Friday November 20, 2020
Ever heard of anyone having gone down that proverbial rabbit hole of Bitcoin to come out and say it’s not for them?
We’ve asked around and have yet to find anyone fitting that profile just yet. It seems once you’re a believer you’re on a one-way path, no turning back. The latest high-profile joiner being senator-elect Cynthia Lummis who “hopes to bring Bitcoin into the national conversation.” She joins the outspoken former Coinbase GC Brian P. Brooks getting the nod from Donald Trump, on his way out the White House, to be the Comptroller of the Currency. Sure there are many skeptics who in fairness are quite knowledgeable about the space, but it sure seems their sideline stance is positioned far closer to the playing field than ever before. It’ll be interesting to see how much longer they can hold out before joining the game. But of course the mud-slinging from players associated with other layer-1 protocols and forks have given some reason to pause opting to judge the merits of Bitcoin against its somewhat dysfunctional peers.
Fueling that hesitation we need look no further than Nov 15 2020 at block height #661648, the BCH camp split yet again into the Bitcoin Cash Node ($BCH) and Bitcoin Cash ABC ($BCH ABC). Technicals aside, it boils down to do you want to pay a mandatory 8% dividend?
The miners voted with their hashpower as they dropped Amaury Sechet like nobody’s business causing network hashrate to drop to 110PH, 4.2% of $BCHNs 2590PH. Strip out the computing power contributed from the benevolent dictator Amaury Séchet’s cohorts and, well, you have a cult supporting magical internet money.
Tired by the antics, many have come back to the OG triggering a +12% rally since the hard fork.
Keeping the $BTC dominance sticky at 66% handle and roughing it out at $18,000. The monster rally has stretched the momentum indicators but the resistance here has the bulls loading up with volumes exploding to $30–40B per day.
You can readily pick up the soundbites from all of the newest members to the cheerleading camp from…