Well done. I came to the conclusion another way, although I’m still learning I’m not exactly right with the math. Where in the hell did the original value of Bitcoin Cash come from? When a $2800 stock splits 7:1, the original stock decreases to account for the value of the new stock, so $2400 and $400. $2800 total. Why shouldn’t it have been the same concept with Bitcoin and Bitcoin Cash? “Free money” from heaven, and no one bats an eye. I can’t be the only one who sees Coinbases real reason for not releasing Bitcoin Cash is because it’s just good, sound business not to be giving away “free money”. I think Coinbase is insolvent. Had their customers immediately sold any significant quantity of Bitcoin Cash, we would have known they are insolvent almost immediately.
So many people are overlooking the fact that it’s just not easy to convert back to fiat. Did you know Coinbase only allows $10k withdrawals per day? Yes you can have it raised to $50k, but it takes a lot of verification. If your portfolio is worth $5,000,000, that’s still at least 100 days to withdrawal everything. Why is that limit so low? Limiting withdrawals is one of the hallmarks of a ponzi scheme. Most people HODL anyway, so no one even sees the problem yet.