Topic: How much money did Bitcoin Cash crew burn on this pump? (Read 164 times)
Thanks illyiller. Valuable input.
bitcoin cash price went from 0.08BTC to 0.4BTC+ which is a 400% rise in less than 5 days. even if what you are describing here is true, those who were in on the upcoming pump made at least 300% profit from buying bitcoin cash before they started pumping it. in other words they made money not lose money.
The highest volume occurred in the $1200s and in the $2000s. Since price is below both of those levels, we should probably assume that heavy losses occurred as most of the buyers during the pump are now underwater. Sure, early buyers did well, but most buyers on average lost money. That's the nature of pump-and-dumps.
Also, Roger Ver moved publicly identified coins to Bitfinex during the pump. He later said he bought Bitcoin Cash. He (part of the pump team) may have bought the top, actually, losing a lot of money. Why would he do that? To get the #2 market cap and thus major coverage from all the business/finance newspapers.
additionally this bitcoin cash pump was clearly speculated before it happened by everyone. it was not a secret pump really. we all knew because of SegWit2x, bitcoin cash will be pumped one way or another. and it did.
I'd say people were actually pretty surprised. Most people seemed to think Segwit2x being cancelled was bullish for Bitcoin, and that it was a time for celebration. Instead, the price dumped really hard. Roger Ver/Jihan Wu unleashed their new attack at the same time. Most people were blindsided by this.
bitcoin cash price went from 0.08BTC to 0.4BTC+ which is a 400% rise in less than 5 days. even if what you are describing here is true, those who were in on the upcoming pump made at least 300% profit from buying bitcoin cash before they started pumping it. in other words they made money not lose money.
additionally this bitcoin cash pump was clearly speculated before it happened by everyone. it was not a secret pump really. we all knew because of SegWit2x, bitcoin cash will be pumped one way or another. and it did.
additionally this bitcoin cash pump was clearly speculated before it happened by everyone. it was not a secret pump really. we all knew because of SegWit2x, bitcoin cash will be pumped one way or another. and it did.
It was clear that massive shift over the last weekend was BTC being exchanged for BCH (in addition to spaming the BTC network).
I doubt any new fiat money came amidst this mess.
Now couple of days later it seems like a very expensive way to show that you have the biggest d***
Those were real BTC exchanged for BCH that now can not do a round trip without losing 50% of its "fiat" value.
Can someone illuminate me why a rational party would do such a thing?
I doubt any new fiat money came amidst this mess.
Now couple of days later it seems like a very expensive way to show that you have the biggest d***
Those were real BTC exchanged for BCH that now can not do a round trip without losing 50% of its "fiat" value.
Can someone illuminate me why a rational party would do such a thing?
It's a long term play. I think the intention of this pump was to get Bitcoin Cash to the #2 spot. In turn, that got significant press in publications like Forbes, adding further legitimacy to the project --- at least in the eyes of prospective investors.
Bitmain still hasn't sold any of its BCH from the looks of it. I think they are counting on BCH having a low supply on exchanges (like BTC). Bitmain has deep enough pockets to prop the market for some time as they continue employing FUD and spam attacks against Bitcoin.
It was clear that massive shift over the last weekend was BTC being exchanged for BCH (in addition to spaming the BTC network).
I doubt any new fiat money came amidst this mess.
Now couple of days later it seems like a very expensive way to show that you have the biggest d***
Those were real BTC exchanged for BCH that now can not do a round trip without losing 50% of its "fiat" value.
Can someone illuminate me why a rational party would do such a thing?
I doubt any new fiat money came amidst this mess.
Now couple of days later it seems like a very expensive way to show that you have the biggest d***
Those were real BTC exchanged for BCH that now can not do a round trip without losing 50% of its "fiat" value.
Can someone illuminate me why a rational party would do such a thing?
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