11/14 ANDY HOFFMAN (CryptoGoldCentral.com): BCash Plus Tether Plus ETFs = Maximum Ridiculous Bitcoin FUD
This year has been as “unfun” for Bitcoin investors as 2017 was fun – though for those who lived through it, 2017 was as FUD-filled as any in Bitcoin history. Actually, last year’s FUD was in many cases well-founded – as there was no precedent for a hard fork or the market reaction to a Chinese crypto ban, for example; as opposed to this year, where Bitcoin has advanced so dramatically, the FUD is for all intents and purposes, comical.
The 20x price gain made it worthwhile, of course – whilst this year, a 2/3rd decline has been the “reward” for success. However, perspective is what truly matters – as for those who entered early, $6,300 Bitcoin is a boon; as opposed to those who entered at the $15,000+, in dotcom-like fashion. Irrespective, there’s nothing fun about 2018’s crypto markets – and frankly, I’m thankful to have BRhodium to devote energy to, given how frustrating the Bitcoin landscape has been. That said, the fact remain, that despite Bitcoin’s relentless growth; and with each passing day, more obvious use cases; the sector remains crippled by the hangover of last winter’s bubble-like explosion, particularly in altcoins…which of course will end, but when?
This summer, the most ridiculous FUD issue was whether a Bitcoin ETF would be approved by the SEC. Bitcoin reached $20,000 without an ETF, of course - but in a bear market environment like today, it is perceived to be a very important issue. In my view, the SEC will approve the SolidX/VanEck Bitcoin ETF – but given the market’s current weakness, the December 29th deadline might as well be years away…particularly as the SEC has the right to delay it one more time, to February 27th.
Next, despite the massive amount of Bitcoin-positive developments – institutionally, technically, financially, and hash power wise; the sector was gripped with fear by last month’s decline in Tether, the “money market crypto” supposedly backed by U.S. dollars held by Bitfinex. The crisis passed within a week, when the price moved back to nearly its $1.00 peg level. However, in the past 36 hours declined to roughly $0.98 (on average) - before recovering this morning to its current level of $0.985. There’s not a single article, blog, or Tweet suggesting new information about Tether - but clearly someone is worried.
I have written ad nauseum about Tether – most recently, to disavow the supposedly negative impact it would have on Bitcoin. Again, Tether has nothing to do with what makes Bitcoin great; and frankly, if Tether did implode – which in my view, is a very low probability scenario – it would likely increase demand for Bitcoin, relative to the altcoins that rely heavily on it. Moreover, with the explosion of new “stable coins” – in many cases, regulated – investors are clearly moving out of Tether already, to safer ways of holding their crypto exchange-held cash. For instance, the Gemini stable coin, amidst today’s Tether FUD, is trading at $1.02; i.e, ABOVE its peg level.
Lastly, we have the biggest of the three issues – for the near-term, at least; which in my view, is POSITIVE for Bitcoin, despite being labeled otherwise by FUDsters. Which is, tomorrow’s BCash’s “Satoshi’s Vision” fork - led by, ironically, the “Fake Satoshi” Craig Wright.
Why anyone would believe a con-artist who claims to be Satoshi but cannot prove it can in 100% centralized fashion, lead a fork of the most unused, disgraced altcoin in crypto to widespread adoption is beyond me – particularly when it’s been proven that big blocks can’t scale.
https://cryptogoldcentral.com/2018/11/13/must-listen-podcast-adam-meister-w-rocky-palumbo-re-bcash/
To that end, BCash’s hash rate is actually LOWER than when it forked 15 months ago…compared to Bitcoin’s, which is 8X HIGHER.
https://twitter.com/Andy_Hoffman_CG/status/1062368809800032257
Irrespective, Wright claims to have secured commitments for more than 50% of BCash’s hash power – and perhaps, significantly more; as clearly, as I predicted, the tiny, rapidly dwindling BCash community has lost confidence in its current “leaders,” the equally criminal Roger Ver and Jihan Wu…the latter of which, was ousted this week from his leadership role at Bitmain, as he begs Wall Street for an IPO bailout.
https://twitter.com/WhalePanda/status/1062293809059512321
BCash-SV is an abomination so hideous, it makes the original BCash look good. With no replay protection, it may wreak havoc on unsuspecting holders; and with a quadrupling of BCash’s already monstrous block size, from 32 MB to 128 MB, Wright is threatening to deploy “Satoshi’s Shotgun” on BCash, by spamming its network into oblivion. Ironically, what BCash did to Bitcoin before its “team” ran out of funds - as the BCash Ponzi ultimately drove Bitmain to the precarious financial situation it sits in today.
https://twitter.com/Andy_Hoffman_CG/status/1062646099041640449
Consequently, the hideous, foul-mouthed demagogue Craig Wright has garnered so much support in the comically weak BCash community, BCash-SV futures are trading at more than 40% of the value of BCash. In other words, there’s a good chance BCash-SV actually usurps BCash – which only time will tell, starting tomorrow.
https://www.tokendaily.co/bitcoin-cash-satoshi-s-vision-futures
As for ridiculous Bitcoin FUD, this one takes the cake – starting with the fact that Bitcoin’s supposedly “biggest competitor” is imploding. To that end, FUDsters are suggesting that if SV is successful in usurping BCash, it will then set its sights on Bitcoin. Frankly, I have neither the time nor energy to waste refuting such idiocy – but again, in such a weak crypto environment, 80 percenters will believe anything. Hopefully they’re not dumb enough to dump into the Hoffman Line – as unquestionably, large, informed investors will be there waiting.
Big test for the "Hoffman Line" here.
Damn it was breached. $99,585,636,125
Lets see those institutional investors flood in now.