MENU

CryptoWars: Bitcoin v BitcoinCash

November 11, 2017
0
4817
0

It was Friday the 10th of November at 10pm. By accident I checked my Coingecko dashboard and saw BitcoinCash hit $700USD, then $750, then $800. It was crazy. Something was up. I proceeded to jump on the various reddit channels, check the #bitcoincash hashtag on twitter and read the various online forums. There was excitement in the air. Something was up.

BitcoinCash hovered just below $900 before I went to bed but then on Saturday morning it broke the $1000 barrier. It really was like a roller coaster. Shooting up and then coming slightly down, then shooting up again.

It just kept going up as Bitcoin went down. It was a zero sum game. For one to win, the other had to lose.

For me, I thought all along that it was Crypto versus Fiat. Us versus them. Guess this is what happens a group of people who have control over large amounts of wealth (in the crypto space) and access to large amounts of resource (hashing power) come together. Doesn’t this ring a bell?

Rumors were flying everywhere. Roger and his team pumping up BitcoinCash (BCH), Bitcoin being spammed and clogging up the mempool, the Koreans on Bitthumb buying lots of BCH, miners switching from Bitcoin over to BitcoinCash, the list goes on. It was hard to know what was true or not.

https://blockchain.info/unconfirmed-transactions

One thing’s for sure. Buying or selling Bitcoins or BitcoinCash was going to take a lot longer than normal.

Sunday was even more crazy. It got up to almost $2500 USD. There are reports on some exchanges of it reaching of $3000 as well. Then in the evening, the party started to die down and people started to go home. Perhaps everyone was preparing for work on Monday.

Usually an increase in price occurs when it is linked to an event or announcement that increases the usefulness of a particular product or service. Here, there was none of that. It felt like a coup. On one hand, it’s sad to see but on the other, this is what natural evolution is like. Survival of the fittest, strongest and smartest. Maybe we should add one more trait to the mix. The ones with the deepest pockets?

It was certainly a wild weekend and not for the faint hearted if you had skin in the game. Otherwise it was entertaining watching from the side lines. Something tells me however that it’s not over yet…

Leave a Comment!

Your email address will not be published. Required fields are marked *