This means that the Fed could allow inflation to temporarily exceed the 2% target if it has been below that level for a long time. The abundance of liquidity is likely to drive up asset prices across the board and create bubbles that will eventually burst. Savvy investors are likely to seek the safety of gold and Bitcoin during this time of uncertainty. Larger investors have already started hoarding Bitcoin and this has brought the number of addresses holding more than 1,000 BTC to a new high.
ETH / USD
Although the bulls bought during the August 25 dip, they are struggling to push the ETH / USD pair above the 20-day EMA, this is a negative sign. A breakout and close below $ 366 could intensify selling and result in a drop to the 50-day SMA. However, if the bulls can push the price above the 20-day EMA, there may be a few more days of action within the range between $ 366 and $ 415,634.
LTC / USD
Litecoin turned around and plunged below the 20-day EMA on August 25, suggesting that the bears sell on the smaller runs. The next support on the downside is the 50-day SMA and if this support also gives way, there will be a drop to $ 51 within the wilds. A flat 20-day EMA and the RSI near the midpoint suggest a few more days of limited range.
CRO / USD
However, the moving averages are gradually moving up and the RSI is in the positive territory, which suggests that the bulls have a small advantage. If the CRO / USD pair bounces off the 20-day EMA, the bulls will once again attempt to push the price above $ 0.176596. On the other hand, if the pair falls and breaks below the 20-day EMA, a dip to the 50-day SMA is possible.
BNB / USD
Binance Coin turned down the overhead resistance of $ 22.93 on August 25 and fell below the 20-day EMA, suggesting a lot of selling by bears at higher levels. This attracted buying from the aggressive bulls currently trying to push the price above the downtrend line. If they get their way, the price is likely to move towards $ 22.93 and then $ 23.91.
ADA / USD
Cardano collapsed to the support zone between $ 0.10 and $ 0.11 on Aug 25, this is a negative sign. The moving averages have completed a bearish crossover and the RSI is in the negative territory, which suggests that the advantage is for the bears. Currently, the bulls are trying to aggressively defend the support zone. However, any recovery is likely to face stiff resistance from the 20-day EMA.
If the ADA / USD pair turns down from the 20-day EMA, the bears will once again attempt to sink the price below $ 0.10. This negative view will be nil if the bulls can carry the price back to levels above the 20-day EMA and the overhead resistance at $ 0.13.
Background
On August 6th, 2020, Amaury Sechet announced in a medium post that ABC would be adding a consensus rule to their software that would force miners to divert 8% of the mining reward to «a specific address». Prior to the May 15th 2020 upgrade, a similar «Infrastructure Funding Plan» had been discussed at great lengths inside of the Bitcoin Cash community. That previous version of the IFP allowed miners several choices for where their donation would be sent.
Here are some objections that have been made to this premise
The notion that the IFP «came from the miners» is largely inaccurate. In 2018, a group of Chinese miners and other ecosystem participants met privately, following a Bitcoin Cash conference in Hong Kong. At that meeting, infrastructure funding via the coinbase was discussed, but it was generally agreed that a voluntary model should be attempted first. But, further discussion in the community fizzled.
I attended a Bitcoin Cash celebration in Vancouver and sat next to Amaury on the connecting flight. I thought it was a clever idea, and important to help ABC get the infrastructure funding they needed. My assumption was always that this was merely a proposal, and certainly nothing to force upon the community. So while it is true that the general ideas about the IFP may have started with miners, the specific proposals, implementations, and the aggressive promotion of the IFP came from ABC.
During the lengthy discussion about the IFP, some in the community made suggestions along the lines of having 8-12 projects that could be funded. Amaury, on the other hand, proposed setting up a 2-of-3 multisig wallet where he would be one of the signers and the other 2 people ABC loyalists. As a compromise, ABC implemented a version of the IFP with a very short whitelist. With the latest IFP, there is only a single address which is controlled by Amaury and his loyalists.
While there is the possibility that some of the funds would be used for projects other than ABC, the current setup gives all power and control to Amaury over the funds. He may use some of the funds for «infrastructure», but how much and how efficiently will be completely at his discretion. As predicted by Jonathan Toomim, ABC recently announced there will be a fund that is «managed with the maximum level of transparency and accountability». Never mind the fact that ABC has never demonstrated much transparency or accountability in the past -- here Amaury will have complete control over this fund since he controls the purse strings, so the implication that the money will be properly managed is somewhere between dubious and laughable.
« First of all, it does not matter how technically competent a team is if they are not creating the right product. Mark is now with BCHN and against the IFP.
I had made the point in the past that any IFP, no matter how well designed, will inevitably create issues as humans fight over money. The project I maintain went from being «essential infrastructure» that was included in the first IFP to a project now demonized by an ABC supporter.
Amaury’s Plan Can Be Barely Even Be Called an IFP
I don’t know where the line is between «responsible Infrastructure plan» and «blatant cash grab», but clearly ABC’s implementation falls on the side of the latter.
BCHN and the Decentralized Revolution
Bitcoin Cash Node is a fork of the ABC software that was created during the first IFP as a drop-in replacement. In summary, Amaury’s actions amount to little more than a thinly veiled attempt to extract money for his personal benefit, and/or to intentionally create a fork of Bitcoin Cash.
