What a wild twenty-four hr catamenia nosotros got on 12/11/2017. Bitcoin Cash went equally high equally .52 BTC together with dropped dorsum downwardly to .19 BTC. At the same fourth dimension BTC dropped below $5500 together with recovered to inwards a higher house $6000. What happened ? This displace caught me yesteryear surprise. Thought that it would last some other 4 days earlier the activity started. In low-cal of this evolution I recollect I postulate to revise my analysis.
1) Price of Bitcoin is most $7800 together with it is Total of BTC + BCH
Currently on Coinmarket Cap. BTC = 6123 BCH = 1731 Total = 7854
What seems to last happening is that value is flowing to BCH.
Take Note : BTC together with BCH part the same Proof Of Work where miners tin displace from 1 chain to the other next the most profitable coin. BTC does non accept the Emergency Difficulty Adjustment (EDA) coded inwards together with thence is vulnerable to Chain Death Spiral. If it "dies on the vine" BTC goes to zero.
Large holders are preparing, together with today's episode volition scare the shits out of them, if they accept non hedge their positions. The province of affairs has stabilised but in all likelihood alone alongside massive together with costly support. Look upon this equally the marketplace rank beingness propped upward spell whales shift their portfolios. In the meantime the propaganda machine volition last on total boom to restore confidence, together with the cyber regular army volition produce DDOS attacks on exchanges to tedious access together with trades. They tin tedious the procedure but cannot alter the outcome. Two coins cannot co-exist on 1 Proof Of Work chain if 1 does non accept EDA. Core is non probable to encode EDA into BTC alongside a hard fork anytime soon.
Treat this calm equally the passing of the inwardness of a cyclone. Make your displace to protect your fiscal position. If all your holdings is inwards BTC you lot postulate to hedge yesteryear belongings some BCH. At this indicate you lot all the same accept a 4 to 1 advantage. At the to the lowest degree concur 1: 1 together with thence that you lot volition last wealth neutral whatever happens. I expose that all the Core supporters on Youtube channels are starting to musical note their rhetoric together with are themselves advising their listeners to hedge their positions.
With the mempool together with thence clog upward together with block fourth dimension inwards the hours you lot may non last able to displace your BTC to an telephone substitution to sell fifty-fifty later on paying high priority fees. Take this chance to displace some BTC to exchanges ahead of time. Do non role depression fees options or your transactions volition larn stuck. Use peer to peer systems together with fifty-fifty services similar Shapeshift. Coinami together with Jaxx wallets accept shapeshift support.
2) The Mining Action
a) There is to a greater extent than hash ability mining on BCH than on BTC correct now.
b) BCH difficulty volition retarget inwards the side yesteryear side twenty-four hr catamenia or 2 at the most.
c) BCH hard forks to conform the EDA together with thence equally non to accept wild swings inwards difficulty tomorrow.
After the difficulty adjustment, BCH volition all the same last to a greater extent than profitable to mine. So the bulk of hash ability volition continue mining BCH. The side yesteryear side difficulty adjustment for BCH volition polish out the wild hash charge per unit of measurement swings to lock inwards the miners.
BTC but had their difficulty adjusted together with it volition postulate some other 1880 blocks for the side yesteryear side difficulty adjustment. With such long block times, BTC may never run into some other difficulty adjustment, before they are forced to hard fork off the network to some other Proof Of Work algorithmn.
Segwit2X is all the same on. Complete wealth transfer from BTC to BCH
Chain Death Spiral
3) What I recollect happened
The interesting matter most this whole episode is that the 30% of hashing power, most iii Exa Hashes, did non come upward into play. They were all the same held offline. They were non fifty-fifty mining on the BCH chain. This agency that what happened was to a greater extent than of a Fear Of Missing Out ( FOMO ) event.
Many investors together with crypto holders are waking upward to Bitcoin Cash, together with started buying in. Many were moving out of bitcoin together with alt coins into Bitcoin Cash which is why the total value of BTC together with BCH was almost unchanged throughout the episode. Ultimately this somehow turned into the banking equivalent of a banking concern run, but different banks together with stock markets at that spot are no trip machinery inwards crypto, together with and thence a feedback loop kicked inwards together with the whole procedure went berserk.
What ended the panic was the Korean telephone substitution responsible for most 40% of trading book going offline. This allowed bitcoin back upward levels to boot inwards pushing bitcoin toll inwards a higher house $6000. At the same fourth dimension turn a profit taking on BCH drib the toll to 0.20 but was all the same inwards a higher house the toll of 0.15 where it started. Seems similar the huge need for BCH came from the Korean exchanges causing this run-up, same equally the terminal 1 inwards August. One matter for sure, the Chinese accept non gone away. They may last routing their trades through the Korean exchanges equally well. Brace for to a greater extent than to come....
This lawsuit volition non last a 1 off. We may run into ii to a greater extent than of these run-ups upward to Segwit2X activation. BCH volition settle higher together with BTC volition settle Lower later on each episode. When this run-up happened most were caught unprepared together with were unable to displace their BTC to exchanges. The side yesteryear side episode volition run into fifty-fifty higher volumes transacted alongside less gyrations. The DDOS regular army volition last on standby.
4) Too lilliputian also late
Do non bother listening to whatever explanation, excuses, blame or whatever beingness brandied about, from whatever side. Bitcoin does non care. What it comes downwardly to is that 2 coins are competing for the same miners to secure their network. BTC does non accept the protection of EDA. It is similar playing a game of H2O ice hockey where 1 squad is non wearing helmets, because they don't desire to halt the game to position their helmets on. It is a foregone determination that the longer the game goes on, the squad without helmets volition last annihilated.
1) Price of Bitcoin is most $7800 together with it is Total of BTC + BCH
Currently on Coinmarket Cap. BTC = 6123 BCH = 1731 Total = 7854
What seems to last happening is that value is flowing to BCH.
Take Note : BTC together with BCH part the same Proof Of Work where miners tin displace from 1 chain to the other next the most profitable coin. BTC does non accept the Emergency Difficulty Adjustment (EDA) coded inwards together with thence is vulnerable to Chain Death Spiral. If it "dies on the vine" BTC goes to zero.
Large holders are preparing, together with today's episode volition scare the shits out of them, if they accept non hedge their positions. The province of affairs has stabilised but in all likelihood alone alongside massive together with costly support. Look upon this equally the marketplace rank beingness propped upward spell whales shift their portfolios. In the meantime the propaganda machine volition last on total boom to restore confidence, together with the cyber regular army volition produce DDOS attacks on exchanges to tedious access together with trades. They tin tedious the procedure but cannot alter the outcome. Two coins cannot co-exist on 1 Proof Of Work chain if 1 does non accept EDA. Core is non probable to encode EDA into BTC alongside a hard fork anytime soon.
Treat this calm equally the passing of the inwardness of a cyclone. Make your displace to protect your fiscal position. If all your holdings is inwards BTC you lot postulate to hedge yesteryear belongings some BCH. At this indicate you lot all the same accept a 4 to 1 advantage. At the to the lowest degree concur 1: 1 together with thence that you lot volition last wealth neutral whatever happens. I expose that all the Core supporters on Youtube channels are starting to musical note their rhetoric together with are themselves advising their listeners to hedge their positions.
With the mempool together with thence clog upward together with block fourth dimension inwards the hours you lot may non last able to displace your BTC to an telephone substitution to sell fifty-fifty later on paying high priority fees. Take this chance to displace some BTC to exchanges ahead of time. Do non role depression fees options or your transactions volition larn stuck. Use peer to peer systems together with fifty-fifty services similar Shapeshift. Coinami together with Jaxx wallets accept shapeshift support.
2) The Mining Action
a) There is to a greater extent than hash ability mining on BCH than on BTC correct now.
b) BCH difficulty volition retarget inwards the side yesteryear side twenty-four hr catamenia or 2 at the most.
c) BCH hard forks to conform the EDA together with thence equally non to accept wild swings inwards difficulty tomorrow.
After the difficulty adjustment, BCH volition all the same last to a greater extent than profitable to mine. So the bulk of hash ability volition continue mining BCH. The side yesteryear side difficulty adjustment for BCH volition polish out the wild hash charge per unit of measurement swings to lock inwards the miners.
BTC but had their difficulty adjusted together with it volition postulate some other 1880 blocks for the side yesteryear side difficulty adjustment. With such long block times, BTC may never run into some other difficulty adjustment, before they are forced to hard fork off the network to some other Proof Of Work algorithmn.
Segwit2X is all the same on. Complete wealth transfer from BTC to BCH
Chain Death Spiral
3) What I recollect happened
The interesting matter most this whole episode is that the 30% of hashing power, most iii Exa Hashes, did non come upward into play. They were all the same held offline. They were non fifty-fifty mining on the BCH chain. This agency that what happened was to a greater extent than of a Fear Of Missing Out ( FOMO ) event.
Many investors together with crypto holders are waking upward to Bitcoin Cash, together with started buying in. Many were moving out of bitcoin together with alt coins into Bitcoin Cash which is why the total value of BTC together with BCH was almost unchanged throughout the episode. Ultimately this somehow turned into the banking equivalent of a banking concern run, but different banks together with stock markets at that spot are no trip machinery inwards crypto, together with and thence a feedback loop kicked inwards together with the whole procedure went berserk.
What ended the panic was the Korean telephone substitution responsible for most 40% of trading book going offline. This allowed bitcoin back upward levels to boot inwards pushing bitcoin toll inwards a higher house $6000. At the same fourth dimension turn a profit taking on BCH drib the toll to 0.20 but was all the same inwards a higher house the toll of 0.15 where it started. Seems similar the huge need for BCH came from the Korean exchanges causing this run-up, same equally the terminal 1 inwards August. One matter for sure, the Chinese accept non gone away. They may last routing their trades through the Korean exchanges equally well. Brace for to a greater extent than to come....
This lawsuit volition non last a 1 off. We may run into ii to a greater extent than of these run-ups upward to Segwit2X activation. BCH volition settle higher together with BTC volition settle Lower later on each episode. When this run-up happened most were caught unprepared together with were unable to displace their BTC to exchanges. The side yesteryear side episode volition run into fifty-fifty higher volumes transacted alongside less gyrations. The DDOS regular army volition last on standby.
4) Too lilliputian also late
Do non bother listening to whatever explanation, excuses, blame or whatever beingness brandied about, from whatever side. Bitcoin does non care. What it comes downwardly to is that 2 coins are competing for the same miners to secure their network. BTC does non accept the protection of EDA. It is similar playing a game of H2O ice hockey where 1 squad is non wearing helmets, because they don't desire to halt the game to position their helmets on. It is a foregone determination that the longer the game goes on, the squad without helmets volition last annihilated.
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