Don’t take Emil Oldenburg’s Bait
If you guys did not know yet, I’ve been into Cryptocurrencies since I was about 13, which is about 6 years ago right now (that’s right, I’ve been into Cryptos since 2011, ignoring the time when I wanted to buy it when it was worth literal pennies!).
I’ve seen Bitcoin hitting the $100 mark for its first time in April 2013,
then the $1000 mark in November 2017,
just a months later I’ve seen MtGox peace out on us (taking
0.067BTC of mine with them – which now would be somewhere around
$1105, which I luckily managed to recover, and later sold them for a mere
I’ve seen Altcoins like Litecoin, Feathercoin, Monero and of course, Ethereum being born,
I’ve created my own Altcoins (for fun, never actually intended for them to hit the market so I never posted an announcement),
I’ve seen so so many in the world of cryptocurrencies…
*insert they grow up so fast cry here*
But enough about that.
Right now, the story is that
Emil Oldenburg, one of Bitcoin.com‘s co-founders has sold his BTC for BCH (a.k.a Bitcoin Cash).
He said that Bitcoin had too many issues (mainly around the fees and transaction times) and therefore, was too much of a risk.
Now while I can not deny Bitcoin right now does have some major issues with their transaction fees and times, there is being put a lot of time and effort in solving these issues.0
They are implementing awesome stuff like the
Lightning Network and
Once these will be implemented, the reason why Bitcoin Cash is created (to speed up transaction times and lower fees) will be pretty much nullified.
Bitcoin is the only coin right now which will drastically climb over time, together with Litecoin (as it’s bitcoin’s direct little brother) and Ethereum (because it has awesome stuff like Smart Contracts, which opens a whole new world of creating and running apps – cryptokitties for example).
Bitcoin Cash won’t necessarily go down, however, it will never be able to replace Bitcoin.
Now back to the topic.
In the two days, after Emil announced that he has sold his BTC for BCH, BTC prices have declined by
$2k, and BCH prices have gone up by almost
So what I suspect is that it all was just a bait set up by Emil (even though the bait is somewhat common in trading).
I mean, think about it?
Sell 1 BTC for 10BCH, then tell everybody to invest in BCH instead of BTC.
Wait for BCH prices to go up and BTC prices to go down.
Then trade your 10BTC for 2 or 3 or maybe even 4 BTC.
And last but not least wait for BTC prices to go up again (it will go down every now and then, just to rebounce and shoot through the ceiling again) and laugh at all the people who took your bait.
What do you guys think about it?
Was it all just a brilliant scheme of Emil, or is BTC really gonna crash into oblivion soon?
Tell me down in the comments!
But for now…