Bitcoin Cash is a hard fork of Bitcoin with a protocol upgrade to fix on-chain capacity. Bitcoin Cash intends to be a Bitcoin without Segregated Witness (SegWit) as a soft fork, where upgrades of the protocol are done mainly through hard forks and without changing the original economic rules of the Bitcoin.
Bitcoin Cash (BCH) is released on 1st August 2017 as an upgraded version of the original Bitcoin Core software. The main upgrade is the increase in the block size limit from 1MB to 8MB. This effectively allows miners on the BCH chain to process up to 8 times more payments per second in comparison to Bitcoin. This makes for faster, cheaper transactions and a much smoother user experience.
Over the last couple of weeks, the Bitcoin Cash network has recorded an increasing number of unknown mining pools who sign their coinbase transactions with the name of Satoshi Nakamoto.
Two possible scenarios
Experts believe that behind these miners may be supporters of the cryptocurrency Bitcoin SV. They might be trying to profit from BSV price increase. Experts point out that the main advantage for them is to withdraw funds from BCH to BSV. This will lower the Bitcoin Cash price and increase Bitcoin SV’s price.
According to another version, the miner’s activity may be due to an attempt to discredit blockchain Bitcoin Cash through reorganization attacks. Not so long ago the Bitcoin SV blockchain experienced a reorganization. Back then, disproportionately large block sizes caused the problem.
However, experts do not rule out the fact that the new computing power belongs to the Bitcoin Cash camp itself. They claim that it might be a security measure to protect the network from the so-called hashrate wars.
Currently, “Other mining pools” control 37% of the Bitcoin Cash network which is the largest share of the whole network. BTC.com comes second with 21,2%
Additionally, in March, ChainDD announced that 74.48% of the bitcoin network hashrate is controlled by six alternating pools, half of which are directly or indirectly controlled by the Chinese company Bitmain.
Let’s do another market update today. General crypto markets are still going sideways, possibly preparing for a downwards move. Let’s dig a little deeper into what is happening with cryptocurrencies today.
The overall situation
The total market cap is resting at $121 billion and the 24h volume is $16 billion. In the past week these numbers are jumping up and down from $128b to such lows as $116b, but in general the cycle is staying rather even. There are 16199 markets open and 2109 cryptocurrencies in this space.
Bitcoin dominance is slowly stepping up in the past week going from 51.17% to 53.07% on 13 January. Now tumbling back at 52.36%.
As we remember Bitcoin was going sideways for a long time when the price was at around $6,500 and then it experienced a decent crash to $3,500. I believe we are prepping for a similar situation. Moreover, there are bullish signs of large countries willing to invest in Bitcoin. So it is believed that they want to drive the price down once more.
The top 10 coins and tokens
Today the top 10 cryptocurrencies aren’t showing much movement. It looks like we are on a crypto holiday season. On the other hand, these assets are starting to prove their consistency, but let’s not jump to conclusions yet. We soon could experience either a hard fall or a booming upwards movement. The number one cryptocurrency is still dictating the way other assets are moving. Bitcoin is still at the top, trading at $3,637, followed by XRP $0,32 and Ethereum $122. Bitcoin Cash is surprisingly still resting as the 4thmost popular cryptocurrency despite all the drama with Bitcoin SV, which currently 10th. Overall, generally speaking, the top coins lost even more since yesterday and it looks like they are keeping the selected trajectory.
Top Gainers in the top 100
However, when looking at the top gainers in the top 100, we see a rather different picture. Altcoins are surging their way into the green zone today. Apollo Currency (APL) is making its way to the moon with +109% today, and creating a chart that has been long forgotten:
APL has reached a new All-Time-High in this bear market! The volume just reached $1 million. It went from $0.000877 to $0.002225 in the past two days. It looks like Apollo Currency has a huge community, and it recently got featured in Forbes magazine.
Also, Augur skyrocketing with +40% with no significant reason, although, people say that this has been going on repeatedly, and that this could be fake.
A Twitter user @CryptoPinoy claims that this is a repeating pattern for Augur.
As we can see in the picture, last two times that Augur experienced a bull-run, it dropped to new lows.
Moreover, Loopring going up with + 22%, PowerLedger making a move with +19%, Status with +12% and Steem with +10%.
Could this be a bullish sign, or just a temporary reminder of altcoins as such? As mentioned above, generally, we are going sideways for the past week or so, and this could be a small set up for an even bigger retracing back to $2k Bitcoin.
Recently there have been numerous rumors saying that Bitmain is about to lay-off almost 50-85% of their staff, because of the crypto market downfall issues. Bitmain is a mining equipment company which has suffered a massive drop in the interest of their mining business as a whole.
Rumors out of a Chinese LinkedIn with very “high accuracy”
All these rumors are backed by a mysterious Chinese-like LinkedIn called Maimai, where some of Bitmain’s employees have created a long thread about a significant layoff planned by Bitmain. In the thread, they were discussing the possible salaries and bonuses they would get. Some comments speculate on the number of job positions being let off, but all-in-all, it’s just a social media site.
These could be just pissed-off employees spreading lies about the company.
An official who wants to stay anonymous
Later, the South China Morning Post stated that both, Huobi and Bitmain, has confirmed the layoffs, but the Bitmain official wanted to stay anonymous because this news still hasn’t been revealed to the public. He denied that Bitmain was about to lay off 50% of their staff, but also didn’t specify anything in particular.
Bitmain closes Israel development arm
Earlier this month, Bitmain laid off all their 23 employees in their Israel department. This department was mainly for research purposes. Only a few months earlier, they were about to hire 40 new researchers. The branch leader, vice president of Bitmain, who also got laid off, stated: “The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”
Has Bitcoin Cash anything to do with this?
It was previously reported that Bitmain sold almost all their Bitcoin for Bitcoin Cash. Also, Bitmain is one of the, if not the biggest, supporter of Bitcoin Cash with Jihan Wu in the front. Believably, Bitmain holds somewhere from 664,000 – 1,33 million BCH coins. Earlier this year, during March, Bitmain had about 22k BTC, but during December 2016, they had about 71k BTC. That indicates that they are either covering their expenses with BTC or selling it for BCH. Who knows how much they have left.
Revenue, profits, and IPO.
These are abnormal figures we’re talking about. For more, last year they recorded a stunning $2 billion in revenue, with $1,22 billion of it being profit. And this is only counting their primary business – mining equipment. God only knows how much other coins have they mined and stored. However, they decided to do an official IPO and managed to raise $400 million with an objective to raise $1 billion before beginning their efforts in securing their IPO. In September they filed for officially going public. That poses a simple question – why do you need more money, when you have almost all of it?
Bitcoin Cash or Bitmain
It looks like Jihan Wu is in an unbearable situation. Mining business is falling, and so is Bitcoin Cash‘s price. Jihan is entirely behind BCH in this recent hash war with Bitcoin SV. Much like dumping his employees, after a while and a few billion, he could stop supporting BCH as well. That would mean a complete loss of hash rate, and possibly the end of this cryptocurrency.
Also, there were rumors from Samson Mow that Bitmain is shutting down their Bitcoin Cash development team Copernicus which was responsible for the Bitcoin Cash GO client.
This bear market is severely damaging the crypto ecosystem, as most of the companies which felt stable last year, or at the beginning of this year, now feel endangered and clueless about their future. Though one thing is not clear – how can you earn so much money (Bitmain) and still ask for more? People are still waiting for Bitmain’s next revenue reports.
Recently on December 3, Bitcoin mining difficulty has seen a severe drop which is the second biggest in its history of existence. Judging by the statistics of BTC.com, Bitcoin experienced a -15,13% drop in difficulty on block height 552,384.
It is normal for Bitcoin’s difficulty algorithm to be adjusted every two weeks, to maintain the 10 minute block time. The previous adjustment was made on 17th of November when the Bitcoin difficulty dropped -7,39%.
This and the previous Bitcoin difficulty adjustment marks the beginning of the so-called “crypto winter”. There are multiple reasons why this has happened. First and foremost – the big market decline which Bitcoin experienced during mid-November when it entered an even bigger bear market losing around -40% in value. Then there is the previous hash rate clash between Bitcoin Cash and Bitcoin SV, after which Bitcoin Cash difficulty dropped to new lows since the beginning of 2018. Also, last but not least, the “terrible conditions” that global markets are in, reports CoinTelegraph.
History of difficulty drops
There have been significant Bitcoin difficulty adjustments in the past, but the latest counts as the second largest drop in Bitcoin’s history. November 1 2011, Bitcoin saw the single biggest decline in mining difficulty. It dropped -18%. What happened in 2011 at this time? Bitcoin had dropped almost 90% from its first ATH $28.92 to $3.15. And then it slowly came back and booked its next ATH $230 in 2 years time. Can we expect something similar?
Mining gear sold by weight
During late November, when Bitcoin price had fallen below $4.500, Chinese miners started selling the old mining machines by weight. This marked yet another price decline, as it planted some disbelief among investors. CoinTelegraph reports that Chinese miners were getting rid of the older models such as Antminer S7, Antminer T9, and Avalon A741. These models were not making any profit as they have reached their “shutdown price”. Videos of vast piles of miners dropped outside on the street were storming the internet.
We believe this is only temporary as new mining gear will come out which will be more powerful than the previous one. But this raises a question. If we look, for example, at Bitmain. Let’s say Bitmain holds A LOT of S9 miners. Bitmain also carries a lot of mining power and basically has a monopoly in mining Bitcoin. Aren’t they interested in developing the technology in order to profit more and mine more, respectively?
Or on the other hand – could it be that Bitmain and similar large companies are artificially holding back the development of mining technology? So that they don’t have to purchase new gear and throw out the old ones? But how long can someone hold back the development of technology?
Following yesterday, today the price is continuing to decline. Bitcoin alone has lost near to 5% today, and other cryptocurrencies are following. Today’s top100 loser is Mithrill, which was pumping yesterday with +15%. Today we see it declining the same -15%.
The statistics website coin360.io lately looks like they only have one color left – red. However, that is all good, that was predicted and is nothing to be frustrated about. Still, we can see Bitcoin worth $2000 or even lower. Only when we will see countless days of continuous price increase then we can start yelling phrases like “bull-run emerging!” and similar.
Lately, we have seen only red accents when looking at coinmarketcap.com, coingecko.com or any other cryptocurrency statistics website. Although today the market is looking a lot greener, the general perception of an incoming bull-run hasn’t changed much. There has been a lot of FUD in the crypto community as a lot of bearish tweets of getting out of cryptocurrencies and selling everything have become quite popular.
On the other hand, the Bitcoin Maximalist camp is looking at this pretty positively, justifying that “many sh*tcoins are dying out,” which, in their opinion, is a particularly good sign. It leaves room for Bitcoin to grow. Whether this is true or not, no one knows, but the fact is that most of the ICOs and cryptocurrency projects from last year have lost 95-97% on average from their all-time high (ATH).
Top losing altcoins
In the picture above you can see the top 15 of those coins which have lost the most value. As we can see Zclassic, GameCredits and Ethos are the top losing projects, having lost 99% in value. When looking into Zclassic twitter page, it was surprising to see only 1,862 followers. Their activity also is feeble. The last retweet (not even a post) was published on September 7. Also, there has been only 2 GitHub commits in the last 90 days. That all could lead up to an abandoned project.
However, GameCredits has working products like G-Nation which includes G-Play and G-Share. Their mission is to build a worldwide community for gamers and game publishers. However, looking at the price of GAME it looks like they are not doing that well. Especially, if users can purchase games with GAME, or earn it while playing. It looks like it’s not rather profitable for users to use it. Also, only 10 commits on GitHub in the last 90 days. On the other hand, their Twitter page is booming with followers (30k), and they are continually publishing their updates on the GameCredits Foundation. However, the fair point is that GameCredits are competing with an already established industry leader – Steam. Also, NEO (NEO) and TRON (TRX) are entering the blockchain gaming industry, and those are huge companies. How is that going to work out for GAME – we’ll see.
Speaking about Ethos, they have plans to build a universal wallet for all the cryptocurrencies available — kind of what Coinbase has now. Moreover, their internal token – ETHOS, was supposed to be a facilitator of the platform, by mainly reducing fees and allowing users to access certain services on the platform. Ethos also has lost 99% from their ATH. They claim that 60k users are using their platform with almost 1000 joining in every day. However, the thing is, they are planning to implement a fiat gateway with multiple features, which would lead up to thinking that their token might be dying out.
Bitcoin likes bear markets
Overall, the picture looks dreadful. The question is, whether the investors, who helped these projects to raise money, will ever get their return of investment. That is a good question which possibly is asked multiple times during the day. Especially after these bear moves, the market was performing in the last couple of days. These lows don’t necessarily mean that the market is dying out. Cryptocurrency markets have experienced multiple bear markets, and there is no sign that this should be the last one. The history shows that each one of the previous bear markets leads to even higher prices and larger market caps. Whether this is also going to be like that, we can only wait and guess.
The fact is that by each of these bear markets, the bitcoin price has retreated to a previous all-time high. As we can see in the picture below – this looks exactly the case. Now the question is – whether it might fall even lower – to a different previous ATH. Bitcoin price could fall to a $2000 mark or even lower – to a $1000 mark. Because if we remember, the rise from $1000 to anywhere around $4000 was pretty quick, so we wouldn’t be surprised to see even lower price setbacks.
When looking at how this past year has been treating us – the picture is not so confident as we intended it last year. This was supposed to be the year of privacy coins, but that seems to be postponed till next year. The good thing is – this year has boosted the Bitcoins dominance over other cryptocurrencies. It survived the lowest point of 32% in January when the bear market emerged. Now resting at 53-54% for quite a while. It almost looks like it soon could reach the highs of December 2017 when it was around 67% continuing in a pace like this.
A few things that fall into our eyes are that Ripple has overtaken Ethereum in market dominance by almost 3%, which has happened only a couple of times in the history of Ethereum. Also, we can see that Bitcoin Cash is losing dominance pretty steadily and Litecoin somehow stays stable around its 1,5% market dominance.
The overall cryptocurrency market cap also had dropped quite significantly from its peak in January when it was $829 billion. Currently, it has suffered a severe drop from $210 billion to $130 billion in these last days. It was going sideways for about three months and now seeing this big of a decline, still kind of draws the descending pattern.
So when bull?
This is probably the most common question among crypto-supporters, and no one can quite answer it. The fact is that after a month we will have suffered a year-long bear market. Is it going to continue? The most realistic outcome in our mind would be that Bitcoin keeps loosing price, but gaining dominance. This bear could stop at $1100, and it also could stop at $2000. By all means, this is just a speculation. The price will rise when people start buying Bitcoin. What will be the most appealing price for people to start buying it? Also, at the moment, assets on this market are not individual. They all fall under Bitcoin, and if Bitcoin price ascends, altcoins follow. So we all have to wait for Bitcoin to make a move.
This week, Switzerland’s leading stock exchange, SIX Swiss Exchange, will list the worlds first multi-crypto ETP (Exchange-traded product). A Swiss startup Amun AG backs it. Its index is HODL5, hence the five cryptocurrencies being tracked in it. The stock exchange itself is the fourth largest stock exchange in Europe with a market cap of $1,6 trillion.
The German index unit of investment management firm VanEck is managing the worlds first crypto-ETP. Amun AG is a daughter company of Amun Technologies, based in Zug, Switzerland. However, Amun Technologies is a fintech company. It had announced in early September this year, their plans to introduce this crypto-ETP. The upcoming HODL5 ETP is organized in a way that it complies with the same strict policies that are required by the traditional ETPs.
Thomas Zeeb, the head of securities and exchanges at SIX said: “The existing system could be completely replaced by the digital exchange in about ten years.” Zeeb is convinced that blockchain-based digital exchanges will replace the existing ones, because “The moment that brokers, banks, insurance companies, and big asset managers see the cost advantages, they’ll move relatively quickly.”
What is an ETP?
An exchange-traded product (ETP) is a regularly priced security which trades during the day on a national stock exchange. ETPs may embed derivatives, but it is not a requirement that they do so and the investment memorandum (or offering documents) should be read with care to ensure that the pricing methodology and use (or not) of derivatives are explicitly stated. Typically, individual underlying securities, such as stocks and bonds, are not considered ETPs.
Recently we did an article on the upcoming BCH fork, which is due to happen on 15th November. Since the event has a lot of uncertainty revolving around it, we decided to contact the head of Bitcoin Cash – Roger Ver, to ask him a few questions.
We asked Roger about the third proposal by Bitcoin Unlimited, called BUIP908, which anticipates combining both – BitcoinABC (BABC) and BitcoinSV (BSV) proposals. We wanted to know why that is a third option, and whether Bitcoin Cash with Roger Ver would approve the outcome of that scenario. To which Roger replied very shortly, that Bitcoin.com is a very big fan of Bitcoin Unlimited (BU). “We have been running their software long before Bitcoin Cash was created,” he said replying to our e-mail.
This answer kind of leads to thinking that Bitcoin Cash along with Roger would approve the outcome of the third proposal by BU. However, this thought complicates the whole situation even more. That makes us think that Roger doesn’t want to work with Craig S. Wright anymore. He would much rather shake hands with BU than BSV. We wouldn’t either after receiving such an e-mail.
Next, we wanted to know what were the significant changes the BCH users are going to witness if Bitcoin ABC proposal goes through. To which Roger Ver (also, very shortly) answered that it’s the new ability to make smart contracts using Oracles. An oracle is a data feed – provided by third-party service – designed for use in smart contracts on the blockchain. This “seems like a major new use case thanks to opcode DSV,” explained Roger Ver.
So of course, we had to ask the classic question – what would be the worst case scenario for this hard fork? Roger replied very purely to this question, saying that:
“The entire thing breaking and everything going to zero is always the worst case scenario.”
That seems to be a very general answer as you could apply that to any cryptocurrency in the game. However, this is very concerning as many talks revolve around the lack of miner support for either BitcoinSV and BitcoinUnlimited.
The fact is that currently if we’re judging by the statistics of CoinDance, Bitcoin SV holds 57,1% of the Bitcoin Cashhash rate. Which is surprisingly down by 18,6% since yesterday November 12, referring to a tweet by @WhalePanda. That is a tremendous decline in just a day! Makes you think how much more can it drop before the hard fork? That means that miners are moving from BSV supported mining pools and switching to different ones. For example, yesterday in WhalePanda’s tweet Coingeek had 32.64% of hash rate, but today it only has 23,7%. That is a very significant amount of miners fleeing their mining pool. Also, the percentage of “other mining pools” have increased by almost five percent. Yesterday it was 2,78%, and today it has risen to 7%. Could this mean that miners are coming to a consensus on which chain they are willing to mine?
This BCH fork has generated much attention as it is exciting to see how it is going to escalate with so many possible outcomes.
For more information Roger Ver referred to his recent video, he did on Youtube, reading the Craig S. Wright e-mail and talking about the upcoming fork.
Thanks to Roger Ver for finding time for our questions, even though this didn’t clarify something we already knew, but led to more speculation on the possible outcome.
Bitcoin Cash (BCH) is probably one of the most controversial altcoins in the market. At the moment it’s the 4th biggest cryptocurrency with a market cap of $10 billion.
Recently BCH has experienced a slight uptrend resulting in a bit more than 50% price increase. It went from $411 to almost $633 in a matter of five days. Now it’s pulling back a little, but still, the price increase is pretty significant.
That all could be because BCH is planning to hard fork on November 15th, 2018. The fork is the result of the lack of consensus between the supporters and developers of BCH. The BCH community has divided into two groups/camps. One side (Bitcoin ABC) is Roger Ver and Bitmain. On the other (Bitcoin SV) is Craig S. Wright and nChain.
Bitcoin ABC, which is headed by Amaury Sechet, published a proposal for the network changes. They are willing to improve the BCH scripting language, which would enable new features. They want to include oracles and cross-chain atomic contracts in the script. Also, canonical transaction ordering plans to be implemented, which is a “technical building block that lays the foundation for massive scaling improvements in the future.” Essentially, this means that Bitcoin ABC, Bitmain and Roger Ver wants to improve the BCH script so that it can be more programmable and flexible.
The fun starts when a week later, Craig S. Wright and nChain, which is a blockchain software development company, published a Satoshi’s Vision (SV) paper. CoinGeek supports SV.
Basically, they answered Bitcoin ABC with their own proposal, which suggests raising the block size limit from 32mb to 128mb. This proposal is called Bitcoin SV.
The third proposal.
However, there is another proposal from Bitcoin Unlimited, which is the second largest Bitcoin Cash implementation. Their proposal is called BUIP908, which combines the two propositions mentioned above, but requires miners to switch to the Bitcoin Unlimited client. You can read a more detailed technological break-down in their blog post. They explain that they tried to compromise with the two camps, but with no results. Each side of the argument believed that their proposal is best without any willingness to settle this evenly.
“I can only sadly conclude that this is again about power and ego not about technical merit and end-user adoption,” says Andrew Stone, the lead developer in Bitcoin Unlimited.
It is very rare to see a break in community’s consensus this shattered. That has resulted in a lot of confused BCH users, as the outcome of this fork is so unpredictable. There are two possible outcomes to this story. First, the BCH fork splits into two different chains, and the users receive a new token. Second, there could be no split because the second chain could lack miner support.
Major cryptocurrency exchanges such as Binance and Coinbase have confirmed support for the upcoming fork. Both of the exchanges clarify that they will be suspending BCH deposits and withdrawals couple of hours before the fork on November 15. However, Ledger Nano S has announced that they will completely discontinue the support for BCH until “there is clarity as to which fork comes out dominant.”
It is advised to keep your BCH holdings in a private wallet to ensure that your funds are safe and that you would get an equivalent amount of coins after the fork. If you keep your BCH funds within an exchange, it would be best to move those holdings to an exchange which supports the awaited fork.
Two major cryptocurrency companies called “CoinGeek” and “nChain Group” just announced a “Miner’s Choice” initiative for BCH miners. This basically means that they are making two major software changes.
The first would be removing the “dust limit” which, by their words “will ignite growth of Bitcoin Cash usage”. This means that we could make a transaction worth only 1 satoshi and that it becomes easier to implement colored coin solutions and tokens on Bitcoin Cash, becoming the alternative of Ethereum ERC-20 protocol.
The other major change is – accept some free transactions in each block the miners mine. This means that that they want to eliminate the standard requirement of 1 satoshi per byte. nChain’s mining firms “will each designate a number of free transactions they will accept in each mined block”.
As good as all this ”power to the miners” movement sounds, will this initiative cover the mining costs for miners? This question gets thrown around twitter a-lot. Some tweeters are exaggerating about a negative fee implementation, just for the laugh of it.
But in general the responsiveness of this message is pretty weak. I think it’s because BCH has corrupted the Bitcoin name in the past by taking over Bitcoin’s twitter page, web page and other media channels, strongly imposing that BCH is “the real bitcoin”, basically using those platforms to promote their BCH fork. And these actions has caused a lot of doubt and reluctance against Bitcoin Cash in the cryptocurrency community. No wonder it’s “street” name is Bcash.
Recently Bitmain, the worlds cryptocurrency mining giant, announced that they will be having an IPO (Initial Public Offering). This could be the worlds biggest IPO seen this far, since it is rumored to to hold around of $14 billion.
That’s all nice and dandy, but there are some hidden gems in this story. First, the CSO of Blockstream, Samson Mow tweeted an image of what appeared to be a leaked version of the Bitmain investors deck. It revealed that Bitmain had sold around 70% of their bitcoin holdings into alomst 1 million BCH coins. He writes:
“According to the Bitmain pre-IPO investor deck, they sold most of their #Bitcoin for #Bcash. At $900/BCH, they’ve bled half a billion in the last 3 months. If Bitcoin Core devs didn’t disclose the Bcash vulnerability, it could’ve wiped a billion dollars off their balance sheets.”
Next he highlighted that Bitmain had published only the Q1 numbers and claimed that Bitmain might be hiding the Q2 results, because they are a disaster.
“Why is Bitmain raising capital so fast & only showing Q1 results to pre-IPO investors? We’re well into Q3 now. The reason is Q2 was a disaster. Bitmain is sitting on a massive $1.24 billion USD in inventory & S9 prices dropped by ~85%! Q2 losses range in the $600-700 millions”, he writes in his tweet.
So why Bitmain sold almost all of its Bitcoin holdings? Some are speculating that it was done to pump the price of BCH. Another claim is that they were afraid of the Bitcoins’ Lightning Network which would decrease the miners profits, which resulted in the BCH fork. They also were behind the Bitcoin 2X fork, which failed.
As Vijay Boyapati (@real_vijay) writes in his twitter thread – “The creation of BCash was based on the fear that if Bitcoin were to scale using second layer technologies (such as Lightning Network), Bitmain’s profits through mining fees might dwindle”, adding that “Bitmain is sitting on paper losses of hundreds of millions of dollars from this botched trade. But even worse, they have no ability to exit their billion dollar position in BCash without a complete collapse in its price.”
All this sounds very cheeky to me, because the company (Bitmain) is obviously trying to save their unsuccessful trade positions. Which is understandable, from a mining monopoly point of view. Bitmain nearly holds 51% of total Bitcoin hashrate and mining services and products are their main business field.
But the thing that frustrates me the most about this issue is that Bitmain could be behind the massive propaganda movement what is going on between BCH supporters since I can remember it – Bitcoin Cash is the real Bitcoin. Now it makes more sense from the Bitmain point of view. And if it is true, then Bitmain is executing a really aggressive marketing strategy which affects the newcomers in the crypto-industry by spreading lies to the community. But the worst thing might be that with this action they are putting two crypto communities against each other. And all that is done because of greed.
I hope that none of this is true and just a bad speculation of coincidences, because this could affect the crypto-industry in a really bad way.
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