Bitcoin Forum

There was a guy on facebook, he said miners are staging a hashpower-styled coup, apparently miners will be moving to BCH and that will pump BCH up to $6000. This was before BCH started gaining. We(the group) collectively ridiculed him and he was banned from the group. Now this happens..

I am waiting as to what will happen to BTC and BHC. But I'll still believe the no one will replace the BTC because of big miners going to BHC. :)

That's really weird. Can they really do that? I mean the miners staging a coup against btc? I just checked in coinmarketcap and isn't it a coincidence that while most coins went down including BTC at -5.5%, BCH gained 31%. It makes me wonder if there's any truth with the so called coup. And there's been some congestions in blockchain and confirmations are taking too much time. But I'm still having doubt because as we know there will still be other miners that can take the place of miners who will switch to bch, right?

How can the miners move to BCH have that kind influence on the price?

First:
Miners moving to BCH would make bitcoin more attractable to mine and BCH less, there are more mining for less value, so they will be at a loss
Second:
Mining is not influencing the market, the number of mined coins is to low to have such an impact.
And their move would actually trigger the opposite. With more BTC gains miners that have stayed on the bitcoin chain would have to sell less coins to cover their cost, while miners on the BCH chain with reduced profitability would have to sell more.

You did the right thing banning him. Just a BCH shill, nothing more.

First of all miners have minimal impact on prices so you can't just blame migration of miners from BTC to BCH to be the reason of price change. It is always market including buyers and sellers that differ prices, however, miners can impact prices indirectly. At present, there is growing buzz about BCH among people due to miner shift that is why price its increasing.
But on whole, I never believe BCH is any threat to BTC. BTC is much more developed than BCH and has far more user base. It is nearly impossible for all of them to sell off their BTC and buy BCH. So whatever happening presently is temporary.

Bitcoincash is doing a consensus fork in three days time to fix their emergency adjustment. I think the pump is there to ensure that the coin is profitable to mine even after the new adjustment.

Even if it is true, I doubt the BTC community , not only the miners but all the investors will allow it to happen.

Reasons why this is happening:

-SegWit2x cancelled, resulting in most supporters of larger blocks moving over to Bitcoin Cash
-A lot of people in BTC were hoping for "free money" from the fork which they can't get, thus decreasing the price of Bitcoin somewhat
-Bitcoin Cash is having a high-consensus hard fork soon in which they will introduce some upgrades.

Nothing to do with some inane conspiracy theory.

That's more than being weird, because that useless BCC or BCH can never go up like this unless the real bitcoin goes up to $100,000 clearly. The people saying this theory are probably great BCC holders or investors or manipulators.

There is no other option comes to my mind if one states this theory for BCC.

There is no correlation between your two assumptions. That kind of price movement does not rely on mining. Also, Bitcoin Cash price rise is indeed fake, just look at how the charts look like.

just another FUD spreaded by a BCH supporter, you did the right thing everyone who shared false info shouldnt be allowed to stay in crypto groups, and everyone know what will happen to every coin after it pumps it will (Bitcoincash) surely drop

You will hear a lot more weird theories as time progresses.
No one knows what will happen in a year or 2 or the next 10 years.
Just keep doing what you are doing believing you are doing the right thing.

It all comes down to what you wish to do with every news you hear.
Believe it or discard it.

that is not a weird theory that is a dump theory of someone who either don't understand how market works or was trying to advertise bitcoin cash and help its pump so he could dump it a little higher.

the reality is that when they pump BCH price, some miners switch over because it is more profitable to mine something with lower difficulty when the price of it rises so BCH hashrate rises.
it is the same with bitcoin. you can put two charts of hashrate and price on each other and see with price rising from 400 to 800 then 1200 then 2000 and so on, hashrate have been rising and that is because it becomes increasingly more profitable to mine bitcoin as its price rises

in simple terms the theory is upside down!

There is no relationship between moving to mine BCH and the price going up, in itself. The price increase relies on buyers willing to spend money, not miners hashing more. In fact if they all moved and the rest of us did not follow they'd just go bankrupt all competing to mine very little value compared to Bitcoin.

Hashrate follows price, not the other way around. Thus it will ever be.

I think that all information we get for any crypto expectations or change is something worth considering, we should be open for change and always check our sources. If I don't understand someone or something I try to ask or learn on a deeper level, most of the time I find something beneficial. Even if his info isn't true, there is a huge pump just after his post, there is like 300% increase in two weeks period. My advice is just pay attention and observe :)

I don't care if miners plan pumps and coups, if something bad happens in Bitcoin i don't go to BCH but i will support other coins that have more advanced technology

Mining coins doesn't affect the price directly. It might be that there are some heavily-invested people are also part of the said "coup" that you're talking about. As I see it, BCH supporters are just overhyping the said coin again to try and sell their remaining BCH on their wallets. Also, if miners move over to BCH, that would make the difficulty on BTC's network to decrease, making it more profitable than BCH. It would be a costly coup, and rather an unintelligent one since they'd just burn their money in the process.

I think that this person might be dead so you are lucky to hear that from him. This is really weird, but very clever idea from miners to buy a huge amount from a cryptocurrency and then try to mine it and make it costs a lot (like Bitcoin right now) and then sell all what they have and start again with a new cryptocurrency.

It is definitely weird. Hashpower doesn’t determine price. It is the other way around. If miners arbitrarily decide to shift, they are only decreasing their own profits. So no coup is possible, at least with bitcoin cash.

Agreed. Nice idea tho.  :-\

Miners are handling transactions, they can slow down bitcoin network, if they are a big group with big hash power. Maybe this is just some coincidence, we can't believe in everything we see on internet. Maybe someone is just pumping the price and spreading rumors to lure other people, price is 800$ if its some pump soon we will see a big drop, if not then something big is happening and maybe that can have some connections with miners that changing teams.

Very interesting. To be honest, I think even if it's FUD, it's good to keep different voices within a group. Crypto is a place where you have to understand things from different perpsectives and judge yourself.

BTW - what is the group that you belong to? I'm interested....

Thanks!

today bitcoin cash price up but not think it will be near bitcoin price (6,000$)rang

Would say it is just a weird coincidence. Right now we are seeing bitcoins price crash due to cancellation of Segwit2x. Many investors investment on bitcoin with the hope of getting free money, but ended up dumping thier bitcoins once they heard the fork was cancelled causing the price to drop. The investors ended up moving to other alt coins including bitcoin which explains the rise and fall of the crypto prices.

Then new miners will be happy. That way it be faster to get the rewards. The lesser the miners the faster they could make money.  ;D
This is just some FUD that is being spread. It cannot happen that quickly.
One question that will come out. Are they really that cooperative to do that?  ;D I doubt it.

It might be a conspiracy theory... but it really looks suspicious  .  Kim Dot com  posted on twiter about comparison between survival of BTC and BCH :o

According to fork.lol the mining profitabily of BCH is ahead of BTC's, so it's understandable that miners are gathering on BCH chain for now. The BCH has better mining profitability yet, despite of BTC has just modified (lowered) it's difficulty (normal planned modification, not emergency like BCH used to do it). But is predicts that in 7 days time the profitabily of BTC will be better again compared to BCH. What I don't like about better BCH profitability is that in this period the BTC mempool is just growing, because the miners are mining BCH blocks, and less BTC...

I was shock in happening in BTC and BCH because BTC is going to dump but BCH is going to pump. I getting started to think what happen the price of bitcoin if that happen.

Now this is interesting, since you posted this on 10th November before the BCH coordinated pump happen. Can you give the link to that post or it was deleted after you banned him from the group?
Anyway this "coup" as someone calls it is very expensive and can't see it last long.. sooner or later some of those who made it real will start to sell their BCH and that will create a chain reaction.

Don't worry.The game is soon to finish.They could not pump ore their BCH and it has started to fall down.This BCH is a perfect example of how a pumped coin will perform.

Interesting that the moment we saw that BCH was pumped it did happened after a couple of days. I did missed this thread but anyway if the day that this was published I won't believe on this and will call it FUD. However if they want to BCH let them move, the only reason that they want to move is there is bitmain and bigger blocks on BCH and they are free of choosing what coin to mine.

As far as I have learned, there is such a news really. Apparently, there is a renegade group within Bitcoin that is trying to grab the power from the Bitcoin core team. They were mostly composed of miners. I would even suspect that Jihan Wu, the top man in Bitcoin Cash is supporting it big time. The strong pump was a result. But then again, anything very artificial will not last. And we all saw what happened.

I think this is just a propaganda, and it can be done somehow since BCH really have the hash power to support the claim, but this is just their own hashes.  I do not think lots of hashes that supports Bitcoin network will follow their agenda.  This is all a plot in order to pump BCH and since they have the money, the hashing power  and  community to do an organized action, they can make it look real though the fact that this is just a group of whales orchestrating the event can't be denied luring new investors and be trapped to their scheme.

They might have the community and the hashing power, but those games about changing people's perception about bitcoin cash becoming the new king through manipulations of hashing power and profitability are all happening too late.. there's already too many institutional investors in BTC who are not just gonna move from a storage of value to another one just because of muh 51% or some other inflated temporary indicator.