@Pantera
more from that month
Money for the People
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. https://www.reuters.com/world/china/21-miners-trapped-after-xinjiang-coal-mine-accident-china-daily-2021-04-11/ 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 https://fork.lol/pow/hashrate 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 https://twitter.com/CobraBitcoin/status/1384919233272893450 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. https://bitcointalk.org/index.php?action=profile;u=11425 https://www.trustnodes.com/2017/12/22/gregory-maxwell-celebrates-high-fees-300000-stuck-transactions
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* https://twitter.com/wisewizzz/status/1384973561484427270 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* https://twitter.com/rogerkver/status/1385263168608509954 **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. *Lead Image from* *Cryptoslate* https://cryptoslate.com/wp-content/uploads/2017/09/bitcoin-cash-social.jpg
*Currently active on the following networks:* *****Noise Cash***** https://noise.cash/u/Pantera99 *****Read Cash***** https://read.cash/@Pantera *****Twitter***** https://twitter.com/Panterabch *****Reddit***** https://www.reddit.com/user/Pantera_99
15 comments
It seems the BTC devs are happy with what happen with BTC, they are more worried in making money that to make it inclusive and that in long run surely will be a headache for people, they hijacked it and cut the world mass people to use it when BCH IS more inclusive, friendly and affordable to all are true currency for the planet
They hijacked the brand. Bitcoin lives in Bitcoin Cash now and while it takes time for some people to accept it, even the maxis will adopt Bitcoin Cash.
best thing to do is rebrand BCH to BTC and give old BTC a rebrand to BTC classic.
BCH is a money for humanity. I wish this will happen very soon in the Philippines but I guess it will be in the far future as many people are even very skeptical about online banking. How much more with cryptocurrencies which are not properly explained to the people.
Thanks for all this information you have here otherwise I wouldn't know about it. Thanks for your support in the upvote received. Go ahead and keep posting.
Bitcoin Average Transaction Fee is at a current level of 58.44, up from 43.92 yesterday and up from 0.4411 one year ago. This is a change of 33.08% from yesterday and 13.15K% from one year ago. Source: ychart.com In the year of 2020, my first crypto is BTC, I can able to buy worth of 10 dollar, but now, I can't afford to give my 40 dollars to the miners. I'm glad that I discovered the Bitcoin Cash.
Unbelievable, right? And now, they are dreaming of BTC becoming reserve currency and pump their bags even more. They caught many suckers in Wall Street. Or in fact it was Wall Street that pumped it and dumping now on the next suckers. Maybe it is not over with the party yet, they still have some more time to pump further. An all this time some lies about development of the Lightning Network which is a total disaster.
Its never happen. BTC is for the rich people and only rich people can adopt the BTC. As a whole community, it will never happen. BTC can't buy even the 1 needle. Who want to buy 1 needle if the transaction fee is $50 dollars? Bitcoin Cash has the right to dream than BTC, they already reach their limits and the Bitcoin Cash is the "SLEEPING GIANT".
Hi, Pantera The analysis of the situation of BTC in China and its impact helps us to discern why the approach of Bitcoin is the correct one. I join in not ranting those who believed in BTC, the division hurts us all, I think the time is coming to join forces against true adversaries.
I am very certain they understand today the reasons Bitcoin Cash was created and I only see just a few of them still having the same beliefs as previously. However these are the same that are responsible for the condition of BTC today. Some developers under the Blockstream payroll and a few more that don't understand how things change and why Bitcoin is lagging without the appropriate developments. I don't feel good for Bitcoin, but this is what was going to happen anyway.
> I am very certain they understand today the reasons Bitcoin Cash was created and I only see just a few of them still having the same beliefs as previously. However these are the same that are responsible for the condition of BTC today. Some developers under the Blockstream payroll and a few more that don't understand how things change and why Bitcoin is lagging without the appropriate developments. I don't feel good for Bitcoin, but this is what was going to happen anyway. It is a pity that there are still people who are fooled by the BTC mirage. I hope you wake up and join us.
well if Bitcoin decides to increase the block size from 1Mb to more it will be a clear message that Bitcoin Cash supporters were right for the longest time, so that money doesn't leave BTC they will say they knew that, but I think that the people is already choosing little by little Bitcoin Cash as the real Bitcoin. Specially because we now know that 1MB blocks were impose so that banks and the 1% can see Bitcoin as a speculation asset and not a currency, so that the rich and powerful don't ask the government for legislation to kill Bitcoin. Thanks to Kim Dot Com interview.
wow this is weird my message got deleted instead of sent. well the people is choosing BCH over BTC little by little and I think that the more bitcoin fees go up the more people realize they need to change to BCH
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!
LOL! Something like that! BSV is quickly becoming irrelevant though and just exaggerated with 300MB blocks. It is like that song, there was too much ego, and some more millions to be made, but they missed the point. Some of them are better away from Bitcoin Cash.