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Bitcoin [BTC] bubble reaching the top inflation mode, believes a Bitcoin Cash [BCH] member

Priyamvada Singh



Bitcoin [BTC] bubble reaching the top inflation mode, believes a Bitcoin Cash [BCH] member
Source: Pixabay

On 24th September, BitcoinXio, the moderator of the Subreddit of the Bitcoin Cash community, r/BTC posted about the alleged deception, censorship and market manipulation that exists in the Bitcoin Core community. Xio also mentioned that BTC members are involved in these activities not by accident, but by will to control and exploit Bitcoin in their favor.

Furthermore, the Reddit post talked about the many catalysts over the years that have contributed to the situation that BTC is in today. According to Xio, the cryptocurrency space is in the top inflation mode of the Bitcoin bubble. He believes that Bitcoin is no more the former Bitcoin but merely a cult that imposes its supremacy in the space. Next, he introduced a few points that, in his opinion, indicate the end of Bitcoin through cultism.

One of the points mentioned by the moderator was that Blockstream spent $5.2 million in BTC to a fraud company, Halong Miners, to buy mining equipment during the all-time high period of BTC, at the beginning of this year. Xio stated that Halong Miners are operating at a significant loss. He also took a shot at the increasing transaction fee of BTC and wrote:

“BTC transaction fees peaked at $55 USD per transaction and Greg Maxwell said literally he is celebrating by ‘popping champaign’.”

Regarding the Tether manipulation case involving the cryptocurrency exchange, Bitfinex, Xio stated that the scandal is also associated with the Blockstream members, Adam Back and Greg Maxwell. Adam Back is the Chief Operating Officer of Blockstream whereas Greg Maxwell is a former Chief Technology Officer of the blockchain security firm. The r/BTC moderator accused the members of BTC price manipulation by propping up the prices.

In the past week, a Bitcoin Cash developer found a destructive DoS and inflation-related vulnerability in Bitcoin Core that could have disrupted the BTC network on a massive scale. Xio believes that the bug sat there for two years and was introduced by the members of Blockstream. More so, he added that the bug compelled the Bitcoin Core members to update/fork their software to eliminate the vulnerability. He stated:

“All these HODL conference pictures show massive extremism and a complete bubble that these people are living in, completely unaware of reality. The B Foundation (Bitcoin Foundation) that was just formed by a bunch of scammers and supremacists to bring back another foundation in order to centralize Bitcoin Core (BTC) further.”

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.