BTC VS BCC
With the impending User Activated Hard Fork of Bitcoin and Bitcoin cash happening in about an hour. Here are my current observables.
- Alt coins are all in the trashcan, people are dumping them to acquire BTC to get their share of the split coins.
- Exchanges have a shortage of BTC for loans, therefore we are seeing record loan rates, 4%+ all day long, daily!
- Watch for a sharp rise in the majority of Alt Coin starting Aug 2nd as people "buy back in"
What do I think is going to happen? Very simple. BTC is the grand father of all coins. There is no dethroning it only replacing it. BCC (Bitcoin Cash) does not have what I consider the "right stuff" to replace BTC. I see adoption of BCC limited to those that don't want to pay transfer fees because they make LOTS of transfers. Potentially the largest mistake made was not implementing SegWit with BCC. Miners won't be supporting it because miners like to make money on transfer fees. A select set of miners will mine BCC to dump the coins and secure the network.
I believe were going to see a "race to the bottom" on the price of BCC as it hit exchanges, The tradable futures initally started at $900 or (.35BTC) are now down to (.1BTC) ~ $270. Again, I believe this will be a race downward, people off loading BCC in exchange for BTC.
Think I'm wrong? Let me know in the comments below and I'll be sure to respond.
Just my 2 Satoshi.
--IceBurst
Image Credit: CoinGecko.com