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 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 "" 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.)

But that's another story for another time.

join the passive income family

Don't drown in the details - get the free fundamentals of passive income and early retirement and make your first $100 online.

Join the passive income family & newsletter below and get a bonus "Boring Blueprint To Passive Income & Early Retirement"

  • Learn how I started with less than $100 in my bank account from 2005-2008
  • ...turned my life and money around and by 2014
  • ...paid up my $390,000 flat in full in less than 5 years
  • ...starting making USD 40+ online per month
  • ...invested in dividend stocks for passive dividend income for recurring cashflow...for life!

You will also get subscriber-only Passive Income Tips, Starting & Growing Online Businesses Updates, Special Offers/Discounts and More - see you on the inside!

Talk soon!


Please note that all fields followed by an asterisk must be filled in.

No spam ever - your email is never shared and you can unsubscribe anytime with one click.

Enjoyed this article? Share it with your friends by clicking one of the buttons:

Even better - share your thoughts and comments below:

Back To Top

Search In NigelChua

Current Projects

Nigel Chua

Nalco Group

Therapy Entrepreneurs

Xtend Health Asia

Wisdom Of Seneca

Bee Pollen For Health

#1 Recommended Online Business University And Platform

Solo Build It!

More than 95% of my online businesses and publishing works use the Solo Build It platform, for good reason. Find out here.

GetResponse Email Marketing

Building a relationship with your audience, customers and readers are highly important for any offline and online business, and I recommend GetResponse for their services, great price, ease-of-use.

Try GetResponse today (1st month free)

Bonus: learn how to use an email autoresponder

The Hoth

TheHoth can help to outsource your guest posting, article writing and backlinking marketing activities. Visit them here.

Google Suite

Google Suite (GSuite) is THE recommended Google tools for email, calendar, documents, sheets - for productivity  and communication.

GSuite/GMail one month free trial available here.


Shopify has made it very easy to start an ecommerce business, solving most of the tech and logistical barriers and even has product suppliers with Oberlo!

Try Shopify today

Books I'm Reading

Holy Bible

Tribe Of Mentors

Seneca Letters From A Stoic

Seneca On The Shortness Of Life

See my full book/read list here.

Blogs I'm Following

Tim Ferriss

Pat Flynn

Tony Robbins

Ramit Sethi

Personal Goals

SGD 2,000,000 invested in dividend stocks with average 5% returns per annum by 45

SGD 2,000,000 in cryptocurrency

Owning, affording and living in a landed property in Singapore (or relocated to another country without worry of money) by 40

Publish at least one book by 40 years old

Online businesses serve readers and clients well (ie readers make more money, have happier/freer life etc), and website makes SGD 10,000 per month

Ongoing: spend more quality time with children, wife, family, bible, God.