https://blockchain.info/charts/hash-rate?timespan=2years
It appears that the people in charge of the November 8th fork knew it was going to be cancelled ahead of time.
Now we know why Bitcoin money flow turned negative in the days before the top, which appeared as a series of long wicks into the peak:
Go figure:
"In a sudden move, there was a cancellation of the fork on November 8th, with much of the support for 2x going into Bitcoin Cash"
October 27th is the new November 8th:
Reading between the bullshit, as Bitcoin became overvalued this past month, insider speculators jumped over to Bitcoin Cash which was a dividend currency created during the August hard fork. By sheer coincidence, the developers and miners who were in charge of the "2x" scalability fork on November 8th, had already moved over to the more scalable Bitcoin Cash ahead of time. Why fork Bitcoin when you're in a more scalable currency already? It's much better to force $100 billion in dumb money to move over to the currency you already own. In the event, they cleaved Bitcoin original of a (more) scalable path forward, which would have benefited the masses who already owned Bitcoin. In other words, the rats left the masses stranded on a sinking ship. Bitcoin has been straight down since the cancelled fork, because it's "a dead currency" now. It has lost the sponsorship of the mining community because it's a mature currency with very few coins left to be mined at ever- rising cost. A "feature" that's built into every crypto-currency. Transaction costs and times will only increase exponentially from this point forward.
Unfortunately, Mrs. Watanabe doesn't know anything about Bitcoin Cash, most of which got dumped immediately after the fork. Meanwhile ALL CME futures, hedge funds, and institutional funds are locked into Bitcoin original, which has a market cap greater than every other crypto currency combined (1,000+). The idea of "moving" everyone from the single largest currency over to a minimally owned currency without causing collapse is total fucking fantasy. The crypto currency cabal has put people in position for colossal losses.
Unfortunately you can't have a so-called "currency" that can schism at any time with minimal warning, leaving the majority of currency owners holding a worthless currency. You also can't have a currency (aka. Bitcoin) wherein the time to clear transactions keeps increasing even though the real world user base is currently miniscule. The idea that this will ever become a real-world currency is sheer fantasy. It's built to slow down as time progresses and the "difficulty" increases. The fatal flaw of cryto-currencies is hard-coded into their design.
Meaning, that it's a "feature". But as always, don't take my word for it:
"For every hour the Mongolian Bitcoin mine operates, it's responsible for (at least) the CO2 equivalent of over 203,000 car kilometers travelled"
"As goes the Bitcoin price, so goes its electricity consumption"
"Blockchain is inefficient tech by design"
"In order to achieve a functional, trustworthy decentralized payment system, Bitcoin imposes some very costly inefficiencies on participants, for example voracious electricity consumption and low transaction capacity"
And lest we think that a transaction consists of mining new coins - a process which is finite - a transaction also refers to buying goods with existing coins. Every transaction has to be verified by a miner, for a fee, and an indeterminate amount of processing time. Then again, Crytpo was really designed to be a ponzi scheme not to actually buy anything.
Getting back to the migration fantasy driving Bitcoin's collapse:
Back in August:
"When Bitcoin Cash tokens were made available, there was a rush to liquidate" [Because Bitcoin was soaring]
But now...
"Significant Bitcoin whales are migrating to Bitcoin Cash"
"Miners are aligned with Bitcoin Cash"
"net-net, this is a mess for most mainstream users (e.g. my dad), who have no idea what's happening and potentially don't own Bitcoin Cash."
I'm so relieved that's all clarified. I was beginning to worry that this was all just a giant speculative clusterfuck. Someone now needs to notify the CME that they are putting futures on a dead currency.
As word spreads, I'm sure it will be supportive of Bitcoin:
"Bitcoin is going to die. I think a positive feedback loop has been created"
