Roger Ver Relentlessly Shills BCH and McAfee Apologises To Binance

Comment of the Day @lopp

Roger Ver Insists BCH Is Bitcoin

Despite the Bitcoin mempool and average cost of transaction fees reaching 4 month lows due to SegWit adoption and lower spam attacks, Roger Ver is still insisting that Bitcoin Cash and its bigger blocks are essential for the survival of the currency. He recently tweeted a photo of a T-Rex holding a Bitcoin whilst a meteour with 'TX Fees' blasts to earth.

Bitcoin Mempool at 4 month low

The BTC and BCH charts on Bitcoin.com were recently changed to turn the BCH houses into skyscrapers just like the Bitcoin ones. Which is a little desperate in my opinion. 

His most recent tactic was to buy 50 BCH for $500,000 from an ATM provider in an agreement for the ATM provider to list BCH across all their ATMs. However customer support has been swamped with requests asking for help because they bought BCH instead of BTC and lost coins by sending them to the Bitcoin addresses. I'm all for a free market and Roger can waste his bitcoins pumping BCash, but when it comes at the expense of new crypto participants, it should be stopped.

Roger has drawn a lot of flak from Twitter since the John Carvalho viral interview with Roger Ver where he rage quit and gave the middle finger. He also drew a lot of hate for going after Andreas Antanopolous. The non stop BCash shilling hasn't drawn much support from the community either. For the man that no longer lives in the US because he sold explosives on eBay and resides in Japan, the quest for Bitcoin dominance appears doomed. He may yet become the first crypto celebrity to go off the rails...

Roger Ver BCash Breakdown

John McAfee Apologises To Binance

There were scares that Binance exchange got hacked after Binance tweeted they were experiencing issues on their replica database cluster. This required a full resync from the master server which took a day and a half. During that time withdrawals, deposits and trading were halted which caused panic, even John McAfee joined in pushing the rumor mill.

After it became apparent that there was no hack, John McAfee tweeted an apology saying he was sorry for his part in spreading the FUD and that his cyber security 'professionalism' took over. Ironic that professionalism took over when the man that is accused of murder and loves drugs...

Regardless, the apology went down very well and the Binance CEO even wants to get him a drink.

 

Upcoming Bitcoin Halving Event Could Drive BTC Price Even Higher, Analyst Explains

Vijay Boyapati, a widely-followed Bitcoin (BTC) analyst, recently published a detailed Twitter thread regarding the potential impact of bitcoin’s block reward halving event - which is now less than a year away.

In a series of tweets, Boyapati explained how the BTC halving event “interacts” with the pseudonymous cryptocurrency’s “recurrent hype cycles.” The former software engineer at Google questioned whether crypto bull markets may be attributed to bitcoin’s hype cycles, while also noting what was learned from previous BTC mining rewards halvenings.

“Constant Downward Pressure” on BTC Price Exerted When Miners Sell

According to Boyapati, crypto miners are essentially running “marginal” businesses as most of them sell the bitcoins they mine to cover operational costs. The Bitcoin protocol releases new bitcoins at approximate time intervals of (every) 10 minutes.

When miners sell their bitcoins, the crypto’s price is affected by “a constant downward pressure”, Boyapati noted. He added that “without new money” entering the digital asset market, BTC’s price would begin falling sharply. According to his estimates:

At a BTC price of $10,000 approximately $14 million dollars must enter Bitcoin to offset the downward selling pressure.

He continued: ”During the [cryptocurrency] bull market, demand far outstrips miner sell pressure, but eventually the cycle ends and miner sell pressure is amplified by investor's fear selling.”

Once the selling pressure has been “exhausted”, the market cycle “reaches capitulation”, Boyapti argued. He also mentioned that the downward pressure, which results from miners selling, is then “equipoised” with the upward pressure imposed by bitcoin investors who refuse to sell. This group of bitcoin holders (or “HODLers”) think of BTC as a legitimate store-of-value (SoV). Due to these types of market activities, the bitcoin price reaches a “steady plateau”, Boyapti stated.

Hype Cycles “Only Create a Temporary Equilibrium”

He further noted that the “price plateau of the classic Gartner hype” (excitement and investor enthusiasm created due to new technological developments like bitcoin) is “only a temporary equilibrium.”

Boyapati also pointed out:

While supply and demand are evenly balanced during the plateau, the Bitcoin halving disrupts the equilibrium by halving the sell pressure.

After a BTC halving event, which effectively reduces the daily supply of newly minted bitcoins by half their previous rate, Boyapti believes:

The equilibrium demand of HODLers now exceeds miner sell supply, tending to move Bitcoin's price upward.

He explained that the upward BTC price movements eventually begin to “feed” on themselves and usually result in the “next” crypto market bull run. It’s also at this time that new investors enter the digital asset ecosystem, Boyapati noted.

Does Crypto Market “Discount Halvings A Year In Advance?”

The former application developer believes that financial markets “do not mechanically react to known future events.” Moreover, he emphasized that bitcoin halving “occurs on a predictable schedule.”

He went on to claim that markets “anticipate” important future events and that it seems, from past experience, that the “market discounts halvings about a year in advance.”

Boyapti also pointed out:

[Historically,] the Bitcoin market begins its upward ascent about a year before the halving, and about a year after the halving goes parabolic. But markets anticipate, so this [may] happen faster this time...It appears...Bitcoin halving is a key fundamental driver of Bitcoin’s monetization.