Topic: [ANN] Bitcoin Cash - Pro on-chain scaling - Cheaper fees - page 450. (Read 704812 times)

Nice Article:  http://bitcoinandtheblockchain.blogspot.ch/
For yet unexplained reasons when BCH price peaked at 6.00 am, Bithumb  servers crashed.
This took out most of the demand out of the market

Some evidence would be helpful. Otherwise, you're just pulling shit outta your ass.

Ver prolly prez

Pirate dude is CEO

Ayers is treasurer?

What with Lauda running roughshod though this thread, and tagging everyone who points out that Bitcoin Cash was Bitcoin before Bitcoin Segwit was Bitcoin with negative trust, what would you expect?

So who is the President?

So who is the CEO?

The amount of people in this Thread that boast a Trust: -2: -1 / +0 Warning: Trade with extreme caution! is too high.

Small problem the EDA was the only reason BCH could steal the hashing power but now since its been removed it is no longer possible because if the value rises and miners try to jump for quick profit the new DAA wipes this profit out fast and the miners just go back.

I have noticed since the new DAA adjust BCH is spending less time being profitable because the times it does become more profitable and the hashing jumps over the DAA changes it fast

Right now for BCH to be able to steal half the hashing power BCH would need to reach $4000 before with the EDA it could do it with a mere $1000

President and CEO of this coin ...

Bithumb servers went offline for several hours

On the 11 of November there was a 100% price movement in BCH from $863 to $1622 and a sell off of BTC from $7198 to $6491.
This resulted in a "Black Swan" event driving the price of BCH to a high of $2863 and BTC to a low of $5402 at 6.00 am on 12 November (Bitfinex).

For yet unexplained reasons when BCH price peaked at 6.00 am, Bithumb  servers crashed.
This took out most of the demand out of the market and sell pressure from the remaining exchanges was able to bring the price of BCH down to around $1400 by 10.00 am. All this while Bithumb was off-line.

This massive increase in mining profitability on BCH caused miners to switch and the hash rates on the two chain crossed (X).
Had this carried on the BTC chain would have succumb to the Chain Death Spiral as the hash rate between the two chains did flip (F).

My guess on what happened.

I believe nobody was prepared for this. It was a "Black Swan" event.
Bitcoin markets are unregulated and there are no trip mechanism built in.
More than likely the major players realized what a disaster this would be if the Bitcoin market crashed and maybe even go to zero as the hash rate was rapidly exiting the BTC chain.

The decision must have been to "turn off" Bithumb servers to kill the demand.
At the same time they borrowed BCH on margins to sell BCH down.
Those who bought at peak on Bithumb and were unable to liquidate lost big time.
Many would have been bankrupted.
Still facing limited number of lawsuits is better than having the whole BTC market collapse with total wealth transfer from BTC to BCH.

So we now have a trip mechanism in the crypto markets. We turn servers off. May this be a warning to all those who trade in this market.

BTC Recovery

Over the next few days the price of BTC recovered and as of today 15 November is over $7100.
Here is the problem.
How can anybody put money into a coin that has a non existential possibility of going to zero
because it does not have the protection of an Emergency Difficulty Adjuster (EDA) like in BCH.

On top of that it is practically useless because of extremely high fees and long confirmation times.
I sent some BTC over 10 days ago with 0.0002 BTC in fees and that transaction is still in limbo.
I tried to send $500 out of my Blockchain.info wallet with priority fees and the fees was calculated at over $200.
This coin has turned out to be a joke so why does anybody want to support it?

Of course there are 120 billion reasons that it must be supported. And think of all the people who bought into BTC since 1 August.
What can we tell these people if BTC went to zero and BCH became the new Bitcoin.
Something has to be done. If the problem is bad at $7000 how much worse at $10,000 or $100,000 per coin.

It is very simple.
The coin without EDA (BTC) cannot share the same POW algorithm as one with EDA (BCH) and expect to survive without intervention.
Another "Black Swan" event is just around the corner.
If we want to protect innocent people who have purchased BTC since 1 August we have to hard fork EDA into BTC.
This way both coins can compete for mining hash power on their respective merits.