Daily: Bitcoin Cash Market Takeover

Daily: Bitcoin Cash Market Takeover



what's up everyone my name is Michael and welcome to box mining Hayley today I'm traveling a little bit but I want to cover a few important things that's happening in the cryptocurrency market namely Bitcoin cash so Bitcoin cash has fundamentally changed the way a rally works I think in the crypto space so it hasn't actually proven itself to really change how things shape and I think there's a lot of miscommunication here I would do want to talk about it I wanna talk about both sides of the argument a little bit but I do have my own personal opinions as well so today is gonna be a little bit of a market analysis and then a little bit about this whole Bitcoin cash thing as well I'd like to say that things covered here are my personal opinion and not financial advice so let's start off with the market analysis so Bitcoin took a little bit of a hit so we're down to six thousand four hundred and forty four we do have around the same amount yesterday so it did drop went up a little bit and then fell back down again so now it's pretty much at the lowest it's been for a while and that is actually causing a lot of people to be a little bit afraid and also that's caused the overall market cap to drop to around two hundred right now so what might be causing this well it seems like Bitcoin cash so on the flip side Bitcoin cash has had a tremendous run and it didn't really stop yesterday we kind of thought it might have stopped at a thousand maybe nine hundred level but now it's pushing up to around to a thousand two hundred and seventy two so there is a little bit of quite a lot of a substantial push on the paper in cash front and what I do want to say here is in terms of trading it seems that Bitcoin cash is fundamentally changing the market as well we do have kind of a fall in the old markets as well so we have quite a substantial drop in quite a few out currencies five to ten percent it's something that's not out of the ordinary I do want to apologize today I don't have my screen up on a side I just couldn't get that working today so we can definitely see you know examples of course I'm coins you know you got your own music go dropping 4% go down o 6% popular 10% so we do have a few drops the refuse of course a few select writers as well the area classic is one of them – wrong was a little bit but overall it seems like Bitcoin cash is now sucking up a lot of the market cap and rising because of that so now is deep Bitcoin cash rally and what does that prove what does that show well I think it's quite obvious that and I'm gonna admit this outright that I kind of underestimated the trading power behind Bitcoin cash so all of a sudden it really took up the market by storm and there seems to be a lot of trade volume going there and it's very hyperactive in terms of trade activity we do have a lot of trading on Korean side around 36 percent still it's less extreme than yesterday so yesterday was at 50 we also have BitFenix at around 13 and coin won at around 6 or there's a lot of hype and fever in Korea and that might actually be a proxy for China as well so it seems like I do have to update the value of Bitcoin cash a bit the value is that there are a lot of supporters in Asian countries and of course China this is something that I think I might have downplayed a little bit you know because I talked about China leaving the market and it seemed that China was lying dormant for a while but now it seems like there might be rumors at least rumblings underneath the ground of proxy trades coming from China there's still money in crypto in China we can't reduce that to zero yes a trade volume is zero they might be lying dormant but of course rumors can spread that Bitcoin cash might be coming to China potentially we've seen that rumor coming up we also see that there are big win cash supporters so they may be trying to all buy in at the same time there was this rumor that a bunch of Asian people were all kind of looking to pump up Asian Bitcoin cash so it does seem that the China factor is still very prevalent that might be around there's definitely a lot of interest in crypto in China and it's been around in a Chinese market for a very long time so I think even though we've had evidence that the trade volume and China is dropping we do all have evidence that there's over-the-counter trading and of course there's a lot of money there that can move at any given time so it does seem that of course pick when cash has the support of the Chinese a few of the Asian markets and of course we have Roger ver pushing it very hard and potentially jihun who in the background as well now if you look at one thing I probably don't really like and I kind of never really liked about Bitcoin cash is the propaganda for it so if you look at reddit slash Bitcoin – I think you have to go to yourself today but it's all about replacing Bitcoin you're something called the flipping there this kind of replacing in theory at least as a number two cryptocurrency for now but eventually trying to replace Bitcoin so even taking the Bitcoin brand name right now obviously that's quite nonsensical because once brands form it's impossible to switch them it's like KFC's just swishing brand names with McDonald's I don't think that's possible right now but it is possible that people do believe that bitcoin cash might be the dominant form of Bitcoin or pick wind like traded currency and this seems to be a real belief right now in that community and of course there's a lot of talk about the flippin II so I do want to input some things as well and I think it's very hard for me to be impartial here I'm gonna say that I don't really believe in Bitcoin cash and I'll tell you the reason why is because bitcoin cache is really unproven and it's controlled by a group of people who are very minor heavy and traditionally I've been looking at technology of Bitcoin of how it's trying to be decentralized and the core team that brought Bitcoin from nothing to what it is today the thing is of course there's a lot of disagreements between core and other people I think there's a lot of people who don't like core but it's quite important to remember that core was a team that carried Bitcoin from what was nothing just an idea just a paper to what it is today and I've shown that the protocol itself has been very stable and the same goes with ethereum as well you know any cryptocurrency can be subject to even a fundamental errors and that has been seen before and core has been quite on top of the game there so yes you may call me a core supporter but I think that would be my reason given the thing of course with Bitcoin caches that I do find a little bit of mr. information as well so Bitcoin cash I think might try to gain support in terms of acceptance that is possible and of course support in terms of traditional institutions or people are trying to learn about cryptocurrency and it could be sold very hard to them that big when cash is faster than Bitcoin or fewer fees and I think that is true at this current state the a megabyte block size does work in that respect but I've always had a counter argument of why not just used like coin or – D credit or any of the other even etherium as forms of transfers of value so now we do have another thing as well which is the Bitcoin – hard fork which is coming tomorrow so Bitcoin pass has been a hard fork and a lot of people feel like you're gonna get airdrop tokens here the thing is what I want to say here is that the hard fork why are you trying to fork it is that the main community wants to fork it because they want to change the difficulty adjustment algorithm see Bitcoin cash has had to seesaw because it had this emergency difficulty adjustment algorithm which made it very easy to mine and then all the miners would go for it because it's very profitable so it has like the sudden jump of people coming on then making it very hard to mine those miners relief then the emergency difficulty algorithm will click in place and then it which just causes crazy seesaw action going on there so they're trying to change that and because it's not backward-compatible it requires a hard for everyone requiring everyone that's part of the Bitcoin cash network to upgrade the thing is that people think that they might get a free coin out of this but I don't think it's very likely it seems like the community is very United in accepting the hard work and we don't really seem to have Bitcoin cash cash or Bitcoin cash – coming out in the market so I don't think we're gonna get airdrop tokens there that's not the objective of that that the objective of the hard work is to improve Bitcoin cash and the only way you can do it is via hard work because well it's a technical article upgrade that wasn't compatible with kind of the old current clients so there might be this kind of like at least from reading the reddit page on Bitcoin cash people weren't really clear about why the reasons why they're going for it I do think the main reasons why Bitcoin cash is rising is because of Asia markets believe the support from the Chinese community miners especially you know miners have a lot to gain from Bitcoin cash to now you have two things to mine well if your shot 256 miners and that's why it's so popular and that's why we see you know all of a sudden when Genesis mining announced that they have new sha-256 miners a lot of people flocking to it and talking about it now because sha-256 is the algorithm for Bitcoin and Bitcoin cash and the thing is when you buy that and if Bitcoin cash is very valuable you're gonna increase the amount of overall rewards offered by the network and hence the miners well rewards so it seems like right now that there is a lot of people supporting that and there's minor support which is pushing the price up so one thing we have learned from this is that market manipulation is true and I think sometimes it's easy to forget that when we see Bitcoin rising I think it's very happy we get very happy and excited for Bitcoin like yeah we're cheering and we sometimes we forget that there might be price manipulation going on there as well we might have had this huge spike in the price going from around 5,000 to 6,000 to suddenly to 7400 and that might be a mega pump by some performing communities and I think it's very important to remember that that in this community it's really easy to alter the price of something because the market cap is still low relative to standard markets like for example we talk about forex trading and that's a completely different game a lot of people are trying to use trading strategies for that apply that to cryptocurrencies like all we have all the experience in forex trading but Forks it's a very large market and the players are very different so the size that you read here are different here in crypto space trading were very vulnerable to price manipulation we're very multiple to what people with large sums of cryptocurrencies and we know them by name and in fact you know some people always afraid we still have to remember Satoshi himself opens millions of bitcoins and if he moves that he can alter the price of Bitcoin easily just like that and even even if that account is touched I think the amount of fear that will come out of it satoshis Bitcoin account if that is touched I think there'll be is fundamental changes in the cryptocurrency market as well so there's those key factors and that we can't really downplay and I think that has been downplayed in the past a lot of people I think especially piccoli master a maximalist didn't like Bitcoin cash and said oh just drop to zero and die off after a year but it seems like right now that's being proven that there's enough support from Asian communities to at least push it push it up for now what really changed even become the real quick point I don't think so because of course they already gained the name Bitcoin cash or any I think it's too hard for it to fundamentally change and rebrand itself to something else especially Bitcoin now moving on to a final topic which is stuff I want to talk about which is paranoia because there's been recent posts about this thing being a whole war and it feels a little bit sometimes like a cloak-and-dagger game it feels like we're in this middle of a spy thriller and people seem to be either you know announcing things the last minute manipulating things backstabbing each other potentially picking people backing out of the New York agreement maybe and then they get stabbed this wall or something to that magnitude and there seems to be of course a lot of work underneath I mean of course segue to X was a very sudden cancellation and the community behind that the guys who signed a New York agreement backed out all of a sudden and I think that was a stark reminder that there are people who fundamentally tried to control the market but at the same time Bitcoin is the one that is meant to be decentralized something like Bitcoin cash is much more I would say centralized because the miners are there and the team that's behind it hasn't really proven itself yet so those are my comments for today I'd love to hear what you guys think on the forums I've been following up the forum topics forums box Montcalm that's a community forum here and I've been having a lot of great time just chatting with you guys there so you guys want to hop on and join me and chat about Bitcoin cash and what you guys think about it I've learned a lot from you guys and I think there's a lot to contribute to really talk about in that forum and I think it really helps the channel in a way as well because now I can have different viewpoints that can refer to things on a channel and I'll talk about more about these topics that we can bring together so I hope we can build this community together so check out forums of box Montcalm I hope you can come on hop on say hi and let's have a great discussion about what's going on here it's definitely a very exciting time to be in Bitcoin whether you like it or not and definitely a time to not have them twitchy fingers I'd like to say of course everything that I see here is my personal opinion and not financial advice thank you guys so much for watching this video remember to hit that subscribe button and the little notification bell to get notified of new videos like this see you next time

You May Also Like

About the Author: Maximilian Kuhn

47 Comments

  1. I'm not from China, I'm nor from Asia. I support both BTC as BCH. But I hate the arrogance and ignoring of current TOTAL BROKEN user experience with BTC. Don't talk about side effects of politics. BCH really helps a lot of new users with great Bitcoin experience.

  2. Please tell me, is Segwit2x still going on today? Because the ledger wallet is still proposing this blockchain !!?

  3. BCash rally is being artificially pumped (you just have to check the mempool) and it will last as long as the few people that support it decide to sell (that could be really soon, because it's very expensive for them to keep it that high).
    BCash seems more like an experiment to me, just some billionaries that made their fortune in Bitcoin (Roger Ver, etc) trying to pump now another altcoin by cloning the real Bitcoin and deceiving beginners and newbies that join the crypto community by telling them things like block size increase is really important .The problem this time is that BCash has no value, so newbies that put their money on this experiment will most likely lose it, because they won't find any buyers.

  4. Keep running. I love watching these bitcoin maximalists squirm. Now how does it go? – "At first they ignore you…"

  5. Sobering comments. Been listening to you for a while. I like it when you share your opinions rather than just recap news that we can all read about on Reddit.

  6. You guys sound exactly like the guys who used to say btc is dead just listen to yourself. Btc is good until June of 2020, but don’t hate on BCH just because it’s a faster and cheaper per trans than btc

  7. Satoshi is responsible for the development of bitcoin. Core is responsible for derailing the white paper and destroying bitcoin. Bitcoin Cash is the true bitcoin. Praise Bitcoin Jesus.

  8. Pump and Dumped. Imagine all those who were "shooting for the moon" and kept buying when BCH was $2800 were in complete shock when the inevitable (but obvious) Dump came to $1500 in minutes. Those people thought BCH was going to 3K and beyond. SELL into the spike, but if you want to buy after multiple long vertical candles then good luck with that.

  9. Its not a question of Bitcoin Cash replacing Bitcoin….Its that Bitcoin Cash has significant differences that make it just as valuable . Its not going to leave the scene as competition. The invisible hand of the market will decide.

  10. Fundamentally bitcoin wants to be a global currency and in its current guise it cannot serve the global masses. Bitcoin cash is hands down better equipped. Though the way it has come about is nothing less than devious. Going forward for crypto currency bitcoin has to improve or bitcoin cash becomes king.

  11. I'm wondering…is it impossible for BTC developers to tweak its txn time by expanding its block size? Txn speed alone is not enough reason for BCC to overtake BTC imo. If I don't have a spoon, all I have to do is go buy one if I have the resources to. This is why I think BCC is a pump and should be approached with some caution. Could I be wrong?

  12. The analogy with McDonald's and KFC isn't a legitimate one imho. An important difference is that McD and KFC already achieved mass adoption, and btc and bch are still in its infancy. As soon as mainstream starts to boast about bch, which will happen if this run goes long enough, I don't see why newbies wouldn't switch. Opportunism runs this motherfucker more than idealism does

  13. Bitcoin better implement lightning network ASAP so fees are reduced or no bitcoin will exist at current prices. Why pay $10 to transfer a $1. Lightning coders must be the slowest laziest people. Pay for OT and get lightning on bitcoin or it dies.

  14. Michael, just want to say you make great videos and they're very informative and useful. Keep up the good work and thanks for all the hard work!

  15. i think there is a bug! i exchanged some litecoin for more money in bcash lol, impossible. i will buy more lite now and do it again

  16. Those who have the money they decide. It's the same with fiat and crypto as well. This is the game and this has been the game all the time.

  17. Hi Michael! I just published my first smart contract on the Ethereum blockchain. I call it „the lifetime lottery“. It works as follows: you have to send at least 0.5 ETH to the smart contract‘s address (0xCE9ed0b322A1420Da4b6990e3047796f57471336). After that, the smart contract registers your address to the „lottery list“. Simultanously the contract picks randomly one Ether address from the lottery list (including yours) and redirects your 0.4 ETH to the winning address. With a chance of 5% the contract hits the jackpot and sends it to the winning address too. If the contract does not hit the jackpot, the remaining 0.1 ETH are added to it. When the next address submits 0.5 ETH for joining the lottery list, the cycle begins again. You can find more information and the source code on github https://github.com/PineappleDeveloper/ethereum-lifetime-lottery
    Good luck!

  18. Heya Boxmining, I have a question from the DUMP of Bcash just before. So $10 Billion has been withdrawn from the market. Now im trying to understand where the money went? This was all done within less then 30 minutes. Now it looks like it didnt move to tether because they never have a cap that big and the ALTS did not get an insane rise. So how did they withdraw it? Are there exchanges that allow you to cash out money this big? Thanks you! ps please keep up the good work

  19. Why have emotional attachment to any one bitcoin? Be neutral. Let the market decide. Enjoy the ride! If only you have held on to both from day one fork.

  20. Really like your analyses and critical review. I always find it hard to pick any faults in your arguments so thanks for making the crypto news network a little easier to digest!

  21. BCH is just a coin tool for manipulation. While others is buying BitcoinCash because of the increase" The people behind the cause of that massive increase is actually buying BITCOIN ..

  22. Bitcoin Cash is the same as the Banks. Centralised and controlled, Roger Ver is stopping the change of history. He is anti people and pro government., hence his support for centralised and miner owned coin.

Leave a Reply

Your email address will not be published. Required fields are marked *