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Price Of Bitcoin Rises 27%, While Price of Bitcoin Cash Triples (bloomberg.com)
A Bloomberg columnist asks whether this week's rise in bitcoin's price is a turning point -- or just a "dead cat bounce"?
After hitting a year's low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week. Short-sellers are closing their positions, while fans smell fresh opportunity. Even more eye-watering market moves are happening elsewhere in the digital currency's ecosystem. Bitcoin Cash, a spin-off intended to be more usable as a payments mechanism, has almost tripled this week from about $80 to $225. That this is happening at the same time as a U.S. stock-market selloff will no doubt warm the hearts of crypto-evangelists, who believe their currencies offer genuine alternatives for where to put money in times of trouble....
A cursory glance at the price of Bitcoin Cash over the past year shows that it has fallen about 95 percent from its December 2017 record. So, anyone refusing to crystallize their losses this year has seen their 98-percent loss narrow over the past few days to, well, 95 percent. Celebrating now is like the Monty Python knight calling it a draw after losing all his limbs. It's not entirely clear either what kind of investor has the appetite, let alone the resources, to make meaningful bets on digital currencies today after a boom-and-bust cycle driven entirely by speculative hype rather than the adoption of Bitcoin in the real world. The long-awaited wave of money from Wall Street looks as far away as ever. So we're probably getting back to more natural territory for crypto: True believers and small-time gamblers.
Their conclusion? "One still can't rule out that these particular crypto-cats are dead."
A cursory glance at the price of Bitcoin Cash over the past year shows that it has fallen about 95 percent from its December 2017 record. So, anyone refusing to crystallize their losses this year has seen their 98-percent loss narrow over the past few days to, well, 95 percent. Celebrating now is like the Monty Python knight calling it a draw after losing all his limbs. It's not entirely clear either what kind of investor has the appetite, let alone the resources, to make meaningful bets on digital currencies today after a boom-and-bust cycle driven entirely by speculative hype rather than the adoption of Bitcoin in the real world. The long-awaited wave of money from Wall Street looks as far away as ever. So we're probably getting back to more natural territory for crypto: True believers and small-time gamblers.
Their conclusion? "One still can't rule out that these particular crypto-cats are dead."
Oh so the groups likely manipulating this scam are now moving it back "up in value"
Yep. The Chinese miners who hold most of the world's Bitcoins are trading small quantities between themselves to pump the price a bit, hoping to pull in a few more suckers before the final death.
No sig today...
After hitting a year's low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week.
Lies, damned lies and percentages:
The "80%" in that sentence is 80% of $20,000, ie. $16,000.
The "27%" in that sentence is 27% of $3,000, ie. $810
ie. The rebound is really only a 4% rebound, not a 27% rebound.
And as noted, Bitcoin price is highly manipulated by the Chinese Bitcoin Mafia. They trade small quantities between themselves to keep the price up, hoping to suck people in.
No sig today...
BCash is fronted by a psychopath ex-convict and a cabal of his closest con-men.
https://medium.com/@tradertimm/forking-ver-rogers-reckoning-22c2a906b945 [Medium Post]
The only reason this shitcoin ramped up is because the order books on the small gaggle of exchanges that trade it are thin as hell. Its very similar to penny-stocks, where there's hardly any orders for buys and sells, so it moves with wild swings whenever some of them get matched to each other.
BCash's relative hashrate to Bitcoin has been falling ever since its introduction -- http://fork.lol -- down below 3% which indicates its declining health. BCash's transactions, when they're not being spammed with "stress tests" (ie., painting the tape to bring up their averages) they average about 60 tx's every three hours where Bitcoin does 2,000 - 2,500 over the same time frame.
By any metric, BCash is a losing proposition. After the last drama-fork, where BCash split into RogerCoin/ABC and CraigCoin/SV their combined value is LESS than what it was pre-fork.
Anyone into this particular dead-end will get precisely what they deserve. A big fat zero.
Entirely wrong. The Satoshi wallets are worth nothing.
Most people trade bitcoin on Exchanges, which have limited real currency reserves in their Slush accounts. They will SELL you an unlimited number of coin, but can only BUY until they run out of money.
Even if you ignore the fact that nobody would purchase all the Satosi wallets in a single transaction, or the fact that breaking them into small transactions would cause the price to instantly tank, there still isn't enough in the Exchanges' slush accounts to purchase the Satosi wallets in their entirety.
Bitcoin is a massive shell game. Most of the real money is controlled by a small number of Actors who use it to milk cash from idiots and dreamers. Anytime an Exchange starts paying out more than they take in from Normal People, they suddenly close down with bullshit cover stories like "we got hacked" or "it was an inside job."