Bitcoin Cash FOMO
Bitcoin Cash is on the run and everyone is afraid of missing out.
Check out the chart below. Bitcoin Cash topped the $1,000. And it’s up over 200% for the month. Those are some very bitcoin-like numbers.
So what’s the reason for the recent run up?
Well, it’s likely a few reasons.
Many speculated that Bitcoin Cash would benefit from a messy SegWit2X hard fork. That’s not happening now but likely helped its initial rise from its lows.
Another reason is that Bitcoin Cash is having a hard fork this coming November 13. Unlike Segwit2x, it’s not a contentious one and there won’t be a coin split.
The problem right now for Bitcoin Cash’s difficulty adjustment algorithm, which determines how fast blocks are produced. It’s basically going too fast right now and they’re going to fix it with this hard fork.
To me this is likely a large reason for the current move. And in fact BCH mining right now is more profitable than BTC mining.
Bitcoin Cash has other positive developments. It’s accepted by WikiLeaks now. Roger Ver’s bitcoin.com is going exclusively Bitcoin Cash too. There’s even Bitcoin Cash ATMs now. That all helps demand.
When it comes to hashrate though, bitcoin is still the clear leader.
Verdict, I’m not buying any Bitcoin Cash. I think the Lightning Network is a better solution than bigger blocks.
But I’m not selling either. As I wrote in October, with Bitcoin Cash at $320, I’m hodling. I’m still hodling today and glad I did.
What do you think about Bitcoin Cash?
I bought BCH straight after the announcement SegWit2X was cancelled. The reason is because BCH is now the only on-chain scaling solution for Bitcoin in the market. For people who believe big-blocks are better than SegWit + Lightning Network there was a chance that SegWit2X was going to be a big-block compromise solution. With that option now gone the big blockers like me moved to BCH. After a gain of over 50% in 2 days I think I made the right call and have taken some profit today.
Nice move! U think both BTC and BCH can be successful or is it a zero sum game?
It's a good question. I am probably leaning toward zero sum since they are directly competing for the same niche and even the same name. If Lightning Network fails to get traction and BTC continues to bog down and have ballooning transaction costs I could see BCH taking over. Long term I think another crypto with better governance and more agile dev will probably run them both down.
I sold today too soon and put the money in Lisk. I had no idea it would pop this big. Oh well, hopefully Lisk makes a move with the rebranding and SDK coming out soon.
LSK is under the radar, i bought some not too long ago too.
Sweet. I think it will really pop come December. Good time to get in now before the rush.
Carter Thomas put it pretty well, "Attack when your enemy is at its weakest." -Sun Tzu
If Bitcoin rebounds to new highs I'll be looking to see if bcash falters 🍿😆
time for the honey badger
LOL :)
bch has fork so it went up
btc fork got suspended so it went down
Makes sense. Where to next?
bch came back to life
it's all the rage... we'll see how long it lasts.
i think BCH could go until $2,000 this week end, and until 2500 easily after
nice, glad i'm holding ;-p
I don't know what to say much, but what I would do if I were so lucky as you are to have BCH, I would sell it on november 12 and invest the money into another crypto, because it is completly clear that it is about to go down after the hard fork, or so I think :)
So sell before the hard fork. Why do you think it will go down?
Because its price have artificially got up, as many people have put their coins into it. It can simply be seen in the all currencies evolution when you scroll down on coinmarketcap. This has happened before with BTC twice, it prepared for hard forks and after them the price went down and the other coins have rised. Today this looks similar, but with BCH. What do you think?
That's a good point, makes sense. I still probably just hold for the long-term though and sit through the volatility. Not for everybody I admit.
The institutional money is on the way in... boats will rise.
You know better this time, sine it's your money. I would rather lose on my own beliefs than on other people thoughts so I understand you completly. And also I agree with you that it's better to hold for the long term. Hope you will have success!
You too, cheers!
Glad you made up a good investment.
I did like you, sold BTC positions and buy BCH. It's a 70% profit in couple of weeks =)
Sweet!
Mumble 0.5 BTC says twice mumbles 0.5 BTC was the ATH on poloniex half a bitcoin u.u still it's kept 200% of its average trading range when it went back down that is solid performance. The question is still with Bitcoin being the on boarding ramp to cryptocurrency and the one that fiat to crypto is dependent upon due to regulatory rules for the near future will we see an age where Bitcoin Cash is the one used for small change transactions while Bitcoin Core is the asset class such as gold. Looking forward to it but for now that is how the schism seems to be projecting.
I agree with your opinion that whats the reasons of BCH upward movement
Cheers!