summary of what happened:
- August 1st BCH was created to attack bitcoin, they implemented EDA or difficulty manipulation
- SegWit2x was suspended
- BCH pumpers used this to FUD bitcoin and pump BCH
- higher price of BCH + lower manipulated difficulty => incentive for miners to switch
- sudden lower hashrate on bitcoin + no difficulty manipulation => temporary harder to find blocks
- lower number of blocks found => bigger mempool => higher fees.
all will be fine soon
- difficulty adjustments will start + the BCH pump will end => incentive to mine BCH is removed
Really good to hear the story but the majority of the mining is done by a few corporates and they control the entire mining network and they could manipulate and do what ever they want with their machines and that is the biggest flaw in the network in my opinion,the people who spends the most get to decide what the transaction fees should be.I am sure the BCH pump is done by these big whales to get more profit out of it.