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Bitcoin Cash [BCH] is as addictive as Heroin, says Bitcoin.org co-founder

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Bitcoin Cash [BCH] is as addictive as Heroin, says Bitcoin.org co-founder
Source: Pixabay

Cobra, the infamous pseudonym for the co-founder of Bitcoin.org and Bitcointalk.org has changed his tune on the future prospects of Bitcoin Cash [BCH]. In a tweet posted earlier this week, the BCH-mogul compared Bitcoin Cash to the drug, “heroin”.

The Bitcoin.org co-founder suggested that the fifth largest cryptocurrency in the market is comparable to the drug due to its addictive nature, primarily citing its “low fees,” and “quick confirmations”.

Bitcoin SV, the three-month-old cryptocurrency, pegged on the tenth spot on the global coin ladder and spearheaded by nChain, was likened to another opioid-drug, “Fentanyl,” adding that once someone introduces you to it, “you die.”

The tweet stated:

“Bitcoin Cash is like Heroin. The more you use it the more dependent you become on it. Those low fees and quick confirmations feel like magic and you experience amazing highs. Then someone introduces you to Bitcoin SV, which is akin to Fentanyl, and you die.”

Cobra has indeed changed his opinion on Bitcoin Cash, and proponents are not ready to buy-in to his new found revelation just yet. Less than a month ago, Cobra tweeted out that Bitcoin Cash is not just on its last legs, but it is, in fact, dead, and that it will go down to $0 in a few years. He cited a lack of leadership and direction for his grave prediction.

Cobra’s January tweet read:

“Bitcoin Cash is dead. Needs new leadership and direction/purpose otherwise it’ll be worth $0 in a few years.”

Furthermore, in January, Cobra also criticized Roger Ver, the CEO of Bitcoin.com and biggest proponent of Bitcoin Cash, when the latter claimed that BCH in 2019 is what Bitcoin was originally meant to be. Cobra said that Ver was “fooling people” and that the original whitepaper points to .ORG and not .COM.

Many Twitter users were not pleased with Cobra changing his skin and praising the coin which he was very critical about less than a month ago.

TommyQ responded to Cobra, tweeting:



“Yes, both should be avoided like the plague. At what point did Cobra become a Cameleon?”

Some users voiced their support for the top-cryptocurrency, Bitcoin [BTC] and kept the drug comparisons rolling, with @AnandIndian tweeting:

“Both heroin and fentanyl are bad we need organic alternative like Bitcoin BTC which is like Marijuana won’t kill you but will pleasure you.”

Another Twitter user chimed in with his criticism of Bitcoin Cash, with Digital Currency Laboratories tweeting:

“Bcash and its forks have lost massive amounts of purchasing power making them no more viable as a gloabal cash than zim dollars or venezuelan notes. It is irresponsible to promote currencies that collapse.”





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Analysis

Bitcoin Cash [BCH] vs Bitcoin SV [BSV] Price Analysis: BCH bullish as BSV struggles to keep pace

Yash Rajan

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Bitcoin Cash [BCH] vs Bitcoin SV [BSV] Price Analysis: BCH signals bullish as BSV struggles to pick up pace
Source: Pixabay

Bitcoin Cash was trending after the multisig transaction was carried out . The Free Ross Ulbricht campaign has also spurred the growth of Bitcoin Cash. According to CoinMarketCap, BCH stood fourth on the list of top cryptocurrencies, with a market cap of $7.12 billion and a 24-hour trading volume of $3.25 billion. BCH rose by 2.16% over 24 hours, at press time.

Bitcoin SV stood sixteenth, with a price of $62.43 and market cap of $1.11 billion. At press time, it had a 24-hour trading volume of $167.29 million. BSV saw a dip of 2.29% during the 24-hour cycle.

1-Day BCH Analysis

The resistance line stood at $418.4, and the three support lines were at $279.0, $157.1 and $112.3. The first uptrend started at $171.5 and ended at $319.9, while the second one extended from $259.3 to $387.

Source: TradingView

Source: TradingView

Bollinger Bands showed an increased rate of volatility in the market and the moving average line was below the candles, depicting bullish trend.

Awesome Oscillator displayed a bullish buying opportunity as the short-term momentum in the market was greater than the long-term momentum.

Chaikin Money Flow suggested that money was flowing into the market.

1-Day BSV Analysis

Resistance lines stood at $97.36 and $87.24 and the support line stood at $55.06. The first downtrend saw a change in price from $96.16 to $78.84 and the second downtrend started at $88.85 and ended at $72.09.

Source: TradingView

Source: TradingView

Bollinger Bands indicated growing market volatility

Awesome Oscillator presented that the short-term momentum was greater than long-term momentum, indicating a bullish buying opportunity.

Chaikin Money Flow indicator was just below the zero-line. This indicated that money flowing out of the market was marginally more than money moving into it



Conclusion

While BCH continued its bullish resurgence, BSV struggled to keep up pace with the general bullishness of the collective market.





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