Modified explanation for BSV's plan

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Avatar for unitedstatian
4 years ago

User SwedishSalsa:"I never move my BTC because it's a ponzi now, like BitConnect. I HODL it though, in case the powers that be decide to pump it. Pumping BTC is the only weapon against BCH."

The recent price action in BSV looked manipulated almost as much as the rise right after the fork. But if BSV is an attack coin, why would it be pumped?

The answer is simple: since an increase in cryptocurrencies prices is inevitable considering how low the entire market cap is, the best strategy is to "ride the wave" with the rest of the market and attract hash power which goes with the increase in price. That way an attacker which can manipulate the market while it's still small, especially in case has at his disposal fake money with a tool like Tether to pump the coin, or just use many small exchanges with fake orders, it can set itself in a position to achieve the future hashpower.

The reason this works so well is because in this highly speculative market in which high gains in the past are the signal for future gains, speculators buy what performed well in the past, and a movement in a still small market now is the best shot to secure a high position in the future - even dubious coins pulled this off successfully since the speculators themselves were aware of the potential to "ride the wave".

Speculators' money will literally fund the future hashpower attacks.

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Comments

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4 years ago
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4 years ago

Interesting

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4 years ago

If one of the coin rises, people quickly dumping it into other coins (usually to the popular ones). This means that other coins will get pumped - not even intentionally. For a small volume coin, this will cause a large (delayed) price increase as the liquidity is being sucked out from exchanges.

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4 years ago

Nice one!

$ 0.00
4 years ago

Thats good that you are doing something good here.I like your article..

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4 years ago
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4 years ago

This is great.

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4 years ago

I am agree. Like.

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4 years ago

Oh wow u/Read.Cash, that's generous!

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4 years ago

You're doing a lot of good for Bitcoin Cash, we like that! :)

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4 years ago

Cool :)

$ 0.00
4 years ago

I agree, but, I think the owners of BSV are actively dumping their massive holdings (from keeping the price up as high as it has been for many months) as they pump the price up. I could be mistaken since holding longer would be more profitable if they keep at it.

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4 years ago

It's impossible to tell if they're dumping the coins they mined. Looked like they had mined BCH for months before the split and used their massive holding back then to try to flip BCH, so their BSV holding may be even more massive than it seems. My guess is that they have no way of getting rid of their BSV coins.

$ 0.01
4 years ago