BBT's Speculation on what occurred with BTC / BCH 11/12/2017

in #bitcoin7 years ago

Typically BBT steers clear of speculative postings, focusing most of our energy on hardware/software reviews in the GPU / ASIC mining space. The hardware side in performance reviews are a pretty linear thing; you test, observe and report. This type of content allows us to stay out of the speculation, opinion pieces (mostly) as we are trying to inform our viewers with the output of a device, power usage and cost assumptions in their pursuit to partake in mining.

However, sometimes there are events that we find it a duty to at least provide our speculative opinion on based on the indicators we take an observation from. That coupled with ensuring a clear and concise approach to organizing the information yields a better platform to expand the proverbial story. What we have put together here is a rough draft of our thoughts on the events this weekend surrounding BTC/BCH trading. While the content by and large is speculation, the format is what we are wanting to contribute and hope that we get some participation on expanding. Using this framework Who, What, When, Where, Why and How coupled with Approach, Process and Benefit lays out the foundation of any particular 'event' when identifying most if not all the complete story. As more information becomes available we can revisit this structure to build a better understanding as to the source, why and how.

So ... given the multitudes of perspectives, vantage points ... please contribute to this post.

Additionally, I understand this post seems very swayed in one direction as to laying blame on BitcoinCash as a 'bad actor', however consider what we are asking is specifically on the 'EVENT' that occurred this weekend 11/11/2017 - 11/13/2017 related to the meteoric rise of BCH and huge nearly instant sell off, indicative of a pump and dump.

Agnostic to the advantages, disadvantages surrounding the cryptocurrency (bitcoin vs bitcoincash) ; take a pause on explaining why one is better than the other and only focus on the this event.

Why is this one event relevant?

  • Size of pump, 'billions' in transnational volume (more than likely millions, going back and forth to same trader to bump vol)
  • Social media storm that created a pretty serious FOMO, causing many traders new to the space a lot (all's fair in war and trading attitude ?)
  • Identification of critical information as it becomes avail to ensure these actors and processes are identified for future

Lastly, you can make a post and just tell us to go back to hardware reviews and we can stop doing content like this. Thanks for your sharing and participation.

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Sometimes you have to speak up, especially when it's something like this that not only can damage BTC, but all crypto.

Everyone knows Jihan and Roger forked so they could keep ASICBOOST going, but I don't think anyone could foresee what they tried to pull this weekend, unless that pastebin not was real.

Pumping was one thing, but flooding the mempool and pulling hash rate was straight up attack on BTC and core. I expect they will do it again as soon as they have the chance. We most definitely have not seen the last of it.

I find in awfully convenient that there was a magic kill switch in ETH's Parity's mutlisig wallet that no one broke for months that was magically broken a week before the 2x drama took off.

No one reported it? Exploited it? Nothing?

Week before one of the highest drama weeks in Bitcoin ETH would have seemed like a good lifeboat to sit out the BTC drama.

BAM!

The plant hits Parity kill switch and Coindesk re reports the same FUD story like 4 days in a row.

Convenient.

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