On the 10th of November 2017 I posted this article articulating in a very high level and brief way, while I was quickly hedging my position into Bitcoin Cash (BCH). As always, I encourage readers to consume vast quantities of information on their own to make thier own decisions. Within 24 hours, on the 11th of November 2017 as anyone within the cryptocurrency community knows, it happened. Was it a pump and dump? Was it market manipulation? Was it a co-ordinated attack? Was it the result of technical flaws? Maybe a combination of all of the above?
It has been an incredibly busy week; with my day job consuming my full day and then after hours spent reading and monitoring charts; I just haven’t had time to update on the progress of BCH/BTC, my decisions and my results. I was lucky, I converted BTC at a high price and caught the beginnings of the first wave of BCH at around $550-650 USD. I had spent considerable days researching and analyzing to make my decision.
At first I wanted to collect profit, but I (incorrectly) decided to remain in the market for my BCH and go long. In hindsight I probably should have dumped at $2300+ USD and re-bought at the lows in sub $1000 USD to catch the next wave but I didn’t. Lessons learned as I watched people collect profit on the way down.
This entire topic is very heated for some. There is not just technological discussions, this is about ideology, politics, vendettas, smear campaigns, accusations etc and fair warning, you might end up getting pretty pissed off. I look at this entire topic from the point of view of profit, to deconstruct as much information as possible so that I can make decisions long term outside of day trading to hedge my positions for maximum returns. Be aware that if you enter into this research you will find that proponents on both sides of the isle are feverishly defiant to their cause; taking on things to religious proportions. This goes way further than just “big blockers” vs “small blockers”.
Ultimately, technology doesn’t even have to be the cornerstone of the argument, as we all well know of competing technologies dominating the market based on influence, marketing, the porn industry, adoption rates, branding, and a myriad of other reasons.
Highly Suggested Viewing:
As the “war” of BCH and BTC unfolds, I’ve consumed inordinate amounts of research to make my decisions and what has unfolded for me is the an absolutely fascinating discovery of conspiracies, ad-homonyms and accusations. I’m not going to take sides on either fence, rather this is a data dump of the information as I’ve come to understand it. I’m heavy on fundamentals, perhaps to my detriment so I’m always trying to learn why things are happening and not just watching the markets.
Regardless what side you take, understand that I’m just trying to position myself to make the most money; you should too, and if “they’re” going to 4th and 5th wave pump the absolute hell out of BCH, then I want to align my money the right way to capitalise. If Bitcoin IS truly hijacked by central bankers, then I think there will likely be enough notice (especially if btc is on an exchange) to be able to move money into stable (at the time) alt-coins such as Ethereum – or it’s entirely possible it won’t die per a “spiral of death” and instead become valuable beyond our wildest dreams. Should we care? I DO want a lambo, I’ll be honest.
Read this before you continue: Politics, Religion, and Bitcoin (Cash)
SubReddits to Monitor
It has taken me days to put this together and even as I go forward with posting this new information is constantly added to all camps. Also, I don’t record everything I read, so you need to conduct your own research.
I would highly suggest monitoring:
- www.reddit.com/r/bitcoin Accused of censorship, shilling Bitcoin Core
- www.reddit.com/r/btc Accused of shilling Bitcoin Cash
- Andreas Antonpoulos on scaling and how the obvious solution to scaling is not always the right one
- Maybe High Fee Coin Is Actually A Stupid Idea
- Amaury Sechet – Back to the Basics – Arnhem 2017 (important because of EDA/DAA)
Pump and Dump play thing of Roger Ver, Jihan Wu, Mcafee, Wright, et al
The Bitcoin Core camp has made the accusation on the premise that the Bitcoin Cash market is inflated by Roger Ver, Jihan Wu and their friends (they would call them cronies) in order to orchestrate large scale pump and dumps to damage Bitcoin, for the benefit of their already large pockets. At an extremely high an overarching level this is how to understand the accusation:
Essentially it goes something to the tune of this:
As a result of the scaling drama, commencing prior to the Bitcoin Cash fork; ideological whales such as Roger Ver are manipulating markets with their huge hodlings of BTC, using techniques such as:
- Ghost buy walls
- Sell pressures / FOMO
- Fake-news (Bitcoin.com, reddit.com/r/btc)
- “Spam” transactions (huge volumes of small transactions that clog the mempool) etc
Meanwhile, Jihan Wu and the “Miners of the East” are tantamount to supporting and providing assistance to the intended pump and dump and potential ‘death spiral’ by rigging the mining hardware to support a coup by flicking hash power away from BTC and over to BCH at critical moments, further exaggerating the issues experienced by BTC users as transactions don’t complete, fees rise, mempool queue increases and the utility of BTC is removed. This is to instigate a death spiral as more and more people panic and sell BTC, the pending transactions continue to increase, miners ignore all but the highest fees, hash power continues to plummet as BTC becomes unprofitable to mine, the block chain is frozen – peoples money is stuck and BTC dies.
The single sentence take away is that they purposely pump and dump Bitcoin Cash, causing headaches for Bitcoin, the network, and emptying the pockets of investors who fomo and move money at the wrong times.
The Prophecy: https://pastebin.com/n0aGBMQr
- Traders, certain information has come to my attention that is causing me grave concerns and i feel it is my duty to warn each and every one of you.
- we all know the scaling drama has caused a huge rift, resulting in bitcoin forking into the soon to be “Bitcoin Cash”.
- I know many have large holdings and savings in bitcoin, and are ‘hodlers’ and will never sell, so when the selling starts, you may lose everything if you don’t also sell.
- Gentlemen, this is certaintly not going to be gentlemen.
- Certain information has come to light from back room channels, sources i cannot disclose ~ even writing this post will probably reveal my source – but i feel by gods will, I must warn you all.
- Selling is coming. Selling the likes of which hasn’t been seen since MtGox era.
- Already as i type this, battleships of bitcoin are being shorted on all major exchanges.
- Gentlemen, The enemy, the big blockers, have colluded and joined forces. The chinese, Jihan & co have put together a plan to replace bitcoin with bitcoin cash.
- The plan goes like this:
- Chinese miners (f2pool, antpool etc etc) have organised with major exchanges (via/huobi/okcoin etc) to support and launch bitcoin cash.
- Initially they will let everyone who wants to sell, sell.
- Once the coin has bottomed out, and everyone who wanted to sell has sold, they [chinese miners/jihad/chinese exchanges] will begin accumulating lots and lots of bitcoin cash.
- They will then begin to pump the price to around 0.1 BCC/BTC – 10%
- The big pools won’t mine it ~ they will let the smaller pools see the returns from mining this expensive, but low difficulty coin and start mining it.
- Later, the larger pools will join, and as we know, jihad has ALOT of hashing power, their plan is for bitcoin cash to have more hashing power than bitcoin ~ and lets be honest, once t he chinese move over, that is pretty much it.
- Around this time, the ‘hard fork’ section of segwit 2x is not going to happen ~ it never was – Bitcoin cash will then be seen as the original NYA coin..
- At that point in time, Bitcoin cash will be on all major chinese exchanges, possibly some western exchanges aswell, and have majority hashing power. Western companies & other merchant providers (BitPay – @Spair) etc – paid off by bitmain etc will go along with the new bitcoin cash narrative and will push for the ‘bitcoin cash’ to be called ‘bitcoin’ on all their platforms, leaving only coinbase et all which will then be the odd ones out..
- Now comes the scary part, The old bitcoin, the bitcoin we know and love, is going to get DESTROYED.
- What determines a coins success ? It’s market cap.
- Big old school blockers and miners are going to dump bitcoin back to the bottom, they will take literally billions and billions of dollars out of bitcoin. They will use the money to fund the marketing, and development, or ‘bitcoin cash’ – Think, Bitcoin core – FIRED. Think – forbes article, “why bitcoin miners and companies are moving to bitcoin cash” – think – “Why the market is chosing bitcoin cash as bitcoin not bitcoin core” – They wil lsay the market has spoken, that people have voted with their money.
- Right now, massive huge shorts are being built, already on finex, shorts are at 32k – not seen since $200 these kinds of numbers of shorts, and its climbing, all the t ime, consistently, they have ALOT of coins to short.
- The most painful kind of selling, is where it never bounces and if you remember MtGox from $1000 to $70, you’ll remember what no bounces feels like ~ and I can tell you. This won’t be any better.
- Good luck all, remember – fair warning.
- Below is I grabbed, i also have some slack and telegram logs, I will sort them out later when i get back, i just want to confirm what I can safely disclose first for my own protection.
- Email from [alice] to [bob] – http://imgur.com/a/FcZIp
Bitcoin Cash “Proponents” and their Sordid History
There has been a heavy campaign to character assassinate the “Bitcoin Cash Proponents”, and to be honest, it’s not exactly difficult to find a lot of evidence to suggest that they don’t have the cleanest of histories.
this picture popped up yesterday where we see fake satoshi and former convict bitcoin judas having a good time with some “hee ladies” guy. Well turns out he is Calvin Ayre. He made it on the homeland security top ten most wanted list and another agency.He likes prostitutes, blows, and seems to be especially tight with bitcoin judas. now he states that its time to fix all the damages the two top cryptos have caused…. damn this sounds menacing. These are the people attacking bitcoin and pushing for the technical abomination of a fork bec&sh. If you want to bet your money on their success, maybe think twice.bonus: John McAfee, wanted for murder in Belize and our beloved Jihad Vu are on board as well.
edit: this seems to get some traction so here are even more goodies on:
- Roger Keith Ver, bitcoin judas: one, two, selling counterfeit CISCO hardware, doxing theymos
- Craig Steven Wright, fake satoshi: one, two …
- Jihan Vu, CEO of BitMain: agenda, classy, antminer backdoor, exploiting mining shortcut
- John McAfee: the time drunk him almost spilled the beans on the murder case but his watchful wife covered his mouth
- ex main developer Gavin Andersen: claiming fake satoshi is the real Satoshi, shilling bec&sh, real Satoshi disappearing after his CIA visit
- Mike Belshe, CEO of BitGo: the mysterious pump letter
- Rick Falkvinge, politician: call for CP legitimization, shilling bec&sh – also note the retweets from many of the previously mentioned crewmembers.
- Miners want the transactions ON chain and as many, slow and inefficient as possible, because they get paid (fees) for each one of them. That’s why they want bigger blocks to hold/carry/process more transactions and why they have been always blocking every possible progress/solution that would benefit the whole world (with the sole exception of themselves): Segwit, LN, second layer scaling apps, etc. That’s why they created their fake bitcoin without Segwit. Read also about Asicboost and Antbleed (those are also whole dirty rabbit holes by themselves):
- ASICBoost, the reason why Bitmain blocked Segwit
- The Antbleed BackdoorThat’s how the Mafia operates, and joining the Mining Cartel and their leader Jihan Wu, there are some corrupt very rich individuals that want more power and control for themselves (some of them well-known scammers and felons) colluding with them like: Roger Ver, Craig Wright, Barry Seibert, John McAfee, Bobby Lee, Stephen Pair, Calvin Ayre, Vitalik Buterin, Ryan Charles, Gavin Andresen, Jeff Garzic, Mike Hearn, Haipo Yang, Rick Falkvinge, Jon Matonis, Wences Casares, Tony Gallippi, Mike Belshe, Vinny Lingham, Olivier Janssens, Jeremy Allaire, Peter Vessenes, Bruce Wagner, Brock Pierce, Vinny Lingham, Olivier Janssens, Jeremy Allaire, Peter Vessenes, Bruce Wagner, Brock Pierce, etc.
- Bitcoin Cash Operation: Collusion and Manipulation
On one of the numerous attacks against Bitcoin, one the most powerful and recent ones (SX2/NYA) they were also joined by some Banker’s special forces embedded in DCG with Barry Seibert: Blythe Masters, Larry Summers, Glen Hutchins, etc. That’s another deep rabbit hole and here’s some interesting information and evidence.Among their explicit objectives that they themselves stated multiple times, were to “fire” all Core developers (those meddling good guys opposing their take-over attempts) and they’ve been using some of these powerful tools to spread FUD, misinformation, Blockstream-Core conspiracies, etc:
Mining manipulation and disruptions
Russian troll farms to sway public perception
Popular You Tube Channels like ‘The Dollar Vigilante’
Jihan Conspiracy Map
Mining Spam Conspiracy
I will provide links for this; but as usual I would always push you to do your own research:
- The Curious Case of Bitcoin’s “Moby Dick” Spam and the Miners That Confirmed It
- Good Whale Hunting
- When Moby Dick meets the Terminator
- The Canadian Connection
Roger Ver Moves A Huge Block of BTC to Exchanges
I will include more material for you to continue your research at the bottom of this article, as always.
Our beloved, hijacked by wall street, bilderberg, crony capitalists and old money
The return accusation and subsequent conspiracy is that Bitcoin Core is hijacked by central bankers by way of multiple layers of shell companies, business links and ties. The ultimate goal is unclear to me at this stage, but the accusations point to the way either turning Bitcoin into a payment method of settlements, a fractional reserve currency, destroying it and the freedom it brings or just another instrument to hover up money from the willing “plebs” who want to get rich.
The Counter Prophecy – from https://pastebin.com/aiAE30S2
An early Happy Thanksgiving, Bitcoin Legacy!
For those who are wondering what may be happening with BCH, why the hash rate has dropped, etc.: fear not. It’s all going according to plan. There is just one last thing to do.
As some have speculated, the goal now is to clear the BTC mempool. The easiest way to do that is to drive as much hash power as possible to the BTC chain and process all those backlogged transactions. This means two things: BCH difficulty will continuously trend downward, and (typically) price will follow. HOWEVER, something else is amiss.
If you look to all the major exchanges, whales are holding the price of BTC and BCH in lockstep with each other, as best they are able. They’re doing this utilizing those cheap BTC they picked up last weekend and BCH the weeks prior. By holding the prices in lockstep even as the difficulty plummets for BCH, they’re artificially lifting the profitability for mining keeping it just shy of BTC’s.
But there’s a snag. In just about 10 days’ time, BTC will have a difficulty adjustment. With all that recovered hash power, the only way to adjust is up. So the BTC difficulty spikes when the mempool is cleared, and BCH has been just a trickle for 10 days, certainly well more than 144 blocks. And now it becomes more profitable. And everyone in North America is distracted with family, enjoying turkey and wine as their fortunes get locked-away for all eternity in a dead blockchain.
Bitcoin Core, AXA, Bilderberg, Blockstream, Mastercard, BitGo
Those who are in any way familiar with the theories and conspiracies around Old Money, The Oligarchy, One World Government, Central Bankers, Bilderberg et al will be very familiar with many of these names already. This is the counter to the Bitcoin Cash Proponent Argument in many respects, as both Bitcoin and Bitcoin Cash proponents engaged in a “waddabout” argument.
- From Informative BTC vs BCH Articles?
People should get the full story of r/bitcoin because it is probably one of the strangest of all reddit subs. r/bitcoin, the main sub for the bitcoin community is held and run by a person who goes by the pseudonym u/theymos . Theymos not only controls r/bitcoin, but also bitcoin.org and bitcointalk.com. These are top three communication channels for the bitcoin community, all controlled by just one person.
- AXA is one of the world’s largest financial powerhouses. They fund blockstream
- Digital Currency Group, partly-funded by MasterCard, and a heavy investor in BitGo and Blockstream, developers of Lightning Network, which would necessitate the use of BitGo’s “double-spend guarantee.” https://www.cryptocoinsnews.com/mastercard-digital-currency-group/ http://dcg.co/who-we-are/ https://www.bitgo.com/solutions Blockstream employees
- The bilderberg and central bankers behind btc
- Bitcoin core troll army dragons den accidentally shown
- The resolution of the Bitcoin experiment
- The truth about who is behind Blockstream and Segwit. As the saying goes follow the money.
- Bitcoin is Being Hot-Wired for Settlement
- What Happened At The Satoshi Roundtable
More Reddit Links of Interest
- The too-big-to-fail insurance giant AXA is one of the main owners of Blockstream – and they’re throwing around millions of dollars to any dev / troll / censor who opposes Satoshi’s simple and safe roadmap for on-chain scaling (ie: bigger blocks via hard forking).
- But fortunately, we can “route around” Blockstream’s censorship and centralization: Once >51% of the network uninstalls Blockstream’s crippled Bitcoin client, and installs a Bitcoin client from Unlimited or Classic that accepts bigger blocks, then the market (and not some clueless devs at Blockstream, paid by central bankers) will again be fully in control of the Bitcoin blocksize (and volume and price).
- Blockstream is now controlled by the Bilderberg Group – seriously! AXA Strategic Ventures, co-lead investor for Blockstream’s $55 million financing round, is the investment arm of French insurance giant AXA Group – whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.
- If Bitcoin becomes a major currency, then tens of trillions of dollars on the “legacy ledger of fantasy fiat” will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.
- The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, thatAXA, the company whose CEO is head of the Bilderberg Group, and whose “venture capital” arm bought out Bitcoin development by “investing” in Blockstream.
- Greg Maxwell used to have intelligent, nuanced opinions about “max blocksize”, until he started getting paid by AXA, whose CEO is head of the Bilderberg Group – the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?
- Who owns the world? (1) Barclays, (2) AXA, (3) State Street Bank. (Infographic in German – but you can understand it without knowing much German: “Wem gehört die Welt?” = “Who owns the world?”) AXA is the #2 company with the most economic power/connections in the world. And AXA owns Blockstream.
- Bitcoin can go to 10,000 USD with 4 MB blocks, so it will go to 10,000 USD with 4 MB blocks. All the censorship & shilling on r\bitcoin & fantasy fiat from AXA can’t stop that. BitcoinCORE might STALL at 1,000 USD and 1 MB blocks, but BITCOIN will SCALE to 10,000 USD and 4 MB blocks – and beyond
- I think the Berlin Wall Principle will end up applying to Blockstream as well: (1) The Berlin Wall took longer than everyone expected to come tumbling down. (2) When it did finally come tumbling down, it happened faster than anyone expected (ie, in a matter of days) – and everyone was shocked.
Core Developers that work for Blockstream
One argument from this side of the fence is that “all of the core developers are Blockstream”. The actual ones are this list. Not all, no where near it – but certainly in positions of influence and power:
- #2 all time contributor to bitcoin
- CTO of Blockstream
- #15 all time contributor to bitcoin
- #8 all time contributor to bitcoin
- #14 all time contributor to bitcoin
- https://github.com/ElementsProject/lightning/commits?author=cdecker (lightning network codebase)
- https://github.com/bitcoin/bitcoin/commits?author=cdecker (bitcoin codebase)
Core Developers flip from big block to small
- Adam Back (2015) (before he was Blockstream CEO): “My suggestion 2MB now, then 4MB in 2 years and 8MB in 4years then re-asses.”
- Pieter Wuille (2013) (before he was Blockstream co-founder): “I’m in favor of increasing the block size limit in a hard fork, but very much against removing the limit entirely… My suggestion would be a one-time increase to perhaps 10 MiB or 100 MiB blocks (to be debated), and after that an at-most slow exponential further growth.”
- Theymos (2010) (before turning /r/Bitcoin into a censored Core shill cesspool): “In the future most people will run Bitcoin in a “simple” mode that doesn’t require downloading full blocks or transactions. At that point MAX_BLOCK_SIZE can be increased a lot.”
- Blockstream Core: “1MB! 1MB! 1MB! 1MB! 1MB! 1MB! 1MB! 1MB!”
Blockstream Core: “High fee is good because Bitcoin isn’t for poor people
The Bitcoin Banker Conspiracy Map
Side Issues – Side Chains, Tethers, Lightning Etc
- “Blockstream plans to sell side chains to enterprises, charging a fixed monthly fee, taking transaction fees and even selling hardware” source- Adam Back Blockstream CEO Stated here
- Quoted from interview with Adam Back source
Another point of contention are Tethers. Some people are discounting them completely as the market cap is low. That makes absolute sense. But others have raised concerns about the legality of Tethers, Bitfinex Solvency and their impact on the market. The accusation centers around the concept that tethers are invented from thin air.
I’ve since written this follow up – What’s the point of getting to the Moon if you’re Tethered to Earth?
- Tether just printed another $20 Million USDT out of thin air… get ready for BTC to push above $7,500…
- The Bitfinex Dilemma: Blow up now, or try a Hail-Mary to retain in business.
- A note from Bob on the transparency of Tether
- From: As 20m more Tether are issued today, I think it’s important for people to know that an unbacked Tether could be a big reason for the recent bitcoin price rise. (x/post)
What is Tether? It’s a digital asset distributed on the Omni token platform, which allows for assets to be issued over the bitcoin blockchain. Tethers (USDT) are supposed to be valued 1:1 with USD. Any new USDT is only supposed to be issued when there is at least an equivalent amount of USD sitting in reserve that can be redeemed at any time.
The point of issuing USDT is to allow customers to easily transfer USD value to exchanges, to create a stable reserve token to hold in times of volatility, and to allow exchanges to participate in USD-reference trades without having to hold or deal with USD KYC/AML compliance requirements.
Vast quantities of Tether have been issued over the past several months, almost $340 million are now in circulation.
But there are some problems with Tether as we know it today.
- Tether’s website claims it’s 100% backed, regularly audited, and users have 24/7 access… but that’s the extent of their proof. You really just have to take the them at their word.
- Tether hasn’t provided any public audits, despite a promise of full transparency on January 15th, 2015 when Bitfinex acquired Tether
- After losing $72 million in a hack announced on August 2nd, 2016, Bitfinex issued a redemption token called BFX to their customers as a promise to pay back what they owed. They began paying this back at an increasing rate, finally buying back the remaining 95% of liabilities between March and April 2017. One theory is that Bitfinex was issuing Tether to themselves to buy assets, pay back the BFX tokens, and appear solvent faster. As long as the public held trust that Tether was worth 1:1 on par with USD and there was no bank run, this activity would go unnoticed. At that time, there were approximately 50m tether issued.
- Around that same time, Bitfinex’s US banking troubles began as Wells Fargo blocked 180m in funds belonging to their parent company ifinex and Tether:
- Bitfinex then filed a lawsuit against Wells Fargo and withdrew it a week later. They to this day have not been successful in establishing a US banking relationship for their customers. This is important, because in order to back Tether, they need to hold USD reserves. So they’re either lying, or they have another banking relationship set up to hold $340m worth of assets as USD equivalent.
- On August 11th 2017 Bitfinex suspended verification for US customers. It then seems extraordinarily odd that they continue to issue enormous sums of USD-backed Tether, where does the money come from?
- On April 18th, Taiwanese banks also began blocking wires to the Tether backed bank, suggesting the funding mechanism for Tether is tenuous and subject to the whims of the banking industry:
- The Tether whitepaper has a section called “Proof of Reserves” process, which essentially boils down to “You can see whenever new Tether are issued, and the issuance comes from our bank deposits, …and you’re just going to have to trust us on the bank deposits” The whitepaper goes on detail a summary of weaknesses:
- We could go bankrupt
- Our bank could go insolvent
- Our bank could freeze or confiscate the funds
- We could abscond with the reserve funds
- Recentralized of risk to a single point of failure
Their responses to these threats mainly try to minimize their severity by claiming other banks and exchanges have these same problems, we should trust their banking partners because they are 3rd parties to Bitfinex, bank transactions are traceable on some level even if not public, and we should trust Bitfinex because their business owners information is public.
See above about the TOS – of course you don’t have a right to redeem your tethers for fiat. Who are you? Get an account and go through thorough KYC/AML if you want to do any fiat operations.
Try simple logic. Running a fractional reserve would mean that the company couldn’t stay in business. Why would it do that?
If Taiwan closes Tether’s accounts? For what reason? Tether is a legally operating business in Taiwan.
His responses seem naive to the fact that bitcoin exchanges can and have been operating as fractional reserves in the past under the guise of solvency.
Most of your answers here so far have boiled down to “this would never happen!”
You also dodged his question about the audit, which has been getting asked and dodged now for almost a year.
/u/udecker ‘s only response to this was
At least your username checks out.
Various redditors and crypto news agencies have taken note of tether’s issues over time.
So why care? What predictions can we make from all this?
Bitfinex either can’t provide actual, verifiable, 3rd party proof of it’s reserves backing Tether, or so far has not cared to.
If there aren’t enough reserves in the bank to back the USDT, then not everyone will be able to redeem them for USD. A sudden sell pressure would see prolonged withdrawal delays, and a drop in the value of USDT
Issuing unbacked Tether would allow an exchange to appear solvent and obtain assets at essentially zero cost, driving up the market price of many digital currencies in the process as their supply dries up.
- First BTC-LTC Lightning Network Swap Completed, Huge Potential
- MasterCard has filed a patent on its own blockchain-based money transfer solution
- Mathematical Proof That the Lightning Network Cannot Be a Decentralized Bitcoin Scaling Solution
- (counter) Researcher: `Here’s Mathematical Proof the Lightning Network Will Be Centralized
It all makes for amazing reading. From a technological standpoint it’s becoming that for better or worse, during times of mempool saturation it becomes next to impossible to use Bitcoin as a method for p2p transactions for low fees. How that is handled long term is probably not going to be up to us. Whether it’s blocksize, layer 2 or 3 solutions or something completely new is going to be anyone’s guess.
I always thought that Bitcoin would be a very long term hodl, where I could plant my profits or fiat investment and let it grow. As I’m learning more and more it’s becoming apparent that it’s as speculative as any other stock, currency or instrument. Victim to outside and inside forces, amoral traders and a market that doesn’t largely either isn’t aware, or really give a hoot about the end state of the technology.
While I remain to have my BTC/BCH investment split; I’m really just hedging bets and taking profit as I can. In my opinion Bitcoin Cash for now has more utility, I can send money cheaply and it’s reasonably fast despite having far less hash power. I’ve had to succumb to moving money between exchanges with LTC or other alt-coins because I cannot wait for BTC, and I’m not willing to pay more for fees to jump the queue. That doesn’t work for me. It’s less of a problem for traders because the exchange handles that for them, bundling transactions so it’s not visible to their experience. But I do have friends who waited 2-3 days for transactions and that’s not palatable to the true mission of Bitcoin.
I’m not convinced that Bitcoin Cash is the solution either. It’s market adoption is far less, and its branded whether you like it or not IS smeared by the ‘proponents’ of it. If I was a half billionaire I wouldn’t give a shit about the public’s opinion of me; but as a very small time investor I have to keep such things at the forefront of my mind in my decision making long term.
For now, I have continued to hold both BTC and BCH to see what will happen, happily taking profits on the way up and shorting on the way down. I’ve forced myself not to take a side. Like an institutional investor we need to divorce ourselves from the camps and the ideology, these aren’t football teams we cheer for. This is about money. I’ve also maintain a diversified portfolio with alt coins I like, such as ethereum, iota and others.
Additional Reading and Viewing
- We are RIGHT NOW witnessing the most cunning attack on Bitcoin yet: A coordinated capital flight from BTC by Ver, Jihan & the S2X CEOs
- Each side accuses the other of being “centralized” – perhaps this is the most important question, who’s in the bank’s pocket?
- Bitcoin mining crackdown in China. Might be the reason why Jihan and BW Pool representative were absent at mining panel today.
- Banks Control Bitcoin and Bitcoin Cash. We Are Being Played
- Swiss Firms to Let Traders Short Bitcoin With New Futures Products
- UK FinTech to Launch a Bitcoin Visa Debit Card with Support for Altcoins
- Bitcoin Gets a Boost as Coinbase Lures Hedge Funds, $10 Million Minimum Deposit
- Jon Matonis and Craig Wright – Shinseiki Evangerion – Arnhem 2017
- Dr. Peter Rizun – SegWit Coins are not Bitcoins – Arnhem 2017
- Video proof of Roger saying he might want segwit on bitcoin cash
- The Big Bitcoin Battle: What I Found Out About Bitcoin VS BCash
- ASICBoost, the reason why Bitmain blocked Segwit.
- Bitcoin surges in Zimbabwe after military seize power
- Announcing Coinbase Custody: A Digital Currency Custodian For Institutions
- Forking Hell: There are a Lot of Hard Forks Coming to Bitcoin
- Bitcoin Segwit2x Update
- After Slamming Bitcoin As A Money Laundering Tool, JPMorgan Busted For Money Laundering
- This Developer Is Bringing Atomic Swaps To The Bitcoin Cash Network
- A new study by the Initiative for CryptoCurrencies and Contracts (IC3) at the Jacobs Technion-Cornell Institute authored by Christian Decker, Ittay Eyal, Andrew Miller and Emin Gün Sirer, among others, found that bitcoin’s blocksize could currently scale up to 4MB without affecting decentralization. –source Original paper: http://www.initc3.org/files/Scaling2016.pdf
- https://vid.me/aq2M6 “We’re looking forward. We’re not assuming you’re going to run a 5-year-old computer. The purpose of this is to say what can be done with computers today and even tomorrow. Obviously we’re not going to be using 1 GB blocks tomorrow. But the fact is that a relatively inexpensive computer today can do so.”
- 80% of Bitcoin Cash relay nodes have upgraded to use the new DAA
- Some thoughts about the possible Bitcoin Segwit, Bilderberg/AXA/BockStream/Core, In-Q-Tel, CIA connection.
- Next on the Bitcoin Cash development roadmap: upgrading Address format on Jan 14th
- Satoshi Nakamoto’s Confidant Gavin Andresen Throws Support Behind Bitcoin Cash
- The trouble with Too much of anything