Hey all,
I've been watching all morning as people frantically get ahold of and sell their Bitcoin Cash.
Everyone is in a hurry to make a quick buck.
While the madness is going on, I can't help but notice how little everyone actually knows what is going on.
Please take a look at this screenshot from VIABTC, taken from their Pool stats on Aug 1 @ 7:45PM CST.
I have been keeping a close eye on this all morning,
What I have noticed is that; as expected, there was an immediate large selloff of Bitcoin Cash from people who wanted to instantly cash in, causing the price to plummet. That is obvious.
Last time I looked, the price was around $250 / BCC, it has risen already $100 since then to over $350 and climbing.
If you will look at the "Network Hashrate" column (highlighted) you will notice that Bitcoin Cash has a very substantial amount of HashRate. Nearly half of the network has already made the switch to BCC.
In fact, the regular Bitcoin network only has 6.4exohashes but BitcoinCash has approx. 6 exohashes already!
This means, that nearly HALF of all Bitcoin Miners have switched to BitcoinCash (me included.)
Currently, roughly ~48% of Miners are mining BitcoinCash, and as the price rebounds, I expect to see that number hold strong or perhaps even increase. Only time will tell.
If one is judging price based on sheer HashRate alone, that would put the current Bitcoin Cash value at somewhere around $1500 per coin.
You can expect to see a large rebound over the next few days, as Miners begin to choose a side and find their position.
Do you think places like Coinbase can deny BitcoinCash support forever, if the majority of miners and users switch to BitcoinCash?
Folks, we are seeing history in the making. Support BitcoinCash, and do not sell out too early!
You have been warned!
Useful links:
Truth About Segwit and the Takeover of Bitcoin