Bitcoin Forum

Guys, can anyone explain to me with a lot of details what the hell is going on right now with Bitcoin Cash? $1200 then $3000 then back again to $1400 in just a a few hours?

  There will probably be various theories. I can offer mine.

  A lot of new money has come into the market, fuelling the rise of bitcoin. Any time there is a rally this big, people start thinking about profit taking. People are hesitant, because they don't want to sell and miss further price rises, but when a serious dive starts to happen, the "weak hands" or people who are not particularly committed to bitcoin (usually true of the new money) start to panic and dump. This is standard market behavior.

On the side of BCH, the cancellation of segwit2x means a golden opportunity for any whales (or whale syndicates) that have been planning a pump of BCH. All they have to do is start shifting large amounts of funds from BTC to BCH to trigger a rally, wait for the weak hands to panic and jump ship, and then dump their BCH with a tidy profit. Pretty standard stuff.

  If you want stability, buy fiat. It will continuously and steadily lose its value as you get quietly raped by central bankers and their buddies, the private bankers. Guaranteed.

It`s scumming Chinese and Korea PUMP.
BTC is true.
BCH is scum

  Very concise and probably quite accurate.

Well now that the sane explanation has been posted, all that's left is to wait for the BCH shills to tell us that BCH is the real Bitcoin.

Simple versions is a pump and an attack on btc.

Longer version.
The whole thing was quite timed, I'll give the btccash shills the prize for this.

First while most hardcore supporters of btc dumped their coins at 300 -500 levels they silently bought and bought, taking more coins of the market, preparing the pump.
Then when the segitx2 was cancelled they saw the perfect moment.
The propaganda began, that btc won't scale, a spam attack on he chain filling the mempool driving up the tx fees and miners switching to bcash exactly after a difficulty adjustment so that the bitcoin chain will slow down by almost 25% for almost two weeks.

After that a few known names (probably well paid) started a tweeter storm of bcash is the real coin, then more propaganda on the flippening , which as you can see turned into the fappening.

Then the dump began, the bcahs crew unloading btc and using the funds to buy bcas hand fuel their pump.

And guess what? The sheep felt for it. There was also a dump done by them but also by a lot of noobs in full panic retarded mode.
And the same noobs bought a lot of bcash at 2000+ prices and now are held captive till the next pump.

So, relax, enjoy your sunday, and in the name of god, please stop panicking.!!!!

It was so well orchestrated that I'm waiting for "Bitcoin, the movie". I'd really like to see the conspiracy behind all this in details.

bch is an altcoin.

price drama is just price drama. a 100% rise and drop is a 100% rise and drop whether the coin is $1000-2000 or $1 -2.. its all the same
EG if a loaf of bread costs 1token or 0.001 token  one day you can get 1 loaf the next you can get two loaves the next only one again..
% change is more important than actual $value


now what people should know, learn and care about is what the coin actually does.
if MERCHANTS start accepting X and stop accepting Y then Y will drop in popularity.

so i personally dont care about the fiat price of coins. all i look at is the utility of the coin to work out how viable its longevity is
and i look at the volatility of the value change % to work out if profit can be made.

right now btc is losing its utility. but at the same time bch is not gaining utility.
unless coinbase/bitpay started using bch for its merchant shopping cart acceptance, then bch is not a long term viable currency.

and with btc losing its merchant adoption numbers, i see both coins having longevity issues as a currency.. and so leaving the coins in the hands of fiat investors seeing them as just investments to grab more fiat

spoiler alert
bloq(jgarzic) <-> barry silbert(DCG) <-> blockstream(core)

http://dcg.co/portfolio/#b

https://i.imgur.com/4kygVcW.png

 ;D

Bitcoincash changes it mining adjustment on November 13th in the evening. There was a pump to ensure the price was high enough that when teh adjustment happened, it was still worth mining BCH. But a whole bunch of investors saw the rise and FOMO'd and piled in, which is why the price has overshot where it was supposed to be,

Welcome to another day in Cryptoworld!

well time perfectly orchestrated pump and dump. Weak hands fold easily in these environments, as can be seen by the chaotic posting on this forum. These guys know what they are doing and made a ton of cash.

BTW none of this is good for BTC moving forward, as it scares off mainstream participants. they have been burned many many times by wall st, and the idea that BTC was something different in starting to fade away.

Bitcoin Cash is oficially bitcoin and within a week will have a bigger market cap than Bitcoin Segwit.

Source: https://fork.lol/pow/hashrate

What happened last days is really strange and hard to understand.
All coins are unstable and you can't guess which one will be the best to invest in. I think we should wait till this storm ends it will not take too long before everything become clear, I believe the hardfork and its cancellation affected the cryptocurrency market and all the chaos is due to Segwit2X.

If they stuck with bitcoin thus far they don't have a problem. BTC maximalists told them to dump BCH in August and use the proceeds to buy BTC. Anyone who did doubled their $900 to $1800.

BCH holders on the other hand are waking up underwater to a halved price and massive sell walls. If it continues to go that way all it will do is ensure no one ever gets forked over again.

It'd be great if 90% of the miners were mining BCH because by definition they'd all be constantly selling it.

Another poster on cryptocompare claims that around 11pm tonight UK time mining BCH will become 4 x times more difficult and therefore a rise in popularity of BTC is expected. What do you think? Also, seeing as the majority of BCH trading is performed on one exchange in Sth Korea (45% i think) does anyone else believe we may see a new rally start this evening, again around 11pm London time. Opinions/advice welcomed.

i never expect bch will be pumped with rapidly and indeed the current price was very high even already reach all time high but in my view because of segwitx2 cancelled then people more likely to changing their bitcoin to another coin and bch is the current choice from them but some of my friends said to me to carefully for this moment and on their prediction probably this is only bubble

Took you long enough. I'm going to sprain something from all the gloating once BCH crashes and burns.

The last few hours have seen some major dumping of BCH

Thank you, that helped me understand a little bit more of what's going on right now. I guess time will better tell what's gonna happen.

400% mining difficulty increase for Bitcoin Cash today. Consequently, Bitcoin Cash will be significantly less profitable to mine and it is likely that at least a large fraction of the Bitcoin Cash miners will move back to Bitcoin.

Yep, you should be very concerned about that, So I wouldn't call it just a pump because there is major disagreement to which is the real bitcoin. The miners will decide its simple.

Miners will follow the path of least resistance to more money. There is no disagreement which the real bitcoin is, there is only one bitcoin. Everything else is just a useless fork.

IMHO still two pumps before us

Tl;DR from me, i might be wrong

- Segwit 2X got canceled
- High fees issue got no solution due to (2X canceled, meaning no more 2MB block size upgrade from 1MB)
- Best alternatives for this High fees issue = BCH - 8MB Block size + No Segwit (There are people who are against segwit)
- Thus, BCH price got increased and meaning mining BCH become profitable too
- Mining BCH is now profitable which lead people to switch from Mining BTC to Mining BCH
- Hence, This turn out tons of transaction stuck in the Mem Pool of the BTC Network
- Transaction stuck, Slow transaction speed = Congested Network with very high fees payment to pass a transaction
- Not taking risk, switch to BCH

What makes you say this?

Switching to BCH because there are so many trade pairs and so many business accept BCH? What are you going to do with your BCH after you completely moved? Dogecoin has basically no TX fees and 6MB blocks, why not just move to doge?

Whales would like to get money back.

I hope its that simple.
Lets see what happens around 12am London time when the far east (especially Sth Korea) start their business day.

The flippening will become the dumpening.

Well I guess you are wrong.

Mining BCH may be profitable now, but its profitability should reflect actual user interest. BCH is not accepted widely and has not yet massively adopted nor it has real long time followers. We need an improvement on BTC network to decrease transaction time and cost. All we see now with BCH is pure market speculation based on paid news, market manipulation and noobs following blindly in panic. I also suspect attacks on bitcoin network currently together with news propaganda.

Why BCH is not going to prosper?
-it is centralised and clearly beeing manipulated
-it has haters

Bitcoin as we see now is unable to smoothly undertake even slight changes in algorythm and both BTC and BCH strongly depend on mining whales. What we see now is dancing whales.

Do we have to swith to BCH? Hundred times no! It inherits all the problems BTC has. Currently we may see wider adoption of coins with ASIC-resistant algos.

Just another pump from the korean exchange to give the hype for that bullshit coin. The fact that there are so many people gets trapped in very high price of the bitcoin cash itself, as the hardfork in the next day to decrease the difficulty of the bitcoin cash.

I remember some hours ago bithumb gets down and flash crash was happening. and a lot of people are rushing to sell their bitcoin cash.

the biggest drama of the century has happpened since last 2 days, poor guys have lost tons of money and big whales profited from them, such a shameful act to lure pool people hard earned moneyy

Rich pumpers getting richer. Nothing new. Happened before and will happen again. Funny is that one of of those pumpers moved his pile of BTC to Bitfinex after he dumped his BHC already. So expect new pumps.

There is some truth to this. Currently block times are averaging less than 1.5minutes which is crazy fast. The current difficulty algorithm is set to adjust upwards 400% later tonight on the 12th, but the difficulty adjustment algorithm will be changed on Nov 13 to better maintain 10min blocks regardless of what happens to mining hashrate.

https://www.coindesk.com/bitcoin-cash-developers-set-date-november-hard-fork/

https://www.yours.org/content/deadalnix-s-difficulty-algorithm-explained-ac50eb2b1f16/

https://fork.lol/pow/hashrate

It will still drop deep, its just fud that is making the price increase....