Skyflowers.co [0037] - Bitcoin Cash: What Will Be The Long Term Effect of Giving It Out For Free?
While everyones speculative eyes are on the Bitcoin hard fork and the current market price, I'm looking around to see what else is happening in the markets. While "Bitcoin Black Tuesday" is on peoples mind, there are some less than obvious questions to ask about the current event taking place in the cryptoworld.
Personally, I am curious about the effect of giving out free Bitcoin cash to holders of Bitcoin. While giving out helicopter money is a good ( short term ) strategy to ( falsely ) prop up the markets, its not a good long term one. When you look at it, its a devils bargain. A false deal deal.
Free Bitcoin cash is a deal that replaces your confidence ( fears ) with greed ( free stuff ) in the hope you can't tell the difference. Regardless of whether you get free stuff or not, a technical glitch can still happen and the markets go into freefall. So keep your eyes firmly on that possibility in the next few weeks.
But I have speculated on that in other articles.
Right now I am curious about long term effect of giving out free Bitcoin Cash. I mean, what is the effect of doing that when you are trying to establish value, confidence and esteem for a new currency? How does it affect overall confidence in the new coin, given that it is looking for wide acceptance? If you are given something for free, it does not exactly make you respect it.
It may not matter. But the question needs to be asked.
In my mind, the effect of August 1st on the new Bitcoin Cash will be felt long after the day is over. The real effect of starting into the market as a "freeby" can go in any direction. And not necessarily up. The new coin may stall in price as a result and in being slow to take off, never really make it as a currency.
Will "B2K" happen? Check out my other articles on August 1st and "Bitcoin Black Tuesday"
"Bitcoin Cash: The Plan To Fork Bitcoin Back Out Into The Real World."
https://steemit.com/bitcoin/@skyflowers/skyflowers-co-0029-bitcoin-cash-the-plan-to-fork-bitcoin-back-out-into-the-real-world
"Bitcoin Black Tuesday" on August 1st: A Lesson In "Investment Psychology"
https://steemit.com/bitcoin/@skyflowers/skyflowers-co-0031-bitcoin-y2k-on-august-1st-a-lesson-in-investment-psychology
Run! It's August 1st! "Bitcoin Black Tuesday" Is Upon Us!
https://steemit.com/bitcoin/@skyflowers/skyflowers-co-0035-run-it-s-august-1st-bitcoin-black-tuesday-is-upon-us
Thanks,
Brendan Rohan - Melbourne, Australia
Www.Skyflowers.co ( see "botany" tab for the plant research )
Www.ClinicalFlowerTherapy.com
Social @iSkyflowers
YouTube Skyflowers.Tv
If you support natural medicine and an independent research project that began in 1997, then steem me. The creds I get will help me provide a solid body of information that future generations to draw upon.
In the end 'free money' never ends well.
I think it is meant to be a disposable, consumer version of Bitcoin to compete with Apple Pay, etc. And Bitcoin classic remain as the collector coin. I think it will start cheap and stay cheap. Doubly so because of the free hand outs. They should have done a "10%" hand out instead so you got 10% of your Bitcoins in Bitcoin Cash. This would have injected some value in it and it would have had 10% more value in peoples minds than it would have if it started at ground zero.
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Wonderful post
Cheers. I've been into Bitcoin for just on 2 weeks. Glad you like it.
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