Big news. Bitcoin Cash gets added to Coinbase as Bitcoin core falls. Here's what I did and why.
Where to begin? I think this story will illustrate how we all feel right now - a little bit of frustration, but also a feeling that there is big money to be made.
Yesterday I wrote an article where I told the mainstream to fuck off because people were not selling cryptos to buy christmas gifts.
And I was sort of right. But a few hours later, market were starting to move down after almost hitting $660 billion total mcap. I told people not to panic here. I also said I would not panic regarding Bitcoin specifically as long as $16500 levels hold.
But as you all (should) know (by now) I've been pretty bullish on Bitcoin cash. I've argued for BCH many times, but I've moderated myself a little bit because I know so many people hate it. And I am NOT a technical expert nor do I understand all the technicalities in crypto currencies/blockchain, NOR am I consecrated in the inner circle. I'm doing this mostly by myself without that much input or discussion with others - except a good friend of mine @deismac.
But even we don't always agree or make the same decisions regarding trades or re-allocation of cryptos.
In the back of my mind, I've had a couple of things that has been bothering me regarding further growth of Bitcoin core.
- Centralization, blockstream, Bilderberger, Axa grup, lack of development
- Second layer solutions
- Anger
- Censorship
I will not go into detail, because this has been discussed so many times before. But basically we can see as BCH-grows so does the mining pools. It becomes more diversified as the rewards go up. Bitcoin core was also more centralized when it was smaller. And it is probably too centralized at this point. Bitcoin cash argues that they have 4 different developer teams competing with each other within the BCH-ecosystem.
Bitcoin core will implement second layer solutions, and some argue that is not different from using a VISA or basically just going off the blockchain. I'm not sure about that argument, and I have not really taken that into consideration.
Anger and censorship in the Core-camp towards the BCH-camp however is one of the main reasons why I am betting a little bit more on BCH. I don't like it. Bitcoin was supposed to be a peer2peer transaction system, and it was designed by Sathosi to be able to fork. It's a built in feature in the structure of Bitcoin/blockchain. If you want to alter it, you need to fork it. Bitcoin cash is more in the spirit of Sathosi. Roger Ver is an anarcho capitalist. I cannot stand the communist/socialist vibes I'm getting from the people supporting core. They behave exactly like SJW's and ANTIFA, trying to shut down free speech, angry violent mob with no real arguments and no realistic anchoring in reality.
On the other hand, I don't approve of or like everything that Roger Ver does neither. But as I've said before, his behavior strikes me as sort of authistic (not literally) when it comes to cryptos and money. He has his feelings on the outside, and he is very passionate. And I'm sure he does certain mistakes as do the rest of us. @rogerkver
Listen, I'm in the same boat as most of you. My decisions are mine, and all the responsibility for them is on me. I don't have all the info, I don't hang out with Roger Ver or @ivanli or @dollarvigilante. I'm just trying to survive out here just like you guys.
But based on the facts that I listed above, I decided to sell some of my Bitcoin(s) core. This was the first time in almost a year when I have touched my Bitcoin core wallet. It was a hedge move, because even if Bitcoin had not fallen under what I believe is a technical indicator of further drop (below $16500) I didn't like the fundamentals as much anymore. It's like a thermometer. If the temperature drops, you put on some extra clothes. And that's exactly what I did last evening, in the form of Bitcoin cash.
And when I woke up this morning, Bitcoin cash was listed on Coinbase, and all hell had broken lose.
I'm glad I did the move, but on the other hand I don't feel very joyous about it. I did make a little bit of money on it, but I still own Bitcoin core as well, so that dropped in value. I don't like the drama in Bitcoin, and I don't like how alt coins are affected by it. And I hate the fact that people are actually losing money in the crypto space at this time because they are doing stupid things in a market that will go up to incredible highs in time. I just hope people don't throw away their funds and lose money at this point.
And as many of you have as well, I started with 100% in Bitcoin. Then I bought ETH and LTC. Then I dived into the entire crypto space and now I own more than 50 different coins/tokens. My bitcoin holdings (total BCH and BTC) is less than 50% of my portfolio, so I have a big interest in alt coins going up.
That's what we all want isn't it? I just want the best coins to be worth as much as possible, because I am trying to buy and own the best coins, based on merit and technology, not based on feelings.
And I wouldn't feel to bad about this entire thing. As of right now, BTC is around $17,000 again while BCH falls down towards $3000 again after almost touching $4000 earlier this morning. Alts are moving up again and the entire space is at $611 billion. As long as you own both BTC and BCH and feel comfortable with your balance in each of them, and you also own altcoins, the most important thing is the mcap for the entire crypto space. As long as that is going up, we should all be happy.
What happens next no one knows
Hope this helps clarify where I stand, or rather floating around in a wild river trying to hold on to whatever firm object I can find. And if Roger Ver throws me a rope, I'll hang on to that. Doesn't matter if I think he's a stupid capitalist.
Everybody is free to back the coins they want. Diversification, also outside of crypto, is the way to future-proof earnings and holdings. IMHO I see more future in some of the up and coming Altcoins, and hence have also bought in there.
Yeah, me too. Bitcoin could end up committing suicide if it continues like this, or it will be just another altcoin..so to speak. The latter is just fine, and I guess unavoidable. First Ethereum will pass Bitcoin, then some other utility tokens etc. In time the most valuable crypto asset will probably not be a pure currency.
I'm watching cautiously for any sign that it is going South, then I'll move half or all over to LTC, which I actually prefer over BTC, Dash and ETH.
However I do see a day when both BTC and ETH lose their crowns just because they are starting to fall behind in the innovation race. There are new contenders that might unseat them because of people's growing discontent with slow and expensive transaction times. On one hand, I can understand the BCH crowd, because if BTC keeps going this way, it will be just as obsolete as standard fiat banking.
I just dony understand why there are so many sjw socialists loving bitcoin, and why bitcoin is basically a governmwnt - slow, expensive and the people hateful.
Its sad to see thst people have learned nothing and that many of the bitcoin crowd are just sjw antifa type communist thugs. It saddens me, and that makes me sceptical
Here is the Bro/ Pro tip for those who panic: simply delete your primary key (that long number). Recovery takes about a week and then it will be too late to panic.
I was kidding, DON'T do this, it's a joke, like "burn your house and never do the cleaning again"
A lot of people are talking about crypto, but only a few do some useful reading. My father started "BTC mining on his phone, by poking some egg 1.000.000 times to win 0.75 BTC". He's mining it with two hands and he took some old phone, to do parallel mining. But it doesn't work like that! I'll keep poking those eggs till the end!
Your father does that? :D So if he does it 1 million times, he wins 0,75 bitcoin? Sounds like a scam? 100 pokes per minute, 1000 per hour, 24,000 per day, 240,000 ten days, 50 days continiuosly poking an egg without any sleep.
He already broke one egg, but didn't want to tell anybody, because - other people will discover that type of mining and it will spread across the world like the wildfire?!
So he started with 2 phones and 2 new eggs because he didn't have the time to open the wallet - he needs to poke!
Hi Mom, what's up. Your father is playing some games on the phone all day long!
5 days later... He's still playing! I'm gonna kill him!
I understand the concept of the faucet, but this is - pointless squared
2.5 broken eggs later - no reward, but it takes 2 weeks (they say...) so let's broke the 3rd one before quitting.
Lol. I'm sorry, but that's a little bit sad. A grown man poking an egg.. :D
He should spend some time to understand some basic fundamentals and make some well thought through investments instead :)
Well, you upvoted both comments, thus technically those eggs really earned something :D
Haha. Good one. Tell your dad you just made money talking about his eggs
"What happens next no one knows"
My crystal ball says after coinbase unfreezes transactions bch will dump.
I believe the opposite actually..I think so many are "secretly" fed up with Bitcoin transaction fees and blockstream and bilderberger and centralization and censorship that they will buy BCH as hedge. But I can be wrong..:)
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Super article, I still have a question.
The BTC is the reference because the first on the market is also a bit like gold is to finance, the indicator of good health of crypto.
But today the trader begins to accept to be paid in crypto, often in BTC with the problems of this crypto.
Waiting time to be paid, spawning on micro payment, variation between the moment when one pays and the moment when the merchant receives the BTC. Do not you think that the cash btc could be the real solution while other bet on the ETH or the LTC? upvote with pleasure this article ^^
Absolutely. As of right now, BCH IS the solution in my opinion. It is perhaps not the final solution to scaling issues. But it seems like their devs are much more dynamic. What are the core devlopers doing? Waiting for 2nd layer solution?
But on the other hand..peoples faithfulness in btc no matter what, even though its perhaps irrational at this point, could very well drive the price of bitcoin much higher.
And with 2nd layer implementation it could very well stay high as well. Is it then what Sathosi intended? Perhaps not. Would people care? Probably not.
So, I would never sell too many of my BTC for BCH. I sold a small proportion of my BTC to by BCH.
I agree with you, I thank you for your analysis.
I think the coming weeks will tighten a good indicator for the rest of the BTC
What’s the % of steem in your portfolio?
And reading your other posts I wonder why you said “capitalists” as if it was bad. You don’t like capitalism?
Thank You very nice post :)