BCH, read.cash, and my rambles about cryptocurrency

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My rambles, my thoughts.

3 years ago

Topics: Cryptocurrency

I've been wondering for a while if there is any correlation between prices of Bitcoin Cash (BCH) and read.cash being created.

According to the latest statistics there are currently 56297 users and 8149 monthly active users. In a nutshell, nope, I feel like with those figures I'm not going to find anything. I do however feel that it won't be long until this community is big enough to have a substantial effect on the markets.

I went digging anyway, because I'm pretty certain that there must be something that sticks out. I fully understand that the markets are so complex that I don't believe anyone can predict or guarantee anything, except for example when someone like Elon Musk makes positive / negative statements. (https://www.forbes.com/sites/ronshevlin/2021/02/21/how-elon-musk-moves-the-price-of-bitcoin-with-his-twitter-activity/?sh=31d7df0f5d27)

I used him as an example because Bill Gates seems to really hate cryptocurrency.

Side note on Bill Gates...

I find it highly amusing that a man who is responsible for the creation of Microsoft and IT advancements is complaining that processing transactions pulls so much power and is bad for the planet. Seriously, Bill? After all the power driven things you have invented / used / currently using, you are not an angel.

There was also another kicker that I'd like to share with you, he also said, "The way cryptocurrency works today allows for certain criminal activities. It'd be good to get rid of that." As if hard cash and banks don't allow criminal activities as well?

My personal opinion regarding the real reason he doesn't want anything to do with cryptocurrency is this statement he made, "Bitcoin can go up and down just based on the mania or whatever the views are, and I don’t have a way of predicting how that will progress."

No, Mr. Gates, you truly don't have any way of predicting anything, and guess what? Neither do I! However, I'm happy to be one of the people who are involved in the crypto-mania your refer to. Yeeehhhaaa!

Original image by Pixabay user: joealfaraby (I have edited it as you can see to include some pretty coins) -- also my lead image.

Back to my point!

read.cash was created on 18 October 2019, I took the price of BCH for the last year, and compared it with the figures on read.cash stats (links and images below).

I'm one of those people that look for similarities and patterns where they don't exist - except sometimes I get it right and manage to find something pretty cool.

This is from https://www.tradingview.com/symbols/BCHUSD/

This is from https://read.cash/stats

I can't tell you whether or not statistically / mathematically / from any academic standpoint that there is correlation. However, I can say that those two graphs have some pretty uncanny similarities.

What does it mean (to me)?

Some can say "it's an obvious correlation between the two because if the currency exchange rate increases / decreases, then of course the US dollar value in the user's wallets will be more / less".

That's completely true. It's also completely true that the patterns should be similar because they are directly proportional to each other.

BUT. I also feel like mathematically if people are moving their BCH out of here as well (which is what we do because we are advised to move it out at a certain point), there should also be fewer similarities.

My prediction...

I really feel like BCH is the way of the future when it comes to being able to have safe, secure, cheap, international transactions. I will be watching these graphs going forward because I see this platform to be a predictor of the future, and that it will at some point begin to directly influence the value of BCH based on the posts and number of users joining.

If you take a look at Facebook, for example. Way-back-when, it was just a random platform created in order to keep university students connected. It's now an international hub of everything. read.cash is going to be bigger, and so is noise.cash. I do feel as though people are wanting more than what Facebook provides us with, and that read.cash and noise.cash will get to a stage the same as Twitter and Facebook - everyone will have an account. It's also about the real news, the real predictions, real people's views. Main stream media is all over Facebook - I've seen people posting here about their life experiences which are ongoing across the world. Things I would like to see on the news but don't. I like that this platform is people-controlled.

I don't know of any other network which allows people freedom of speech to express themselves as they wish (within reason). You have the potential to earn income, to earn something as valuable as BCH, AND have people from around the world be able to share their knowledge, life experiences (the list can go on and on) in order to achieve something great.

I do believe that with the amount of people on here who are actually in-the-know, when it comes to markets and how things work, this platform will one day have a direct impact on BCH and its value.

I am looking forward to going back to this post in a year or two and pulling up the latest market trends and finding articles written by our most knowledgeable members and seeing the spike. One of these days a read.cash article will spike the desire to buy BCH the same way BTC spiked. One of these days this incredible platform will be massive - and all of us who are here already would have been part of the family long before everyone else jumps at the chance to make an account.

And I think that is pretty awesome.