Episode 42 - Bitcoin Cash Hash Wars & Capitulation


Manage episode 277860819 series 2087342
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Well it’s been a rough week. Just when many of us thought Bitcoin and the crypto market couldn’t go any lower, we’re hit with even more capitulation. Add to that, the drama in the Bitcoin Cash camp, and we have a great setup for global FUD.
Bitcoin Cash Debacle
Let’s jump right into it. Bitcoin Cash is a mess. Their semi-annual hard fork was set to release, but this time somethings different. There’s disagreement. Notorious, self-proclaimed “real” Satoshi Nakamoto, Craig S. Wright, disagrees with the path that Bitcoin Cash is taking. Craig doesn’t agree with the addition of smart contracts onto the Bitcoin Cash blockchain, so he is prepared to fight it. He announced that he would make the hard fork contentious and release Bitcoin Cash SV (Satoshi’s Vision).
Bitcoin Cash ABC vs. Bitcoin Cash SV
This disagreement was ultimately to be decided by the community or miners. However, both camps have ace’s up their sleeves by bringing along with them huge mining farm CEOs. Both sides have voices in Craig Wright and Roger Ver, respectively. Craig Wright wrote a public email to Roger Ver that was filled with profanity, name calling, and threats. Definitely not something the crypto community needs at a time where confidence is already low.
Hash Wars
So far, Bitcoin Cash ABC, which you could call the “original” Bitcoin Cash has the longest chain and is posed to be the winner in this battle. But, coming from nothing and posting insane price increase, Bitcoin Cash SV has won in their own right. Though, they may not last very long. Like most things in the crypto space, time will tell how this will affect the market long term.
Maybe it’s because of the Bitcoin Cash debacle; maybe it’s capitulation. One thing is for sure; the market is in a free fall yet again. Bitcoin has seen another 15% drop this past few days and alts have gone down even more. This is the time where many of the altcoins that never had a true future will fall of the map. So, what’s driving down the price? Well, it’s a combination of many factors. Bakkt Bitcoin futures are being postponed to January 2019, there is uncertainty about regulation, volumes are low, and then you add an embarrassing fight within the number 4 cryptocurrency camp. These and many other reasons make it hard to trust the market at this time.
It’s always sad seeing investors lose money, but as with any investment; there is always risk. Many people invested more than they could stand to lose when Bitcoin was at all time highs. Now that the price has dropped over 70%, those people have lost too much, and are selling (and accepting HUGE losses). The market continues to shake off investors that are not ready to handle the volitility and stabilize at a price that everyone agrees on for the time. Short term value matters less to us at Decentralized Talk than the long term implications it will have.
Thank you!
Thank you to all of our listeners for tuning in this week and those of you that never miss a show. We appreciate all of you and will continue to push out content regularly to teach, learn, and introduce you all to any crypto knowledge we know. Make sure to like us and subscribe on any streaming platform you choose. We have a blast making these shows every week and want you to enjoy them too. So give us a shout on social media or send us an email from our website and let us know what you would like us to talk about on the air.
As always, Stay Decent!
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