November 8th: the SegWit2x hard fork is officially cancelled.
After a few hours of reeling in the aftermath of not really understanding a whole lot of what is happening and finally doing some research, a migration is now gaining momentum as many exchange Bitcoin into Bitcoin Cash.
Not just in terms of coin, but in terms of philosophy – for as one digs deeper through the mess of available information, a glaring truth becomes unavoidable.
The SegWit Bitcoin was the chain split and should be the alt coin.
Bitcoin Cash is Bitcoin.
Related Article: WARNING: SegWit Bitcoin is NOT the Real Bitcoin
Volume/Price Is Surging
At the time of writing this, Bitcoin Cash is up over 40%. Its market cap has increased from 12 billion to almost 15 billion.
This is just the beginning. Just imagine what will happen once Coinbase accepts Bitcoin Cash.
A Mass Migration is Now Underway:
- Rick Falkvinge (Head of Privacy for Private Internet Access. Founder of the first Pirate Party. Author of Swarmwise: the tactical manual to changing the world.) tweeted:
“With recent developments, I’m putting all available dev resources to retool my software for
#Bitcoin Cash. I suspect I’m far from alone.”
- Bitcoin classic closing its doors:
“Classic has fulfilled its promise. It is now up to you which chain will gain the most traction. It is now up to the next billion people to start to use Bitcoin Cash. In at most 6 months I’m sure we’ll just drop the “Cash” and call it “Bitcoin”.”
- Bitcoin.com goes 100% Bitcoin Cash. Has started putting “use Bitcoin Cash” in their BTC Coinbase text.
They published an article back in October: Bitcoin Cash is Bitcoin.
- We have whistleblowers on Reddit:
“The Bitcoin company I work for is buying thousands of BCH today (and liquidating all of its BTC); plans to re-deploy all apps under Bitcoin Cash.”
Says they are not allowed to disclose their company.
Seriously though, this list continues to grow every time I refresh my browser.
So why is everyone jumping ship?
The Truth About SegWit
After 3 months of actual usage of SegWit we now know that it has not solved any scaling issues whatsoever.
The waiting queues continued to be long and we can only guess how many people and investors left because the coin was not growing.
With the implementation of SegWit2x no longer on the horizon, many are now realizing the 1MB block size limit is now a permanent economic feature of the legacy Bitcoin.
Bitcoin Cash on the other hand has undergone minimal changes to Bitcoin code, has low fees, performs fast transactions, and is friendly to miners which secure the network.
A Deeper Truth Revealed:
SegWit claimed to be an update that was all about block size increase (laying the foundation for SegWit2x), yet was really about stripping digital signature data that mathematically guarantees one’s Bitcoins are safe and replacing them with a “SegWit” guarantee – essentially creating a backdoor for let’s say … algorithms.
The Bitcoin Core development team (the one that wrestled control from the original developers) all belong to two companies: Blockstream and Chaincode.
Hudson River Bay Trading belongs to this umbrella of companies and it focuses on high frequency trading within the stock market, accounting for over 5% of all stock trading done within the US.
Just recently CME announces they will sell Bitcoin futures (derivatives: the chew toy of algorithms).
BitPico Venges to Enact SegWit2x
An unknown group claiming to possess 30% of Bitcoin mining power promises to carry out the Segwit2x update regardless of consensus:
“Backing down the difficulty right now is a strategy. Wonder why 30% network hash-rate disappeared? It’s ours; the miners that will continue what is set in motion…
… a handful of humans cannot stop what they have no control over…”
Did you notice that? Humans? As if this entity was some kind of separate species … like a machine … an algorithm?
I wonder who bought up all those SegWit2x Bitcoin futures – and who controls 30% of the mining power?
Cold Hard Truth (Summary):
The Bitcoin Cash chain (BCH) not only implemented bigger blocks, but very successfully used it. There was a long list of 8MB blocks, a feat considered impossible by noteworthy people like the CTO of Blockstream. Yet it was done. Not once, but many times.
Where the Bitcoin-SegWit chain is stuck and will likely never scale, we see the Bitcoin Cash chain actually have shown it can scale.
The SegWit Bitcoin experiment has met its end. Without a larger block size, it is doomed to fail, and rightfully so since it technically wasn’t the real Bitcoin.
We were duped. Bitcoin Cash is Bitcoin. This was a corporate takeover attempt of Bitcoin and it failed as many now are flocking back to the true Bitcoin.
As I have previously predicted, the momentum of what Bitcoin represents cannot be stopped.
Related Article: Bitcoin Is Unstoppable. Let the Revolution Begin