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RE: Bitcoin Cash Skyrockets... Is There Something To It?
Iam amazed by the sudden rise of bitcoin cash. We shall have to wait and see how this one turns out but I'm still backing btc due to its first mover advantage and network effects!
something to consider is how the proof-of-work system is essentially a zero-sum game.
Bitcoin cash is the current only contender to the bitcoin name.
Except Bitcoin cash has a secret weapon, the emergency difficulty adjustment.
If a median period of 12 hours between blocks being mined occurs, each proceeding block up to 6 blocks reduces difficulty by 20%.
Basically, bitcoin cash chain cannot die if it loses hash rate.
Bitcoin legacy can. Because transactions would go from 10 min confirmations to 20 min... to 30 min... to hours.. and the mempool would also continue to grow exponentially. Fees would also shoot up to absurd levels (more ridiculous than the current $11).
So if you were to see a flippening, would you keep your btc or convert it?
I don't think the infrastructure is fully there yet to support the move,but by november this could definitely be a reality.
Considering they are BOTH bitcoin, it's not that crazy to see the one with more utility (bitcoin cash) ending up as the dominant chain. 8x the transaction capacity, and 200-300% lower fees.
Wouldnt segwit helpin legacy bitcoin?
You're on the right track.
Whether it be speculation driving demand or utility value, is of question.
I'm not amazed at all. Read through my blog posts.