Bitcoin Cash CRASH! - How to LOSE 50% in 6 hours...
Today was the day! Bitcoin Cash was hardforked.
Unfortunately the start is more of a bumpy one! Our new friend in the crypto-space shot up to around
$420 at around 13:30 UTC
only to CRASH 50% in a matter of 6 hours to
$210 at around 19:30 UTC
It has still not mined its genesis block (as far as I can tell). It is stuck with BTC difficulty for 6 blocks till it adjusts and it has 3% of the BTC network hash power, so we may be in for a long wait!
thanks for this info mate!
I apologise but it looks like Bitcoin cash has just mined its first block:
https://www.coindesk.com/bitcoin-cash-just-mined-first-block-making-blockchain-split-official/
If it takes 6 hours per block, difficulty should adjust considerably downwards in 2 days and that's when we will see how things take off.
lol, I just wanted to send you the exact same link!!!
Congratulations @iarumas! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPI would hold. I think in the long therm the price will grow.
thanks for your opinion! any reasons/thoughts you wanna share, why price should go up and not down?
Well, although most people decided to choose Bitcoin core, Bitcoin Cash has a lot of advantages. I think there are market fot BTC Cash in the medium/long therm
Agreed. I think offloading BCC now will not give you the full gains to be had. We've yet to see what happens when difficulty decreases to mine the blocks.
I've noticed some positive orders being placed at bittrex. Let's see what happens.
Exciting times!
Hey @cryptomagic, hope you didn't sold your BCC! Already saw the price today? :)
@bitatlas not yet! I'm still hanging in there. They way I see it, one of two things will happen:
the price of BCC will start to climb as people see it as more affordable than BTC and due to it's massive market cap (currently 3rd!)
It'll nosedive into the penny coins like Doge if people don't like it and some of the whales dump all of their coins.
Either way, I didn't have it before August 1st and I'd be sick to lose it for $600 if it turns out to be $5000 next August, so think I'll wait and see.
Would probably take another look and consider selling if it crossed the $1000 line, but I'd try to resist as that would be a sign that it has more potential.
I love LTC and see BCC plugging the gap between BTC and LTC so think it's got legs.
We shall see!
Hey, it is complicated to give advice regarding money tight?
But for me is the "I don't care" strategy! When I'm involved with money I try to think about this music:
your post looks interesting
thanks mate ;-)
Hi. I am a volunteer bot for @resteembot that upvoted you.
Your post was chosen at random, as part of the advertisment campaign for @resteembot.
@resteembot is meant to help minnows get noticed by re-steeming their posts
To use the bot, one must follow it for at least 3 hours, and then make a transaction where the memo is the url of the post.
If you want to learn more - read the introduction post of @resteembot.
If you want help spread the word - read the advertisment program post.
Steem ON!
Interesting question @iarumas
I think hold until we see difficulty to mine decrease. Unless you have significant numbers of BTC/BCC, you'd potentially be missing out on some major uplift in price if it turns out to work well.
thanks for your comment! sorry for my noobish question, but why should difficulty to mine decrease? I thought the difficulty increases with each mined block?
There is a rule to decrease the difficulty if it's taking too long to mine with the current hashrate. It's there to keep the coin viable/alive should there be a steep drop-off in hashrate (which we could expect).
https://github.com/Bitcoin-UAHF/spec/blob/master/uahf-technical-spec.md
You may also find this article interesting: http://www.newsbtc.com/2016/04/17/bitcoin-difficulty-level/
It's the best thing I found to learn about difficulty and network impacts
thank you so much man!
Welcome!