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RE: The Battle And Future Of Bitcoin In Jeopardy

in #bitcoin7 years ago

The BCH pump was clearly an attack on Bitcoin. This attack was build off 3 parts.

First part was technical: The EDA in BCH made miners mine way more blocks per time unit than BTC, because of this INFLATION mining on BCH was way more profitable, so the leverage wherein hashing power shift by a rise of price was enormous.

BCH had 70 % of the total hash power for a while, even when the price was still way lower. Because miners went away from BTC to mine the more profitable chain (this is as designed) BTC blocks took longer and in combination with a lot of spam transactions the network got clogged.

This EDA was a FLAW. How pathetic is it if you have to beat your opponent using a technical flaw in your system (Thought you believe in fair free markets?!?

Second part was economic: If you see the charts of BCH it was really a pump & dump. Also 80% of the volume came from one exchange in Korea, interesting enough the volume started to spread over different exchanges just before the dump started. The intention of this pump was to let as many as possible miners jump to BCH (possible because of the flaw) so that BTC got stocked.

Part nr. 3 was social: Already before the pump started I saw the some people online talking about the 'flippening'. At that moment BCH was only at 5% of BTC and the pump had not started yet. This makes me very suspicious that they were pre informed and probably paid. When the pump happened on Reddit BCH posts were heavily / unnatural up voted and BTC was down voted till invisibility. (Roger complains about censorship?) On Youtube only BCH moon videos were visible, there was no single BTC video available if you searched for bitcoin. This was overwhelming and will have mislead many people and let them lose money by buying in to this pump and dump. Also the moment that 2x was cancelled was perfectly chosen, frustrated big blockers could leverage the planned 'flippening'.

You took place in this attack by posting your recent article exactly at that time (it is very suspicious that exactly that day you found your theory that Blockstream is influenced by bankers). Joining this attack is very strange, because you say in your post you are not sure about core. This means you are not sure but tried to help to destroy THE REAL BITCOIN.................

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I don't support either side over the other, but while blockchain politics is clearly involved this wasn't the first time that transactions did not confirm or that fees were high. This has been happening for a long time.