What would you like to buy, Litecoin...?
That question got me an astonished look from my better half.
It is very easy.
Now I have to explain to her how to use the exchange service build into the Android Coinomi wallet. Easy as pie, because both my offspring and better half know their way around the information technology realm. And as I am their advisor in matters crypto I would advice Litecoin {LTC} for low capital investments. Bitshares would be a good one, so they could also buy Steem there, but then I would have to be on 24/7 support. Ease of use is important for anything to succeed. Even the Bitshares wallet does not function in a way that I want to advice other people to use it. At some point all it took from me were my donations, without sending the transaction. So for my non-geek family members I do advice things like Coinomi, Jaxx or Exodus. Simply because they can also do some exchanges the KISS {Keep It Simply Stupid} way. And even I dislike setting 'gas' manualy, come on now, really, in what age do we live...!?
Currently the Bitcoin {BTC} split Chinese version named Cash {BCH} is struggling. Even though it is being tried through every available channel to keep it moving. There is a lot of capital needed to be able to keep this going for a long time. And with the original Bitcoin now being SegWit activated it gained a 2 Exa Hashes per second in mining power overnight. But a lot is being thrown at the split version. Yet, it already would have needed to gain market trust. The current price of BCH is way to low and billions of USD in capital would be needed to be able to manipulate the market into a higher price. By that I mean at least 1500. And it is going the other way.
So every 10 minutes that miners have their switches turned to BCH, they are losing money, big time. It is simple economics, the highest payer will get the service even if a kartel tries to enforce it differently. It is becoming a bit sad though, because there have been well known influencers shouting all over the place that BCH was the one to get, right...? Ever checked how far they were in on the split version web of Cash? Please do so... They will be cashing in, mind these words. And then try to pull the same trick with the 2X version. It is all about creating liquids to buy more.... Bitcoin, as in BTC. At least that is from my point of view. There is a lot of capital involved, and there are those who would like to become crypto billionairs. Me too, by the way, so always make sure you do your own research or at least check some trusted resources. The advices of an influencer sponsored by a huge player in the bigger blocks split group should be treated with caution. That is what I think.
The market decides.
If you have your BCH, the Chinese split version of Bitcoin called Cash, then you could see this as a kind of present. But, it has a very low 24 hour trade value on the cryptocurrency market right now. A market that has a total capital value of over 150 billion US Dollar. This kind of farce can not be held up, as far as I see it, without miners losing millions per day. So, the question then is, who is willing to lose millions a day. Well, maybe a group of investors that have billions at their hands? Still, for the sake of argument, let me assume there is a group of very wealthy crypto investors behind the Chinese split version. They apparantly have not sold their own original Bitcoin {BTC} they probably hold. Then they would have the same amount of BCH, the Chinese split version also know as Cash. Of course they have the private keys, because they also are planning the 2X split attack. Then this one is just a real life trial and error version of what is to come.
Now, if this group of investors, that probably want to be crypto billionairs, believe it has costed too much. What could this group do to get more cashflow, or buy more cloud mining. Remember, they have the amount in value in BCH as they have in BTC. Now, at a certain point this is starting to look like one big scam, organised by the so called big block part of the Bitcoin realm. First there was no Cash {BCH}, it has not been mined like Bitcoin, it was just a clone of the original Bitcoin blockchain and next was used to claim billions of other peoples investments. And this is still about 11 billion US Dollar, that could have brought the real Bitcoin to a level of 5000 already. Not only that, it caused a lot of misery along the way. With the final run still to come, apparantly with the 2X split attack version to come in november 2017. While SegWit already made bigger blocks available. So, why yet another split attack? Simply because it looks like it is all about cold hard cash in the end...
And I doubt that the market will buy the so called bitcoin maximalist shait, wether it is called unlimited, cash or 2x. Because basicly they steal all the mining power that created the original Bitcoin blockchain and in that way try to make billions. Now this Cash split version is a smart way to get indeed that: cash. Because that will be needed for the next split attack, strangly called 2X. Like in the second time. Now, for those who hold Bitcoin now another hardfork called B2X, or whatever, it will be another extra. And I really do not know if the cryptos market will fall for the second try to get billions out, without putting in the mining effort. That way such a split could only have value starting from the point where it cloned the original. That is where their mining efforts should add value. So BCH should drop to 0.000001 BTC soon...
Believe it or not.
Just look at the numbers and figures. Give it a good rational thinking. All those self acclaimed bitcoin maximalists what do they actually want? Of course the trick is to give away free BCH, or B2X next time. In the same amount of BTC that one had before the split attack. Then the market got tricked and started to finance this split and probably the next one. But, those who had it with this split attack and the next could stop trading BCH, or dump it on the market and buy BTC, or LTC, or Bitshares, or Steem. At least that is what I will help my better half do, exchange it for Litecoin before BCH gets the massive dump. And I would state not to even wait until it drops below 600 USD. Because once it gets there, the shait will hit the fan real hard. Or maybe that is me just hoping people in the cryptos realm will wake up.
Litecoin, Digibyte, Vertcoin and the real Bitcoin, now have SegWit activated. Give it a few weeks to settle down, because the bitcoin maximalists got billions to play around with. So, it will take maybe to the end of 2017, the beginning of 2018, that will clearly show that it is game over for the split attacks. Because the cryptocurrency market might be tricked once, but I doubt if it lets itself be tricked again. Therefore, as the split Cash version tried to take-over all that mining power value that was done by the original Bitcoin miners, burning a lot of energy, it only would be right if BCH got worth 0.00001 USD within a week time. And then it is over, because the miners that were willing to risk a lot of potential income will move back to Bitcoin within a few hourse. But, do not take my word for it, investigate yourself, because it is all out there to see. Just look at the mining power, the market price and the 24 hour market trade volume.
Even though I will help my better half exchange that useless BCH for LTC, it might be a reason for others to claim the opposite. And that just helps me to remind you to only invest in cryptos what you are willing and able to lose. Also your speculation might be as bad or as good as mine. In this blogpost I strongly express my own opinion. My conclussion that the split versions are not forks but mostly investment attacks is because of the way it is done. By cloning the original Bitcoin {BTC} blockchain the self acclaimed bitcoin maximalists group tried to get billions out off the cryptos market. And it looks like it will be tried again in november with the 2X version. Now, what makes it all very doubtfull is that those who support the split attacks have probably not sold their own BTC... Otherwise Bitcoin would have seen a drop in market value of at least 10 billion over night. Causing a further downfall in the price of BTC, but this did not happen, now did it...? Nope, apparantly SegWit boosted Litecoin and will move Bitcoin to the next ceiling of 5K.
In the end.
So, what is the value of BCH? It was a price set, it does hardly move and there is no proof that the split attack supporters sold off their Bitcoin. Now why would they not have done that? Well, they have the same amount in BCH, so if they sell their Cash, slightly before the final BCH panic sell begins, they will be able to buy more Bitcoin, or Litecoin, or Bitshares, or Steem or mayebe even Gulden. And I doubt Slothcoin, but you may never know. And there might be a chance that they will be laughing all the way. Why? Because anyway, no matter losing hundreds of millions, when they dump BCH, they will get billions out. And to me it looks like that is what this is all about. Even if the_Cash_ split version would have made it, or the 2X one does, they would always be in a win-win situation. Well, that is until the cryptocurrency market understands that this is not about starting from zero, like zCash, this is just what looks like to be a smart setup scam. At least that is my conclusion, and if you have a different opinion? Than that is fine with me.
Have a great one!
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