Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”
- The BCH fork drama that played out was actually envisioned by Satoshi Nakamoto in 2010
- As the BCH fork now behind us, the market sees a relief rally
Did Satoshi envision the BCH fork drama right back in 2010?
If someone new to cryptos would have witnessed the BCH fork drama from distance, he would have felt poorly for the crypto industry. But this was very well known, as the great Satoshi Nakamoto had, in fact, predicted the whole drama 8 years ago. According to a post published by Satoshi Nakamoto on June 17, 2010 reply to the post “Transactions and Scripts: DUP HASH160 … EQUALVERIFY CHECKSIG”, Satoshi had said,
If someone was getting ready to fork a second version, I would have to air a lot of disclaimers about the risks of using a minority version. This is a design where the majority version wins if there’s any disagreement, and that can be pretty ugly for the minority version and I’d rather not go into it, and I don’t have to as long as there’s only one version.
This post clearly puts forward the vision of Satoshi, that when it comes to bitcoin and cryptocurrencies, it’s the idea that carries more weight than the technology and the software. It clearly stated that the miners vote with their hash power, wallet providers and exchanges vote with their code and the market votes with their feet.
Cryptos rally post BCH fork
As the BCH fork now behind us and a lot of coins already sitting on multi-month low, nearly all crypto assets apart from BCH were up over the last 24 hours. It’s good to see things holding up so steadily with everything going on
As the market tries to claw their way up again, a lot of analyst on street analysts are still seeing this downside breakout as an indication that things might go lower, while the long-term players continue to accumulate at these levels.
Let’s wait and watch as we head into the weekend? Any ideas?
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Mati Greenspan is the Senior Market Analyst at eToro, a global social trading and investment platform. Mati is a licensed portfolio manager in the European Union and his main focus is on macroeconomic analysis, portfolio diversification and cryptocurrencies. Follow him on Twitter at @matigreenspan