While researching the chit chat about the current explosion in Bitcoin Cash Prices (Which hit a high of $2500 a few hours ago - which is a figure of many hundreds of percent growth over it's price since the fork months ago).. I came across an intrgueing warning from July...
I really don't have much to add to all of this since I am not 'behind the scenes' of Bitcoin enough to know which is the better fork of the coin - except to say that without some kind of upgrade it is certain that Bitcoin can never be a form of real cash and may get replaced in the near future by something like Steem.
Here's the warning:
Traders, certain information has come to my attention that is causing me grave concerns and i feel it is my duty to warn each and every one of you.
We all know the scaling drama has caused a huge rift, resulting in bitcoin forking into the soon to be "Bitcoin Cash".
I know many have large holdings and savings in bitcoin, and are 'hodlers' and will never sell, so when the selling starts, you may lose everything if you don't also sell.
Gentlemen, this is certaintly not going to be gentlemen.
Certain information has come to light from back room channels, sources i cannot disclose ~ even writing this post will probably reveal my source - but i feel by gods will, I must warn you all.
Selling is coming. Selling the likes of which hasn't been seen since MtGox era.
Already as i type this, battleships of bitcoin are being shorted on all major exchanges.
Gentlemen, The enemy, the big blockers, have colluded and joined forces. The chinese, Jihan & co have put together a plan to replace bitcoin with bitcoin cash.
The plan goes like this:
Chinese miners (f2pool, antpool etc etc) have organised with major exchanges (via/huobi/okcoin etc) to support and launch bitcoin cash.
Initially they will let everyone who wants to sell, sell.
Once the coin has bottomed out, and everyone who wanted to sell has sold, they [chinese miners/jihad/chinese exchanges] will begin accumulating lots and lots of bitcoin cash.
They will then begin to pump the price to around 0.1 BCC/BTC - 10%
The big pools won't mine it ~ they will let the smaller pools see the returns from mining this expensive, but low difficulty coin and start mining it.
Later, the larger pools will join, and as we know, jihad has ALOT of hashing power, their plan is for bitcoin cash to have more hashing power than bitcoin ~ and lets be honest, once t he chinese move over, that is pretty much it.
Around this time, the 'hard fork' section of segwit 2x is not going to happen ~ it never was - Bitcoin cash will then be seen as the original NYA coin..
At that point in time, Bitcoin cash will be on all major chinese exchanges, possibly some western exchanges aswell, and have majority hashing power. Western companies & other merchant providers (BitPay - @Spair) etc - paid off by bitmain etc will go along with the new bitcoin cash narrative and will push for the 'bitcoin cash' to be called 'bitcoin' on all their platforms, leaving only coinbase et all which will then be the odd ones out..
Now comes the scary part, The old bitcoin, the bitcoin we know and love, is going to get DESTROYED.
What determines a coins success ? It's market cap.
Big old school blockers and miners are going to dump bitcoin back to the bottom, they will take literally billions and billions of dollars out of bitcoin. They will use the money to fund the marketing, and development, or 'bitcoin cash' - Think, Bitcoin core - FIRED. Think - forbes article, "why bitcoin miners and companies are moving to bitcoin cash" - think - "Why the market is chosing bitcoin cash as bitcoin not bitcoin core" - They wil lsay the market has spoken, that people have voted with their money.
Right now, massive huge shorts are being built, already on finex, shorts are at 32k - not seen since $200 these kinds of numbers of shorts, and its climbing, all the t ime, consistently, they have ALOT of coins to short.
The most painful kind of selling, is where it never bounces and if you remember MtGox from $1000 to $70, you'll remember what no bounces feels like ~ and I can tell you. This won't be any better.
Good luck all, remember - fair warning.
Below is I grabbed, i also have some slack and telegram logs, I will sort them out later when i get back, i just want to confirm what I can safely disclose first for my own protection.
Source: Pastebin (July 30th, 2017)
Wishing you well,
Ura Soul
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