Remove The Laser Eyes And Face Reality

almost 2 years ago

The Bitcoin Cash userbase understands crypto better than any other community and sends a clear message concerning P2P Cash. Still, the overwhelming resources of the BTC side suppressed Bitcoin Cash in the news and tried to censor the voice of reason.

As the BTC Ponzi, sustained by Tether and trading algorithms in exchanges, collapses, it temporarily drags everything else to the bottom.

Market caps crashed by 40% on the weekly scale, BTC officially entered the price zone of 2017-2018, Tether is removing (burning) tokens from circulation, and the false Store Of Value narrative collapsed, together with the price of BTC.

The worst part, there are no signs of recovery for BTC as the price consolidates. The format of this market doesn't allow any crypto to escape the downturn either since everything is tied to BTC by trading algorithms and crypto exchanges acting as fractional-reserve banks.

The Market Today

It seems the crypto market will keep suffering from the BTC whales' whims, yet, every cryptocurrency can recover independently of the failing BTC patterns.

Every sane person can attest Bitcoin (BTC) is not a store of value, not just from the charts but from the lack of utility.

Even in terms of profits, it returned to the 2017 heights and keeps dropping into the price zone of the previous bullish cycle.

With all chart predictions invalidated at this point, the BTC side has nothing left but a crippled network, stagnating from developments and a for-profit private company extracting the most of it.

This time the chart points to a different landscape in crypto.

BTC failed as P2P Electronic Cash as Blockstream crippled its chances to scale in a reasonable approach but stagnated developments and proposed layer-2 solutions.

One of these solutions, the Lightning Network, took seven years to develop, and its first test phase in El Salvador was an utter disaster.

Strike, an LN-BTC company offering a custodial LN wallet also developed the Chivo wallet for the El Salvador government. All innovation in LN today is about regulations and forcing State control and supervision of transactions.

Censorship resistance is eliminated with custodial LN services, yet this is the only approach this sidechain to BTC can ever work and achieve mass adoption.

The store of value narrative failed as well.

Considering Bitcoin Cash, it could start behaving differently and stop following BTC in this devastating downturn.

The message of Bitcoin Cash is clear, as the robust network works to secure P2P electronic cash for the world.

The Big blockers were right about everything, yet the network of unlimited spammers on Reddit and Twitter still thinks differently.

The negative BTC BCH sentiment ends at about this point, and a bottom is in for BCH.

BTC, Tether, Blockstream, Celcius, and Terra are all in one basket, the mainstream crypto news, CT, and Reddit promoted them with the same approach, and in the end, one after another begin to collapse.

It will all help Bitcoin Cash which delivers a solid message all this market.

P2P Electronic Cash for the world instead of fake SoV narratives based on illiterate financial beliefs.

Not for a small elite that can afford huge fees for their daily transactions.

Conclusion

There is a perception grown in the BTC circles that it would first have to become a Store of Value and then create second and third layers to be operational as money.

Not how money works, since reaching the status of Store of Value takes decades or perhaps even centuries.

We find honest decentralized networks in this industry that produce results and develop to achieve wider adoption.

Bitcoin Cash is certainly at the top of this list.

Then, there are networks with a corporation dictating their developments and marketing plan, acting similarly to Ponzi schemes, with influencers calling people to sell or mortgage their house to buy more.

Investors should finally decide who explains the events in a logical and frank approach all this time.

Originally published at read.cash

Cover Photo by " hucky ", on Pixabay

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