers are with BTC.  A small number of miners with a majority of mining power are pushing BCH - and have actively manipulated the environment over the past few days by:

 

1) Flooding the BTC network with "empty" (SPAM) blocks - slowing clearances for real transactions down, and raising the fee to send BTC.

 

2)  "Artificially" exploiting a BCH loophole by processing 7.5 blocks every 10 minutes, instead of processing at the standard rate of one block every ten minutes - thereby accelerating clearances, and lowering processing fees.

 

The problem for BCH is that the "loophole" that they were using to accelerate clearances and lower processing fees had an "expiration"  date/time that expired within the last 12 hours, based on a "difficulty" adjustment to the processing algorithm - meaning that their "leveraged" advantage just declined markedly.

 

In effect, a small group of people tried to sabotage BTC, and have BCH replace it as the "main" Bitcoin - and they did this via a planned "attack"  that briefly gave them great advantage.   If enough  users bailed on BTC and shifted to BCH within about a 60-hour window. the BCH might have succeeded.  But - they fell short - and will now probably be marginalized into oblivion.  BCH price will collapse, and BTC price will rise again.

 

On 13 October, one month ago, BTC was at US $5,588.  It is presently at US $6,306.  That is still a 13% gain in one month.   On 13 October, one month ago, BCH was at US $305.  It is presently at US $1,103.  That is still a 261% gain in one month.

 

But -  at noon on 11 November, two days ago, BTC was at US $6,474.  It is presently at US $6,306.  That is a 2.5% loss two days.   At noon on 11 November, two days ago,, BCH was at US $1,101.  It is presently at US $1,103.  That is still a 0.2% gain in two days.

 

One way to look at it is to assume that COMBINED value of one BTC and one BCH will TOTAL around US $7,500.   As one goes up, the other will go down.  

 

There may yet be more cards to be played. Time will tell.

 

Edited by maisodni
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Jdietz Gold Member

Jdietz

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Posted

Reasonable explanation, with a few small issues:

 

- The fast blocks in BCH didn't do anything for the processing fees, because of the standard block size in BCH being 8x larger, and any transaction (even with 0 fees) clears at the next block

- The only 'advantage' was that transactions took less than the usual 10 minutes to be confirmed. 

- The huge backlog in BTC transactions are a combination of factors:

-- Because BCH was more profitable to mine for the reasons stated, of course miners switched to BCH chain en masse, leaving BTC with slow blocks, long confirmation times

-- The discontinuation of segwit2x (which would have given more capacity in every BTC block mined) has led to a 'run to the bank' for people that actually try to use BTC for anything (BCH has a better use case for actually moving coins around)

 

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AJBangkok Advanced Member

AJBangkok

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Posted

I think it was because last week they decided to cancel the SEgwit2x Bitcoin fork. So a lot of people who bought into BTC expecting a pop when that happened sold. BCH shares many characteristics already with the segwit2x fork so I guess people sold BTC and Bought BCH.

 

Maisodni is probably correct as well as there is a full blown war going on for control of the future of BTC and it’s creating huge volatility in the market.

 

For all the pureists out there, if you thought blockchain and crypocurrency was different than centralized governments, then consider what’s happening now as its all about money power and control albeit with even less transparency and no final arbitrator to actually decide anything.

 

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DaveBKK Advanced Member

DaveBKK

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Posted

This is exactly why Bitcoin is popular and was created. Because its wholly independent of bank manipulation and inflation. What -exactly- do you think the banks guarantee? And please tell me how that is working out for countries like Venezuela and Zimbabwe?


Sent from my iPad using Thaivisa Connect

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Dario Gold Member

Dario

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Posted
On 11/12/2017 at 3:44 PM, ghworker2010 said:

The word on the street is that the Chinese miners are shifting to Bitcoin cash. There are 150,000 unconfirmed transactions on bitcoin legacy chain. If the has power on this chain continues to fall then its in serious trouble.

 

It seems that a lot of folk are selling bitcoin and buying bitcoin cash as they think it could replace the original. They could be right. 

 

I sold my bitcoin in the high 7000 range. Yesterday I bought a chunk of BCH in the low 900 range. I think that to be safe I will hedge this by buying the old bitcoin when the price drops more. Even if I lose that money (i.e. if bitcoin chain dies) I will still have massive profits to offset against that small loss because if Bitcoin cash is the winning horse then it will go to the $5000 to $10,000 range. 

 

Dario, are you worried at all. I read a short time ago that you bought in at high prices. Are you worried about losing all your money?

 

Sorry, only now I saw this post.

Why would I be worried, for what? I was holding Bitcoins and sold them at the highest price this morning, just before the BTC was slowly retreating. I realized a very nice net profit after buying them low just 3/4 days ago. I am now weighing my chances between BTC and BCH. BCH was in fact very volatile today, easy profit for those in on time.

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Dario Gold Member

Dario

Posted
Posted (edited)

I have been trying to buy BCH for two days, but the crypto is not moving, always between $1'180 - $1'200. No money to be made for traders. I'm now trying my luck again in BTC which has moved up from where I left it. At least everybody knows that it will soon hit $10'000. We're currently at $8'300. We'll I'm back in it now. I think it's better to buy and HOLD instead of trying to make more bucks with trading.

Edited by Dario
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cookai Rookie Member

cookai

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Posted
On 11/14/2017 at 1:28 PM, mrfaroukh said:

I heard there are countries making their own block chain and then there will be backed up and guaranteed by the banks and the government. In that case there may be the end of all Bitcoin and others as there are no guaranties behind them if they crash.

Would you rather have a blockchain under the control of one government - or a global, decentralized blockchain?   Governments making blockchain, is just more of the status quo - and misses the big innovation.   No chance this harms Bitcoin and others.

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davidst01 Silver Member

davidst01

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Good to see the real bitcoin  (BCH) holding at 1600 level. 

 

If Roger Ver has anything to do with it you might see BCH take the crown.... but who knows?

 

I strongly recommend to hedge and own both bitcoin and bitcoin cash. If one chain dies you are still covered. At time of writing BTC is 8998 and rising. 

 

Keep an eye on this:

 

https://fork.lol/

 

If that blue line BCH goes above the orange one BTC like it did nov 12 / 13 then core bitcoin is in the shit

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  • 4 weeks later...
ghworker2010 Silver Member

ghworker2010

Posted
Posted
1 hour ago, WorriedNoodle said:

BCH going vertical today - as I understand it only 21 million of these can be mined much like BTC?

thats correct. Its just a copy of the original bitcoin core code but with bigger sized blocks. 

 

Its big news that bitcoin cash is on coinbase. Now all the 'mum and dad' investors will start hitting the buy button. 2018 is going to be a big yr for bitcoin cash. Many are predicting that it will replace bitcoin core. Its best to own both BTC and BCH for sure in case that happens quickly. 

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