RE: Coinbase And Bitstamp Will Not Support BCC - My Thoughts On The Situation
It seems like everyone is pumping bitcoin so they have an opportunity to benefit from exchanges like bittrex who are offering bitcoin cash to a 1:1 ratio.
What I'm fearful is the backlash and the rubberband effect it will have. I feel like people see no value in BCC, they only want it as they see it as a way to get free money so it will almost inevitably get dumped.
I guess we will have to wait and see but at the moment there is a huge altcoin dump and squeeze as people are craving to get them hands on some 'free money'.
However, with all this new money generated (if there is any) I think people instead of converting it to fiat may just convert it to all the altcoins that have dropped dramatically in value due to this bitcoin dominance growing.
Let's hope everything turns out to be a positive @thecryptofiend but I think it is pretty sketchy how people are willing to risk keeping their coins in exchanges just so they can benefit from BCC.
Bitcoin will rise until Aug 1st. The altcoins will fall at the same time as people transfer.
After the shapshot, btc will probably rise a little more when investers realise the sky didn't fall.
Btc-c will drop as people sell off their free money and the other alt coins will stabilise to the levels they were previously at.
I think that is exactly what will happen. Further long term holders who have huge amounts of bitcoin from the early days will likely dump it at any price in order to protect their investments.
Further I think there is a strong possibility of a 51% attack.
That is a possibility but it could also lead to a massive rise in Bitcoin too.
I think it will be positive except for the people who buy into to BCC - they could well lose their money.