All cryptos have turned deeply red with most breaching key support levels as bitcoin falls below $6,000 for now the sixth time this year, reaching a recent low of $5,555.
It has always bounced previously, but whether it will now remains to be seen with eth reaching a recent low of $168, just above the September $167 that many thought was the bottom.
The market is clearly nervous ahead of a chain-split fork tomorrow in BCH. Calvin Ayre’s Coingeek is nearing 51% of the hashrate there, with BMG and SVPool giving BSV about 70%-80% of BCH’s hashrate.
That’s only about 3-4 exahashes, or 6%-7% of BTC’s hashrate, with BTC and BCH sharing the same miners.
Yet the market might be thinking Calvin Ayre and Craig Wright have shown willingness to mine at a loss as currently it is 30% more profitable to mine on BTC.
BTC, however, will not be producing free coins. The price of such free coins isn’t easy to determine, but mining is a bet on future prices, with Ayre so seemingly thinking a 30% loss might actually be a gain.
No minority coin has ever managed to rise above the price of the perceived main coin. An implicit alliance with Blockstream here may have led to the unexpected, with the market now potentially thinking perhaps Wright and Ayre can pull it off.
So shaking confidence across the board for their plan is to 51% attack all cryptos, including BTC and ETH with the alleged scammer who was able to fool Australia’s Tax Office (ATO) so perhaps fooling many in this space to underestimate him.
That may include Gregory Maxwell, Blockstream’s co-founder, who was willing to offer his soul to the devil probably in a mistaken belief that you can temporarily play with Satan and still gain the upper hand.
Meaning this isn’t about BCH, this is about Proof of Work (PoW) if they do go ahead with their stated plans which may attack from three angles: a sock puppet army, temporary price manipulation, and perhaps a 51% hash attack if they can gain 51% when it matters within a few hours as the chain-split fork activates tomorrow at 5PM London time, making it morning in America and late evening in Asia.