A serious forking BCH clone
It is getting powerfull support from the ViaBTC pool and the CoinEx exchange.
Screenshot taken at BitcoinCandy dot One.
Welcome Bitcoin Candy {CDY}!
It has almost become a daily business, one forking Bitcoin clone after the other. Trying to enforce the next blockchain split. Even exchanges seem to have stopped supporting the futures that come with every new carbon copy. And normally I would have ignored an announcement of yet another 'Make Bitcoin Great Again' project. This one is different though because of the support it gets right out off the box. And this time it is not Bitcoin Core BTC getting a blockchain split, but Bitcoin Cash BCH. Now this might first pump the market price of BCH before the hardfork sets in at block 512666. This will be on saturday januari the 13th. Part of the value held in Bitcoin Cash will move into Bitcoin Candy after that. Just like it happened with Bitcoin Core. How much? Well, somewhere between 10 and 20% of capital could move from BCH to CDY.
Why is this Bitcoin Cash hardfork serious enough to watch? Well, it is mostly because of the support it gets from a huge mining pool that also was involved with the creation of Bitcoin Cash. This is about ViaBTC, a multi Crypto miningpool that I monitor on a regular base as a part of my market speculation routine. And to me it looks like BCH is going to lose quite a bit of value compared to BTC soon. Is it now between 17 and 20% and it could drop to around 13%, as I expect it to happen. Bitcoin Core saw an increase in mining to more than 16 Exa hashes per second. Bitcoin Core is at 2 Exa at the time of writing. But that could change after the 13th of januari 2018 when the Bitcoin Cash blockchain splits in two. Because not only does a big mining pool support the split, also the related exchange CoinEx is fully supporting the forking BCH clone.
Screenshot taken at Pool dot ViaBTC dot com.
Free CDY for BCH holders
This might pump the market price for Bitcoin Cash BCH the next few days. Although it seems only CoinEx is supporting the forking clone called Bitcoin Candy CDY. And it relates to the the money of China, the Yuan. As if it would mean China Digital Yuan. Although it is actually the Renminbi {means 'Peoples Money'} the smallest unit has become the known name for Chinese money. Marketing wise using the ticker CDY actually makes sense. It is a complete Chinese project, backed by a big pool and a connected exchange. That is what makes it a serious competitor for Bitcoin Cash and it will loot some value out of that market. On the bright side for BCH holders this might give them a thousand fold of free CDY. Well, that is if they are going to stash their Bitcoin Cash at the CoinEx exchange. And I think a lot of Chinese Bitcoin Cash holders are going to do this. A 1000 CDY for every BCH they hold, now who would refuse that!?
Bitcoin Candy is going to bring about quite some drastic changes. Mining will be done using the EquiHash algorithm, like Zcash. Blocktimes are 5 times faster than Bitcoin Cash, at 2 minutes. It will use the Difficulty Adjustment Algorithm {DAA} and blocks will be 8 MegaBytes. Also there will be 21 billion CDY mined in total. A thousand fold more than the original Bitcoin. Of which 1 percent will be premined. That is quite huge. Relatively compared to Bitcoin Cash this would be an amount of 210'000 BCH. In value I estimate this to become between 43 and 85 million Euro. That is quite a bit of premine and I do wonder what this might be used for. On the other hand Bitcoin Cash used a virtual market value to create some capital to play with. But this forking clone seems to be serious enough to drain some severe value out off the BCH market. And while the Bitcoin Cash crew is busy attacking Bitcoin Core on all possible fronts this might actually take them by surprise...
Never a dull moment in Cryptos though... But remember to only invest in Cryptos what you are willing and able to lose!
May the Cryptos be with us!
Screenshot taken at CoinEx dot Com.