WOW. As you may know, I bought quite a lot of Bitcoin Cash (BCH) at around 600$ a week ago (which I wrote about in this post: .https://steemit.com/bitcoin/@scandinavianlife/my-stance-on-bitcoin-and-cryptos-a-week-before-the-forkening) woke up this morning and saw that my holdings was up almost 2,5x from the day before. I did not manage to get my morning coffee made before it fell to something like 1x and before I had managed to understand what was going on it was only up something like 20%
Well, I did not end up selling a single BCH yet. I have not sold a single BTC yet. I do however own exactly twice as many BCH as BTC. I do not cheer for any particular coin.
What I have learned today is however this.
Bitcoin needs to evolve. Satoshi made Bitcoin for transactions, and right now Bitcoin is almost useless for transactions. Queues are building up and fees are sky high.
BCH is not a final and ultimate solution, but it is an advancement.
You might not like the way all this went down, but it was never manipulation as far as I can see. Roger Ver was very open with what he was supporting and doing. Fortunately everything is transparent on the Blockchain. There was no surprise what would happen when someone (Ver) moved 25,000 Bitcoin over to Bitfinex and crashed Bithumb.
There is a possibility that both chains can exist together. Perhaps the point is not that Bitcoin is perfect, but that we have one Bitcoin that is a store of value, while the other is for transactions.
The fight is not over, and we will see a lot of volatility. Millionaires will be made while others will be bankrupt.
Right now, that's as much I know. I'm not sure what will happen. But I will continue to hodl both Bitcoins, and I will probably take a little bit of a profit if we see prices like $3000 BCH. But I will primarilly hodl.
Good luck, and I hope you all are prosper in these turbulent times.
I suggest checking this out - there's a possibility that this was all pre-planned: Segwit2X Was a Planned Hoax All Along? Anonymous Warning from Before Bitcoin Cash Forked - Chinese Miners Planned All Along To Replace BTC with BCC.
It was a pump and dump story for bch but I guess it is now steady around that $1550 mark and that is still good.
I hope it goes upto $3000.
Be wary, I have reason to believe BCH is gonna dump hard on Monday. Mostly because the profitability to mine it goes down x3.
Let's wait then
I don't have money to invest or trade.
I just like those pumps and dumps 😁
Very informative post! Thanks for sharing !
Wish i had bought bhc. Nice one for you
Well hold onto your hat. It's my belief that the people behind bitcoincash want to push the price up to at least $4000 to ensure that more miners mine their coin than bitcoin. This isn't over yet.
There is a limited quantity of my brother
I dont want your brother..
XD
yes and there is a BCH hardfork which is scheduled to occur tomorrow 13th of nov, this run up might also be connected to that after that we can see that this run up is real or another quick scam. thanks for sharing your thoughts.
I think the hardfork is the nail in the coffin for BCH. See my post on my blog for a more in depth analysis of the situation.
I monitored coinmarketcap all day for the tug of war between BTC and BCH. It was quite amusing. I have a quarter of my portfolio on BCH as of now. I hope it breaks $2.5k barrier and reach $3k.
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Good call. I wish I had thought about the possibility of 2x not happening and what that would mean for Bitcoin Cash. Well played Scandinavianlife, well played.
Yup buddy bitcoin cash is on rock hug e achivement man I think this coin will takeover Ethereum in Future Bitcoin Coin you Beauty :)
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Last few days was really interesting. Watching BCH go up by so many %% in short amount of time. It was amazing!
Congrats to those who held their free coins or bought low to absorb the correction and still be plenty profitable. There are a lot of bag holders now kicking themselves for giving into the FOMO. We'll see if cut their losses to chase a coin to make it back, or hold long to see how the tug of war pans out. I think in the long term it'll be higher in value, but the rumored schemes behind the pump and mining games has raised some questions as to whether I want to invest more when the dust settles.