After shorting Bitcoin on Thursday at $5,950, NIA announced on Sunday that it had covered its Bitcoin short position at $5,750 for a small profit and had taken a long position in Bitcoin Cash at $450. The CME is getting ready to launch Bitcoin futures contracts, which will make it much easier to naked short Bitcoin and slam its price down like the big banks do to gold and silver with the backing of the Federal Reserve. When this happens, NIA predicts that the Cryptocurrency community will turn against Bitcoin and adopt Bitcoin Cash as its new favorite Cryptocurrency.
Almost exactly nine years ago on Halloween of 2008, Satoshi Nakamoto (the creator of Bitcoin) wrote in his Bitcoin whitepaper, “We define an electronic coin as a chain of digital signatures.” In August, Bitcoin activated a system called Segwit that segregates these digital signatures from the transaction data for the purpose of increasing Bitcoin’s transaction capacity. With Segwit, after a transaction gets verified, Bitcoin nodes are no longer required to store the full signature data. This makes the legal proof and authentication of electronic contracts and transactions significantly more difficult.
Bitcoin Cash solved Bitcoin’s transaction capacity problems by increasing the block size limit from 1MB up to 8MB. Today, only Bitcoin Cash meets Satoshi’s definition of an electronic coin, by storing full digital signatures – providing an immutable and auditable ledger.
Segwit was supposed to solve Bitcoin’s problem of rapidly rising transaction costs, but the average Bitcoin transaction fee is now $5.50 or 51.4X higher than Bitcoin Cash’s average transaction fee of only $0.107.
Bitcoin is no longer useful as a medium of exchange. The Bitcoin community claims it doesn’t matter because Bitcoin is becoming a Digital Gold and doesn’t need to be a medium of exchange, but if Bitcoin doesn’t become widely used as money in electronic transactions – its lack of usefulness will destroy any chance it has of becoming a store of value. Bitcoin Cash, on the other hand, is very useful as a medium of exchange and we expect its price to outperform Bitcoin.
Today, Bitcoin Cash is up 14.02% vs. Bitcoin only being up 5.98%. Bitcoin Cash hit a high so far today of $576 for a gain of 28% from NIA’s Sunday suggestion price of $450!