yefi strikes again.
Bitcoin strikes back and blows up my my planet.
It remains unclear to me about who to blame? Bcash pumpers did they bring up the price of BTC? Surely BTC does not follow Bcash, but sometimes on the margins, there can be some symbiosis in market movements.
At the moment, Unclear, unclear.
I think many of us converted our free BCH into
BTC & then spent that money, I know I did.
I have a nice, big (ish) stash of bitcoin in cold storage that I won’t sell for a long time but fuck yeah I cashed in all that free BCH.
That could have had an effect on the big drop. If you give lots of people free money then lots of them will want to spend it.
I had the time of my life (thanks Rog & Jihan
)
Sure, on a personal level it could have been quite prudent to cash out a vast majority (if not all) Bcash for whatever reason, but the cashing out can cut both ways, too (as you likely understand such dynamics).
I don't know if we can really sum up what the vast majority of peeps did with their bcash, but of course, there has been some bcash volume that has been generated since the fork, and of course, if a vast majority sell their bcash early, then there becomes a certain reliance on NO one wanting to buy back into Bcash rather than a continued ability to just dump that shit onto the shitcoiners scammers who largely seem to be using bcash as both an attack vector on bitcoin and a kind of money printing (and pumping and dumping) machine.
Of course, in the longer run, that bcash shit show is going to die out, but there are a whole hellofalot of dumb money out there, so I have my doubts whether their shit show drama, deception and other bullshit is going to die in the next 10 years or so, even though it deserves such death by any kind of meaningful fundamental analysis (especially compared to bitcoin).
By the way, several folks have observed that the internal fighting could accelerate bcash's death or demise... and surely those kinds of conjectures seem reasonably plausible, even though on the inside a lot of us recognize that crypto markets continue to include a lot of ongoing lack of logic, reason and in the end, if some small number of folks believe that they can make decent money on the pump and dump bullshit then they are going to join in to contribute to the zombie bullshit coin not dying as fast as might be preferred by almost any account of logic and reason.
I provide my edit, here, as another post, because I think that the idea goes out a bit further.
Surely, this thread involves BTC price predictions around BAKKT (that have already been locked in), yet various bcash shenanigans are likely to affect BTC price dynamics in the short term, and perhaps even a bit longer down the road - and perhaps affect how this BAKKT -based BTC price prediction comes out. NOT that any of the more informed of us would conclude that BTC has only one or even a narrow set of factors that moves its price.
For the past several days, since this particular Bcash pump began, I have been thinking that the pump started quite a bit too early, and I am wondering how the fuck they are going to be able to sustain such pump for nearly 2 weeks, so in that regard, there could be a considerable amount of dumping (whether fake outs or real) that shake out weaker hands, and even perhaps cause some weaker hands to do the opposite of where the Bcash price ends up going. Who really knows for sure how much BIGGER money is wiling to throw at this shit in order to attempt to make short term profits?
Anyhow, another side effect of the whole Bcash shenanigans is figuring out how such shenanigans might affect bitcoin prices, and whether we are going to be able to attribute bitcoin price movements to the upcoming BAKKT opening matter or if btc price movements are just a result of bcash diversions - which could also strategically include some spamming attacks on the bitcoin network, which some forum members have already suggested that there have been some preliminary signs of bitcoin spamming attacks.... which can also be quite difficult to see (or verify to be spam attacks) ahead of time, too.
