Bought More Bitcoin During Dip Of The Bitcoin Cash And Bitcoin Saga 2017
At this point in writing on 12th November 2017, Bitcoin has been under constant devaluation attack on combined efforts by
Roger Ver (born in February
1979) is a Kittitian/Nevisian early investor in bitcoin related
startups. He was formerly an American citizen. Roger Ver to push his coin, Bitcoin Cash, whom he touts as faster transactions and lower transaction costs...plus he owns lots of Bitcoins, so that makes it easier for him to start the dumping process of Bitcoins in exchanges. He was an early adopter in Bitcoins, originally having 400K - 450K Bitcoins, but should have used a portion of it by now.
Jihan Wu is the co-founder of BITMAIN, one of most recognized
and valuable bitcoin companies, and has come into limelight as a
supporter of Bitcoin Unlimited, a solution to solve Bitcoin’s
scalability issue. Jihan Wu founded Bitmain maintains AntPool which holds the largest hashrate distribution amongst mining pools; currently AntPool mines 16.4% of all blocks. This makes Jihan Wu highly influential in the Bitcoin community.
Basically Roger has been becoming increasingly disgruntled for Bitcoin to grow in size by hardpushing for the hard fork of SegWit2X (1 MB to 2 or 8 MB) and has been pushing it in interesting ways (think lies, bribing etc) but Reddit and open source community of Bitcoin, studying Bitcoin, decided as a whole community that doing that may cause Bitcoin to be too unstable and risky, so they decided to take things a bit slower.
Roger doesn't like that.
So there was a coordinated attack:
Roger started to push down prices of Bitcoin by massive Bitcoin dumps as well as pumping Bitcoin Cash by buying them up - this creates a frenzy of "wall of Bitcoin sells" and "wall of Bitcoin Cash buys"
He connected with Jihan who has been unhappy with Bitcoin's scalability, and got him to focus on mining more of Bitcoin Cash rather than Bitcoin. This decreases the hash rate of Bitcoin and conversely, increases the hash rate of Bitcoin Cash (increasing speed)
Roger also has the domain "www.bitcoin.com" which recommends Bitcoin Cash and not Bitcoin. He projects such that Bitcoin Cash IS taking over Bitcoin, and as you can tell, it'd cause much confusion.
It also seemed like he managed to get a number of Bitcoin Cash pushers to enter Bitcoin Reddit to push Bitcoin Cash and dump Bitcoin.
It's a brilliantly simple put together coordinated commercial attack on Bitcoin through planned deception and collaboration.
It's not the first ever attack on Bitcoin, but it's probably one of the largest coordinated one.
And if you're not affected, either
you've been hodling Bitcoin for years now and seen such stuff before
you know the difference between Bitcoin Cash and Bitcoin (Note: BCH is really just a new AltCoin, and it has very little merits. BCH's claim on superiority over BTC on fees and speed? Dogecoin has it better.
It doesn't have smart contracts, it doesn't have anonymity. It's a
rollback from the optimizations and bug fixes Core has been steadily
introducing. At some point reality will set in, so just hang in there.)
you're too busy/don't care/didn't realize what happened
In a nutshell, this is basically Roger and Jihan trying to game the system of beating down Bitcoin with Bitcoin Cash in bidst to sell Bitcoin Cash for high, and buy Bitcoin for low. If they end up not buying/hodling Bitcoin, great - good riddance.
For me, I just took the opportunity to buy-in more, at USD 5700. This brings down my average cost of one Bitcoin to USD 5560.
At this point in time, I'm already very heavy on cryptocurrency investing (I recommend to invest not more than 10% of one's total liquid cash BUT at this moment I'm 16.2% invested into cryptocurrency - too high.)
Hello, I'm Nigel - husband, father, Christian, entrepreneur, dividend stock investor - I enjoy entrepreneurship, passive income, reading and spending time with family. Read more about me here or start here.
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