Hi guys! My name is Bitcoin Blondie. I write about Health and Wealth! With the exception of my introductory post, this is my first attempt at this so bear with me! No pun intended to the market earlier today!
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This is STRICTLY an opinion based article, if you have differing views, please leave a comment below and we can discuss!
Oooh boy, what an exciting couple of days in the crypto sphere! Bitcoin was hit with a barrage of attacks by Bitcoin Cash and Coinbase. (Allegedly of course). If you were under a rock for the day and didn't check your twitter feed, I will give you a quick synopsis of what went down, as well as my opinion on it!
Last night, Coinbase decided to surprise launch Bitcoin Cash to be traded on their platform as well as their trading site GDAX. They announced earlier that they would be releasing Bitcoin Cash forked users their coins in January as long as it didn't cause any unforeseeable problems. Well January came early for Coinbase apparently, because they launched it last night, for a grand total of 4 minutes before freezing buy/sell orders. In that mere 4 minutes, the price of one BCH skyrocketed to $9500 USD (which of course wasn't a real price) but it froze out a ton of sell orders that could have profited greatly from their incompetence. How did they not properly test for this before launching? If that wasn't bad enough! The price was mooning before it was even revealed that it would go live on Coinbase. ALMOST....like insider information had been leaked...
Enough bashing on Coinbase for a second. Let's move on to the second portion of the coordinated attack against BTC. Roger Ver and CNBC Fast Money. The day after Bitcoin Cash was surprise added to Coinbase, which trades were halted until 9am PST, (strictly post only orders until a few hours later) "Bitcoin Jesus" as many know him, was to go on live television for a segment on CNBC Fast Money. While he promoted his same old dance and song routine as before, this time had clout to new listeners and viewers. Bitcoin Cash price was up, A LOT. And that is all the market cares about right now. How to get the next quick buck in crypto world.
Now, you would think after all of those coordinated attacks all at once coming full steam at Bitcoin, now would be the time for the "flippening" (when Bitcoin Core marketcap switches over to Bcash or any other altcoin for that matter.) But nope, with the exception of some early panic sellers late last night during the announcement of Bcash being implemented on Coinbase, it maintained a pretty solid price throughout the day, showing it's resolve and that the community is much stronger than the developers and marketing team for Bcash anticipated.
Now for my opinion on the matter. This is a BIG deal. It doesn't matter what end of the spectrum you look at it from in my eyes. It doesn't matter if you are team Bitcoin, team Bitcoin Cash, or even team Feathercoin... (which has much larger blocks than Bcash if that is your argument for why Bcash IS Bitcoin..) I hold many different altcoins in my portfolio and I still have my position in Bcash from the original hard fork so I welcome the price increase. But these attacks have no positive outcome for the market in whole. Think about all the people that heard about this "Civil War" as CNBC casually described it for the first time today? What impressions will they have on the crypto space? Does it sound like a safe place to put your money (safe enough...)? I personally am no longer using Coinbase or GDAX unless Brian Armstrong can come out and apologize for the disaster that happened and who knows, maybe even implement Segwit...
This was much more of a rant than I thought it would be for my first post, but it's how I felt and it just came out! Please, comment away with any questions or rebuttals, and if I am wrong about something, point it out! Thanks guys!
If you are new to this space, my best advice that I can give would be to do your own research on the projects that you see as valuable, to invest only what you are willing to lose, and invest with knowledge, not emotions.