BCH Is Slowly Dying - BCH Is Exactly 0.1 BTC Now And Tanking - When You Still Own Bcash Dump It Now Before The Whales Start To Sell Off!

in #bitcoincash7 years ago

I wrote about this subject before to warn investors for Bcash. There is really nothing positive on the horizon, but many black swan events are approaching. Happily I sold off my Bcash (got it from the fork, will never buy this garbage) between 1500 and 3000 USD, but looking forward selling it now for 0.1 BTC looks like a good deal. The Bcash price has fallen a lot already, but it is still heavily overvalued compare to BTC and LTC. I think the end of this manipulation vehicle is near. Here 8 reasons to dump it immediately:

recently I wrote already on this subject:

https://steemit.com/bitcoincash/@michiel/and-another-huge-black-swan-for-bitcoin-cash-i-would-say-strong-sell

https://steemit.com/bitcoincash/@michiel/warning-be-extremely-careful-when-you-want-to-invest-in-bitcoin-cash-many-red-flags

https://steemit.com/bitcoincash/@michiel/be-careful-with-bitcoin-cash-all-the-value-is-created-by-manipulation-and-it-is-not-bitcoin

Bcash price.png
Every peak was caused by manipulation, without it is a dead coin

1. Every pump (and dump) was caused by manipulation, this is probably over now

When you filter out the pump and dump spikes in the Bcash chart, nothing is actually happening except a slow slide to the downside. The Bcash price is purely driven by manipulation and I suspect that manipulation can not be done effectively anymore.

Bcash got pumped by spamming BTC and paying trolls to complain about high fees and let them spread the word that BTC is not useful anymore. In the previous bear market exchanges have started to implement Segwit and batching transactions, so the congestion is now totally resolved.

Miners spammed the network to pump Bcash, they earned a part of the spam transactions back in the form of fees from the blocks they minted themselves. Since mining is not so profitable anymore and the blockchain is filled up more efficiently now, spamming will be to expensive for them. Beside that they will force transactions to move to Lightning if they spam now, and that will harm their own source of income. It is not likely that they will spam again.

Beside spam attacks Bcash proponents also attacked Bitcoin by dumping BTC and pumping BCH while rolling out a huge marketing campagne. Guys like Roger Ver and Craig Wright wasted their reputation enormously, almost everyone knows that they are scammers now. They also lost a lot of money in the previous correction, so they will think twice before they try to manipulate the market again, because they know it will be expensive and probably not effective.

I think they are not able to manipulate successfully again, and since Bcash needs manipulation to exist…………

2. Bcash is hardly used

The volume of Bcash is very low against the price if you compare it to BTC and LTC. Even worst is the fact that Bcash upgraded to 8MB blocks, but hardly get 0.1 MB full. Even this less than 0.1 MB in transactions is probably mostly low quality, because block space is not scarce, so people can use it for everything without questioning if it is really needed.

Blocks Bcash.png
Bcash supporters are happy with their big 8 MB blocks, but they get hardly 0.1 MB in transactions LOL

3. Bcash mining is centralized

Bcash is mostly minted by Chinese miners that blocked Segwit for more than a year (gave us a year delay on all the great innovation that is rolling out now) and a huge share of the miners is ‘unknown’. When a relevant part of these unknown miners is owned by Jihan Wu, then actually the entire Bcash network is owned by him.

Miners Bcash.png

4. Bcash nodes will become centralized (if they ever come so far….)

When Bcash ever makes it to mass adoption, blocks need to be huge. This makes it more expensive to run a full node. Only rich corporations will be able to do so. This will enable rich entities to control the network.

5. Being a smaller coin with the same mining algorithm is extremely dangerous

You can mine Bcash with the same hardware as Bitcoin. Bcash has 10% of the hash rate at the moment, so 10% of the BTC miners can do a 51% attack on Bcash. Since many pools are bigger than 10%, one single pool can do this!

6. Bcash will miss out on all the new innovation

It is very obvious that the next hype will come from innovation like the Lightning Network, Bullet Proof, Schnor Signatures and a lot of other innovative tech. Bitcoin will profit enormously from this and also other altcoins will implement it.

Bcash will be left behind, because they don’t have Segwit and won’t be able to implement any of these innovations. Furthermore an ETF becomes more and more likely. This will happen only for BTC and maybe ETH and XRP, but certainly not for Bcash since it is just 8 months old.

7. The chance for a dump by whales is growing fast

THIS article describes that Chinese miners own HUGE amounts of Bcash. The falling prices and negative ROI on mining can force them to sell off their Bcash. The longer the downtrend rages on, the bigger the chance that it will happen, and you know what is happening the last days…..

If this scenario plays out it will be devastating for Bcash. A holder will be best off when he sold before them.

Oh I almost forgot, Asic Boost is now available for everyone, so that advantage of Bcash is gone for Jihan Wu, and exactly he is the one with the fattest Bcash wallet…..

8. The halving will be terrible for Bcash

Bcash is 7832 blocks ahead of Bitcoin, because they had some hyper inflation in the passed caused by a flaw. 7832 blocks is around 54 days, so the halving in Bcash will happen 54 days earlier. When the halving takes place Bcash miners will only receive 6.25 BCH per minted block, while BTC miners still get 12.5 BTC per block. Miners will follow the money immediately (They have proven this themselves when they attacked BTC using their flawed EDA) and will shift from Bcash to Bitcoin.

Bcash blocks will take extremely long, so Bcash will be very slow (But…Roger said BCH is so fast). Even worse, an attack will be incredible easy these days.If Bcash survives until 2020, what I highly doubt, this is really something to worry about……

Disclaimer
This is no financial advice, just my view on the market.

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The halving point is a good one, but using Julian from TenX to bolster your case isn't a very good idea. That guy has been lying to TenXers for a while now.

Personally I've been waiting for BCH to fall, its worth nothing bitcoin has segwit right now, once the lighting network is in place BCH serves no purpose. Great post!!

Really bch is dying. i don't know what will happen with bch. but thanks sir for providing the important information about bch.

It should not have existed in the first place!

Really broo Bch is dying ........hmmmm

Honestly is it a rip off of bitcoin. It is going to die. Once lighting network is in place what value does BCH offer?

it is really dying I do not know what to say if that .. thanks a lot already give a little information

Never paid any attention to any of the bitcoin clones except LTC . Good info !
Dump that 💩

What a load of garbage.

Is the initial hype dying for BCH , with the LN coming out will it even survive , its going down daily compared to BTC , it went down with BTC and now BTC is recovering still BCH is going down, is there no hope for BCH?

I haven't claimed mine from the fork. It looks as if I might be a bit late then. What happened to the other one - Bitcoin Gold?