Why Bitcoin Cash will become the dominant Bitcoin in the next month.
Here is an article I found on Medium, written by LexusHub. There are many great points for you to consider when looking at where Bitcoin and Bitcoin Cash are heading.
Why Bitcoin Cash will become the dominant Bitcoin in the next month.
Lots of people think of Bitcoin Cash as the harmless hard fork which only has bigger blocks… how can it EVER replace Bitcoin?
But what these people don’t know, is that the next BCH upgrade that will happen on Nov 13 at 20:00 UTC, will change everything.
UPDATE: The hard fork just happened. Bitcoin Cash is now just as profitable to mine, and will stay so.
Before the upgrade: Bitcoin miners switch to Bitcoin Cash when it becomes more profitable.. when the price rises… now Bitcoin Cash suddenly has super fast transaction times while Bitcoin becomes super slow, and the Bitcoin fees skyrocket to $20 per transaction, making it very difficult to make a transaction.
…And when the mining difficulty adjusts after a few days… the miners are all gone. The Bitcoin Cash network power goes to almost zero, leaving it with a slow transaction time.
After the upgrade: The upgrade implements the DAA (Difficulty Adjustment Algorithm).
What is that exactly? Remember when I just told you that when the DIFFICULTY adjusts, Bitcoin miners LEAVE?
Well, that’s what the upgrade is changing.
—
“We should see a split of the hashrate (network power) between BTC and BCH that is close to the split in term of price.”
As the price of Bitcoin Cash rises, Bitcoin miners will switch to Bitcoin Cash … and STAY THERE.
The legacy Bitcoin network becomes crippled at that point, and almost unusable. The network power will NOT switch back to Bitcoin. People will send their transactions as quick as possible to get out of Bitcoin, and it will be a sinking ship like the Titanic.
Besides, what incentives do miners have when Blockstream (the company behind Bitcoin) wants the fees to go to “peer-to-peer liquidity providers, and not miners.”, as they recently admitted in their investor letter?
Okay, but why should the Bitcoin Cash price rise anyway?
One simple reason.
Roger Ver.
He is currently the BIGGEST Bitcoin holder after Satoshi Nakamoto, the creator of Bitcoin. Roger Ver owns around 300,000 BTC, around $1.8B.
Roger Ver has planned this all very carefully, and will pump Bitcoin Cash, together with other people, all the way to becoming the dominant Bitcoin.
I knew this! Roger Ver can not be trusted! He is a liar, manipulator!
Actually.
If you actually did your research, you would know that Roger Ver is a hardcore libertarian. He wants Bitcoin to succeed as much as we all do.
But he’s not an idiot. He doesn’t want Bitcoin to become Banks 2.0, which is, what the Bitcoin Core developers wants it to become.
What do you think sidechains / or “lightning network”, will exactly do? Sidechains are there to move everyone away from the blockchain and miners.
Blockstream, the developers of sidechains, which employs most Bitcoin Developers, want to make money. And they figured out, the best way to do that is by developing an external system, outside of the blockchain, where THEY can take the fees. That’s why they don’t want to scale Bitcoin.
Bitcoin Developers are not Bitcoin holders. They do not hold 300,000 BTC.
They want to make money.
Sidechains are the governments DREAM. Something which can be controlled, and tracked. Blockstream recently said in their investor letter that Sidechains will implement KYC/AML and no longer allow semi-anonymity that Bitcoin used to give. KYC/AML means taxes — and full control over every transaction and who is who. A libertarian’s nightmare.
That’s why Roger Ver doesn’t want Bitcoin Core to win. Because it is not the vision he signed up for. It is not the vision anymore that early adopters of Bitcoin signed up for.
Bitcoin Cash will win the fight, and become the dominant Bitcoin.
The profitability of each chain is equal at the moment. Flippening is coming. You can keep track here: https://fork.lol/
For those who are sick of forks, you can try Dash: https://steemit.com/cryptocurrency/@vimukthi/the-un-f-kable-dash-the-value-of-governance-amidst-the-bitcoin-cash-explosion-and-the-coming-rise-of-the-coin-that-won-t-fork
Or many other coins that ripped of the governance model from Dash like PIVX and ZENcash. DPoS projects like STEEM and Bitshares will be excellent picks too.
Here is another popular site I recently found for profitability: Coin Warz
https://www.coinwarz.com/cryptocurrency
Excellent site. Great to see BCH on top of all that. It also confirms my Dash HODL. Dash is going to get profitability. Dash has one of the most loyal communities and hashpower isn't going down much. Price is set to increase. Too bad ETH is going up at the same time. I saw the same patterns on both of them. Now they are going up together. So sad but still happy.
Since you brought up ETH, I didn't want to go here but statements like this need to be brought to the light. Did you see this statement by Vitalik? My jaw dropped bigly...
I can see his logic. Without knowing the full context I can't give a good enough comment. Possessing child porn doesn't violate the NAP. But that child porn has to come from some place and the production and selling of it violate the NAP. It's like a getaway car driver saying "Hey I'm just driving people from A to B". Technically it's correct. But when you have the ability to put a roadblock on something that is terrible and doesn't do so, it does say some things about the person.
I don't know the full context. I think Vitalik is technically correct. But good people doing nothing is more than enough for evil to prosper. Child porn isn't something to say:"I don't make them. I don't sell them. So whatever". I'd rather see a more hostile position against the issue.
The man behind the curtain.
https://en.wikipedia.org/wiki/Andreessen_Horowitz
https://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/
BTC will be most vulnerable at difficulty retarget.
https://fork.lol/pow/retarget