Here's something to keep an eye on for you freaks who are anxiously waiting for this bear market to reverse course; how much of the intermittent price increases are being driven by retail dominated exchanges? Let me be clear, I am in no way calling a trend reversal or trying to draw your attention to the price, but simply giving you an indicator that you could follow if you're interested in these types of things.
As we talked about in Issue #301 when we highlighted this post from Coinshares, it is very possible that retail investors continue to be the fuel that pushes the bull markets forward for the foreseeable future as institutional investors wait for products they deem acceptable to gain exposure. So, if you're looking to follow this thesis to see if it plays out, I recommend tracking the trading volume of exchanges that cater to retail investors around the world.
Bitcoin Cash is dead
In case you freaks haven't heard yet, Bitcoin Cash is going through a civil war at the moment and is about to splinter into two competing chains, rendering their little experiment a complete joke. How poetic this is just a little over a year after the motley crew of uncoordinated rebels decided to fork away from Bitcoin thinking they could seriously contend with its network effect and brand recognition only to fall into a squabble that turned them into the monsters they were trying to get away from.
This civil war has all the juicy propaganda memes that Bitcoin Cash supporters were throwing at Bitcoin devs over a year ago; apparently, there's a troll army spreading lies, there are covert mining operations ready to go live at the time of the fork to make sure one chain wins out over the other, and a few focal participants have all the scaling solutions needed to bring Bitcoin Cash to the masses.
In the end, the hubris of the people involved with Bitcoin Cash was the cause of their inevitable downfall. What will be interesting to see is how some of these actors move on from this shit show. At the moment, it seems like we the two factions are Jihan Wu (CEO of Bitmain) v. Roger Ver (Bitcoin Judas) and Craig Wright (a fucking nut trying to convince the world he's Satoshi). I couldn't think of a more depressing scenario if I tried. Jihan Wu had the potential to go down in history as the leader of one of the most profitable businesses in Bitcoin for the foreseeable future, but his head got too big, he bet on Bitcoin Cash massively and is now (very publically) losing any shred of credibility or business acumen social credit that was afforded to him in the past. Roger Ver was a great evangelist for Bitcoin in the early days, but turned out to be an egotistical maniac with no self-awareness. I cannot wait to see him swept into the dustbins of Bitcoin history. His story is a great "don't bite the hand that feeds" parable that will be laughed at in the long run. And Craig Wright is simply a pathetic lunatic who no one should pay any attention to.
For the 13 months that it has existed, Bitcoin Cash has served as a tool of mass confusion for newcomers trying to discern what the hell Bitcoin is. Luckily the project is in the process of seppuku'ing itself out of our lives. For this, I am happy, if only for the fact that we can stop talking about Bitcoin Cash and the people involved with it.
Was it all just a big psyop?!
I don't like to think about this or mention it to people, but in the 7th grade I had the horror of pulling a Ted from "There's Something about Mary" with my jeans zipper while in a "not fully awake" daze.