It has been a very busy weekend, both in the market for crypto values, as well as with the rumors and news related to the “control and attack” of the main bitcoin blockchain.
The value of Bitcoin began to fall from its maximum ($ 7440) on Thursday, September 9, until reaching a floor ($ 5519) on Sunday, the 12th, a more than significant drop.
To this, was added the unexpected and unjustified rise on Friday 10th day of Bitcoin Cash, starting from $ 630 and reaching $ 1400 (although in some exchanges came to exceed $ 2400)
What is the reason for these large movements of value in such a short time?
We dare not say what the reasons are, but if we can see everything that happened, rumors and related news so that the reader can find the answer:
The cancellation of the HardFork Segwit2x
In the alleged internal war of the Bitcoin blockchain (which includes supporters of Bitcoin Cash, segwit, segwit2x and the Bitcoin Core itself) the cancellation of the HardFork SegWit2x was announced on November 8 due to lack of consensus. 1 st Detonating of what happened?
Bitcoin Cash difficulty setting (also known as Bitcoin Cash fork)
Before the announcement already programmed to recalculate the difficulty in the Bitcoin Cash network for Sunday 12th, many miners migrated their power to this blockchain, causing the mining power in the Bitcoin Core network to be lost. The 2nd trigger of what happened?
Attacks on Bitcoin miners
Rumor has it, although you can check in the memory of the pools, they started to initiate small transactions with high fees (fees), collapsing in this way, the mining blocks, and overflowing the memory queue of the miners, leaving out the normal transactions with little commission to prioritize high commissions. The 3rd trigger of what happened?
Inconsiderate increase of fees in the Bitcoin network
The consequence of the collapse: while on Saturday an average of $ 5-6 was paid for a transaction of $ 25 (which is already expensive), on Sunday was paid between $ 30 and $ 40 for the same transaction of $ 25, all an Incredible madness (we are talking about more than 100% commission for a transaction). The 4th trigger of what happened?
Speculative movements in the exchanges
All this also affected the exchanges, slowing down and even blocking some, due to the “panic” of the investors in withdrawing their money, selling their bitcoins, converting them into other Altcoins, or simply, getting out of this volatile market. In Kraken, for example, orders were placed for the sale of batches of 10,000 bitcoins, all an “alarm” for investors (These movements of volume and value so large are called to who handles “whales”). The 5th trigger of what happened?
Bitcoin Gold, Bitcoin Cash: “Free money”
The activation programmed for Bitcoin Gold, Bitcoin Core bifurcation, and Bitcoin Cash difficulty update, has led to confusion to get free coins before these 2 events, of which, only in the first are achieved. Scheduled for block 499407, the Bitcoin Gold HardFork is shown on Sunday with delays and problems in its main-net but even so, the purchase of Bitcoin to get those coins was made during the week leaving many investors “stuck” in purchases high, and supposedly canceling their purchases for the loss of value, adding to the disproportionate sale and loss of Bitcoin value. The 6th Trigger of what happened?
Meanwhile, in the market of the AltCoins, the blood ran, dragged by the need to convert their Altcoins into other less volatile crypts, saving only a few of the sangria, such as IOTA, Dash, and Ethereum.
Speculation, manipulation, centralization, and control
For all the above to occur, there must be a consensus, a very strong power, and a very large investment at the economic level, and this does not comply with the real essence of the original Bitcoin network, nor with Bitcoin Cash or with any.
If all this, we add to important world blockchain characters such as Gavin Andresen and Vitalik Buterin, who through Twitter show their support for Bitcoin Cash:
— Vitalik Buterin (@VitalikButerin) November 12, 2017
Bitcoin Cash is what I started working on in 2010: a store of value AND means of exchange.
— Gavin Andresen (@gavinandresen) November 11, 2017
and we added a letter from Bitcoin Cash’s CEO, Rick Falkvinge (a free cryptocurrency CEO, decentralized, global, and with voting consensus, in which it is covertly explained that Bitcoin Cash is a company created to make money, not to be a global community, among other more dramatic points), which will soon leave stock options for buying futures in financial markets, the well-known and controlled “Pump’s and Dump’s” by whales and more facts and assumptions that we do not add to extend more the topic, we believe that the reader can get a slight idea of where the shots go … and we think, in a simple and humble way, that the market value that cryptocurrencies are following is the same wrong pattern as fiat coins. The 7th, 8th, 9th, … Triggering of what happened?
We will always have the blockchain.
and to see that we are not the only ones who assume the facts that way can visit: https://blog.synereo.com/2017/11/12/summary-of-events-bitcoin-vs-bitcoin-cash/, for example.
(last update: November 12, 2017, 23:52 p.m UTC)
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