Bitcoin's greatest threat

How many of you bought Bitcoin Cash to ride it up a little bit and make some money? How many of you hedged against the Cashening by buying Bitcoin Cash? Sometimes, moments like these convince me that cryptocurrencies are a bubble despite their phenomenal potential as people invest to make money quickly or out of fear.

For those of you who bought Bitcoin Cash as a hedge for the Cashening last night, please reconsider that strategy. Given their near perfect negative correlation last night, hedging through buying Bitcoin Cash just reduces your net long position in Bitcoin (just sell Bitcoin & reduce position size instead). The opposite is true as well. Note that this is only true as the negative correlation was so high (smaller negative correlations are good). The main reason to do it would be because you want to avoid realizing capital gains on Bitcoin. If you do it because you suspect Bitcoin Cash will have better gains, then realize that is an oxymoron. Just buy Bitcoin Cash in that event.