Bitcoin Cash: Real Deal Or Just A Pump And Dump Scheme?
Bitcoin Cash officially launched last August 1, 2017. It is the result of a fork of the Bitcoin blockchain. This means, part of the big miners who previously supported Bitcoin decided to break away and do their own thing. It is similar to the split that happened to Ethereum, which resulted in Ethereum, and Ethereum Classic.
Upon launch, the price of Bitcoin Cash (or BCC) was worth around 0.003 bitcoins, but in the following 24 hours climbed as far up as 0.48 BTC (at least). Since August 4, the price of BCC steadily began to drop, to the current 0.05 BTC or so. Below a chart from Bittrex's BTC-BCC MARKET:
Bitcoin Cash Chart And Market From Bittrex
In the initial days, on Twitter, there were many messages, or tweets, indicating what a big success the whole Bitcoin Cash thing was. Now, since price began to heavily go down, Twitter has been mostly silent. News on the Internet have also followed a similar trend. I also sent Bitcoin Cash from one wallet to another and the transaction took over a day, which could indicate that not that many people are mining it, and thus, new blocks are slow to come by.
This begs the question: Is Bitcoin Cash a genuine project with serious people backing it, or is it just a typical pump and dump scheme in the same line as many altcoins that came and then just vanished? Time will tell.
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I think go for hold for couple of week even month..result will come on that time i guess..I am holding
Looking forward to see where Bitcoin Cash goes :)
I think the best idea is not to put all eggs in one basket. It is better to split in various place.
Agreed.
Good idea.
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Its probably a good plan to distribute the eggs among many baskets regardless.
Yes
Yes, diversify.
I guess we will have to wait for a while to know the answer.
I suppose so...
Yeah I don't really see how else we can know.
Yeah, exactly.
BCC is part of the coins that recently passed the 1 billion dollars volume
Yes it happened yesterday I think
I have like 0.18 BCC I guess I will keep it. Won't get much by selling it anyways. Maybe it surprise us like Ethereum once did.
There is a reasonable chance of it happening.
Yeah... Maybe I should try to get a few more BCC
We will see in time.
Yeah
Hoping for the best.
Its good to hold even if a little bit of BCC who knows what will happen in future.
Also some 808 coin and LINDA coin. They are proof of stake.
Right now holding a variety of altcoins.
Some Ethereum and Dash.
Yes.
I can't imagine Bitcoin Cash being a scam as such. At least I don't think it was designed just for pump and dump. But then again who knows...
good post