The cream on top?
Sell it high and buy SegWit Bitcoin...?
Crypto market manipulation.
A well known influencer and some crypto websites are currently hyping Bitcoin Cash. It is a part of doing business. The cryptos market shows a sign that a lot seem to believe the hype, even though it is a sequal. Especially those who had investements in the so called AltCoins, seem to go for the rising Altcoin: Bitcoin-Cash. Does it make sense to dump ones Alts and go for the hype? Well, I'd say most Altcoins will be for grabs soon, it is SALE time again! And how about Bitcoin-Cash? To me this one is important for those who held Bitcoin before the split. Simply because they got the same amount in Bitcoin-Cash. Imagine that for a moment. The value of BTC is supposed to be dependend on the maximum of 21 million ever to be released. And now there are 42 million to be expected. This should actually half the price of both contenders. But of course there is the supposed added value by burning calories. That is billions worth of electric power every year.
What it tells me, the current Bitcoin affairs, is that in total BTC could hold a value of close to 5000 USD already. Yet, a large part of this is caused by owners of Altcoins that I think got hyped into buying Bitcoin-Cash. And they would not have taken the risk of buying Bitcoin-SegWit because it is already considered to be to expensive. So, for me Bitcoin-Cash is purely for speculation as it is being hyped as the Bitcoin split that will become the main and only one. And what I find very weird is that many seem to buy into this. Because those who hype it now, have a lot of Bitcoin-Cash to sell. They have because every BTC before the split got the same BTCC after it. It is in the interest of the current Bitcoin-Cash holders to be able to dump it as high as possible. Now where do I get that from right? Well, if the holders of Bitcoin, BTC SegWit, the current number one, would really have lost faith, they would have started dumping it already, by the billions.
Instead it has gone down a few percent, but that is very normal in the crypto market, short term leverage, with the use of Tether for instance. And when the price of BTC has dropped enough it will be bought again, ready for the next boost upwards. What I want to make clear with this is that it is not the loss of the value of Bitcoin SegWit, that is raising the price of Bitcoin-Cash. Mainly it is those who dump their Altcoins and buy into the hype. That is an effect that is also known as the Fear Of Missing Out {FOMO}. For others this might trigger Buy The Fogging Dip {BTFD} for Altcoins soon. As it seems that cryptos like Steem are part of the ones that will be very much ON SALE. Al lot in the red, a lot to buy cheap. And I can understand the idea of wanting to be in on it. Just this once, may luck sit down with you. But I doubt it really, because Bitcoin-Cash gets most capital from the other Alts, while the total market cap is going down. So, it looks like something that is going to burst soon.
Consider who owns the most Bitcoin-Cash.
That is those who had already a lot of Bitcoin, before the split. No, why did they not dump their Bitcoin SegWit and bought up as much Bitcoin-Cash as possible? If those who spread the word that Bitcoin-Cash will be the true and only one truly believed that then the tables already would have been turned. There is a lot of nonsense being spread by the way, as far as I found out. And the so called Bitcoin-Maximalists, unlimited promotors, also want to have settlements off chain, meaning sidechains. As they also know that just raising blocksize does not solve everything. But claiming that we have to deal with banks becoming super-nodes? And threatning with patents on Bitcoin technology? And supporting governments? Well, yes, look it up, watch the videos of a certain mister Wright. He will tell you in detail, please do not take my word for it. For me this was the eye-opener that the so called Bitcoin-Maximalists are what they accuse the Core version of.
Yes, there are investment groups involved in Bitcoin 'SegWit' Core, like the one owned by the AXA insurance company, that could be seen as dubious. But like all investment groups they are just in it for the expected Return On Investment {ROI}. There are also Bitcoin derivatives, where one does not own real BTC, but just speculates on its value, where it is said that the Rothchilds are involved. Well, if the are bankers, they will do so. Derivatives were invented by bankers, the traditional financial system. And I wonder how many of the Bitcoin-Cash buyers also have Ripple and Stellar, or NEM. All hugly infected by the banks and the traditional financial system. And if that is your thing, that is still okay with me. But it would be nonsense to buy into the Bitcoin-Cash hype if one wants to keep the banking money governance system out. Because everybody that holds XRP, XLM or XEM is supporting the centralized control system. And Bitcoin-Cash is just the same.
Could it ever be different?
To be honest? With Bitcoin SegWit in orbit, yes they have satellites that almost cover the whole planet to stream blocks, things seem to be under central control already. And then it is the competition between the most supported technologies in the Bitcoin realm that wins. No matter what the hype is. For now I keep my Bitcoin 'SegWit' Core BTC. Even though things are going crazy, but I have seem that before in the cryptos realm, it can crash badly too though. Some things make no sense, like a Bitcoin-Maximalist, unlimited/cash, threatning the cryptos realm with patents. Telling us to deal with banks becoming powerfull super-nodes? And more that really make me doubt why people support that part of the Bitcoin realm. But is seems a hype, with a large portion of FUD {fear, uncertanty, doubt} created some FOMO {Fear Of Missing Out} and now a lot are getting ready for the BTFD {Buy The Fogging Dip}!
Hey, but do not take my word for it. Do your own research. Only invest in cryptos what you are willing and able to lose andyour speculation could be as bad or as good as mine.
Have a great one!
Cream on top
filtered photo cc-by-sa @oaldamster