RE: The Uncivilised War between Bitcoin & Bitcoin Cash is caused by one thing.
Looks like the two of us made similar trades. Had a couple get hung up forever and then cancel out, but ignoring those I did very good with all the volatility.
I agree that a huge part of Bitcoins current success is due to it being used to access other coins. Was talking with my brother-inlaw about why he had less bitcoin then some other ones he had heavily invested in. Then he went down his list of alt coins he used his bitcoin on. Told him he needs to learn to rebalance things when he pulls large chunks out to buy new coins.
The whole it didn't follow the rules mentality is to funny. It makes me think of the absolute worst poker players in the world who think they should be the best because they know the stats on every hand and know exactly mathematically what they should do. Problem is the Human Factor when you are applying a mathematical formula to anything that humans touch.
That formula didn't factor in fear, greed, ignorance, arrogance, and so many other human factors that any person with Common Sense could see coming. I posted about some of the human factors when everyone was asking "why" is BCH rising. Post was basically outdated by the time I finished it as everything happened so fast but it pointed out how disenfranchised holders of BTC moved to their second best option.
Funny thing is I don't think many people realize the hash rate issues that happened. Sure prices dropped hard, but as it did the hash rate dropped faster as it became drastically more profitable to mine BCH. This could have been a disaster if some miners didn't keep mining BTC passing up on profits and actually mining at a loss or near a loss.
This is something BTC needs to fix and it has to do with the hard 2 week cycle of difficulty resetting. Have some thoughts on how to address this, but making change is hard.
Congratulations my good fellow - your stockmarket background and understanding of human nature paid off for you. Us older ones it seems made the smart moves while the young whizz kids became baffled why their fibonacci code failed them lol.
That was good advice you gave your brother-in-law.
Good point about the hash rate- I did hear BTC miners have now decided to their agenda on the lightning network forward. This is a good move as the transaction speeds need a kick in the ass.
I have also heard that Russia could be the next big place for mining farms. That could get very interesting.
If China actually cuts off the cheap power (story floated recently about it) that could drastically effect the total hash power out there. Anything that speeds up the transaction process without further centralizing the mining is a good thing. Centralization is the issue with taking the approach that increasing block size for the solution, larger the block size the more computing power needed and less people can afford the equipment needed to mine.
And yes I think experience (shh about the age thing...lol) has helped us make a trades that less experienced traders couldn't.
I just heard on the grapevine that the China story was a false flag - I expect Bitcoin to go up now gradually to $10,00 or even higher
That is a good thing if it was, otherwise we can expect higher transaction fees across the board for all Crypto. Processing power goes to the most profitable coin and if Bitcoin lost China's cheap electric it will effect all.
Absolutely - think if Africa decided to cover the deserts with solar panels they could run bitcoin farms for free
Up front investment makes solar not the best solution cost wise, but they do have the space...lol. My brother inlaw is looking into wind turbines to power a grow house. Told him we can add mining to the location if he wants to up his power production. Sometimes the increased power doesn't add much cost with projects like that. The install of a small wind turbine vs larger one isn't much different.
Wow thats a great idea - the more people mining the healthier it is for the cryptospace in general Go for it I say.
Exactly. Currently it's become to centralized for my liking and that pushes me towards wanting to do it even more.
Need to figure out the exact electric costs and what high speed internet options there will be. He is building in the country so space isn't an issue, but connectivity might be.