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Author Topic: Weird theory I heard of..  (Read 746 times)
lakimens
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November 10, 2017, 02:45:09 PM
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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..

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November 10, 2017, 02:52:33 PM
 #2

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. Smiley

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November 10, 2017, 03:17:03 PM
 #3

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..

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?

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November 10, 2017, 03:37:04 PM
 #4

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..

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.

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November 10, 2017, 03:48:04 PM
 #5

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..

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.

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November 10, 2017, 04:03:08 PM
 #6

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..

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.

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November 10, 2017, 04:23:28 PM
 #7

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

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November 10, 2017, 04:54:25 PM
 #8

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.

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November 10, 2017, 04:58:14 PM
 #9

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..

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?

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.

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November 10, 2017, 05:10:45 PM
 #10

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.

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November 10, 2017, 05:22:35 PM
 #11

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..

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

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November 10, 2017, 05:26:44 PM
 #12

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.

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November 10, 2017, 05:30:57 PM
 #13

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!

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November 10, 2017, 05:35:14 PM
 #14

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..

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.

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November 10, 2017, 05:40:52 PM
 #15

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 Smiley

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November 10, 2017, 05:55:40 PM
 #16

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 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

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November 10, 2017, 05:58:47 PM
 #17

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.

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November 10, 2017, 06:09:05 PM
 #18

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.

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November 10, 2017, 06:15:00 PM
 #19

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..

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.

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November 10, 2017, 06:18:45 PM
 #20

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.
Agreed. Nice idea tho.  Undecided

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