Hodl!

It was a good time not a long time:

Here’s some detail on what’s going on from a reader.

From some shit:

As the cryptocurrency markets continue to slip into another day of price fall, with headlines across the internet declaring Black Friday savings for Bitcoin and altcoins, the BCH fiasco encapsulated in the recent “hash war” is finally coming to an end.

While the original Bitcoin Cash was at the center of a naming controversy when it split from Bitcoin Core in August 2017, with BCH figurehead Roger Ver claiming the coin to be the true iteration of Bitcoin, the subsequent hard fork on Nov. 15th has been far more contentious. The resulting factions from Bitcoin Cash, named Bitcoin ABC and Bitcoin SV, have been at one another’s throat since the split, with supporters of each doing their best to besmirch and tear down the other–with the ultimate loser being the entire industry of cryptocurrency. Similar to the earlier split of BTC and BCH, both coin communities and developers wanted to claim the “official” title of Bitcoin Cash, thereby holding sway over the majority of investor interest and brand appeal. However, the lack of consensus across the industry–a combination of exchange support, developer weight and algorithmic hash production–led to an ongoing conflict where by both parties suffered

Craig Wright, one of the primary supporters of Bitcoin SV, instigated a campaign against Bitcoin Cash (and subsequent rival fork Bitcoin ABC) to claim the legitimacy of the BCH lineage and impose his vision for the future of the currency’s blockchain and protocol. However, a new development on Nov. 23 has the coin and it’s supporters surrendering the name of Bitcoin Cash in an effort to move past the senseless nature of the hash war.

Billionaire SV representative Calvin Ayre, in a post on Coingeek, capitulated the ongoing conflict to Bitcoin ABC, claiming that their community “no longer [wants] the name Bitcoin Cash,” and will move forward with an independent blockchain and version of their of network. Despite scrapping their plan to be the representative currency of Bitcoin Cash, Ayre and his supporters view the development as positive for Bitcoin SV. Speaking in an email with Bloomberg, Ayre continues.

While it’s hard to pin the entire market drop on BCH and the hard fork that followed, the coin played a role in the demise of Bitcoin valuation over the past week. BCH prices pumped over 20 percent in the days leading up to the fork, creating a mild resurgence in the broader crypto markets. However, the price pump was short lived. Market uncertainty over the future of the Bitcoin Cash split and the ramifications for the broader industry led investors to abandon the coin in droves, leading to a sell off that extended to BTC and all other top currencies. The end result was $50 billion wiped from the market capitalization of cryptocurrency in a span of days, and little end in sight for the severe downturn in valuation after months of relative price stability.

 I do not endorse this message, have no interest in its truth and, so far as I can see, makes about as much sense as blaming S&P500 movements on the wand wavings of a mad witch doctor.
 BTC is worthless and strike anyone who tells you otherwise off your sane list.

Comments

  1. Tulip prices steadily rose with their growing popularity and bulbs were purchased at higher and higher prices by speculators who planned to turn around and sell them for a profit, similar to modern-day house “flippers.” From 1634 to 1637, an index of Dutch tulip prices (see chart above) soared from approximately one guilder per bulb to a lofty sixty guilders per bulb. Traders who sold their bulbs for a profit began to reinvest all of their profit into new tulip bulb contracts or new bulbs to sell to other Dutch citizens or to take with them on trips around the world to sell alongside with spices from the Dutch East India Company. Many merchants sold all of their belongings to purchase a few tulip bulbs for the purpose of cultivating and selling them for more profit than they could have ever made in a lifetime as a merchant. As the tulip bulb bubble crescendoed, already pricey tulip bulbs experienced a twentyfold price explosion in just a single month (Investopedia, 2012). By the peak of tulipmania in February of 1637, a single tulip bulb was worth about ten times a craftsman’s annual income and a single Viceroy tulip bulb was allegedly exchanged for the following goods (The Tulipomania, n.d):

    Two lasts of wheat
    Four lasts of rye
    Four fat oxen
    Eight fat swine
    Twelve fat sheep
    Two hogsheads of wine
    Four tuns of beer
    Two tons of butter
    1,000 lb. of cheese
    A complete bed
    A suit of clothes
    A silver drinking cup

      • The tulipmania graph?
        The fact that no government would ever allow it to usurp their fiat currency?
        The fact that it’s an energy hog?
        The fact that any kid can start his own crypto?
        etc etc etc

      • “The fact that no government would ever allow it to usurp their fiat currency?”
        So gold is out of the question clearly, cause no government would ever…
        “The fact that it’s an energy hog?”
        The reason it’s an energy hog is because it is popular, and if you understood anything, you’d understand that is why any kid can’t…
        “The fact that any kid can start his own crypto?”
        You mean much like any kid can go buy a printer and some paper and go print up his own fiat?

      • Sister? Shome mishtake shurely? What sister?

        So gold is out of the question clearly, cause no government would ever…

        You don’t understand the role of precious metals. They are not alternative currencies.

        The reason it’s an energy hog is because it is popular, and if you understood anything, you’d understand that is why any kid can’t…

        Yes any kid can, it’s just adoption that stands in the way of any crypto’s proof of work causing huge power usage.

        You mean much like any kid can go buy a printer and some paper and go print up his own fiat?

        That misses out on the imprimatur of the elected government.

        You really have such a poor grasp of reality that you should simply hand your salary to the MB investment fund and let them look after your money for you. I’m being serious. Anyone can do this better than you. No offence.

      • “intuition is as important as reasoning; instinct as important as intellect. A way of life has far more demonstrative power to a conservative than a brilliant argument”
        I’ll just leave this here for you to think about for a while.

      • Lol, I’m more likely to be buying than selling btc, especially if it crashes further.
        I find the suggestion to let MBFund manage my money rather interesting. Their investment selection skills are clearly not good enough to produce enough profits to fund a news blog without requiring subscriptions, but are instead going to skim cream off the top like the rest of the investment industry.

      • Lol, I’m more likely to be buying than selling btc, especially if it crashes further

        Spoken like a true believer. I’ll bookmark this so I can laugh at you in the future. Heheh

    • Casino operators pay the government a very hefty license fee and lots of ongoing tax revenue for their permission to operate their limited use casino fiat.

      Crypto did none of these things and was expressly against these

  2. I keep saying it’s not completely useless.
    It’s decent as a payment “VPN” conduit.

    You guys should download one of the crypto payment plugins for this site and have a crack at it.
    Convert it directly to dollars and you can both exploit it and be bearish – the same as you are with the Pacific Peso 😉

    I note that you’re happy to accept the same amount of AUD for a subscription regardless of its relative value. So… what’s the difference?

    • No point trying to convert those with true religion, you simply can’t argue with “worthless is worthless”.