Bitcoin and crypto reputation damaged forever
After the events of the weekend (and what may still be in the pipeline for Bitcoin in the next couple of days) I am out. I am not a newbie to Bitcoin and I have been through many pumps and volatile price changes before but what appears to be going on with Bitcoin and Bitcoin Cash sickens me. Yes I know this is a volatile investment and I have always been prepared to lose all my investment if consensus moves away from Bitcoin in time. I can take the Chinese banning ICO's and I can take regulatory or perceived regulatory intervention which impacts the prices and I can even take greedy Bankers doing his their best to destroy Bitcoin but what I can not take is a surprise attack by people in the Bitcoin community where the destruction of one breed of Bitcoin is aggressively attacked like it was this last weekend. There are many new investors which have put lots of money into Bitcoin and had the attack been successful they would have lost it all. Think about it - how the hell are you ever going to get a friendly regulatory environment if such things are planned. Yes the regulators are sitting and watching and they will act if people start to lose money as cryptos become more mainstream. However what happened on the weekend in my opinion has done more to damage the reputation of cryptos than any other single event so far. I panicked like others and tried to get my Bitcoin from offline wallets onto an exchange to sell. Do you know why because at around 5.30am (GMT) Sunday morning I honestly believed that Bitcoin Cash was going to crush Bitcoin and that I was going to lose all my investment. Why was I going to lose it? Because of the crypto community or certain players in it which quite frankly make me sick. We all complain about Banks and central Banks and Governments but yet look at the behavior of some of the crypto leaders - its worse than the Banks! Anyway when I was trying to get my Bitcoins onto an exchange I couldn't - the network was all blocked up and all my hard work investment was sitting in the mempool completely useless to me. Eventually I got some through with extortionate fees and managed to sell some of my Bitcoins. I know there are many of you that say you should not panic - well this was the first time ever that I did panic and it was because I saw Bitcoin eating itself up by the greedy few that want to manipulate it for their own good. I hope to return to Bitcoin one day but for now I AM OUT! If you agree with me and were sickened by the actions of the those that were responsible last weekend please indicate so below
well just think of all the way worse manipulating things happening in fiat..
I also was quite worried about all the drama there. Though I contacted friends, googled the internet and was able to see the whole picture, to realise that bitcoin blockchain was unable to function due to planned attack (very expensive attack, by the way). My transaction didn't go as well, though I made only to buy cheaper and sell higher, not to get rid of bitcoin. I was deeply concerned about this all, so I decided to look at other coins and discovered something that seems to have solved all the problem bitcoin currently facing - decentralization and miners dominance. Don't give up on crypto, we will see many great project, no doubt! Have a look at what I've written about my most recent find, these words are what I really think, not just a marketing article: https://steemit.com/cryptocurrency/@mastin/missed-bitcoin-in-2009-don-t-miss-this-one
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It was pretty brutal to watch. I was trading during the weekend and there were multiple flash crashes. Once in the morning and the others that Saturday night.
I saw price drops of over 200 the first time bittrex lagged out. The second time was a bit appalling, BCH was at a 40 billion market cap and trading over 2500 on several exchanges. Then another lag spike hit on Bittrex and it dropped over a 1000 dollars in value!
I went to investigate and 3 Korean exchanges had gone offline around the same time as the crash. I don't know if this was some serious market manipulation but it was definitely a circus. After the second flash crash the market cap dropped 20 billion in under an hour. My optimistic hope is technical difficulties brought on the problems. I would rather it be a case of too many people wanting to trade vs malicious actors.
I am a huge fan of block chain technology and what it has to offer but this was sad to watch. I agree, I think these types of events will only hurt the market. In the end it might be good if some regulations get implemented.
It´s not centralized regulations that will save bitcoin, only "blockchainers" can do it.
The blockchain cannot call the "police" to solve problems of the community.
We cannot regulate what was created to be regulated because it will destroy it too.
The community must find ways to punish these groups of stakeholders that are killing a great revolution for the Money Power God.
If you had it in an offline wallet then you have BCH as well. Just look up how to access them.
Yes I got my BCH back in August but put the money back into new offline wallets since then. I got a little bit of Bitcoin Gold but that crashed so much by the time you could get it on an exchange
You live and you learn almost everyone loses at once point in their life it's a matter of what you do after the loss
We should start a campaign so that everybody should sell BCH and buy bitcoin.
This is the only chance we have to stop this.
So the interest groups would dissolve very quickly and any powerful group of stakeholders that try to take control and kill decentralization.
The blockchain was created with the philosophy of stopping money centralized interests.
We must find creative ways to fight centralized interests used in the name of all but for the profit of a few.
We must find a way to stop the abuse of the centralized authorities that will destroy the utopia of the blockchain.
Lets bring down that manipulated market cap.
Decentralize all !
Today I'm seeling the BCH I got and buy bitcoin.
Don't kill the Nakamoto ideals
Or that these coins are too large for their own good and we need many large players, instead of one king and one gateway coin. Im not so sure, but then again, im biased. Thanks for sharing your nightmare experience with us. Best regards. Resteemed because of first hand experience of a near catastrophic event.
It was a hectic weekend for the crypto trader. As Bitcoin recedes below $ 5,500, traders suddenly switched to the bitcoin branch, Bitcoin Cash (BCH).
The third most popular cryptocurrency after Bitcoin and Ethereum, Bitcoin Cash, was created from a hard fork of Bitcoin in August. Last Sunday, Bitcoin Cash soared from $ 600 to $ 2,790, raising its total market capitalization to around $ 22 billion, at least for a short period of time. On Monday, BCH fell back to $ 1120 before recovering. It is currently trading at $ 1,305 at the time of writing.
What is at the origin of this sudden and unexpected peak? Daniel Masters, director at Global Advisers Bitcoin Investment Fund, accused Korean traders of "market manipulation" via the Bithumb stock exchange and appealed to his LinkedIn relations to complain to the Korean financial supervisory authority
https://steemit.com/bitcoin/@tighilt/what-was-at-the-origin-of-the-bitcoin-cash-rally
In spite of more and more detractors, Bitcoin continues its frantic race to new heights. After a week rich in emotions, a new $ 8,100 ATH was reached this Sunday.
The little beast that goes up ...
Between Wednesday and Sunday last week, the price of bitcoin fell sharply from $ 7,700 to under $ 6,000. Since then, we have witnessed a rise that becomes usual. We had been waiting for a while to see the price exceed $ 8,000, and the week proved us right.
So this Sunday, Bitcoin reached a new ATH placed at $ 8,100. This is a gain of more than 30% in 7 days, a common lot for Bitcoin. Its capitalization now exceeds $ 134 billion (for the prospect, it is double the total capitalization of Airbus)
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