Bitcoin Cash Spikes To Record High As Bitcoin Collapses Over $1000

Tyler Durden's picture

Following the surge in Bitcoin's USD price after the suspension of the SegWit2x hard fork, the cryptocurrency has collapsed as traders exit 'fork dividend' trades.

Dennis Gartman had a few words of praise for the bulls right before the collapse...

Well “bully” for Those Who’d Gotten It Right: Our “position” on Bitcoin and the other cryptos is clear: we shall have nothing whatsoever to do with them, but “good on” those who’ve been long and right; but be careful… all Bubbles eventually end in tears.

As bitcoin fell, Bitcoin Cash - a clone of the original that was generated from another split on Aug.1 - surged, trading up as much as 35%, ahead of this weekend's launch of Bitcoin Gold.

 

This is all happening as CoinDesk reports, Bitcoin gold is set to go live this weekend.

In a new blog post, the developers behind the fork of the bitcoin blockchain said that they would release a formal software client for download at 7:00 PM UTC on Nov. 12. Originally set for a public launch on Nov. 1, the project is backed by LightningASIC, a seller of mining hardware based in Hong Kong, as well as a community of relatively unknown developers.

As reported by CoinDesk, the idea behind bitcoin gold is to keep most properties of the protocol, but restrict the use of specialized chips for mining, or the process by which new transactions are added to a blockchain (while also creating new tokens as a reward).

It's also the latest example of a "airdropped" cryptocurrency that will distribute new coins to anyone who owned bitcoin at the time of the split, or up until the date the ledger of transactions started to differ.

Yet in a move criticized by some observers, the team behind bitcoin gold has been mining blocks in insolation since the new network was formally created last month, with a certain amount of coins being set aside to support development.

In comments, the team behind the effort sought to send a signal of confidence to the market, perhaps owing to concerns circulating around the effort.

"We are extremely grateful for the community around the world who have been contributing hash power to our testnets; besides patiently testing their own mining process, they allow exchanges, pools, wallet developers, and all other service operators to implement and test their support of BTG so that the bitcoin gold community can have a full suite of services at launch time," the project's backers said in a statement.

In the days ahead, exchanges will no doubt be watching the launch. Soon after its August release, bitcoin cash, another cryptocurrency that forked the bitcoin network, amassed a nearly $4 billion market value.

Exchanges and traders will no doubt be watching to see if history repeats.

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therover's picture

"It represents a claim on human labor, like all money"

BULL FUCKING SHIT.

"Also, in places where it HAS happened, silver and gold haven't helped anyone so far as I can tell"

MORE BULL FUCKING SHIT because you were not in a place where it happened. 

I do know a US minted ASE has the words One Dollar on it, so even though you would not get the real value of it in trade in terms of the silver price, it is still a dollar and acts like a dollar in those times when dollars are taken above everything else. This I know.

GassedUpOldMan's picture

"I do know a US minted ASE has the words One Dollar on it, so even though you would not get the real value of it in trade in terms of the silver price, it is still a dollar and acts like a dollar in those times when dollars are taken above everything else. This I know."

But you don't. When have you ever paid for anything in $1 silver tokens?

tmosley's picture

>BULL FUCKING SHIT.

That's not an argument.

>MORE BULL FUCKING SHIT because you were not in a place where it happened.

You have to experience something to know whether or not it exists? Guess we should just get rid of language then!

Just kidding. That's NOT AN ARGUMENT.

Budfox18's picture

What are the P/E ratios of gold, silver, and dollars? What real physical assets are they tied to?

 

Did you just ask what Physical assets Physical gold and silver are tied to? Wow.

Codwell's picture

Lmao - crypto represents a claim on human labor at some garages sales and flea markets and a pizza parlor in Florida. 

LawsofPhysics's picture

Interesting for crypto "traders", for 99.99% of the population, not so much.

"Full Faith and Credit"

SAME AS IT EVER WAS...

The Divided Stoopids of DuhMerica's picture

Will you Please STFU already....

Fuck!

Do you want a cracker???

Huh Polly?????????????????????

Justin Case's picture

Sounds like you need to move on there son. Any idiot can hurl profanity. Even a 5 yr old can do that. Try to add a dignified response of some value. A loser to a discussion resorts to insults, that's when it's over.

Zero-risk bias's picture

I thought 2x hard-fork has been abandoned?? Anyone can confirm wt actual f the deal is?
https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-...

kavabanga's picture
BCC/BTC update

Bitcoin and Bitcoin cash are being watched very carefully by all cryptocurrency traders at this time because of the highly anticipated hard fork of bitcoin . Looking at the 4hr chart, we are currently in the 5th wave of the 5-wave Elliott wave cycle, after the initial correction waves starting at the price point of 0.229. I have indicated where each wave begins and ends as well as a small set of correction waves 

 

Golden Phoenix's picture

The markets are fractal, with waves of lower degree nested within waves of higher degree. If this is the only wave bitcoin will experience then a simple wave pattern suffices. If on the other hand what has unfolded is one leg of a wave structure of a larger degree the anticipated pullback would be much smaller. Simply put if 8k only generates a pullback to 5k then the unfolding log spiral structure is intact and consistent with bitcoin quickly moving on to bigger and better things.

LawsofPhysics's picture

Who are you going to trust?

Place your bets!

JibjeResearch's picture

I trust the Fed will CTRL+P

lolz aha ahahhahhaha

quasi_verbatim's picture

Like Gartman, I don't understand it so I'm out of it but I love being sniffy about it all.

artvandalai's picture

It trades like a penny stock. Realatively few actually understand it and are involved and they're hyping, pumping and dumping.

topspinslicer's picture

With so many forks and hard breaks and 101 flavors available reminds me of what comic book publishers do for the same issue print off 10 different covers to increase sales all a bunch of nonsense team Moses on the mountain top

Carpe Tutti Bastardi's picture

Back on Nov. 8th I posted a comment to the effect that in every venue (coin Purchasing vendors such as Gemini.com, Bittrex.com,etc.)

they required your Social Security No. I asked "if cryptocurrency block chain technology were so private and impenetrable then why the

need for S/S number. Is it because government authorities were to be able to scrutinize any and all accounts? I also stated that some

seller/vender/miner was recently found out as not having proper certification/license was fined big time for violation of some governing

authorities rules and regs.

That submission was promptly removed from ZH and about 1 hrs worth of comments as well; From 0845 hrs to 0944hrs went missing.

I wonder why? 

DjangoCat's picture

KYC/AML, no surprise there, mate.

Brazen Heist's picture

That's a problem with exchanges, not the blockchain technology.

Soon enough, we won't need centralized exchanges anymore. 

Who ever uses exchanges as wallets, and agrees to hand over their sensitive personal data, is a noob.

tropicthunder's picture

Once CME launches BTC futures, TPTB are likley to smash, hammer, pound and of course "beat the living shit" out of BTC.. VERY LIKLEY JUST HOW THEY TREAT GOLD & SILVER FUTURES

DjangoCat's picture

They can smash and bash the futures all they like.  Bitcoin has no mechanism like the London Gold Fix, so signals from a purely USD based betting market will have zero effect on the price of Bitcoin, other than to sideline USD which might have otherwise entered the real Bitcoin market.

floosy's picture

It's certainly an interesting insight into the human psyche that what amounts to a virtual number held virtually in the form of some electronic storage can have any form of value whatsoever.  Crypto or Bank account balance

 

JibjeResearch's picture

STFU baitchezzz...

If I didn't buy BTC at $7000, I sure hell will not by BTC Cash at $1000.

These two coins own by the same owners that want to profit... from other ignorants.

 

Batich, you can't trick me... and your network is fucken flawed....

When Tezos comes out..., you will hate life..

 

Bawaha ahah ahah ahahha ahah punk assss...

GassedUpOldMan's picture

"These two coins own by the same owners that want to profit"
"Cryptocurrency" isn't owned by anyone.

JibjeResearch's picture

Fool.... you don't know what ownership is... BAwaha ahahahha ahahaha

tmosley's picture

Please lay out why you think Tezos is better than BTC and BCH.

JibjeResearch's picture

OK, since you said please..., I'll try to remember everything from all the posts on other BTC threads..

1. Tezos is POS while all BTC and derivatives are POW.

2. Tezos mining/baking is POS perspective.  In short, baker/miners are not competing for fee; thus, one bakers for one fee, not wasted energy.  BTC's 1000 (reality, more than 1000 fighting to mine) miners, but only one get fee; thus, 999 miners wasted energy.

3. Tezos cryption is BLAKE2b which is the fastest on the market.

4. Tezos market can't be cornered like BTC/BCC ... because of large quantity.

5. (2, 3,4  above) This gives people with slow PC a chance to earn fee and future Tezzies...  Right now BTC/BCC are hard for PC to mine because the server miners can mine faster and earns the fee.  Because of the speed of servers, the owner of those fast servers own the fee and the future BTC/BCC; thus, cornered the market..

6. Tezos is a server network, which means you can put business on the server.., just like Ethereum.  Tezos will be better than Ethereum/BTC/BCC because Michealson code is more secure thatn Ethereum's solidity code.

 

For other reasons... go look at other BTC threads' posts....

 

tmosley's picture

Thank you for the response. I don't understand a lot of what you are talking about as I am a layperson when it comes to computer science. I understand how POW resists attack as it forces an attacker to overcome all the hashing power from the point of change in the blockchain to the present. How does POS resist attacks (I know I should look this up myself, but there are readers here who aren't so good at research, and putting it in front of as many people as possible is constructive)? I do appreciate that less energy is being wasted, and had presumed that at some point some clever person would come up with a way to do away with that effort while maintaining security.

Another thing I don't understand is how large quantities of coins prevent a cornering of the market.

I also really like that Ethereum is getting a competitor. I will have to take your word that the code for Tezos is more secure. May well pick some up once it gets onto an exchange I have access to.

JibjeResearch's picture

Dude...You are asking for a debate (protect against hack)...

high number users (BTC) vs a strict code/validation with verification technique (Tezos)

 

Which one comes first , the chicken or the egg?

Look, Strict and difficult to hack is not impossible to hack (only required one success hacker)

... add on top of that validation code..,

and on top of that verification of code...

What else do you want? ...

 

Just stick with the high number of users.... lolz eheheh

Look... I don't have an answer for you on that issue..

Even Ethereum is transistioning from POW to POS.... for what ever reasons....

Tezos: 760M tezzies when launch with a 5% inflation annually... this inflation is to encourage people to help with POS... doing the transaction.. somebody has to do the dirty work....

 

coast1's picture

I asked you guys a few days ago....Should I go into BTC or BTC cash?  Most said both to diversify, my initial thought was BTH cash, so I went with my own feelings.

therover's picture

Bit bit bit...it's different this time.

affirmed_78's picture

OMG it's down $1k.  It'll eventually go down $8k, from like $50k.  And you retards will still be here rejoicing, saying the bubble is finally bursting.  Lol

Blue Dog's picture

Bitcoin is still up $2000 compared to a month ago. It's up $5000 compared to 6 months ago. The sky isn't falling. There's no reason to panic.

Bitcoin isn't in a bubble. Bitcoin is the dominant player in a new class of investments. Bitcoin could be trading at $1,000,000 in five years.

The people who mock Bitcoin are stupid. Remember--He who laughs last laughs best.

Decoherence's picture

Do you even understand what you're saying?  If Bitcoin is trading at $1M a coin then we're all cooked and it won't even matter, because there would be ZERO return on capital!  Businesses and banks would go under because there would be no reason to take any risk, because hyperinflation would put any business at a negative return.  You'd have nothing to buy with crypto.  But let's assume the world is status quo when Bitcoin hits $1M, as in your imagination.  Where is the capital going to come from to take Bitcoin to $1M a coin?  Just go read something.  I'm not saying hyperinflation isn't a real possibility, because it is.  I'm saying you won't be celebrating the price of Bitcoin in that world.  It will be the least of your concerns.  So if you honestly believe Bitcoin is going to $1M in 5 years, you'd be better off taking your profits from BC and using it buy arable land to grow something on.  

ChargingHandle's picture

I prefer the kind that jingles and shines. 

dietrolldietroll's picture

LOL BCash did NOT reach all time high. Yay, they are pumping to test ATH, but haven't reached it. Even if they do, that puts them at 15% Bitcoin market cap. Woohoo! Good luck pumpers and dumpers. It's going to be a race for the exit! Wall Street ain't coming for you; They're coming for Bitcoin.

GassedUpOldMan's picture

The crash is temporary anyhow. Some people are mad they didn't get their free B2X, some are cashing out to become millionaires.

EddieLomax's picture

No one has yet managed to explain why I would want to pay for something with bitcoin rather than normal cash, or why I should want to hold bitcoin rather than physical objects for wealth.

As far as I can see bitcoin and its various copies are just random numbers, without some use I see their value as zero.

gnjus's picture

then just keep paying in gold bars.. ohhh wait... 

Brazen Heist's picture

Lets just say that there are plenty of things to pay with Bitcoin online.....you just haven't found use for them yet.

 

Hyjinx's picture

Made some $$ off this dip (more BTC) and have been riding BCH since yesterday.  Watching closely, very interesting.

animalspirit's picture

The reason BCash needs to hard fork is because of incompetent developers back when the spinoff from Bitcoin was first being built.

They still have incompetent developers.

They still don't have cross-chain atomic transactions that work with Lightning network, because they still don't have a solution implemented for transaction malleability (which is one of the things that SegWit did for Bitcoin).

Sure, this coin may pump. A lot of altcoins see an irrational peak, but then follow with the long, slow slide to irrelevance.

Exponere Mendaces's picture

Correct.

ZH loves pumping the Bitcoin narrative - first against, then for. They know how to maximize their ad-impressions from their mostly clueless userbase.

ZH also is famous for bottom-ticking lows and top-ticking highs with various stories. The fact they're even quoting Gartman - who've they've reviled as someone who you absolutely FADE every position he takes - is pretty hilarious unto itself.

Here's the real story:

The S2X assholes are regrouping after the world aligned against their hasty and wasteful fork proposal. Roger Ver, the domain-squatting jackwagon that owns Bitcoin.com, is "devoting all of his resources to Bitcoin Cash" since the cancellation, which is just weasel-ese for "I'm gonna pump the shit out of it and hope newbies mistake it for the real Bitcoin - since I misrepresent myself on the site purporting to be Bitcoin."

Lower notional values make this an easy pump for Roger. In a way, he has nothing to lose. If he is able to rook in a few more gamblers from SouthEast Asia, its all money for him - he demands that people use his token on his website for miners, a classic move learned from the banksters.

It will evaporate like his money is.

We've been here before, the BCH token languishing at some well-deserved low then all of a sudden KABOOM, a mystery bidder takes it up high only to watch it flag into the gutter because it incentivizes people to dump their coins for the real Bitcoin.

Keep on trying ZH, we know you need that ad-money.

LOL

 

tmosley's picture

What exactly is it that you don't like about BCH? Seems like a zippy little coin with low fees.

Exponere Mendaces's picture

Its easy to be the "zippy little coin" when you haven't met the scaling requirements that Bitcoin has.

Every alt-coin has been there, LTC is still there - though they served a useful purpose testing out Segwit. There's a reason LTC is known as "Launder, Then Convert". Bitcoin "Cash" is the brainchild of the same people that wanted to hard-fork and co-opt development/mining to their own teams. The guy pumping it, Roger Ver, has had his fingers in every pie that tried to gun for the Bitcoin crown.

They failed.

Again, as S2X has failed, he's regrouping with BCH. When that fails, he'll no doubt try another.

Like Andreas says - its easy for these coins to think they're the next big thing, they haven't been around the block(chain) yet.

Also, if you know Ver's backstory including the NYA shennanigans, I don't see how you would be in his corner - every time this guy has a miracle coin, the spam-sends to clog up the mempool come on strong - then disappear when the effort falls apart.

Anyways, prepping for the next "article" when ZH cackles about our retrace - as usual.

 

tmosley's picture

I may just treat it as a trade then. It's doing pretty damn well today. Too bad I didn't pull the trigger when I first saw the move early this morning. Oh well.

Exponere Mendaces's picture

Scalping is fine, just don't get married to it.

There's plenty of price to run in the big BTC.

 

Brazen Heist's picture

Interesting that Bitcoin Cash was the alt investment that rallied hard.

I don't really understand the big fuss about Bitcoin Cash, Litecoin is the oldest fork of Bitcoin, and it adopts most changes Bitcoin goes through, minus the constant talk of forking so far.

Will investors realize Litecoin is undervalued compared to all Bitcoin fork derivatives?