The jump in bitcoin cash I find truly amazing. It is not currently and never has been used to purchase anything at all. It's roadmap is terrible. The trades seem to be all over the place. Coinbase will allow bitcoin cash trading, but they are also going to give everyone all the bitcoin cash that they should have gotten on the snapshot. My opinion is most people will dump this altcoin right away. I sold mine as fast as I could and it astounds me that a fork could have anywhere near the value bitcoin cash has. I don't think people understand what a fork is or how it works, much less how centralized this currency always was. The original dev and mining team can crash the price whenever they feel like it. I understand litecoin getting pumped, but I can't even follow the stupid theories on why bitcoin cash would be worth anything.
Whoa, valid reasoning on the Bitcoin Cash topic.
I was also skeptic about Bitcoin Cash, after the first 2 PnD moves (0.10 to 0.25 and 0.08 to 0.20 in BCH/BTC ratio). Some skepticism faded away after Bitmain announced they would accept only Bitcoin Cash payments for November S9 batch -
link. I expected Bitcoin Cash to go 20-30% up short term and 50-100% up if it became the only payment option for every future batch of Bitmain SHA256 miners. At October prices, that would be 4 BCH for 1 Antminer S9. I don't know the batch size for S9 - based on assumptions of Antminer D3 batches, it might be from 20000 to 60000 pcs, generating from 80000 BCH to 240000 BCH. That is 0.5% to 1.5% of the circulating supply. Factor in the share of bitcoins lost or fallen out of circulation (Satoshi's 1M) and I can say that November S9 batch alone could have given Bitmain 1% to 3% of total liquid Bitcoin Cash supply. It is unknown how much additional Bitcoin Cash have Bitmain and Roger Ver (+giant mining operators) earned besides their airdropped BCH during pumps, buying back on the downward movement.
Does Bitcoin Cash have its place on the cryptomarket? For sure, it's a decent transactional currency. A store of value? Not so, it's much more centralized than Bitcoin Core - the only team working on it is Ver's, Bitcoin.com.
Do I have a problem with that? - Yes, I do. Roger Ver vouched for the solvency of Mt.Gox, Craig S. Wright lied about him being the creator of Bitcoin, Gavin Andresen quarrels that he was outed of Bitcoin development for consensus reasons (the same Andresen admittedly contacted the FBI before Satoshi left). What other strong developers has Bitcoin Cash? A few people of Bitcoin Unlimited,
that anyone barely knows. Bitcoin ABC and Bitcoin XT were to the same extent Roger Ver's "developer communities", existent on the Internet, but not on conferences or IRL.
