BCH Breaks $2000 - Slow and Steady Wins the Race (and I'll tell you when and how!)
Much has happened this last 2 weeks, including seeing BTC price breach $20,000 to drop back to $12k then back to $18. The BTC price seems to rise and fall in line with more USD.T (Tethers) being issued by BitFinex owners. Are they using them to pump up the price of BTC across the board? Who knows! As long as there are suckers to accept USD.T tokens thinking that they will be able redeem them I guess there is no end to this joy ride.
BCH/XBC (Bitcoin Cash) seems to be enjoying a less rocky ride up the appreciation ladder, growing steadily topping at $2000 and resting on support at $1800 or 0.1 BTC. Most exciting have been the recent announcements about the technology that will be soon released on BCH exclusively.
- Coin incognito mode - a coin shuffling service built in to help anonymize coins. Perhaps giving challenge to other coins like zcash and monero which specialize in these kinds of feature sets.
- Moving to 32mb default blocksize cap
- Turning old OP_CODES back on, allowing for more expressive programs to be written in script, allowing for built-in smart contract ability back on-chain.
- Adopting the new BECH32 address format originally proposed by Peter Wuille for Segwit.
All these and more can be found in the strategic roadmap on the BitcoinABC site.
The interesting one is the 4th one. Segwit, now firmly deployed on the legacy Bitcoin chain, has seen lukewarm acceptance and scant support among wallets, seems like less than 10% of transactions on the blockchain use segwit. So you will appreciate the irony as BitcoinCash will be the first to implement the address scheme for the BCH network. It will both give BCH a new unique address format to prevent accidental sending to the wrong chain, and also make BCH more efficient in terms of QR codes. See the description of the format here. This change will arrive in BCH in January. Yes January. See the power of a network that isn't afraid of hard forks?
Meanwhile, in Bitcoin space, much hoopla was made around the fact that Lightning network is *almost* ready to go. According to "breaking news" reports, they have started testing LN network and there is even a video of a dev sending a LN payment from his phone to his desktop. Nothing groundbreaking here. I think the world is familiar enough with crypto such that a video of someone sending a payment to themselves is nothing to get too excited about.
More interesting is the recent narrative of Blockstream due to the recent mempool backlogs and high fees running rampant in Bitcoin. At a conference when some Segwit2x supporters questioned Adam Back on what could be done for customers during the backlogs and transactions not going through, the best he could offer was for stores to keep "tabs" with customers. Effectively just IOUs. Complete with a hilarious parody here. This was found to be rather amusing among the community, on both sides of the row.
In this installments paid content, I'll talk a bit about the recent media coverage of Bitcoin Cash and the quick collapse of Bitcoin Core logical arguments, followed by a very key observation of where the "Cashening" price point may be --the point where Bitcoin Cash surpasses and cripples the Legacy Segwit Coin, so that you can prepare for it. (and maybe profit!)
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