What You Want
For anybody who may be considering the position that the current drama in bitcoin cash reflects poorly on the crypto industry, please know that this entire story was in fact predicted by Satoshi Nakamoto more than 8 years ago.
In fact, this bitcoin cash project serves as a prime example of how strong the idea of bitcoin is. Consider this post from Bitcoin’s founder from June 2010.
“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. ”
You see, the technology and the software are less important when it comes to bitcoin. The idea is what carries weight. To have money that is backed by a consensus of the entire network.
The miners vote with their hashpower, wallet providers and exchanges vote with their code, and the market votes with their feet.
eToro, Senior Market Analyst
- Stocks Mixed
- Pound Pressure
- Crypto Relaxation
Please note: All data, figures & graphs are valid as of November 16th. All trading carries risk. Only risk capital you can afford to lose.
Stock markets are struggling to find a direction today. And to be honest, I’m having trouble finding the words to describe them. The Nikkei is down while China 50 is up, and the European markets opened flat following the capitulation and rebound we saw yesterday.
The US Dollar seems to be coming off its November highs, which seems to be good for commodities. Oil is seeing a nice rebound off psychological support of $55.
Over in the currency markets, the action is being completely dominated by the British Pound Sterling as…
And boy has she seen some tough moments. This time though somehow seems different. She insists that she will be able to gather support for her current Brexit plan despite the fact that she’s in a situation where it’s virtually impossible to give everyone what they want.
For those of you who like volatility also check out the GBPJPY pair, which is actually fitting in a nice range.
Crypto Relief Rally
As of this writing all the major cryptoassets, with the exception of Bitcoin Cash, are up over the last 24 hours.
It’s good to see things holding up so steadily with everything going on. Beware though. Many 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. The next move is anybody’s guess.
Let’s have an amazing weekend!
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Senior Market Analyst
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