Some months ago, some people wrote about the “flippening” of the masses going into Ethereum and obliterating bitcoin. Bitcoin’s “dominance” (again a misnomer since Bitcoin don’t want to dominate but set people free) chart seems to tethering into 25% of ALL crypto value. Yet Bitcoin’s own total value had doubled to 40 billion USD.
Anyway, I wrote a sceptical counter piece, called “The Flappening” – taken from that game Flappy Bird, to dispel this scare mongering, or simply low education about cryptocurrencies, freedom, emancipation, and the Matrix (brainwashing from schooling, to vaccinations, to making you feel good to be LABELLED/BRANDED a taxpayer, to paying insurance, paying for owning car) – many people are still in this dream brainwashed state.
So they assume the flippening means the end for Bitcoin. The end of the road. So they piled all their money into Ethereum. $400. Well, whether the price adjusted/crashed is not relevant.
Now today, we have in hand, not just coins, nor splintering of bits and coins.
We have on our “plat du jour”, is a true flippening event, that could be the great seismic shift that these people inadvertently seek from Pandora.
After the BASH event, the miners who stick to it are suffering in silence, doing charity mining in the chain. There is a built-in Emergency Difficulty Adjustment parameter that had adjusted the difficulty downwards to now 13% of the original chains difficulty. How to put this into perspective: let’s do 100 metres. Now the new BASH (bitcoin cash) chain is 13% of the original 100 metre Usain Bolt run. It is 13 metres of difficulty.
So if Bolt won the 100 metre run, he gets $3500 USD. Just for this quick comparison. (current price of Bitcoin).
So if Jon Snow did the BASH run, of 13 metres, and win – he gets $350 USD (current price of BASH).
What would you do? We do? Compete with Bolt in the 100 metre run? Compete with Jon Snow before the Whitewalkers come for him? Or just hope the Whitewalkers eat him first THEN do the BASH run?
Well that question will keep you busy for a few nights.
Then here is more. There is profitability involved. Your coach, sponsors for your uniform, they have a say in this run. IF they find by their own calculations, electricity usage, training shoes, cost of towels – are now more profitable at the other run, they will likely want to you to participate in that run. Profitability is relative, relativity is the only constant.
Right now, the metric in Coin.Dance shows a “profitability parity chart”. At a certain threshold, it will be logical that it is in parity whether to mine in the original chain or the BASH chain. Upon this stealthy (*drum roll*) flippening, miners, mining pool, companies, Genesis Mining, Iceland, North Korea, Qatar, will be sitting at a roundish table, to discuss whether they will be moving to the other chain – and vice versa.
Addendum (15 August): Another blogger giving more technical overview and psychology of miner following profitability. https://bitcoinandtheblockchain.blogspot.my/2017/08/chain-death-spiral-fatal-bitcoin.html
Are you prepared for this? Your comments post them on PentaPrison.