What is happening with Bitcoin Cash? (need a very constructive explanation)

[JohnHero]

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.

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.

[1714757227]

1714757227

[1714757227]

1714757227

[bitqistchris]

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.

[garytheasshole]

 

[vv181]

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.

[garytheasshole]

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.

[wojak]

IMHO still two pumps before us

[puremage111]

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?

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

[harri74]

IMHO still two pumps before us

What makes you say this?

[garytheasshole]

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?

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

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?

[wojak]

IMHO still two pumps before us

What makes you say this?

Whales would like to get money back.

[harri74]

IMHO still two pumps before us

What makes you say this?

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.

[garytheasshole]

IMHO still two pumps before us

What makes you say this?

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.

[RememberGod]

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

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.

[shinratensei_]

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?

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

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.

[sandy14350]

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

[Febo]

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?

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.

[Savik]

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.

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

[taeewo]

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