Long
BSV - The Flippening - Strong Buy - Part 5
BITFINEX:BSVUSD : Strong Buy
Analysis Method: Fibonacci & Wave Theory
Immideiate Target: $380-$470 (Hit)
Near-Term (30-60 days): $1,400
Please see previous BITFINEX:BSVUSD analyses for further information
Long story short, COINBASE:BTCUSD was compromised by two competing factions of crypto engineers.
The factions working on the protocol BITSTAMP:BTCUSD couldn't come to an agreement on how to scale COINBASE:BTCUSD .
The disagreement led to COINBASE:BTCUSD being forked resulting in COINBASE:BCHUSD .
But, the factions continued to disagree which resulted in COINBASE:BCHUSD being forked. The fork created POLONIEX:BCHABCUSDT and BITFINEX:BSVUSD .
The disagreements put the 'Nakamoto Consensus' to the ultimate test.
Nakamoto consensus is a name for Bitcoin’s decentralized, pseudonymous consensus protocol. It is considered as Bitcoin’s core innovation and its key to success. The consensus protocol doesn’t require any trusted parties or pre-assumed identities among the participants.
Consensus can be reached by selecting the “longest” chain of valid blocks. In the Bitcoin whitepaper, and some other documentation, it is indicated that the honest chain grows the longest, assuming that 51% or less of the miners are malicious. Therefore, the longest chain can be considered to be the chain with the most invested Proof-of-Work:
In short, Miners use their hash to vote on the Blockchain.
Miners supporting POLONIEX:BCHABCUSDC will move their hash to mine its Blockchain.
Miners supporting BITFINEX:BSVUSD will move their hash to mine its Blockchain.
Before the Fork, BITFINEX:BSVUSD camp had over 70% of Miners hash. (Important)
Last week, Bitcoin Cash (BCH) personalities proposed a 12.5% tax on mining rewards that would ostensibly go to funding network development.
Cointelegraph reported last week on the proposed tax published by Btc .top CEO Jiang Zhuoer. The “infrastructure funding plan” would have miners send 12.5% of mining rewards to an entity in Hong Kong. The co-signing entities repped 27% of hashrates. Most controversially, the proposal included “orphaning” non-compliant miners — the practice of removing blocks from the chain that resembles a 51 percent attack.
Critics underscored the routing of funds to a CORPORATION instead of a nonprofit and the absenting of a voting procedure, which would mean COMPANY OWNERS would control BCH development. Other complaints included CHINESE government interference and profitability since the tax would affect miner revenues.
BCHABC's fate will be determined by Miners and Economics.
Previous Analysis:
Track Blockchains here: coin.dance/
---------
Picking up from previous analysis:
Best Estimate for Parabolic Breakout: April 18th
1 HR Wave Count:
Will update.
Analysis Method: Fibonacci & Wave Theory
Immideiate Target: $380-$470 (Hit)
Near-Term (30-60 days): $1,400
Please see previous BITFINEX:BSVUSD analyses for further information
Long story short, COINBASE:BTCUSD was compromised by two competing factions of crypto engineers.
The factions working on the protocol BITSTAMP:BTCUSD couldn't come to an agreement on how to scale COINBASE:BTCUSD .
The disagreement led to COINBASE:BTCUSD being forked resulting in COINBASE:BCHUSD .
But, the factions continued to disagree which resulted in COINBASE:BCHUSD being forked. The fork created POLONIEX:BCHABCUSDT and BITFINEX:BSVUSD .
The disagreements put the 'Nakamoto Consensus' to the ultimate test.
Nakamoto consensus is a name for Bitcoin’s decentralized, pseudonymous consensus protocol. It is considered as Bitcoin’s core innovation and its key to success. The consensus protocol doesn’t require any trusted parties or pre-assumed identities among the participants.
Consensus can be reached by selecting the “longest” chain of valid blocks. In the Bitcoin whitepaper, and some other documentation, it is indicated that the honest chain grows the longest, assuming that 51% or less of the miners are malicious. Therefore, the longest chain can be considered to be the chain with the most invested Proof-of-Work:
In short, Miners use their hash to vote on the Blockchain.
Miners supporting POLONIEX:BCHABCUSDC will move their hash to mine its Blockchain.
Miners supporting BITFINEX:BSVUSD will move their hash to mine its Blockchain.
Before the Fork, BITFINEX:BSVUSD camp had over 70% of Miners hash. (Important)
Last week, Bitcoin Cash (BCH) personalities proposed a 12.5% tax on mining rewards that would ostensibly go to funding network development.
Cointelegraph reported last week on the proposed tax published by Btc .top CEO Jiang Zhuoer. The “infrastructure funding plan” would have miners send 12.5% of mining rewards to an entity in Hong Kong. The co-signing entities repped 27% of hashrates. Most controversially, the proposal included “orphaning” non-compliant miners — the practice of removing blocks from the chain that resembles a 51 percent attack.
Critics underscored the routing of funds to a CORPORATION instead of a nonprofit and the absenting of a voting procedure, which would mean COMPANY OWNERS would control BCH development. Other complaints included CHINESE government interference and profitability since the tax would affect miner revenues.
BCHABC's fate will be determined by Miners and Economics.
Previous Analysis:
Track Blockchains here: coin.dance/
---------
Picking up from previous analysis:
Best Estimate for Parabolic Breakout: April 18th
1 HR Wave Count:
Will update.
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Updated Hourly:Note
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Daily Chart Update:Note
Fib Time Marker: April 21st, 2020Note
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At any moment the breakout could begin...Note
BSV=GOLD?Note
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Correlations...Note
SPY v. GLD v. BSVNote
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SPY V. BSV since February...Note
Hourly Wave Count (Above)
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Likely to see a breakout to around $320 level...The first resistance level...
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DOLLAR v. BSVNote
BOOM!Note
Cryptocurrency Flips Fiat CurrencyNote
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Chart update:Note
Daily Chart Update:Note
This should be a BIG week ahead...Note
Oil is collapsing...Oil collapsing has major implications for the US Dollar and all other fiat currencies which are pegged to the Dollar.
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This is why the Federal Reserve has had to set-up facilities to support dollar swaps...Note
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Still in complex corrections moving sideways...The Dollar is Key to watch...
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Interesting Chart:Daily: BSV v. Dollar
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Above: BSV v. DollarNote
Daily Chart Update:Note
Just waiting for the 'Match'....Note
The Domino's have begun falling...Oil is the key.
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Oil is becoming un-rigged. The true oil supply is greatly more than is told.Note
With one unique North Slope oil discovery already in hand, a small group of explorers claims to have found another prospect on par with one of the state’s largest oil fields that is worth developing even at near rock-bottom prices.Leaders of London-based Pantheon Resources said in an interview that a modern evaluation of an old exploration well along with information gleaned from recent nearby drilling gives them the confidence to say they have a roughly 1.8 billion-barrel discovery south of Prudhoe Bay along the Dalton Highway and Trans-Alaska Pipeline System corridor.
Pantheon CEO Jay Cheatham said the prospect, dubbed Talitha, could ultimately produce approximately 500 million barrels of oil with peak production nearing 90,000 barrels per day, which would make it comparable to ConocoPhillips’ large Alpine field to the northwest.
If the resource estimates prove out, Talitha would be the latest in a series of big North Slope oil discoveries over roughly the past five years, which has led many within the industry to conclude there is a “renaissance” occurring in what was once the country’s premier oil basin.
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Desperate Measure call for Desperate Actions:Poolin.com announces it is suspending BSV Mining...
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Weekly Chart: AboveNote
Daily Chart Update:Note
High Wave Analysis:Trade closed: target reached
Please see BSV - The Flippening - Part 6! Thanks!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.