Bitcoin Cash - The Dragon is Awake
Welcome to the future, friends. So many people, all these months, have said this would never happen. Mostly, they said this during times of Bitcoin Legacy pumping. In reality, people do not care about Tether, transaction fees, confirmation times, who Blockstream is, who their backers are, wash trading, or the nature of the ultimate ending of the banks behind Core, Lightning Network.
People care about one thing, which casino token they can ride to make money on. All of their profits are eliminated during correction and the ensuing bear market, and they lose all the money in their accounts, but they couldn’t care less along the way.
Why? Because most people are simply gambling and chasing a get rich quick scheme.
Investors have made nearly 1000% since November 1. Gamblers have likely lost money. You can decide for yourself whether you want to listen to trolls, shills, and charlatans, or if you want to find better sources of information.
Right now, mining profitability has stabilized to equality after being heavily in BTC’s favour for the last few weeks.
Fees on Bitcoin Legacy have reached an astonishing $88/kb. This is up from $45-60 before last difficulty adjustment. No, I wasn’t kidding during the last week of sideways trading and choppy ups and downs about what’s coming.
Unconfirmed transactions are at a massive 220,000. This is up from a 110-185k before last difficulty adjustment. Again, this is is not a drill. Bitcoin difficulty only adjusts every 2016 blocks with an average of 6 per hour being found according to the whitepaper’s specifications.
What’s worthy of note here is that Bitcoin Legacy is processing 24 transactions per second and still encountering these problems.
What’s also very interesting of note here is relative hashrate for BTC remains about the same as its 7 day average, despite the above considerations. Yet, Bitcoin Cash’s hashrate has doubled.
Does this mean that miners have added hashpower to Bitcoin Legacy in order to keep the chain alive? Are we in a situation where rather than the conspiracy where they try to kill the chain and death spiral comes true, that they’re actually keeping it at least somewhat functional by appropriating additional hashpower to it even though Bitcoin Cash is strong?
Well, looking at the number of blocks found, we can see that is the case as BTC is being supplied with enough hashpower to stay stable at 6 per hour when it’s been mulling through an average of 7 over the last few weeks.
We also see how good the Bitcoin Cash Difficulty Adjustment Algorithm is as it’s stayed tight at 6 per hour even through all the massive hashpower oscillations.
With the additional mining on the chain right now, Bitcoin Cash will return to 6/hour in about a day.
We know the above issues are major issues. The market has indeed reacted to it. Bitcoin Legacy is now amidst the first stages of correction.
It is now returning to the long-term yearly channel line. It may bounce here, and rocket ship up. However, looking at it on the 6 hour, the patterns of all three oscillators are extremely bearish. What would be required, in my opinion, for a bounce, would be a major rip back over $18,000 sustained.
There really is a lot to the situation at hand. There is also a potential black swan on the horizon that we must be cautious of.
Price for this post will be $7.88. I am basing this price on the average exchange fee of 0.25% on 1 Bitcoin Cash at $3,400 being approximately $8.50, which means $17.00 because of having to sell as well.
I do think there is more than adequate value in this post to justify the cost by comparison to what a machine charges for clicking a button.
In this post there will be:
- Trade structure, strategies, stops, and targets
- Insights on the Bitcoin Cash futures market
- Insight into the situation with a possible black swan for Bitcoin Cash
- Multiple updates as price action progresses and as news progresses
Average trade structure post so far has gone on for 24-48 hours and has had ~10+ updates provided along the way.
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