TL;DR Bitcoin Money(BCH) was suppressed and manipulated with the identical ways that at the moment are used in opposition to GME, as BCH posed an unbelievable risk to legacy FIAT/world banks/governmental management of forex. When the worth skyrocketed from $300 to $9500 within the final two months of 2017, buying and selling was halted on the 2 main exchanges which had only recently added it, each of that are owned by the identical firm, Coinbase, as a consequence of a supposed “bug” on coinbase’s finish. “They” received that struggle. They will not win this one and the distinction is us, the apes.
Hello apes, I am a holder since Might, just about all-in, and there is one thing I have been wanting to speak about/unfold consciousness of, that few apes (or few individuals in any respect) are conscious of. I confer with the historical past of Bitcoin Money(BCH) and the way its **hovering worth [was halted in Dec.2017](https://coinmarketcap.com/currencies/bitcoin-cash/) in just about the identical trend as GME was in January.** The worth went so excessive in such a short while they really cleared the trades from their books in order that the graph would not characterize the occasion. This occasion was extremely manipulated with astroturf (now often known as FUD), and Coinbase is successfully our Robinghood. The corruption and manipulation I witnessed throughout the Bitcoin Money hardfork is what made me lose religion within the true dream and function of cryptocurrency (monetary liberation).
In 2017 Bitcoin(BTC) was in hassle. It had gained recognition and traction so quick that its lack of ability to scale had caught up with it. With the quantity of individuals utilizing BTC, blocks had been now too small. Too many transactions making an attempt to suit into the identical block = price of transaction goes up, time to finish transaction goes up. Bitcoin had grown astronomically in a short while, and until it modified it was quickly changing into ineffective for p2p change. This downside cut up the neighborhood into two camps, those that needed to scale bitcoin in accordance with Satoshi Nakomoto’s unique imaginative and prescient in order that it could possibly be used like money (i.e. P2P change and Retailer of worth), and people who needed to keep up the present state of the cryptocurrency (successfully making Bitcoin a Retailer of Worth and ineffective for small transactions). BTC immediately is totally ineffective for p2p change as transactions take a MINIMUM of 20 minutes and ready 20 minutes to pay in your espresso/groceries/something is ridiculous, which is why shops immediately do not settle for Bitcoin. That is the issue BCH was trying to resolve, and you’ll see how that is one thing “the-powers-that-be” would need to crush.
When BTC hardforked in 2017, the miners voted with their hashing energy to find out which fork they’d assist. Whichever fork obtained greater than 50% of the hash energy retains the BTC ticker and Bitcoin identify. Clearly BCH misplaced the battle, however there was nonetheless a possibility to “win the struggle” so to talk. BCH misplaced the hash vote, however there was nonetheless the chance for BCH to *show* that it’s the “actual” bitcoin, if it may do two issues (actually one factor), overcome BTC in mining energy. The way in which that this could’ve/ought to’ve occurred is, theoretically, if BCH use-case is healthier than BTC, it ought to obtain extra adoption, the worth ought to go larger, elevating the profitability of mining BCH thereby attracting the mining neighborhood to “make investments” their hashing energy into BCH over BTC. This was referred to on the time as “the flippening”.
In brief, all that will have been essential for BCH to beat BTC is for the worth to achieve parity, which it virtually did in December 2017 earlier than Coinbase halted buying and selling as the worth had quickly skyrocketed to $9500. Coinbase claimed that the worth getting that top was a bug, when in actuality it was occurring based mostly off the momentum of the truth that BCH was changing into legitimized by being added to 2 of probably the most important exchanges. On the time, Coinbase was the ONLY strategy to flip your cryptocurrency into FIAT as an everyday joe right here within the states, their significance and place throughout the crypto world was rattling close to paramount for US buyers.
I do know we’re all conversant in FUD, having been a part of this GME saga, however I inform you, what we now have skilled is NOTHING in comparison with the propaganda I noticed in 2017 the place they successfully swamped the neighborhood. GME is extremely important, however cryptocurrency, and BCH particularly, posed an existential risk to your entire banking and monetary world. So the shills, the hedgies, the worldwide elite, the world bankers, all of them had a hay-day on reddit and in all places else that crypto was being mentioned. FUD galore. Common boobs had no concept what to assume and so loads of them lapped up the FUD like water (now that I am penning this it happens to me that the camp that supported BTC is equal to the camp now supporting AMC).
Whereas all this was occurring, individuals like Jihan Wu, Roger Ver, myself, had been screaming to the excessive heavens that BCH was the best way, that there was a concerted effort to control the neighborhood with FUD, and nobody listened, effectively not nobody, however definitely not sufficient individuals. A big a part of the neighborhood was misplaced within the sauce, when you ask me, and acquired into the concept that BCH was an existential risk to their tendies. It is also the case that whoever might afford probably the most hashing energy had probably the most say in what occurred, and who has extra $ to throw at an issue, divided retail buyers, or your entire international monetary elite? I can not assist however marvel what cryptocurrency immediately could be like if on the time we had the apes like we do now. Having a whole neighborhood consolidated in opposition to the fucking hedgies is a sport changer and offers me hope that GME will succeed the place BCH failed.
Idiots saying I am shilling BCH are dim. The one crypto I assist proper now are the 2 associated to the GME NFT AKA ETH and LRC
jesus these three letter abbreviations are beginning their very own language these days