BitcashBitcoin Cash

Korean’s pumping Bitcash

China recently went through a crack down making it virtually illegal to exchange bitcoins or cryptocurrencies.

Many people speculated that the Chinese who struck it big in bitcoin would flee to Japan but if you look on a map you quickly see that South Korea (not North Korea which literally borders China) is much closer geographically than Japan.

china korea bitcash

And overnight Korean Bitcoin exchanges have started doing massive volume, sure some from local investors but if you were to hazard a guess you would say much of this is Chinese hedging their bets and keeping their coins and hard currency safe by shifting operation to South Korea instead of mainland China.

What does this have to do with Bitcash?

That’s a great question, observe:

bitcash markets

Notice how if you add up all the KRW pairs you get more than 57%? Well those Chinese mentioned earlier got much of their coins laundering yuan into mining hardware into coin with dirt cheap power keeping the miners running and that gave them a level of power. So what these guys who control much of the mining power want to do destabilize Bitcoin so they conspire and pump the price of Bitcoin Cash.

This is nothing to worry about as it is now the second attempt the bitcash hard fork has been pumped only to crash back down to a lower level while gaining value overall yet not taking the grand title of Bitcoin.

This, like a domain name, will remain firmly in the hands of the Bitcoin team a bit like if someone cloned amazon.com and called it amazoncash.com then wanted the trademark given to them for amazon.com because they were bigger. Stupid I know but this is what some people think will actually happen.

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