Bitcoin Wars - What a Weekend

Man, this must be one of the most dramatic weekends ever in the Bitcoin world. Waking up yesterday morning and seeing BCH in the late $1900's and BTC down over $1400 from it's high was a real adrenaline shock. At one time the Bitcoin Cash traded volume exceeded Bitcoin's 24 hour volume.

Not the greatest photo, but I was in a hurry as I wanted to capture what was happening. Note the yellow circles as it will clarify my story further on

So in the leadup to the Seg2X fork I decided to sell ONE BTC to purchase 10 BCH's as a bit of a hedge against the 'worst case' scenario of a 'CASHENING' occurring after the fork even though I thought it a remote possibility only. I paid just under $600 per BCH. So, Saturday morning I was very impressed to see that BCH was trading at over $900 so I attached my hardware wallet and transferred 7 BCH to my Bittrex account ... just enough to get my Bitcoin back

Now I must say one thing. The transfer was ridiculously cheap ....$0.10c as I chose the SLOW option. Well it took less than 7 minutes for it to be CONFIRMED in my Bittrex account..UHUH..that was the slow option. I was suitably impressed!!

Back to the story. Sunday morning I wake up and check Coinmarketcap. Heart attack time !! BTC $6100 and falling, Bitcoin Cash $2100 and climbing.... It took me only five minutes to decide what to do...sell the last three BCH at $2300... a NO BRAINER.

I logged into my Bittrex account....... the following three photo's tell the story. It was at the exact time BCH peaked and BTC hit a low. It happened so fast that while I was submitting my sell price ... the BCH price was already down over $500.

That is the page I had open to sell BCH... No red candles, yet look at the $ price (and BTC below $6000

I refreshed both screens and took the photo. Note the BTC price for BCH ...0.307...yet look at the values shown on Bittrex verse Coinmarketcap.

I eventually sold the BCH at just under a BTC so my hedge worked out very well indeed despite the fact I was willing to lose some money whilst protecting my long term interest.

I believe this was a well planned attempt to promote Bitcoin Cash to be the premier coin by luring most of the mining hash power to BCH and causing BTC transactions to stall and the value of BTC to drop (hell of a lot more complex than that but you get the drift!! ). I suggest there will be more down the road

As an aside, after jumping through ridiculous hoops to (again) verify my account I transferred my BTC back to my hardware wallet.

Cost at Standard rate was over $4 and after 5 hours there was still no sign of the coin arriving in my hardware wallet. Food for thought?