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Bitcoin Cash Conspiracy

Created by: iChange 2017.11.14 15:23
For anyone completely unaware, over the past few days BCH has experienced exponential growth and currently trades at around $1100 after earlier recording all time high prices and breaking the $2000 mark. All this was achieved despite BCH trading at around $600 at the beginning of the week.

After the news regarding the SegWit2x cancellation broke, BCH went on to record a price increase of over 265% whilst also shattering its usual trade volume figures, BCH went from recording around $500M in 24-hour trading volumes to experiencing trading in excess of $11B, over a period of just four days.

This has been enough to turn many crypto enthusiasts into conspiracy theorists, as many believe only a number of synchronized actions could result in such numbers.

The Outline

The conspiracy outlines a “coup d’état” being attempted by a cabal of “Big Blockers” which includes miners and exchange owners. This cabal hopes to bring down Bitcoin by:

  • Accumulating huge amounts of cheap Bitcoin Cash.
  • Pumping the price to around 0.1 BCH/BTC - 10%.
  • Switching the majority of hashing power over to BCH.
  • Replacing Bitcoin with Bitcoin Cash.

This theory also involves the main proponents of the New York Agreement and actually sees the SegWit2x cancellation as part of the plan to pump BCH. The pump is supposed to end with Bitcoin Cash gaining widespread acceptance in Asia and from there begin its attempt to topple Bitcoin. This theory was further fueled by the fact that:

Bitcoin Cash is being heavily purchased in Korea.

The Bitcoin Classic team announced that they are abandoning their project to support BCH.

Miners and other well-known individuals amassing huge amounts of BCH.

In order to help alleviate network mining problems, BCH developers have tended to implement Emergency Difficulty Adjustments (EDAs) and these adjustments can significantly reduce difficulty and result in up to 90 blocks per hour. This has allowed miners to game the system and mine the chain much faster than was intended, allowing them to generate large amounts of BCH.

Over the coming weeks, we shall find out more on how much truth there is to the story. However, it is clear that the price of BCH, like many other cryptocurrencies, is open to manipulation by “whales” and leading figures in the ecosystem. Only time will tell as to how the story will unfold.