Bucketeer wrote:texmex66 wrote:Silversaving wrote:I've been in the bitcoin cash camp from the start...believe there are a few posts by me to that effect buried around here. BTC had something of a hostile takeover by a for profit company and their paid employees trying to bring in new code to force offchain settlements of btc. They wanted this because they could CHARGE for those and rake in a huge amounts of money. The reason bitcoin cash came about was some folks saw this and felt they needed to fork the code before it was irreversibly damaged by segwit code addition (something that CANNOT be removed once added). So what we ended up with was COREcoin (the paid, for profit entity now going by the name btc) and bitcoin cash (The PURE original bitcoin code with larger blocks to make it faster and cheaper). Now folks freaking out about them increasing the block size are either new to crypto or ingorant as btc has done this multiple times in the past as more people adopted the use of btc.
At any rate, whatever happens, bought my 40 bitcoin cash in the upper $100s when it first forked and will be holding through this whole mess.
Nice foresight on your part.
The way things are going we could hit parity by years end.
My loss in BTC is being neutralized by my gains in BCH at the moment.
You guys nailed it. The current Bitcoin situation would never had occurred if Nakamoto was still involved in the project. It does not align with his vision for a digital currency, and I think he would have changed the code several years ago.
I've seen a bunch of different alt-coins use this same argument, claiming they are sticking to the original Satoshi vision. It is similar to saying we know exactly how the Founding Fathers would have wanted to govern the internet. We really don't know exactly because the situation and varying factors change, and we update our opinions based on the facts and assumptions of the current day. We all pretend we know what Satoshi would say, but at this point it is merely an appeal to authority argument.
Bucketeer wrote:I said earlier that I believed that BTC and BCH would reach "relative price" parity, but that BCH would be slightly higher priced. I also said that BCH is "better, faster, and cheaper", but that will probably change.
A good analogy would be to compare regular mail and express mail. BCH is like express mail. It is better, faster, but it is not cheaper.
The same could be said of PIVX, Dash, LTC, and many others. They are all faster & cheaper than bitcoin. All BCH has over these other alternatives is the name, and bitcoin.com URL. Give me another good reason why BCH is better or worth 5-10 times the market cap of LTC or Dash which have been successfully operating for years.
People holding other alts are getting crushed with this run as well because alts are priced in bitcoin. I don't mind alternatives to bitcoin that add value, I just think the market is having a bit of a mini-panic attack and buying into false hype currently. I'm tempted to sell my BCH for bitcoin above $2k but I own it as a hedge in case the worst should happen so I won't be selling it.
Try to keep a level head during this roller coaster ride.