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Author Topic: Miners and BCH, BTC.. what happens now?  (Read 296 times)
kjgch
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November 11, 2017, 05:11:30 PM
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I wonder if it is what I understand.

Right now, major miners, including JihanWoo, are not mining BTC and concentrating all their hash power on the BCH. So, the BTC network is currently suffering from normal transsactoin, and the BCH is continuing to be pumped. right?

By the way, is the mining things going to increase 'profit rate' if there are fewer competitors? Then, if the competitor is small in BTC like now, is "the other miners" get a much bigger profit when they mined BTC now?

Or until the difficulty is adjusted up to two weeks, "other miners" do not get that benefit for up to two weeks? When major miners return in two weeks time, are they also getting more BTC because of the lower difficulty?
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November 11, 2017, 05:16:04 PM
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It's almost more funny than sad how such whales can play the market and give so many people FOMO on bitcoin cash. Cause that's the only reason for the current gains, all FOMO.

1. Bitcoin Cash is never going to overtake Bitcoin. If it would have a feature that Bitcoin is missing and really needs, then Bitcoin will just do another fork.
2. Bitcoin has become too much of a household name among the general public. It's the only name the great majority has ever heard of. When they decide to hop on the cryptocurrency train they search for "Buy Bitcoin", not "Buy Bitcoin Cash", "Buy Bitcoin Gold", "Buy Bitcoin x123" or "Buy Waves". If Bitcoin Cash would make regular Bitcoin crash then that will confuse the shit out of the general public and crash whatever trust is building up now, not only ruining Bitcoin's future but the future if Bitcoin Cash and other Blockchain-cryptocurrencies along the way.
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November 11, 2017, 05:26:11 PM
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It's almost more funny than sad how such whales can play the market and give so many people FOMO on bitcoin cash. Cause that's the only reason for the current gains, all FOMO.

1. Bitcoin Cash is never going to overtake Bitcoin. If it would have a feature that Bitcoin is missing and really needs, then Bitcoin will just do another fork.
2. Bitcoin has become too much of a household name among the general public. It's the only name the great majority has ever heard of. When they decide to hop on the cryptocurrency train they search for "Buy Bitcoin", not "Buy Bitcoin Cash", "Buy Bitcoin Gold", "Buy Bitcoin x123" or "Buy Waves". If Bitcoin Cash would make regular Bitcoin crash then that will confuse the shit out of the general public and crash whatever trust is building up now, not only ruining Bitcoin's future but the future if Bitcoin Cash and other Blockchain-cryptocurrencies along the way.

Those arguements all make logical sense but I am worried that we may be living in a backwards world and one day bitcoin wont be #1. I mean I still think bitcoin is king and will remain there but I didnt think it through fully.

Knowing that the trust would be destroyed is quite huge actually because this is something that would not be easy to get back and it only makes sense for everybody in cryptos that cryptos do well, thanks for the light!

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November 11, 2017, 05:40:38 PM
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Nothing lasts forever in this journey through the universe. Even the gods change. Bitcoin has made it through the rocks after its launching. Now it has to avoid the pirates before it can set all sails in its quest for new trading ventures. Also, like all great religions, there will be schismatic groups following modified beliefs. Some will fail, and some will endure, but Bitcoin has the strengrh to endure and continue its journey into prosperity.

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November 11, 2017, 05:51:05 PM
 #5

I wonder if it is what I understand.

Right now, major miners, including JihanWoo, are not mining BTC and concentrating all their hash power on the BCH. So, the BTC network is currently suffering from normal transsactoin, and the BCH is continuing to be pumped. right?

By the way, is the mining things going to increase 'profit rate' if there are fewer competitors? Then, if the competitor is small in BTC like now, is "the other miners" get a much bigger profit when they mined BTC now?

Or until the difficulty is adjusted up to two weeks, "other miners" do not get that benefit for up to two weeks? When major miners return in two weeks time, are they also getting more BTC because of the lower difficulty?
I've some delight after reading your topic, because in past few hours, I really don't know why the bitcoin price is dumped too fast and followed by increasing unconfirmed transaction number. And I think BCH will always the coin for "Whale" to make their profit by bumping it, it could increase more before its segwit but in long term, miners would move back to BTC because everyone know that, BTC still remand top.
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November 11, 2017, 05:55:52 PM
 #6

I wonder if it is what I understand.

Right now, major miners, including JihanWoo, are not mining BTC and concentrating all their hash power on the BCH. So, the BTC network is currently suffering from normal transsactoin, and the BCH is continuing to be pumped. right?

By the way, is the mining things going to increase 'profit rate' if there are fewer competitors? Then, if the competitor is small in BTC like now, is "the other miners" get a much bigger profit when they mined BTC now?

Or until the difficulty is adjusted up to two weeks, "other miners" do not get that benefit for up to two weeks? When major miners return in two weeks time, are they also getting more BTC because of the lower difficulty?
I've some delight after reading your topic, because in past few hours, I really don't know why the bitcoin price is dumped too fast and followed by increasing unconfirmed transaction number. And I think BCH will always the coin for "Whale" to make their profit by bumping it, it could increase more before its segwit but in long term, miners would move back to BTC because everyone know that, BTC still remand top.

Because the HardFork was cancelled and many people were holding just to claim their free coins and cashout the profit right after. Without a HardFork, people cashed-out and dumped BTC price. We would see the same effect after the HardFork, but as that didn't happen... We are seeing now. It's not too serious, but this miner's movement seems a bit more drastic, but maybe they are just wanting to enjoy the hype and come back to Bitcoin right after the profit with BCH is made...

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November 11, 2017, 07:18:38 PM
 #7

The cancellation of SegWit2x will surely affects the Bitcoin's price and no doubt about that because it is the main reason that's why the prcice of Bitcoin rose $7,000+ and I think it is all about business and money because many people and big time investors believes that they will get an exact amount of Bitcoin2x coin when they buy Bitcoin before November 16 but again it was cancelled so maybe they now withdrawing back their investment to some other forms.

Roger Ver is the number one fan of this BCH and he keeps supporting it since it was created until this perfect moment to spread FUDs about Bitcoin so I think he just timing his tweets and moves to this time, the only thing that we can do for now is to wait what will happen next as we don't have any control of it.
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November 11, 2017, 07:27:09 PM
 #8

1. Bitcoin Cash is never going to overtake Bitcoin.

Probably not until next week at least.  Maybe two weeks maximum.  The later you wait to switch to the real Bitcoin, the worse your profit will be.

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