Hello everyone, it seems that the red-market situation is coming to an end and we are now experiencing upward growth as we can see from the latest price charts.
This post is to congratulate anyone who survived the 30% crash/ correction/ dip and offer advice and help to those who panicked and sold their coins during the dip. This post is to also offer an explanation for why the market lost over 30% of its market cap and provide evidence and sources for those claims.
The crash was a coordinated effort by specific individuals (Roger Ver, and Jihan Wu - just to name them) and certain networks that wanted to push BitCoin Cash.
The attack began at the exact point in time where the mining difficulty for BitCoin was adjusted to be increased. On top of that, thousands and thousands of small transactions were spammed into the BitCoin network to slow down all transactions.
https://www.reddit.com/r/Bitcoin/comments/7kxh4i/coordinated_bitcoin_dump_network_attack_with_high/?st=JBH89GBH&sh=4733fcbb
You may notice that for the past 2 days, there have been over 200,000 unconfirmed transactions. This is a result of the Network being spammed to create artificial congestion within the Network.
https://blockchain.info/unconfirmed-transactions
The attack consisted of FUD spread by certain high-profile individuals that support BitCoin Cash who claimed to have sold all their Bitcoins while citing that it was a 'high risk'.
http://www.smh.com.au/business/markets/bitcoin-as-good-as-useless-says-bitcoin-com-co-founder-20171218-p4yxty.html
While that it may be alarming to read news about a high-profile person claiming that BitCoin may fail or crash, it is important to research who that individual is. The individual who claimed that BitCoin was high-risk in this article, was in fact, a supporter of BitCoin Cash and an associate of Roger Ver.
BitCoin.com is not the domain for BitCoin, but in fact, is the website for BitCoin Cash.
The attack also consisted (although not directly part of the attack) was the unannounced/ unplanned addition of BitCoin Cash to CoinBase, as well as the accusations of in-trading within CoinBase where evidence has been found showing that employees of CoinBase were able to cash into BitCoin Cash before the price of it was artificially pumped up.
https://www.theverge.com/2017/12/20/16800940/coinbase-bitcoin-cash-fork-insider-trading-probe
These sequence of events consequently lead to the 30% crash/ correction/ dip of the entire market. The main cause of the crash was not entirely because of the coordinated attack, but rather it was because of people like you and I who got scared - Or people who were manipulated to believe that BitCoin was going to crash and that the best course of action was to cash out of BitCoin and cash into BitCoin Cash because of FOMO and FUD spread by supporters of BitCoin Cash.
To those of you who managed to stay calm and hodl, congratulations. To those of you who sold out of fear, my advice to you is to remember that this is Cryptocurrency. This is the price we pay to regain our freedom from banks and financial institutions who control the money within our
system. It is a risk that we are agreeing to by participating in the
market, if you make a mistake, no one else can be held liable for that loss.
For those of you who may be grieving at the price of BitCoin, to put it into perspective, BitCoin rose from $9,000 to $19,000 with no resistance; a correction like this was long overdue.
In closing, I wish to say that no one should support BitCoin Cash, the individuals behind it are running it with the sole intention of greed and profit and they were also responsible for the correction that happened a few months back which caused BitCoin to fall from $8000 to $5000. But if it is your decision to cash into BitCoin Cash, I cannot stop you.
Remember to research market movements and study graphs, best of luck. :)