Bitcoin and Bitcoin Cash Inflection Point
A couple of hours ago, Bitcoin and Bitcoin Cash changed trends. Almost as abruptly as they started to diverge a few days ago. Here's how the top 2 positions in terms of market cap are looking right now:
And here's the interesting point, magnified:
Looks like the moment BCH went over the same circulation supply as Bitcoin, price reversed abruptly. It may have been triggered by bots looking at this metric, or it may have been human intervention, or it may have been politics, or it may have been chance. Or karma. Or something to do with the inversion of the magnetic poles of the Earth.
Fact is the reversal started and here's a very instructive chart of BCH at Poloniex.
Au bon entendeur, salut!
Pardon my French ;)
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Yea, anyone with BTC should have dumped it within the past 24 hours is not before that.
By these charts the time is now to invest in BTH but I won't be doing it. I am here on Steemit and don't plan to invest my time or money anywhere else.
Good luck to anyone out there jumping on this opportunity.
~ @Timbo
you want to say BCH, like Bitcoin Cash, right?
Yep, from what I am understanding they are doing extremely well. Although over the past day or 2 there has been a huge change in the market.
Who knows, maybe it was a bubble, maybe it is a drop before the wave.
What do you think? I would really like to know.
I think it's a money driven attempt at creating a parallel currency, using "airdropped" tokens. I see nothing wrong in having alternatives to Bitcoin, as a matter of fact, 500+ altcoins are using a modified Bitcoin codebase, but with some improvements. If BCH could deliver significant improvements, I see no problem for it to become the leader. But if these improvements are having some hidden parts that will make the token mineable only with a certain type of hardware (centralizing the market) I don't think is gonna succeed. From my point of view, this is the biggest danger of BCH. Right now there is a lot of money thrown at it, like some sort of "marketing phase", to make it look cool. But it's too early to say in which direction it is heading.
I believe this is very solid advice and very sound wisdom. I will have to agree that if you are going to tinker with something and make it "easier" or "in your favor" the majority of the people who are investing heavily into it are either short lived or going to get in while the getting is good and then back out before they lose much.
I will keep my eyes out on the market and my ears to the ground. There are a lot of people like yourself that I tend to talk to about what they feel is going on in the Crypto Market these days.
Thanks again for the lovely discussion and the information based on your opinions and findings.
i agree with your points right now the market is looking very tricky and unpredictable also but i think we should wait until that BCH fork drama will be over.
There is no BCH fork, this already happened. This is just pure market speculation. And yes, nobody knows how it will end. I'm just looking at charts.
Well i read it here that it is scheduled to happen on 13th of november.
Looks like this is a hardfork within BCash not from Bitcoin, so that's why I didn't know about it. Seems like a change in algorithm. It may be connected.
Interesting development indeed. Do you think BCH can go as high in price and be priced very similar as BTC?
I know that in crypto all is possible even inversion of magnetic poles of earth.
But in your personal opinnion. Do you believe it will happen?
Honestly, I don't think this will happen.
I do not think too, but looks like everything is totally possible in this space. It's like watching a birth of a star. It's accruing gas little by little, getting denser and denser, at the same time increasing the gravity little bu little!
And then kaboooom :) We have a new shining star made out of a cosmic dust :) That irradiates profit but you can get hurt if you get too close to it :) and only a few know where did it come from, while the rest are in a rush to get warm in the rays of a new sun :)
What a nice comparison :)
Nice try for the French =D
The correct way : A bon entendeur Salut ! =)
Merci mon ami !
I did say, in my defense, pardpn my French ;) Merci a vous!
Haha you did =D
If you need French lessons let me know =D
Their souls didn't touch each other
Fabulous one!!!