Last weekend, we learned that what I have been saying all along about BCash is true – as well as Crypto Herpes Cat, who in early March laid out the case that it was a Bitmain-supported Ponzi scheme.
To that end, Crypto Herpes Cat updated his view on the subject this week, immediately after Bitmain revealed it had sold off nearly all its Bitcoin to support BCash – in yet another must read article.
https://twitter.com/Andy_Hoffman_CG/status/1029032659366731777
- Andy_Hoffman_CG
In response, I believed it likely the market would attack BCash – and by proxy, Bitmain – like sharks on chum; knowing full well that if prices fell enough, Bitmain would be forced to not only fire-sale its remaining Bitcoin, but its BCash, too. And while the market did plunge Monday night, not only did Bitcoin hold the “Hoffman Line” at a $100 billion market cap like a champ – for the FOURTH TIME this year; but BCash’s ratio to Bitcoin only declined from .10 to .08…with this morning, it creeping back to 0.083.
In my view, this is a VERY positive outcome for BCash, Bitmain, and the entire cryptocurrency sector – as despite my HATRED of BCash, it’s impossible to ignore its resilience to these VERY negative revelations. Let alone, as it comes just days after it was revealed that a coding bug could have permanently destroyed BCash LAST WEEK…which ironically, was averted by the kindness of the Bitcoin core developer who found it.
https://twitter.com/Andy_Hoffman_CG/status/1028113277300002816
- Andy_Hoffman_CG
Consequently, I am more bullish than ever about Bitcoin’s future – both short- and long-term. Not only that, I think the Bitmain IPO WILL in fact go through – and that, if the sector is in a bull trend when it occurs (which I assure you, they will use all their market power to foster), it could be one of the hottest-ever.
https://twitter.com/Andy_Hoffman_CG/status/1030438883412992000
- Andy_Hoffman_CG
Very, VERY bullish for Bitcoin, IMO.