We were up as high as 90% today. What's going on? Is Roger Ver on a tear? Leading a counter-revolution to Bitcoin?
Today Coindesk announced that Bitcoin Cash is more profitable to mine than Bitcoin, with miners making around 2% more on Bitcoin Cash than on Bitcoin. It looks like 92% of all Bitcoin Cash is being mined by the same entity or pool.
And when Block 479,808 of Bitcoin Cash is completed (likely this weekend) it will cause an automatic 50% downward adjustment of the difficulty level, which will mean miners make almost double on Bitcoin Cash as they would on Bitcoin.
On the other hand, Bitcoin Cash takes twice as long as Bitcoin to reach the 100 confirmations needed to spend the mining reward (34 hours vs. 17) and the Bitcoin blockchain charges higher fees on transactions.
I think it's safe to say now that the expected mass dumping of BCH is not going to happen. Those who held BCH coins out of the fork are mostly saying "hold" instead of sell, watching and waiting to see what happens.
I am not saying any of this as promoter of BCH over BTC supporter. On the contrary, I own plenty of Bitcoin, but until recently I wasn't that excited about the Bitcoin Cash I got from the fork. But now I am!
Now if only I could get my BCH out of my Jaxx wallet 18 days after the fork!
What do you think?
