I don’t feel like beating a dead horse – as frankly, I have a million better things to do than discuss the malignant crypto-cancer known as BCash…which helped build Bitcoin’s “anti-fragility,” but has done just as much damage as good. We had all hoped the worst of BCash was behind us, but the SV episode has proven Bitcoin is far less anti-fragile than we thought.
Maximalists think nothing could ever go wrong, but clearly they can – as Bitcoin’s 50% hash rate and price decline this month prove. Only time will tell if it recovers, which I am very confident will happen. However, as noted in previous articles, the short-term setback is material – as if anything, it delays the inflow of institutional money until the Hoffman Line is not only breached, but proves it can be maintained. Keep in mind that year-end tax selling is unquestionably a factor at the moment, which will shortly dissipate - and hopefully, yield a significant “January Effect” bounce.
https://twitter.com/Andy_Hoffman_CG/status/1073038472519143424
- Andy_Hoffman_CG
As for BCash, I’m officially declaring not only its death, but SV’s as well. Neither has made any substantial ground a month since the fork, in the world’s most boring crypto chess game. At this point, the “excitement” about the fork; and “hype” about “Satoshi’s Vision”; are long gone - replaced by anger, fear, and the realization that both “big block” solutions are comically useless…and that, most likely, the SV fork was nothing more than a malicious power play or Bitcoin dump-and-pump scheme.
I have little doubt Bitcoin will recover this month’s losses, but it may take some time to occur. As well, confidence that its anti-fragility is intact – as frankly, the dichotomy of the “store-of-value or currency” question is more confusing than ever…which, by the way, is why I think BRhodium has a great opportunity to fill a desperately-needed niche – of an “investment grade” store-of-value altcoin, as far from the SHA256 Bitcoin/BCash politics as can be.