The Bitcoin Cash Hash War
At 10.30 Craig Wright reveals his motive. That he wants to crush Roger and Jihan totally. He wants them to sell everything hey have to support ABC. At 11.30 Craig reveals that he(SV) is selling BTC. Today BTC fell through 4000. There will be panic. Lots of people have and are going to lose more money holding BTC or any crypto for that matter as they are all pegged to BTC. There will be a rush for the exits.
Whether Craig is Satoshi or not is irrelevant. This guy can certainly act on his pronouncements. He claims Roger and Jihan has at most 1.5 million BCH and not much BTC. Perhaps his group is selling BTC probably accumulated at less than $100. $3000 is still very good profit so we can say he can sell right down to $0 and still be smiling. Jihan has an IPO coming up. If BTC tanks like it is now he can kiss that IPO goodbye.
Bitcoin ABC hash rate just tanked today. Could be a switch to BTC to minimise losses but SV is still mining on. So Craig’s claim that ABC miners will give up before he does bears up. If that hash rate does not return ABC is toast.
How will this end?
Craig’s motive seem to be to get the banks and corporations to use BSV. Possibly a top down approach with banks offering BSV accounts to all their customers. If the incentive to banks is also controlling BSV then it could work. The road will be long nevertheless which is why he mentioned 2026.
BTC will not survive this price drop. It means no further development in mining technology. Some miners will shut down to lower the difficulty towards economic price equilibrium, and fire up again if the price recovers. If the Chain Death Spiral sets in then it is curtains. Block time will go so long that the chain will be unusable.
Who will be the winner
EOS is a third generation blockchain. The first was BTC with smart money. The second was Ethereum with smart contracts. And Eos with Smart contracts at scale. BTC depended on speculative money coming in from the real world economy. Ethereum depended on real world money coming into IPOs. EOS however is able to tap into sustainable real world income streams.
Whether you approve of gambling or not the gambling dapps on EOS are the first sustainable economically viable activity on a blockchain. This is real. Gambling is a human activity like eating and sleeping and sex. The operative word is sustainable. My estimate is that 10,000 Eos or roughly 40,000 dollars is now flowing into the EOS ecosystem daily and will escalate exponentially. This is real money coming in and it is here to stay and grow the ecosystem. Not speculation.
Then you will have Dapps like EVA taping into the ride share market. Another revenue stream from the real world economy and there could be others on the horizon.
If I am right about this then we should see a decoupling of EOS from BTC. That is the price of EOS will no longer follow BTC going down. Lets lay back and see how this plays out in the next few days.