Losing faith in BTC...

[TheGodson]

Who else is losing faith in BTC? I use to believe that BTC would change the world. What I just witnessed last night with BCH attempting to take over just shook my entire belief in BTC and crypto currency in general. It feels pretty obvious to me that BTC is the best thing ever and BCH is built upon greed, but I'm not entirely confident that either will win in the end anymore.

The huge boost in BCH overnight makes me wonder if anything in the crypto world is legit. Seems like everything is based upon greed. All the figure heads that are suppose to support BTC started being like "oh yeah, BCH is the new bitcoin now guys". John Mccafee (yup, the guy who said he'd eat his own dick on TV if BTC doesn't make it to $500,000 by 2020) is all like BCH is the solution blah blah blah. I figured okay, people are getting paid off to say stuff like this, he's a miner after all so he's looking for money. But then I started reading the core developer's tweets. They either don't talk about BCH, but even some of them were talking about BCH taking over.

I get that pump and dumps are going to happen, but when developers are switching to BCH this means either two things. One, BCH will become the new BTC. Two, developers are greedy and care about making money than BTC.

Another part of me wonders whether this was a pump and dump or not. Perhaps BCH really is better now.


Decentralization, limited supply, medium of exchange, store of value. These words are thrown around a lot when describing BTC, but it just seems to me that people really care only about money. When the developers are like this, that is means for worry. This means people will make changes to BTC strictly for hype to make money, even if it actually hurts the security of the coin.

The only figure head in the crypto world that I feel is trustworthy is the creator of LTC. My reasons are this:
1) He hasn't pumped the crap out of Litecoin with false propaganda
2) He was awkward on TV when talking about Litecoin
3) Intuitively seems more genuine

Last night has left me depressed all day today. I'm very bothered by this. I feel like if I go with BCH I lose. If I go with BTC I lose. I feel like BTC is the good guy and BCH is the evil guy. However, BCH might win in the end. I see possible +EV with BCH though. So last night I caved guys. I caved. I feel sad but I did. I bought BCH which I thought I would never do (I didn't sell most of my BTC, It is like a hedge I suppose). Just seems like the +EV thing to do. Couldn't figure out if it was a pump/dump or a takeover so went with my limited knowledge.

If BCH makes it to $3,000ish I will dump some of my BCH for BTC again.

I'm distraught guys and not in a good way either. I kind of feel like I might be getting played, but I might be making the right decision.

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[klarki]

It was a temporary phenomenon. Soon all will return into place.

[Rubberduck59]

Yes, everything will return back to normal. Nonetheless todays events has shocked the community and people on the verge might have taken a different side now.

[EcoChavCrypto]

I have lost some faith in bitcoin, but it does not mean that i will move all my funds to bitcoin cash or just to another crypto because of this whole panic in the forum.
I have made a profit of about 0.50 because of bitcoin cash. I was trading with btc/bch in the last night, and it was very profitable because i could make some profit when it was $1300 and suddenly it touched $1900, so i was lucky i guess.
But i am not going to move all my funds in there, i still trust in bitcoin and i know that it has a lot of potential to keep going up.

[illinest]

Who else is losing faith in BTC? I use to believe that BTC would change the world. What I just witnessed last night with BCH attempting to take over just shook my entire belief in BTC and crypto currency in general. It feels pretty obvious to me that BTC is the best thing ever and BCH is built upon greed, but I'm not entirely confident that either will win in the end anymore.

Anything that rises and falls that quickly is a pump-and-dump. Frankly, I think it's embarrassing that the #2 cryptocurrency by market cap could rise like that on thin liquidity and drop 50% in value in less than an hour. It traded like an altcoin -- completely manipulated.

And remember, that spike at the top was probably due to Roger Ver. He moved at least 25k coins to Bitfinex which were publicly identified from voting on Bitcoin.com. That kind of pumping of BCH and dumping of BTC is not sustainable.

Time will tell, but we need to let the market do it's thing.

[Clark05]

for sure bitcoin price will backa again to the 7000 dollars and even the price decreease its all experiencing the price du,ping and thats normal. if you compared the price before and today its totally different and the price is very high even the price decrease. dont worry!

[1Referee]

Bitcoin Cash has very wealthy entities to back up its market, and pump it if needed. People however are delusional enough to do the pumping for them, and thus allowing large BCC holders to dump their stash on frightened chickens thinking BTC is losing it. Anyone thinking that BCC has even a slight chance of succeeding is nothing more than a fool. BCC is an obsolete shitcoin that came into existence due to the greed of a few malicious entities. Basically ANY altcoin nowadays has more to offer than BCC, but yet people fail to see that due to their greed and fear.

[sylance]

People need to stop reacting to individual events.  If these activities continue for several weeks then I may begin to worry, but right now this is a small blip in the history of bitcoin.

[ricknamer]

Why is there always such panic? We are just having another correction caused by the cancellation of the SegWit2x hardfork. It is just a matter of time before everything gets back to normal. We have 180k unconfirmed transactions. Don't you think it is suspicious that it happens right after some group claimed that they have 30% of the hashrate? Bitcoin hashrate dropped almost by 50%.

I would normally agree - we've seen a decent sized correction - we're back to values from only 30 +/- days ago.

HOWEVER - what scares me is the sudden and seemingly organized movement of the hashing power from one coin to another.

Price correction is not the same as major miner migration.

[p3ppymon]

It is not possible to loose faith in something which you have been worshipping till couple of days ago. A series of events made a sudden change in the current but this does not mean that everything is lost. People who believe in the project will still push behind and lead even in difficult moment. It is in difficult moment that support is much needed.

[tsvekric]

I see a lot of people saying this will correct and the currency will return to 'normal'

What is the 'normal' it will return to? Will transaction wait times go back to one block? Will fees shrink or ever go back to being able to transact feeless?

Will this currency ever be used like a currency again? Will I ever be able to make microtransactions? Will I ever be able to send transactions with many small inputs? Will I ever be able to buy a cup of coffee with bitcoin? What's the point of this "currency" any more?

People are seriously comparing btc transactions to Western Union now saying that $10 fees aren't that bad. This is not the bitcoin world I came to circa 2012.

[chuckblocker]

Some guy paid 20$ in fees and wasn't confirmed whole day. It's a big joke lmfao

[felicita]

ima also wondering about the bitcoin cash trend !
but iam still holding my bitcoins ! 5000$ is still great value hope the 7000 comes soon back !!


kind regards

[wisdomcn]

Well for me I know every thing in life have a difficult time, now bitcoin is facing it's own difficult time. I will regain it strength and the price will raise up and even go across what the price have ever reach before now. I don't have to lose my confident in bitcoin, because I believe that the price of bitcoin will raise up again

[mhmhmh1111]

if bitcoin cash really takes over bitcoin..then i think this makes the whole cryptoworld feel shady and will turn people away..just seems crazy that bitcoin this bitcoin that and then all of a sudden "bitcoin cash" is prime to be #1? just shows crypto currency is shady as fuck

[tomahawk9]

Who else is losing faith in BTC?

No one, except the newcomers, and soft minded people who panic sell when there's a correction in the price.

I use to believe that BTC would change the world. What I just witnessed last night with BCH attempting to take over just shook my entire belief in BTC and crypto currency in general.

Really? just because the price went down thanks to a group of people attacking BTC now you think Bitcoin won't change the world? really? if you believe in Bitcoin and it's techinology, you wouldn't be saying that right now.

The huge boost in BCH overnight makes me wonder if anything in the crypto world is legit.

wait, you thought anything in in the crypto world was legit? anything? sounds to me like you had no idea what you got yourself into.

Another part of me wonders whether this was a pump and dump or not. Perhaps BCH really is better now.

If you've been active reading posts in the forum, or in social media, then you should be aware of what's happening. If not, then you should read some more. But if think "BCH really is better now" well then, go and enjoy your altcoincash. No one's gonna try to change your mind.

Decentralization, limited supply, medium of exchange, store of value. These words are thrown around a lot when describing BTC, but it just seems to me that people really care only about money

there are people who care about the money (investors, holders, miners, etc) , there are other people working to make the techonology better, but at the end of day, who cares?

The only figure head in the crypto world that I feel is trustworthy is the creator of LTC.

perhaps LTC is better suited for you.

Last night has left me depressed all day today. I'm very bothered by this. I feel like if I go with BCH I lose. If I go with BTC I lose. I feel like BTC is the good guy and BCH is the evil guy.

what's this good guy/evil guy stuff? what? and you say you're feeling depressed from all the stuff going on right now, so? sorry to inform you but this forum isn't a support group, you probably go outside, enjoy the fresh air and stop thinking about cryptocurrencies.

My advice, because I think you're a good guy who's just baffled by the whole situation: Hold your coins.

[Yakamoto]

Why is there always such panic? We are just having another correction caused by the cancellation of the SegWit2x hardfork. It is just a matter of time before everything gets back to normal. We have 180k unconfirmed transactions. Don't you think it is suspicious that it happens right after some group claimed that they have 30% of the hashrate? Bitcoin hashrate dropped almost by 50%.

People are always panicking because there is no authority to appeal to, no overarching entity that can be blamed for events, etc. People do not like having their money in something that they have to rely on other people to not mess up. It's why we see the same people day in day out thinking there is going to be some sort of other crypto which will come along and replace Bitcoin, partially because some people want to stir things up and troll and also because people know a lot of the community is vulnerable to FUD because there is not real source for news and it is always based on people's interpretations. Out news sources don't even report consistently a lot of the time, amplifying the issues.

[jekjekman]

As you said most of them are 'greedy and care about making money', so you care about your investments too I think but it does make you greedy? you are losing faith with Bitcoin because the price of it goes down not because of the Segwit2x cancellation or maybe I'm wrong.

“Our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”

This statement for me is an honest and trustworthy developer right there though he prioritize what matters best instead of pushing something that may result for a worst scenario.

Investments have always risk in it and we can't blame people for panicking or losing trust with Bitcoin but if this event will be surpasses by the developers with a better solution then the rocket will soon kiss the moon's surface. Bitcoin is facing now a serious make or brake thing for it and the 10th years anniversary of this digital currency is nearing soon so if it outlast the controversies within the past years then we just hope that it will do the best again this time.

[bergenic]

Who else is losing faith in BTC? I use to believe that BTC would change the world. What I just witnessed last night with BCH attempting to take over just shook my entire belief in BTC and crypto currency in general.

I have a bit similar thoughts. I haven't followed the crypto world for long time, but I was a bit shocked of the manipulation and the sheer will to cripple BTC. Earlier I had thought it'd be more like crypto people vs the evil bankers (and the rest). But it seems there's so much politics and greed and all kinds of crap inside the crypto world as well.

If this kind of manipulations are done now, what happens when wall street joins? Price manipulation is one thing but the jamming the blockchain was something that really bothered me. The power of miners etc.  

It's also very difficult to know what's really going on due to all the mixed messages. Many people say publicly one thing trying to influence others, while they might secretly do the opposite in the exchange. There are all kinds of theories going on of the segwith2x cancellation too. First everyone was cheering and opening champagne bottles after it was canceled, but now it feels like that was just bs and the community is torn apart.

I have faith in cryptos in general but what I've done is I converted my bitcoins to other cryptos (not to BCH, though). I don't want to have so much of my investments in BTC since that's the crypto, which will be targeted in the future as well. To put it this way: if BTC goes up ->  But if BTC goes down a lot, it doesn't ruin my entire day.

Anyone else thinking the same?

[Nevis]

Dont lose hope on bitcoin just because of that reason,BCH i think just got hyped and big whales on trading exchange sites are just making that hype as a fast source of earnings and bitcoins.Look at how it moves its not convincing aswell