Elroy, why do you think Bitcoin cash is just sitting there are $300 and not really moving
I'm no expert, but I would think one of the two coins (Bitcoin or Bitcoin Cash) will win the battle, and the other will eventually become worthless.
One of the appealing things about Bitcoin is that the supply is limited. Governments can just print more fiat, with Bitcoin the eventual supply is limited to 21 million coins.
The fork which created Bitcoin Cash at ~$400 when Bitcoin was $2,500 instantly created ~15% dilution in crypto (if you only look at those two coins). That's (sort of) like governments printing more money. In the long run, it's bad for the crypto universe.
There are two more forks coming down the pike now. In late October there is supposed to be a new fork which creates Bitcoin Gold. Then in mid-November there is a fork to create another Bitcoin, I can't remember the name of that one. The second fork is the more serious one. Both of these forks are based on some technological change in the blockchain coding, and different groups can't agree to adopt the change, so once some percentage of them adopt it the new blockchain becomes different from the legacy blockchain. I think based on the creation of Bitcoin Cash on Aug 1st ($8 billion created out of nowhere, followed by regular Bitcoin moving from $2,500 up to now $5,500) the powers that be in crypto have figured that they can fork the chain, and immediately create billions of value from nothing.
It can't end well. But......who knows what will make it change direction and go down?
The question I have about Bitcoin cash is not why is it stuck at $300, I wonder why it isn't heading down to zero as all the Bitcoin cash holders sell their coins to buy regular Bitcoin. And....I wonder who is sitting on the bid at $300 to keep it up there? Reason to sell Bitcoin Cash seem obvious to me - I have no idea why anyone would want to buy it.
But Ethereum (the #2 crypto) had a similar fork when it started, and Ethereum Classic is in the top 10 coins. Don't ask me why.
I think this is probably going to be the biggest bubble in history. But it's fun while it inflates. |
