A coal mine explosion in the region of Xinjiang on April,11th, China, caused many fatalities. The Chinese government ordered all cryptocurrency mining farms that required high electricity consumption to temporarily suspend their operations. As a result, the BTC hash rate fell even by more than 50% at times, leading to a massive increase in average block time.
BTC was already running at a very high capacity, with 1MB blocks being unable to sustain the growth of the network and proven unable to scale. The mempool size grown into a new all-time high above 300MB and fees increased also at new highs above $50.
Source: fork.lol
Hashrate seems to be increasing again as miners are restarting their operations but it will take weeks to stabilize at the previous average.
More than 60% of the BTC mining is located in China which is a big concern, as the centralization of mining unavoidable creates concerns about the smooth operation of the network.
Will this be the so much-discussed end of the bull market? Nobody knows, and I don't think it will, however, I think that Bitcoin Cash will win bull run or not.
And this time, it was proven that Bitcoin is unable to scale, and has centralization issues. This example was already explained theoretically by many that were concerned about the centralization of mining in China.
Bitcoin Cash was unaffected by any of these events. The network kept running with fees lower than a penny and transactions increased even more.
Bitcoin Cash median fees are $0.0021 which allows us to send microtransactions of a few cents.
The fees for BTC will probably go down to $10 average again after the hash rate is stabilized and difficulty adjusts with the next retarget.
BTC has once again proven inefficient and unable to scale. Meanwhile, Bitcoin Cash keeps moving forward and becoming the Bitcoin of choice for thousands of people every day.
Adoption is increasing and soon most users of cryptocurrencies will recognize its competitive advantages over BTC.
Bitcoin Cash is also proven to be the working update for Bitcoin, even to Bitcoin maximalists.
Source: Twitter
Initially, I thought this was some kind of joke by Cobra, however, he kept tweeting about the mempool and seems to understand completely how much broken Bitcoin is by the actions of Blockstream.
Some Bitcoin maximalists and Blockstream devs (Gregory Maxwell) were even celebrating the $50 fees and the complete failure of Bitcoin, as orchestrated by Blockstream.
Cobra seems to know something is very wrong, but it is already too late for BTC. The decision was final, it is not going to scale. Bitcoin Cash is P2P electronic cash for everyone, and BTC is now just a toy for the hedge funds to play and pass between them. It is just a game of speculating and selling before the top.
Bitcoin Cash is a method of transactions. BCH is money for all humanity.
Source: Twitter
Bitcoin Cash is the final part of the money evolution for the time being. It is a network that scales and ready for mass adoption.
Final Thoughts
Nobody in Bitcoin Cash is glad for the troubles of Bitcoin.
I hope I will stop consuming my thoughts in competition with Bitcoin, as finally it has been proven even to Bitcoin maximalists that their approach was a mistake. The Lightning Network is a failure and what the Bitcoin Cash team was talking about since 2015 was the correct approach to scale Bitcoin.
Source: Twitter
It is the people that will decide, not the Bitcoin devs, not the hedge funds, and not the governments. This is up to the people to select the decentralized currency the world deserves and which network will be used.
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And then you have the Satoshi Vision guys jumping on that tweet perving on their block's size.... Reminds me of a System of a Down Song - my block is much bigger than yooours!