Just a few words before you jump ship…
I’ve been holding back these last few days. Watching and waiting. But I can’t resist. No matter where I look it seems that few in the cryto-news arena are willing to take a serious “political” stab at the Bitcoin Civil War. But there is no war. It’s just money. And as the saying goes…
…the good money chases out the bad.
Okay, I know bitcoin isn’t money and in this cryptosphere, the shysters can defraud the noobs unseen. And yet this thing is playing out in plain sight. The big miners are sucking all the air out of the the little guys. Little guys who can’t get it together. Yes, I’m bad mouthing the bitcoin core team. And the Chinese miners supported by cheap power handed to them on electroplated silver platters are walking away with the cash — literally. Your cash.
Even CNBC is in on the act. This article gives you their latest take. They talk about the Chinese Miners — how big they are.
I’m sure you cryptocurrency watchers have been, well, watching the coins, as it were. “Bitcoin Cash” debuted yesterday as the Bitcoin replacement. We’ve seen some explosive growth with a lot of newsflashes chiming in about how great it will be for commercial operations — think Communist China. Okay, that’s my opinion. I’m sure North Korea is fighting for a spot at the Cash table as we speak. Maybe Venezuela and Greece too.
So far, however, the high stakes gamble is gyrating. Bitcoin Cash, whether it’s BCC or BCH, is like crypto-rocket one moment, but the next it’s reentering the atmosphere. We saw over ten billion in market value plummet to just over five billion. That’s a lot of bread my friends. Especially in these markets. If any of the world’s largest cryptocurrency exchanges played the risky side of that bet, I would expect some problems shortly — some margin calls. But we’ll see.
What’s even more curious and I would advise you to be careful, is that some of the websites that track the prices of cryptocurrencies are becoming less and less reliable. You can bring up the prices on the actual exchange(s) you like — a more accurate representation of what is happening in the “street” — or you can rely on the slow and often mistaken websites that try to track all of the cryptos at once. Don’t do it. Click around. Get the best picture before you buy or sell.
There are numerous opinions out there as to what will happen now that Bitcoin Cash launched. Well, has forked — whatever. The fact that bitcoin holders can receive the equivalent in the new currency is mentioned. In my mind that’s bad news. I would sell the crap out of it if you gave me free money. Cash it in to my local stable currency. Maybe some of that is going on now — and if so — it should be a few days as everyone who wants to cash-out, does so. (I just hope they buy some Iota.)
In the old days we saw new cryptocurrencies do this and you know what happened, almost invariably? They crashed — after a great spike. After the free giveaway of free money — I mean crypto — they went bye bye. They languished in crypto-hell for years, vanished or stagnated. But don’t take my word for it. Try some Crave, Vcash (formerly Vanilla) or maybe some Auroracoin. Go ahead, make their day.
Of course, few look at bitcoin as a “junk” coin or a “pump” coin these days. It’s the “can-do no-wrong-coin” or the “first mover.” Say what you like, but remember, like I’ve been warning you, diversify if you are a crypto-enthusiast. Bitcoin has been copied before. In fact, many if not most of the coins out there are knock-offs — at least that’s what we read. Sure, some are new. Iota and a few others, but the clone universe is telling.
The confidence war begins now, if you will. The world’s biggest bitcoin miners, should, if they are smart, defect to Bitcoin Cash. They can do more with it and control it better — by centralizing it even more. But wait, the people may not trust the big boys, even if Bitcoin Cash is faster and better than old plain bitcoin. Are you certain? Would you continue to use a slow coin, outdated, outmoded, controlled by a few developers — who argue — who live all over the globe? Or would you like a strong, business-like model, run by Communist China?
Kind of a screwy decision huh?