Veteran Bitcoin entrepreneur and founder of Bitcoin.com, Roger Ver, a prominent figure in the cryptocurrency universe admired a Redditor identified as minitoxin for his interesting explanation about the real value of Bitcoin Cash and exposing all the lies spreading online right now particularly the value of the once dominant cryptocurrency.
In a viral Reddit post by Reddit user minitoxin, the Redditor explained that most users of Bitcoin Cash are being lied to, exposing how he was able to figure out the turning point of the lies spreading online about BCH.
According to minitoxin he was able to uncover the lies during the time when the Litecoin's market-cap became greater than Bitcoin Cash in the 2020/2021 bull run.
The Redditor questioned the development between LTC and BCH as he noted that Litecoin has lesser ongoing development could produce a market-capitalization that surpasses Bitcoin Cash because BCH has so many positive features.
The discovery made by the concerned crypto user grew deeper and deeper as he was able to figure out that BCH came out in 2017 and it was distributed to Bitcoin BTC holders.
This means that there's a huge possibility that a lot of BCH tokens were also not yet in existence as they had yet to be mined, days after the hard fork between BTC and BCH.
The Redditor then conclude that the BCH tokens available on the open market were in short supply then and there's some possibility that until today, there's indeed a short supply of the said crypto assets.
The Wycoff Method:
Minitoxin then explained that as a long term trader and a practitioner of the Wycoff Method he understand that in order to move an asset from weak hands to institutional hands you have to capitulate the assets price and keep its price action stagnant for lengthy duration.
Based on this technique to explain in layman's terms, this will force weak holders to release their tokens onto the open market for sale.
The Redditor believe that this is really what happening today with the value of BCH and BCH being released is manipulated OTC by institutional buyers and crypto wallets.
Accumulation according Minitoxin via OTC also ensures that the market-cap and price of the asset does not rise until its ready to be moved up and this process is called "Mark Up."
In order to support the arguments posted by viral Redditor on Reddit, he shared the chart pattern which is a multi-year accumulation pattern.
Image Source: Reddit.com
Aside from the above-mentioned points posted by the Redditor he also noted that another important points is the fact that most traders do not do thorough research on the tokens they purchased and rather follow the crowd an buy on Hype.
Following the Crowd & Buying on Hype:
Cryptocurrency institutions and crypto whales are well aware of this and influence our purchasing decisions my moving the price of the cryptos they want purchased up and at the same time publishing supportive media articles.
The statement made by Minitoxin accusing the media of influencing the cryptocurrency market is indeed true based on various experiences by numerous bloggers and technical analysts involved in the development of the cryptocurrency universe we are all enjoying today.
The Redditor also gave an example of the things that is called the "Herd Mentality" as he posted a video link to the said experiment conducted by the National Geographic Channel.
Due to the impressive explanations and wonderful arguments presented by Redditor Minitoxin, the once known as Bitcoin Jesus, Roger Ver applauded the author with his own words of encouragement.
Roger Ver commented on the post by saying that the article is the one of the most thoughtful posts here in Reddit for a long time and thanks the man behind Bitcoin.com.
Who is Roger Ver?
Roger Ver is also a user of this platform having written at least four articles but it was written at least five (5) months ago, but he is still active on this platform as he keeps on tipping relevant users and useful posts on this platform.
He is also one of the top donors here on this platform alongside the most generous of all Marc DeMesel and the Random Rewarder.
Roger Ver is an early investor in Bitcoin and other Bitcoin-related startups and early promoter of Bitcoin. He is best known as as "Bitcoin Jesus" because of his promotion of Bitcoin but right now he focused his energy into promoting Bitcoin Cash.
Ver is an investor of Charlie Shrem's Bitinstant and invested a million dollars into bitcoin related startups including Ripple, Blockchain.com, Bitpay, and Kraken. He served as CEO of Bitcoin.com and one of the five founders of Bitcoin Foundation.
Disclaimer:
This article is not a financial advice but rather an interesting piece about the latest development involving BCH and the reasons why the said cryptocurrency keeps on dipping its value compared to the US Dollars.
