Hello fellow Steemians and Crypto investors,
I’ve been in this game for over 4 years, which for crypto land, is a very long time... During this time I’ve seen so many pump and dump schemes that every new one becomes more and more transparent.
This morning I woke up to the latest one:
The Bitcoin Cash pump and dump scheme:
This article from Cointelegraph released today has all the hallmarks of a classic pump:
Bitcoin Classic Shuts Down As Staff Claim Bitcoin Cash Will Rule ‘In 6 Months’
Not only are they making highly improbable claims about Bitcoin cash in a very short time, they are also introducing FUD (Fear, Uncertainty and Doubt) into Bitcoin holders to get them to sell.
Keep in mind all these news outlets need to make money, so they are not going to publish what’s in the interest of you, the reader, but what interests their sponsors and ad providers.
Bitcoin Cash is dead on arrival and they all know it. You can’t possibly scale by ever increasing block size. To do that you would need to store a Blockchain that increases by several petabytes each year and the blocks would become so big you would need super-fast internet connections just to transmit them in time. All of this would only be big enough to accommodate the commercial transactions of a medium sized city like Miami.
What you need for scaling is sidechains
As a programmer, I can tell you with a very high degree of certainty, that sidechains like the ones provided by the Lightining Network for Bitcoin and Litecoin are the only real solution to scaling Bitcoin (also for Ether, through its Raiden network). Watch this video for more insight into the technical details:
What you should do
It’s a very bad idea to buy and hold something that’s being pumped because you never know when the whales are going to turn and dump everything, unless you are part of their closed circle and know it for a fact.
If you want to play the game and ride the pump up be very careful, when they decide to dump, it’s going to be a wild ride down.
What I’m doing
Absolutely nothing! I really don’t care for the stress and dangers of timing the markets and chasing whales.
I follow a safe passive indexing strategy as I've explained in previous posts.
Whatever happens I continue to hold the millionth or more of the supply of coins in both Bitcoin and Bitcoin Cash (21 coins+) so whatever the outcome I’ll be safe in the long term. I, however, do hold way more Bitcoin than Bitcoin Cash for the simple reasons explained above about long term scaling.
CHECK OUT MY PREVIOUS POSTS:
"It's Been Dismal" - Gold Coin Sales Slump As 'Bugs' Bounce To Bitcoin
Bitcoin All-Time-High on Google Trends - 91% strong correlation with its price
Why China (or governments) can’t stop crypto
ETHEREUM’S RAIDEN VS BITCOIN’S LIGHTENING – What’s happening?
SEE THE CHARTS! Segwit progressing slow but already helping ease congestion in the Bitcoin network
Tell me what you think of this post in the comments below. This is not professional investment advise. I'm not your financial advisor. Only invest money you can afford to lose!
Follow me for updates news and commentary on "sane" crypto investing.
Happy crypto investing!
It's all very interesting but as a non technical person it's impossible to know who's right!
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informative post
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Oh man my dude it is going to be a shit show after the 13th! So many people are going to lose money and there is even a chance no fork even happens because the mining power for BCH is so low that everything should go smoothly for the updated blockchain. Its crazy how much people don't read and understand things. Then they wonder why 1% of the people in the world have 99% of the money!
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We the 1% deserve every penny we have ;) Most people are just too stupid and only care to see one step ahead of their noses. They only care about spending now, whatever the cost later and getting rich fast despite the risks. Unfortunately that's how it works.
Yes, we do belong in the 1%, just look yourself up here: http://www.globalrichlist.com/
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i seee
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welllll
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@cryptoeagle thanks for sharing your experience on this, and showing today's specific case of bitcoin cash. upvoted. @gold84
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Good work...
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The sad thing is that the same exact thing will happen again and there will be just as many suckers as November 12th. STRONG HAND BITCOIN!
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keep it up... like it!
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Bitcoin cash has a design problem
You can't duplicate a database between ALL users who simply want to transmit their shopping transactions. Networks like IOTA are and lightning network are more efficient in that.
Then again, you can simply use a light SPV wallet. It is kinda cool that you CAN be a full node and have all transaction history.
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I'm not so worried about bitcoin cash since I own more bitcoin cash than bitcoin core..but why the hell is Segwit futures up?? Over 100% up to 500$ today..what's going on?
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You mean Segwit2x?
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But no devs support b2x?
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Some people are still hopeful it may happen in 2018. I don't think it will, especially after Lightning is released and Blockchain.info wallets implement Segwit so the pressure to increase capacity will no longer be there.
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An excellent post my friend. I did not know you were a programmer....now it makes a lot more sense.
I agree with you completely. I own no bch (I know going against your strategy) yet do have BTC. Throughout all these forks, and rumored forks, BTC has continued to move upward. There is no reason to think that this will not be the de facto cryptocurrency for years to come.
I am with you on the BTC taking a bunch of money from gold. It already has the title of digital gold, so why would that change. Is another coin suddenly going to be more attractive as a store of wealth? Plus, with Wall Street entering the market, there are not too many coins that give the liquidity that they require...BTC does.
It is interesting to see you cite sidechains as the solution because that is my conclusion also. There will be a multitude of side chains which will allowing the scaling up of existing platforms. That said, I dont think that BTC needs to become Visa....there will be plenty of coins to pay for a cup of coffee....however, buying a car or house or 1000 shares of Apple, people will turn to BTC.
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Hi Taksmaster,
Yes, I'm a programmer but not really a crypto developer. I've always worked for local government and semi private enterprises, you know the boring stuff, Microsoft and Oracle databases mostly... Part of the reason I invest is because I want to study and specialize on blockchain and be able to quit working for someone else forever, the ultimate freedom!
I'm glad to hear we have so many points of view in common but also you follow your own thing based on your own research, this way you'll always be happy with your decisions. best regards, thanks for commenting!
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I just wrote a post based upon this one...you bring up some points that I had to relate. I linked your article in mine. I think your conclusion technologically makes sense while adding the Wall Street dynamic to the equation....I think it pretty well sums it all up.
https://steemit.com/bitcoin/@taskmaster4450/for-the-952nd-time-bitcoin-is-dead
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Good morning Taskmaster4450, thank you very much for mentioning and quoting me on your post! Reestemed and upvoted. regards
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You are very welcome. I quoted you because you provided me invaluable information and really explained from a technical perspective why BCH is destined to fail (why all ideas of block sizes being enlarged are destined to fail).
Having someone who understands the computer/tech details really helps. My view was Wall Street was all over BTC, not BCH...but you added the insight in that it doesnt matter, BCH solves nothing.
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This post has received a 17.08 % upvote from @booster thanks to: @cryptoeagle.
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I love the line invest only an amount you can afford to loose. I will always remember this, thanks!
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very interesting dear
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Resteemed and Upvoted by @resteemable
Resteemit.com By-donation Upvote & Resteem Service
Works on Any Steemit Article. Join the Trail
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https://news.bitcoin.com/bitcoin-cash-community-preps-for-a-hard-fork-slated-for-november-13/
I think a lot of people missed this about BCH over the past month. Most people don't even know that the recent price increase is because of a scheduled hard fork on November 13th.
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Yes, I just reestemed a post about this hard fork. The outcome is the same, after the hardfork there will be a sell off of epic proportions
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But BCH has better than BTC in technological ways. I do not understand why it can not realistically rise at the rate of BTC.
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Because without sidechains the blocks would have to grow to several gigabytes in size, all those gigabyte sized blocks would then have to be transmitted over the network in less than 10 minutes. The main blockchain would be several petabytes in size.
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U think bitcoin cash is pump and dump? Lmao all cryptos will be - the big shift is happening away from dollar to gold/sdr and a world cashless currency. Bitcoin and Ethereum will be pegged to that and thy can choose how much dependent on underlining assets --> only the technology --> they can kill crypto
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Gold is history: https://steemit.com/bitcoin/@cryptoeagle/it-s-been-dismal-gold-coin-sales-slump-as-bugs-bounce-to-bitcoin
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Excellent post @cryptoeagle
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Outstanding perfomance for bitcoin...
Thank's for sharing
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Thanks for information! Good morning friend
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fuck bitcoin cash :D
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thats a great information...thanks for sharing
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This post has been ranked within the top 10 most undervalued posts in the second half of Nov 10. We estimate that this post is undervalued by $37.74 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Nov 10 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
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well done
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so valuable post for me.
I like it.
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