And as an update to the Bitcoin - Bitcoin Cash fork, things are sort of playing out as I expected initially, but it's taking some time.
Bitcoin is going up a bit, from about from $2,700 yesterday to $2,850 today
Bitcoin cash is declining, from $480 yesterday to $280 today
I think what is happening is more and more Bitcoin holders are figuring out how to get their Bitcoin cash, and selling it as quickly as possible.
I have no idea who is buying Bitcoin Cash, but there was enough support for it to fork the Blockchain, so some powerful Bitpeople support Bitcoin Cash.
Interesting enough, the value of Bitcoin pre-fork was $2,700 per coin. Today since every Bitcoin generated a Bitcoin Cash coin for it's owner, that $2,700 from July 31 is now worth ($2,850 + $280) = $3,130.
And I thought a fork was the bad outcome, and was supposed to depress valuation, but it has somehow created $430 in extra value per coin......don't ask me how.
Bitcoin cash is now the 4th most valuable crypto currency. I would expect it to continue to decline as most Bitcoin holders (I think) don't want it, but in this crypto world who really knows what to expect?
My hunch is that Bitcoin Cash will continue to decline, and as a result Bitcoin will have agreed to the software upgrade, remained the dominant coin, and as that sets in we might see a near term big jump in Bitcoin over the next month. I've sold most of my alt coins and put them into Bitcoin, hoping my prediction/guess comes true....... |
