Let the Games Begin: Stock Market Experts Celebrate the Decline of the BitCoin
The latest currency fluctuations of the BitCoin caused the financial institutions such as Bloomberg and J.P. Morgan to negatively express themselves on the future of the crypto currency. These unserious speculations have been encouraged by notifications from China, where in the meanwhile, the government has forbidden crypto flotations.
Over and over again, it is amazing in how far investors worldwide may be unsettled due to lacking knowledge. This is generally valid; however, it particularly applies to the BitCoin (BTC). Analysts such as investors only know in exceptional cases how the BTC functions due to the fact that the BitCoin is not a conventional currency system. This is a fact. Rumours have influenced the financial affairs ever since. In addition to the messages from China, there were also numerous false reports, which warmed up the atmosphere even more.
JPMorgan Director Dimon – BitCoin is a Deceit
Additionally, renowned financial experts added fuel to the fire. Among others, the “J.P.-Morgan-Chef Dimon trade journal’s headline read: BitCoin is a Deceit” and explicated further that Dimon would threaten his employees with an immediate suspension, if these dealt with BTC. In this article, he predicted the crash of the crypto currency.
However, before the champagne could have been floored on the standing party of the self-appointed BitCoin gurus from the financial world, the last sip got stuck in the neck. The world beyond the security investors is not interested in what happens in countries such as China, and thus, the price of the BCT increased at rocket speed. Dimons’ predictions burst like a bubble – and even worse. They could prove that J.P. Morgan himself massively manipulated the market price through disposition and acquisition. The uncertainty on the markets subsided again after the price of the BTC had evened out.
Controversial Issue: SegWit 2x
In the past, there was also a further issue, which engaged the world of the BitCoin community and the one of the FinTec trade. SegWit 2x is the reason for the area-wide solicitude. Soaked in sweat, on the verge of a heart attack, numerous traders experienced the activation of SegWit. There were heated debates: “The BitCoin will be Divided”, “Blocks Incompatible – there will be a Crash” – “SegWit Centralises the BitCoin”. The consequences were well-known chain reactions. The price fluctuated, became incalculable, and speeded towards the abyss. Panic selling accelerated this process. Another time, the economists of a greedy world were terrified. At this point, I would like to remind of the fact that I appealed for a general tranquillisation and sufficiently explained SegWit 2x in an article. The price increased again and stabilised.
Those who dealt with this subject for a longer time were aware of the fact that a Hardfork would be coming on November 01, 2017, which increases the block size to 2 MB. The soft fork trick of SegWit did not succeed in doing so. In inebriation of ignorance and name-dropping, Bloomberg speculated on his internet site: “A new split and thus, also a third chain could evolve”. Just a moment – with this statement at the latest, there should have arisen doubts, as a block can only be divided in 2 chains. However, this presupposes knowledge of the matter. Bloomberg and other news have not understood that BC cash is a totally valueless coin for the ordinary world. This is only old coin. After the division, BC cash has initiated its own world and its own mining. Thus, it has also cut the cord.
The Question of What Will Be Achieved by Old Coin & Co.
Interestingly, BC cash claimed to be the “better” and the “real” BitCoin. However, if a “bunch of cash-hungry madcaps” is only sending a coin within the community to and fro, one has to question the meaning of such a currency. In developing countries or threshold countries, whose currencies have only little value, and the population has hardly any relationship to their currency, nobody is interested whether a BC cash has 8 MB. Can you buy more with this knowledge? Certainly not! This is the problem with all old coins: there are several people appreciating the idea of their coin.
Only – they exclusively sell it to themselves and to a few strangers. While they are celebrating themselves and their coin, they become slowly and bitterly aware of the fact that the praised USPs of these coins are totally senseless.
The justified question arises: What for does a closed user group in which the coin is circulating requires invisibility? In any case, they all trust each other, don’t they?
Eventually, all leads to BitCoin. This is the coin having the highest increase in value; one can purchase with it. With it arises a real sense. No other coin will replace the BTC; the logistic effort would be too high. The risk of investment in structural measures is simply too high due to the political explosiveness of such coins. Thus remains an illusion of passive income and quick wealth.
Will a Third Coin Replace the BC Cash as ETH Killer?
What is going to happen? These and further questions trigger off unsettledness anew. Shall one sell the BTC rapidly after all – or even exchange to old coins? At this point, one shall refer to the following: those performing this step before SegWit, have experienced horrendous losses. So, has the BitCoin ever suffered under old coins? Who thinks to have understood BitCoin and hears that Ethereum would be the new BitCoin has not grasped Ethereum. Welcome, brave new world!
It is utterly indifferent how things are evolving. A new old coin would be nothing more than an additional cue ball of a user community without a real value. Also if it sounds hard and “burns” in somebody’s ears: the situation is similar to the ones of Jehovah’s Witnesses awaiting a miracle. The Jehovah’s Witnesses are convinced of the fact that Jesus will arrive.
A long time ago, also the Jews believed in this and then “inadvertently” – what an irony – killed Jesus. This is why they experienced the bitter holocaust much later. Should there be a God – he takes a long time in taking revenge.
With this parenthesis, I wanted to show extremes. In panic, triggered off by unsettledness, many people sell their BitCoins. Shortly afterwards, their value escalates anew, as has already happened many times before. In the course of these procedures, the “investors” burn a great deal of money, after they have caused the nuisance themselves through false reports, speculation, and scaremongering. Who sows the wind will reap the whirlwind or will experience late revenge.
The issue of “Hardfork” after all joins this blend of half knowledge, unsettledness, gold-rush mood, which I’m taking on here. In the process, everything has been so well prepared and no issues were arising – and now, I’m commenting on this topic in my blog. For many people, I’m a spoil sport, I know. Only: I can read, listen, and I’m happy to let myself be explained, if I have not fully understood an issue.
Fact is the Following…
The New York consensus says quite clear: Hardfork yes – Split no. This means in plaintext that it is not made accessible to the public. Otherwise, BC cash would have saved themselves the whole stress and could have taken the new coin. In the course of the first failed attempt of SegWit and HardFork (BIP141) Roger Ver was hoping to have his BCU coin pushed. This failed. Instead of that, a self-caused rollercoaster ride resulted in an investor screaming in the own bubble.
Apropos Roger Ver: the so-called BitCoin Jesus – as a self-confessed atheist I could almost lose faith at this point in BitCoins – and first investor in BitCoins turns to his fan community again. It is amazing to observe how one comes out of the woodwork as a past prophet of 2010 in such a way and means having to comment everything. The juicy thing is that Ver is very well known for influencing the market with his statements. The latest finding which he published is the following: “A Hardfork is impending!” Ah yes?! What a new finding!!
Future Station: 6000$ Level
According to statistics, whose numbers are constant, a narrow majority is for Hardfork and its new chain, which is not made public. Not long since, the F2Pool and BitWala have backed out due to this fact. Others have followed. It would be possible that a majority still prevents the Hardfork. In my opinion, however, this is utopia. With Lightning, the issue of speed is eliminated anyway. On this basis, it is indifferent what comes.
What does this development mean for your BitCoins, dear readers?
If you come from the FinTec trade, keep your BitCoins and do not sell them. For all others, the following applies: purchase whatever possible. In all likelihood, by the end of the year, the price will have exceeded the 5,000 dollar level. One thing is for sure even today. The game of artificial scaremongering and value increase proceeds. Who believes today that the BitCoin will be valueless in a few years, also has assumed Google and Facebook would vanish and that a startup company called Apple would never be able to hold a candle to the former giant of Nokia.
I’m looking forward to interesting times and all regulators and against all odds: the BitCoin is and remains the benchmark.