Will the real Bitcoin please stand up?

in #bitcoin2 years ago

The mining power backing the Bitcoin Cash blockchain surpassed that of the Bitcoin blockchain early Sunday morning.

That is significant as it hasn't really happened since bitcoin cash came into existence.

Check out this chart:

As you can see bitcoin cash's total mining power just passed bitcoin's total mining power.

This comes at a time when bitcoin cash has been spiking and bitcoin has been selling off.

Bitcoin cash hit an all time high just under $2500 earlier this morning.

It's now sitting just over $1600 per coin and has a market cap of roughly $26 Billion.

The price action is leading some to believe that bitcoin cash might ultimately win out as the "real" bitcoin.

Yes you read that right. 

Some out there think that this is the beginning of bitcoin cash taking over as the dominant bitcoin.

Especially when you have big players like Roger Ver (aka Bitcoin Jesus) saying things like this:

However, keep in mind that he has been saying things like this basically ever since bitcoin cash came into existence.

Now, he is just using the current environment to really capitalize on it.

Which bitcoin is really the "real" bitcoin?

That is the 64,000 dollar question!

As of today, no one really knows for sure, but as of today it is a lot less clear that it was maybe a week or so ago before SegWit2x was suspended.

People right now are using that news to capitalize on the uncertainty and push their beloved coin, which in this case is bitcoin cash.

However, remember that all it would take is for bitcoin to make some upgrades to their legacy chain in order to get people saying it is the "real" bitcoin again.

Some are wondering just how likely that is to ever happen though. It doesn't give much confidence to people for there ever to be an agreement between the major players involved with bitcoin after the way SegWit2x fell apart like it did at the last second, even after years of compromises.

My thoughts:

I tend to believe that if we do start to see bitcoin cash really take over, the major players involved with bitcoin will come up with a compromise to upgrade the technology to better scale, and they will do it pretty quickly.

Nothing like a hit to your wallet to get your butt in gear!

If that is indeed the case, we might end up seeing some back and forth between both coins before the "real" bitcoin ultimately wins out.

Irregardless of all that, in my opinion this couldn't have happened at a worse time for cryptocurrency mass adoption. The general public is finally starting to pay attention to bitcoin for the first time ever, and there is a question as to which bitcoin is the "real" bitcoin.

FACE PALM...

There is the possibility that new cryptocurrency investors are going to login to their accounts only to learn that they might not even own the "real" bitcoin when all the dust settles. That's not a good thing for bringing new investors into the space...

Maybe with some luck, all this drama over bitcoin will push investment dollars into other projects, projects with better technology, fee-free transactions, and a lot less drama over the fundamentals of the chain.

That would be nice, wouldn't it?

I'm looking at you steem!

Stay informed my friends.

Sources:

https://www.coindesk.com/confusion-euphoria-bitcoin-cash-30-billion-2000/

Image Sources:

https://www.coindesk.com/confusion-euphoria-bitcoin-cash-30-billion-2000/

https://twitter.com/rogerkver/status/929054536873885696/photo/1

Follow me: @jrcornel

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it was a rally so crazy last night going on the morning.
ETH got its spot back.
for how long?

Excellent post @jrcornel !! It really is a crapshoot and can go either way... Your strongest point which really needs to be heard by all crypto communities - What will the new investor think once they have taken the plunge into Bitcoin and not know if it's value will plummet into BCH or not - not even to mention the mass confusion for all new investors to understand what is going on and why and how dangerous it is to have any capital in either Bitcoin at the moment.. Either can crash really hard at any point

Yep, not a good time for a civil war...

Not at all!! Not at all!!

Definitely! It's incredibly volatile at the moment. Great for traders that know what they're doing, but not so great for anyone that just wants to use it as money. It's even scary for long term investors.

BCH is not the real bitcoin for me. For me the BITCOIN GOLD is the real Bitcoin because it will be more decentralized and decentralism was the origin idea of the bitcoin.

Possibly, it could do something especially if trezor would help me get the btg out of my wallet.

It's so much more fun to just sit back and hold EOS knowing it will outperform both of those platforms in one year.

Good point, I should put some EOS the old porfolio also, hahaha

Great title and great post. I can't help but here Slim Shady's voice reading the title though.

That was my intent ;)

Excellent post @jrcornel Only thing I think you left out was when you said $64,000 Dollar question, it should read, $64 Billion Dollar question instead.

Haha good point!

Roger is heavily invested in BCH so is bound to promote this. A lot of the transaction issues recently on the BTC chain are due to spam being pumped onto the chain. The battle lines are now drawn for the bitcoin wars. Interesting weeks ahead.

Miners just want money, they keep changing to the best profitable chains but for sure bitcoin will rise again when they see bitcoin cash doesnt have a good value compare to the real bitcoin
Thanks for the info

Very nice post my friend.

I think that BTC will go very up and BCH will go very down, We will see soon the end of history, when difficult mining of BCH up in a few hours.

We will see. It could be just a pump and dump, or this could be the beginning of a rotation from btc into bch...

Everything is possible :-)

Yes, but my comment I posted and link which I will include again in which they intend to make BCH easier to mine and it looks like they could smoothly get away with it.
https://www.coindesk.com/bitcoin-cash-hard-forks-blockchain-bid-ease-mining-difficulties/

Miners don't matter, users do. Once the Lightning Network checks in, who will bother with the Bitcoin Network that charges crazy Tx fees?

i support bitcoin rather than bitcoincash, because bitcoin is now entering the other markets and attracting new investors ultimately bitcoin wins

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This is happening because bitcoin cash is more profitable to mine... Still all the institutional support is behind bitcoin, and once bitcoin goes back up should get more profitable too... I hardly doubt there will be a bitcoin cash takeover, although we never know what could happen, bitcoincash price is quite impressive, no other altcoin have reached those prices that i can think of...

People aren't really trying wait 30 mins for a transaction.

Hello jrcornel, I agree that it is becoming confusing for both investors and those people that want to come into this space. Bitcoin or bitcoin cash.

great but i think BTc will go down and will not go more up than 7000 usd

I think we have to wait until tomorrows BCC/BCH fork happens and after that we can see how the market is going to behave.
The failed BTC fork and the upcoming BCC/BCH fork are the two reasons why we are having these behaviors on the coins and the market.

Very good post.
I have Resteem and Upvote your article for progress and forward together.
Steemit
image
.,

BCH .. What a bch!.. I'll get some when it's back below $1000 and 0.15 btc.

I think that this drama as you called it it's pretty close to end, as BCH is going down, and Bitcoin (the real one) is stabilizing at 6000$. The mining power is going to increase in Bitcoin by the time BCH loses value, as it does right now. I hope we will see the outcome of this in just a few days at most!

100% Agreed. Great post though, very well thought out!!!

Interesting thought.... I steal believe in real bitcoin and maybe altocoin in years to come.

It is funny....I read the situation totally different.

Bitcoin cash does not solve the problem. Going from 1 to 2 means little. The true solution is most likely going to have to be a sidechain.

That said, BCH has a fork coming up....didnt we see a huge run in BTC prior to the announced Segwit fork....and didnt we see a sell off after the cancellation of the SegWit fork. What was that all about? Free coins of course.

As for Bitcoin Jesus, I would be interested if he sold of his BTC and bought all the BCH he could? I am willing to bet he didnt. He is part of the pump...

Perhaps, though BCH has 8 mb block size limits...

Where gonna have a problem here. :D

Has made for some sick trading though! Last night was crazy, sold some BCH at 1700 only to see it rip another thousand points, sold some more up there (luckily) and the repurchased it around 1800.

In over a decade of trading markets that was one of the biggest, craziest moves in a short time frame I'd ever seen.

I think there is a good opening now for altcoins. Even Steem is under $1 which seems like a buy to me. I'm just going with a balanced approach. It may not make me rich, but I should have something at the end of the day from one of them. I think there are some stormy seas ahead, but I have no idea which coin will rule in the end. BTC needs to fix the scaling issue or it will be replaced as the top dog.

rogerkver Roger Ver tweeted @ 10 Nov 2017 - 18:33 UTC

If reality is contradicting your preconceived opinions then your premises are likely flawed. Study economics to un… twitter.com/i/web/status/9…

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Well said @jrcornel! Thanks for your opinion and this post. The timing is one of my big concerns as well. The mainstream media here in Germany also posts two to three articles a week about blockchain and crypto right now. Friends are asking if I'm in already. Let's see how the year will end.
Sold have of my BCH stake today;)

Roger Ver was adamant about BCH even before the fork that created it and also predicted that it would become the leader. High transaction fees are a killer for any crypto currency and also bad but to a lesser extent for crypto held as a store of value. Thanks for the analysis!

"Nothing like a hit to your wallet to get your butt in gear!" I could not agree with you more.

I see your point on the masses having confusion as to the 'real' bitcoin and I can see how the timing is not the best. Ver's tactics could have been better thought out I think. Let's hope for quick resolution.

I really do not care who ends up on top, as long as they both race each other ever higher.

Good info, I'm afraid that bitcoin is loosing it's first mover advantage...

The best move is hold both and stay put...

BCH won't survive in long term since they deny SegWit, think raising block size as the only solution and if i'm right, they don't have any plan for 2nd layer.
Meanwhile BTC already have SegWit, will get 2nd layer soon and blocksize increase someday.

"The general public is finally starting to pay attention to bitcoin for the first time ever, and there is a question as to which bitcoin is the "real" bitcoin."

I completely agree, people are finally starting to want to learn about cryptocurrency because of all of the hype that it has going on in the news and such but now a fork wants to make everything look a lot worse than it really is... but the part that I'm worried about is the uncertainty that it leaves behind in peoples minds.

I might be wrong but this whole BCH forking strikes a greedy ploy/scam by a select few heavy hitters in the mining biz.
Which seems quite contrary to idea of bitcoin in the first place.
If this is not a scam: ok I own roughly 14 BTC. Where are my 14 BCH?
I've not seen a single one!
I wanna know who took them!
There actually should be some outrage about this!
My feeling as BCH is inherently exclusionary (like the fucking Federal Reserve) it will fail.
The power of Bitcoin is that it is a global currency available to all, not something for a select few who perpetuate the culture of greed which currently infests and gobbles up the planet's resourses

Where do you hold those bitcoins? If they are on coinbase you will be getting BCH in January...

I keep most of them on a hardwallet locked in safe. Some on online wallets where I hold the keys.
The notion having to place a single satoshi (for a BCH)where it is vulnerable to seizure is abhorent to entire concept of bitcoin and the entire blockchain crypto currency world.
The FBI could walk into Coinbase and close it all down 5 minutes from now, for whatever reason they choose!

You can split your coins and have both BCH and BTC. Google it :)

interesting, thanks for the tip. Seems a bit complicated and I wasn't using a desktop wallet but an android one and now most is tucked away on a hardwallet, some spread about on three other wallet and a tiny bit on two exchanges.
but I reckon every bitcoin I owned prior to August 1, has a record of being owned by me.
The detective work seems daunting.

do you still believe legitimacy of bitcoin cash after obvious manipulation in price?

Also roger ver is heavily staked with bitcoin cash and mining of so any statements he makes have a severe bias

fees in bitcoin arent really that expensive and are due to the fact people use automatically selected fees rather than choosing manually
can select any fee you want and wait

https://bitcoinfees.earn.com/

current issues with transaction times are due to bitcoin wallets being spammed with tiny transactions from bitcoin cash wallets when lighting network is up will be able to signal the network to ignore all from bitcoin cash and eliminate this issue

Personally, I have a hard time seeing Bitcoin being over taken by Bitcoin Cash. People are finally starting to take notice of this market, and when they do they're usually talking about Bitcoin core. Maybe a few of them would have heard of Ethereum as well but Bitcoin is what the people understand.

Not that I'm saying one is better than the other but the whole Bitcoin brand is very powerful, and I think we should be careful when considering giving it to something else.

I just posted about the introduction in steemit, I hope you can see and up vote my post thanks

Bitcoin Cash is centralized and manipulated by Roger Ver and two big mining groups. They have forked today and lowered the difficulty down to 14% of what it was this morning so they are able to compete with bitcoin and make it more profitable. The coin is being molded around the needs of the miners. How is this “decentralized”? Competition is healthy but this is cheating and BCH is acting like they are at war. I’m 70% invested in Dash and that’s where I’m staying :)

Now it looks like bitcoin cash intends to smoothly hard fork without creating a new coin to make it easier for the miners.
13 NOV 17
See link below:
https://www.coindesk.com/bitcoin-cash-hard-forks-blockchain-bid-ease-mining-difficulties/

Roger Vey is basically right. If the players WERE rational, they should prefer the bitcoin with much less transaction fee. Also mining adoption indicates future price increases will align with BCC not due to Satoshi cycle but because of the mining incentives. That's not just interest. It's a direct price dependency, although it's not quite rational. I disagree that miners do not matter.

Hi ,
Very interesting read, Thanks you for sharing it!