Although the “Bitcoin Cash” moniker went to ABC the aftermath has turned out to be devastating. It’s not clear who exactly is the winner here, but one thing is for sure, much like in the real world, overall there are no real winners in a war only losers.
Will the Real Bitcoin Cash Please Stand Up?
In an unexpected turn of events, Bitcoin Cash SV (BSV) is inches away from eclipsing Bitcoin Cash (BCH) in price as well as overall market cap. The cryptocurrency (BCH) started off the week with a bad start by giving up the number 4 spot to Stellar (XLM) in overall cryptocurrency market capitalization, followed by an additional 20% drop this Friday.
On the other end, Bitcoin Cash SV (BSV) has managed to negate the overall bearish market sentiment and rack up an impressive +20% price increase during the extended downturn and at one point surpassing Bitcoin Cash (BCH) in price ($111.62) . Currently, both cryptocurrencies are standing neck to neck at number 5 and number 6 respectively (coinmarketcap).
The Cause of the BCH ‘Flippening’
Bitmain has been stricken with rumors of leaked sales Q3 numbers which are less than stellar. Apparently, the company has suffered losses of more than $740 Million and that includes the losses incurred from holding Bitcoin Cash (Bitmain being one of the biggest supporters and holders of BCH) as well as the capital expenses required to support BCH in the “Hash War”.
We got leak of Bitmain Q3 numbers! COMPLETE DISASTER. The company lost $740 Million including losses on inventory and bitcoin cash! And this is not accounting for hash war costs! #bitmainipo@HKEXGroup
While these rumors might turn out to be another case of unwarranted market FUD, it is safe to say that the damage has already been done. While it seemed like Bitcoin Cash ABC has won the war it might just be that their battle has just begun.
Bitcoiner since $59 – BittBurger, gives us his take on the current status of the South Korean ICON project. This post is primarily about a solid uptick in community involvement, decentralized marketing, and the token side of things. For the last year and a half we had a pretty uninvolved community, while the company continued to work under the hood to build something huge.
A lot is happening right now. I feel like nobody knows about it.
A lot is happening right now. I feel like nobody knows about it. It just started. Most of it. So your patience will be appreciated. But I’ve never seen so much proactivity in this project on the token-side of things before.
AMBASSADOR PROGRAM: Over the last handful of weeks, the Ambassador program has begun. This program incentivizes the creation of content to promote ICON across social media and the internet. Several Ambassadors have already put out multiple articles that are getting ranked across Google and Medium, bringing attention to the project.
ICONSENSUS P-REPS: The number of ICONSENSUS P-REP candidates has surpassed 40 (there will only be 22 voted in) and ICON is beginning a strong marketing push to attract more teams this month, with the goal of reaching 100. Check out the candidate interviews here.
PODCASTS: Speaking of Podcasts, several investors have begun reaching out to their contacts at several different podcast and YouTube influencers. The goal is to get ICON team members on for an interview, to talk about the project and get the ICON name in front of tens of thousands of faces (or ears). Ricky and others at ICON have been excited to make themselves available for this, which makes all of us extremely grateful. I will be working to get someone on my friend Chico Crypto‘s YouTube channel soon, and a handful of podcasts are already underway for scheduling.
EXCHANGES: This past week, a group formed within the Telegram channel to focus entirely on reaching out to as many new exchanges as possible, and getting ICON listed on them. A Trello has been set up, and we’ve already begun making headway on this incredibly important goal.
BINANCE USA LISTING: With the advent of Binance USA, both the ICON team and everyone involved are aggressively pursuing assurance that ICX will be listed on the new exchange for US investors.
COINBASE LISTING: The same is being done for ICX being in the next couple rounds of newly added coins on Coinbase. I’ve spoken to team members at ICON who have assured me they’ve been following up on this regularly. Please download their app > Sign in > Click “View all Assets” > Then scroll down and click “Follow” on ICON. This is an important metric for Coinbase to decide what gets added next.
HIRING PR COMPANY: Two days ago I managed to connect Ricky Dodds (ICONS Head of Institutional Markets in their San Francisco office) to a close friend of mine who runs the PR company which took Genesis mining from nothing to a $2 Billion valuation, and got them on that 60 minutes episode a few weeks ago about Bitcoin. The mining segment in Iceland was thanks to him. Intro email was sent and the two of them have been connected to see if they’re a good fit.
HIRING PR COMPANY: Today, I connected Ricky to another company who runs a significantly larger Crypto-focused PR and marketing company. These guys were responsible for some of the biggest successes in Crypto, including Ethereum, NEO, Maidsafe, Qtum, Bancor, Lisk, and Augur. They also managed scaling campaigns for DASH, Ripple, Bittrex, and Kraken. They were excited as they personally know 4 of the 8 advisors listed on the ICON website, and they have an office in Seoul, South Korea in addition to Santa Monica, NYC, Las Vegas, Toronto, and San Francisco. To say I am excited to see the emails flying around today between Ricky and their team would be an understatement.
STAKING! 15% Staking is coming in 43 days. The ramifications of this can not be overstated. Aside from the completely speculative “claim” from some that their whale groups will stop suppressing the price at that time (which would be great, if it’s true), I expect nearly everyone to be staking their coins, completely drying up the order book and causing massive upward price pressure come September.
INCENTIVE PROGRAMS: I was happy to hear from a team member that several very specific plans are being put in place, after observing countless incentive programs by other projects that have resulted in price gains. The ICON team has realized the importance of creating incentive, interest, anticipation, and excitement for this token, and they’re taking steps to make it a reality for ICX.
My point in writing this: A LOT is coming in the next 8 to 12 weeks. All of this is centered around recovering and catapulting the price as high as it can possibly go. ICON is seeking out the all-stars in this industry with incredibly resumes, and asking the experts for direction and input.
All of the marketing and promotion has just barely begun. Everything is at ground zero. But its finally happening. All the things we’ve been hoping for, for a year and a half.
Blockchain technology may have an impact across numerous industries but it is poised to change the way we think about Finance in the most profound way.
The incumbent capital finance system is structured around large institutions and regulatory bodies that serve as the trust layer to ensure the security and fluidity of financial systems. But this is set to change, with blockchain technology achieving inherent trust where previously a rent-seeking intermediary was an essential and unavoidable cog in the system.
The opportunities that emerge from the Digital Economy are significant, and Fusion is going to be at the centre of this transformation. The Fusion protocol provides the infrastructure for the financial applications of the future that many businesses and institutions are looking to build.
FUSION (FSN) has three key features that elevate it above other smart contract platforms targeting blockchain finance.
A feature-rich ecosystem for modeling time-based transactions relevant to many industries, starting with debt instruments, entertainment licensing, asset rentals and more.
A fully realized interoperability and distributed custody solution that connects different on-chain and off-chain ecosystems and serves as the foundation for decentralized exchange.
A team with deep traditional finance and technology experience focused on solving real-world use-cases in a flexible and adaptive way.