The Flippening – Why I’ve split my investment from Bitcoin into Bitcoin CashNovember 10, 2017
Bitcoin Cash Price and Volumes Surge
Over the last few weeks I’ve been monitoring the situation with Segwit2x, Segwit1x, Bitcoin Core and Bitcoin Cash. For the last week, some of my closer members of the HODL It Bro Facebook Page and HODL It Bro Group have been advised as to why I was changing my stance to Bitcoin Cash. I’ve arrived at my position after I spent significant time on the www.reddit.com/r/btc subreddit – which has been painting a very different picture to the non-stop and almost religious drum beating of bitcoin core on www.reddit.com/r/bitcoin subreddit. I should make it very clear I’m not basing this on the opinions of the redditors in these subs, but rather after exhaustive research of concepts and articles posted in those areas. After a few days; I rang Jamie, the other Hodl It Bro, and explained what I thought – the discussions concluded when we both committed to buying BCH and HODLing it.
I’ve since written a follow up article here: BCH & BTC – Central Bankers, Manipulation, the state of the landscape post 11/11/17
What I’ve been doing
Personally, I’ve split my BTC and BCH Hodlings 50/50 as of yesterday (November 10 2017) – but watching the situation unfold, it’s entirely possible that I might go top heavy into BCH. I’m scrambling to write this article so the content will be overarching and high level, I think it’s more important to get the post out so that followers of our blog and group can make decisions accordingly. You can do your own research quicker than I can collate and digest it, but in the usual form I will provide additional reading materials for you to start your research and make decisions.
What has been happening
Almost immediately after Segwit2x was suspended, the Bitcoin community started to solidify a split into 2 defined camps. While Segwit1x Core fans were heralding the Segwit2x suspension as an outright victory against corporate and elitist takeover of Bitcoin, the tenor of Bitcoin Cash started to become very clear to me. Many people were putting forward convincing cases for the concept that Bitcoin Cash is the true Bitcoin, and Bitcoin is Bitcoin in name only. Conspiracy or not, the argument was that Bitcoin was going against Satoshi’s whitepaper and the principals therein, of how Bitcoin should operate. Decentralization, transaction speeds, cost of transactions and more – it started becoming obvious to me at least, that these people were correct.
In terms of metrics of market response to the Segwit1x VS BitcoinCash polarization:
In the last few days the volume of BCH has started to escalate:
On shape shift, in the last 24 hours – investors appear to be accelerating their conversions:
While I would normally say that volatility is usual in the cryptocurrency world, as it is a shifting landscape that moves in seconds and minutes rather than months and years, the BTC v BCH contrast has more far reaching implications, beyond that of which is experienced by investors of Alt Coins.
Bitcoin’s movements and behaviour is the concrete to what forms the foundation of cryptocurrency opinion and understanding in the public’s eye. It’s likely that they won’t understand the technology or reasoning behind wild changes, only that there is change and an undermining of “Bitcoin” the brand. The value could well plummet and reduce confidence in Bitcoin Core both as a store of value and a currency for transactions. Assuming Bitcoin Core fails in favour for Bitcoin Cash, then Bitcoin Cash will in my opinion, need to be remained Bitcoin.
- Block Explorer – Bitcoin Cash Will Be Called ‘Bitcoin’ in 6 Months: Classic Declares Victory After SegWit2x Cancellation
- Peter Todd Twitter – …at which point fees will continue to rise after a short pit stop. Let’s not oversell segwit; on-chain doesn’t scale.
- Trust Nodes – OpenBazaar to Add Bitcoin Cash and Zcash
- IMPORTANT TO THE CONSPIRACY – Bitcoin.org Owner Wants to Revise Satoshi’s White Paper
- Bitcoin.com – Bitcoin Cash Surges as Businesses Abandon Legacy BTC
- TokenSchedule – Bitcoin Cash Shows Promising Growth With Upcoming Fork
- The Merkle – Rumor is over 70% of #bitcoin hash power and some influential CEOs signed an agreement to abandon BTC chain in favor of #BitcoinCash on November 14., day after the BCH EDA fork. I guess “Enjoy SegWit” makes more sense now.
- BREAKING: China to give preference to Bitcoin Cash on regulated exchanges! BCH Update
- Bitcoin Unlimited Reveals Gigablock Testnet Performance
- You will remember I’m a project manager by trade; I started my first company when I was 16. I can tell when a team can’t and won’t deliver. Blockstream is one such team: The Lightning Network is just about 18 months away, just like it was 18 months ago, and 36 months ago.
- Bitcoin Unlimited Reveals Gigablock Testnet Performance
- Bitcoin plunges after upgrade is called off, but offshoot ‘bitcoin cash’ surges more than 40%
- Bitcoin Just Plunged More Than $1,000 in 48 Hours
- Largest Sports Gambling Site in the World, Bovada, now Accepts BCH. Billions of dollars in transactions a year
- Bitcoin cash surges 30% to all-time high as investors dump bitcoin
- Bitcoin Cash moving towards $1000, up +35% in the last hour! Any news?
- With recent developments, I’m putting all available dev resources to retool my software for #Bitcoin Cash. I suspect I’m far from alone.
- Electron Cash gives you what you love about the popular Electrum Bitcoin wallet, but for Bitcoin Cash.
- Trump’s Treasury Secretary: “We are Looking Very Carefully and Will Continue to Look at” Bitcoin
- Bitcoin Block Explorer
- Bitcoin compromise collapses, leaving future growth in doubt
- Bitcoin Classic Shuts Down As Staff Claim Bitcoin Cash Will Rule ‘In 6 Months’