As the drama appears to be coming to a close with the Bitcoin strongly and firmly in bullish territory and almost completely recovering to its original price. The drama started when the SegWit2x fork was cancelled which fueled a massive misinformation campaign from China banning Bitcoin mining to the developers of Bitcoin allegedly moving from the Bitcoin to the Bitcoin cash. Initially knocking the Bitcoin down to the $5500 mark whilst increasing the value Bitcoin cash by propelling it to the $1950 mark. As many rumors were proven to be false, a few minutes to hours later we saw a sudden flash crash of the Bitcoin cash’s price from the $1950 mark to $1300 and now its hovering above the $1100 mark whilst the Bitcoins price quickly recovered initially around the $6500 mark and now it’s almost at $7900.
With the leak of the disturbing e-mail that was written on July the 30th, alleging market manipulation by SegWit2x stakeholders such as Jihan Wu the CEO of Bitmain who allegedly colluded to cancel the SegWit2x fork to create a split in the market where Bitcoin Cash would compete and overtake the Bitcoin by moving Bitcoin stakeholders and developers to Bitcoin cash. It appears the plan did not work as well as they hoped for it to considering most exchanges are still in favor of the Bitcoin over any alternatives, along with most stakeholders. As time has proven again and again, despite all the challenges, the very short term setbacks the Bitcoins faces, it remains King and will continue to do so.
What makes the Bitcoin so resilient?
- The Bitcoin is essentially digital gold in the information age due to similar properties it shares with gold. From it being mined just like gold and as more Bitcoins become mined the harder it becomes to mine them, just like gold and also there are a limited amount of Bitcoins available just like gold. Essentially making it a “precious currency”.
- Bitcoin has been here from the very start and has established itself to an extent, with too many people having too much to lose and so much more to gain with a successful Bitcoin. Its backers are not just individuals but major corporations and recently independent countries and Nations that are laying out the infrastructure for the Bitcoin to play a part in everyday life.
- Bitcoin is an alternative to cash based currencies and centralized currencies due to it being anonymous, resistant to control, reliable, unhackable and a tool that businesses can use to reduce transaction costs and time.
- It’s decentralized which appeals to individuals who want their money to be free from Government control, whilst also providing higher returns and potentially better investment opportunities and safety than many companies, particularly due to the recent financial collapse which saw pensions, investments and savings wiped out.
Why will the Bitcoin cash never replace the Bitcoin?
- Technicals are showing the Bitcoin cash has fallen into bearish territory whilst the Bitcoin is in bullish territory, which is reflective of the current price situation
- Bitcoin cash is a lot more centralized with individuals such as Roger Ver and Jihan Wu allegedly reported by “Medium ” to control Bitcoin cash’s code, mining, nodes and its marketing. Thus defeating the purpose of even having cryptocurrencies due to there essentially being owners of the coin who have significant control over it (Unlike the Bitcoin)
- Bitcoin cash’s flash crash from its all time high of $1950 and daily lows show its losing support, those who may have already made their money have already gotten out and are maybe planning for their next scheme, leaving rest of the sheep to the wolves
- Hashrate has turned against Bitcoin Cash with over 124,000 unconfirmed transactions still awaiting confirmation
Coalition against manipulation
- Miguel Cuneta, Co-founder at Satoshi Citadel Industries
- Nadav Ivgi (Founder of Bitrated)
- Bitstamp (Announced won’t support BCC)
- F2Pool & other mining companies pulling out from controversial scaling agreements with SegWit2x stakeholders
- BitMEX who have launched Bitcoin cash futures have come out in complete disagreement with the hard fork policy and how it has been played out
Despite the current drama nearing its end, one can hope there will be no more surprises, Jihan Wu is still in War mode with him tweeting on November the 10th talking about Bitcoin Cash community needing to learn hard lessons from “competing” coins and make Bitcoin Cash better. Going on such a War path is not beneficial for anyone and with Bitmain’s offices in Israel getting vandalized, it shows the growing hatred towards what Jihan Wu and his cronies have and that is a vision of splits, divisions within the community and utter chaos all in the name of control and profit. BOYCOTT BITMAIN