Bitcoin Mining More Profitable Than BCH Fork
Craig Wright partnered with CoinCeek CEO Calvin Ayre to takeover the Bitcoin Cash Network, and as a result, Bitcoin SV appeared. Bitcoin SV is known for being miner-friendly and the two partners predicted that that BCH would meet its end. Of course, that is not the case.
When it comes to Bitcoin Cash and Bitcoin SV, their ash rates are similar, but BCHgathered 28.9 percent more proof of work. Another major difference is their economics concerning mining, even though they both use the SHA-256 algorithm.
Several baseline factors include coin price, block rewards, and network challenges. Coin Dance, when taking these factors into account, estimates that BTC is more profitable to mine than BSV by a whopping 43 percent. As a result, BSV miners are losing more money as they continue to mine.
The irony is not lost – BSV is touted as being miner-friendly and an alternative to BTC in such space. However, at this point, BCH is quite profitable, more so than BTC. As a result, it is fair to estimate that it is more lucrative for miners, by at least 47 percent.
Further, Bitcoin is not only secure, but its hash rate is decentralized. It’s largest mining pool mines the most blocks as well. When it comes to on-chain scaling, both BSV and BCHare processing fewer blocks than Bitcoin.
Bitcoin Technical Analysis: BTC/USD danger remains at large, $3000 eyed
- Bitcoin price on Monday nursing minor losses of some 1.4% into the second half of the day.
- Vulnerabilities continue to lurk for BTC/USD, at danger of retesting the $3000 mark to the downside, where some call it the bottom.
- Bobby Lee, forecasts $333K for Bitcoin. Saying, “If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019. And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.”
Spot rate: 3474.38
Relative change: -1.60%
Support 1: 3466.00, near-term ascending trend line.
Support 2: 3392.70, daily pivot point support.
Support 3: 3252.53, psychological support.
Resistance 1: 3516.95, 15-minute resistance.
Resistance 2: 3655.36, daily pivot point resistance.
Resistance 3: 3777.85, daily pivot point resistance.
BTC/USD 4-hour chart
- Price action is depressed, moving within a range-block, ahead of further potential moves to the deep south, $3K remains eyed.
Crypto market colored in red; Bitcoin languishes under $3,400
- Altcoins resumed the downside after a short-lived recovery.
- Bitcoin returned to $3,300 after an attempt to break above $3,600.
The cryptocurrency market was short-lived. Once again. Bitcoin and other major altcoins resumed the downside movement on Monday with the total capitalization of digital assets in circulation dropped below $110B, killing hopes to witness good bullish trend into the year-end. Prices bumped into resistance levels unable to instigate buying interest amid pessimistic sentiments that gripped the market.
Stephen Innes from Oanda is among those who prefer to hold off on calling the bottom on the cryptocurrency market. He believes that we still do not have a convincing use case for Bitcoin and the absence of good non-speculative reasons to buy it makes the situation worse.
“Bitcoins have gone well beyond the ridiculousness of tulip bulb mania, It’s has been a disastrous year for cryptos, and by all indication, the current bear market could go from bad to worse with no fundamental or underlying reasons to buy BTC even more so when the only support offered up is a squiggly line on an analyst chart,” he commented.
Bitcoin has lost nearly 4 % since this time on Monday to trade at $3,380 at the time of writing. The first digital coin smashed both $3,500 and $3,400 handles after a failed attempt to settle above $3,600. Lack of buying interest may increase the short-term pressure on BTC that has already lost about 84% from its all-time high of $19,000.
Ethereum, the third largest digital asset, stays under critical $100. ETH/USD is changing hands at $90.00, having lost 3.7% in the recent 24 hours. The coin’s market value is dropped at $9.4B, while the average trading volumes have settled at $1.7B, down from $2.5B at the end of the previous week. Ethereum network is getting ready for a pivotal Constantinopole update scheduled for January 2019, which puts the coin under additional pressure.
Ripple’s XRP is trading marginally above $0.30 within the strong bearish trend. The coin is 3% lower on a day-on-day basis and mostly unchanged since the beginning of Tuesday. The second largest coin with market value $12.3B is dominated by bearish sentiments of the cryptocurrency market. Irresponsive to fundamental news, the coin is likely to stay volatile.
All major altcoins out of top-20 are in red, losing from 1% to 10% as bears are back at the driving wheel.
Nouriel Roubini and Anthony Pompliano’s “Buffet Bet 2.0” feud rages in the Twitter-verse
Anthony Pompliano, a Bitcoin enthusiast and the founder of Morgan Creek digital asset recently set off a bet, now being called as the Buffet Bet 2.0, putting $1 million at stake. The bet by Pompliano is a competition between the performance of S&P 500 index and cryptocurrencies as a whole.
Roubini being himself had an opinion on this bet and bad-mouthed Pompliano and his bet, which led Pompliano to invite him to go against the bet. The feud continued as Roubini took to his Twitter saying that Pomp is “changing goal posts” and “talking books all day”.
To Roubini’s Tweet, Pompliano replied:“Talk is cheap. You taking the bet or going to Monday morning quarterback this one?
If you want to check out the index, you can see it here digitalassetindexfund.com”
On December 10, Roubini erupted the feud again when he Tweeted:“You take bets only when there is no counter-party risk, ie when the side losing the bet is still there to pay it. The loser pompous @APompliano who lost 80% for investors in his shitcoin fund is only seeking attention with his bet. His fund will be BUST/GONE well before 10 years”
Pompliano replied to him saying that Roubini was the candidate for the worst call of the decade.
Mark W. Yusko, the co-founder of Morgan Creek Digital also replied to Roubini’s above-mentioned thread saying that there was zero counter-party risk in the “Buffet Bet”.
A Twitter user Bitvillain replied to the same thread:“Sounds like an easy win for you Nouriel. I think there are plenty of good charities that you could donate your winnings to. Take the bet! Surely the odds of crypto beating the S&P 500 over 10 years is close to zero. What could possibly go wrong?”
Meanwhile, on the other side of Twitter-verse, an S&P believer, Jim O’Shaughnessy, Chairman & Chief Investment Officer, OSAM, bet against the cryptocurrencies in his tweet saying that he was up for the bet.
O’Shaughnessy in subsequent tweets said that the bet was not going to happen. He tweeted:“[email protected] won’t do it, @patrick_oshag (my son, the least-millennial millennial I have ever met) is tired of talking about crypto, so, no bet from us. Ah well…