Bitcoin flippening Bitcoin cash - Bitcoin Cash attack on Bitcoin
On Friday 10.11.2017 historical date for Bitcoin and crypto world, we notice some strange behavior on cryptocurrency market, bitcoin BTC start losing market cap and price start dropping, BCH (bitcoin cash) start to getting on value and market cap start growing.
A lot of people start to talk about it, and all realized it is the attack on Bitcoin. In this video, we can see how attack started with artificial price pump on exchanges.
Who did pump?
This only exchange knows we can just suppose it can be people behind bitcoin cash, one of loudest people who openly say real bitcoin is bitcoin cash is Roger Ver.
Next morning Saturday price of bitcoin drop significantly and BCH arise from 600 to 900 on Friday and then to 1200 on Saturday morning.
I had one BTC and moved it to BCH since did not know what to do else. My BTC grow to 1.5 BTC in value in this moment since I moved it to BCH. So basically I was worth more than when I was in BTC. Then while I tried to cash out price drop fast and I manage to migrate to ETH on safe but just with 6600 dollars so went out from buttle without damage but also no profit.
This drop happened when Korean exchange Bithumb crash, so from there was around 4 billion dollar traffic in last 24 h from Friday to Saturday. Then on Saturday crashed and this opposite flipping happened.
Fight BTC and BCH continue, flipping is going on all weekend long.
I'm more long-term investor so for me, BTC was the store of value and I do not think BTC is good for daily use, small transactions it is good for storing value, profit from other investments so to not go back to fiat currency, and for bigger transactions like when you buy motorbike or house.
I think this is not good for the market since is too much volatile in one-day market cap go -/+ 30 billion.
ETH is stable for the longest time so I parked there for now.
All this was not coincidence and miners attacked BTC you can read open letter from one miner to other miners that came out 10 days before this happened https://goo.gl/95Dhs7
This caused slow and expensive transactions and it is trying to kill bitcoin.
On Reddit one person explains 10 days before what can happen if this is true https://goo.gl/qHFwke.
Crypto world should be decentralized and main cryptocurrency BTC should be decentralized. BCH claim that real BTC is BCH and legacy BTC should die. We know that decentralized organization should not have central authority to make decisions but BCH have central authorities, letter from the BCH CEO: https://goo.gl/LRxceT
Sag is continued, who will win will be interesting to see. Some people say this is good that crypto growing up but I think it is not good and it is stepping back since many new people lost money and will not come back anymore.
Crypto should not be gambling but place to escape traditional centralized system.
see the video what happened and why
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