Bitcoin Forum

Hi, many people are confused between 2 different forks happening in the following days. And I've seen all different questions about it, so I'll try to explain them with simple words without going into much detail. Feel free to expand (or correct) this explanation.

First, what is fork?
A fork is like a ramification of the original Bitcoin, basically copying BTC code and adding some more features.

Bitcoin Gold (BTG) (happening around 10/26) is aiming to have a coin that can be mined using GPU processing (AKA computer video cards usually for gaming) the intention is to make it easy for regular people to mine BTG and remove some power to mining companies in China using special and expensive equipment to mine (known as ASICs).

Segwit2x (in November) is about increasing the size of the block from 1MB to 2MB but it is more controversial as developers of Bitcoin Core are against it while other miners and very influential people backed by the New York agreement are the ones pushing for this change.

In my opinion this is the fork that we should worry about, due to the different opinions there could be a lot of volatility.

Some people love the free money, but it seems really bad for Bitcoin long-term.

It should not affect bitcoin long term at all. It will just cause short term price swings because the market must price the new coins.

So do you think that there is a chance for Bitcoin price will drop off after Segwit2x?  ???

These are questions I'm asking and do not know where to look for knowledge, but your topic really helps me to recognize it.

It's actually really good for Bitcoin long-term. Hard forks are great and Bitcoin was designed with them in mind. Proposals to change the Bitcoin protocol are another thing that makes Bitcoin decentralized. In the long-term, only one, the community-chosen chain will survive. This is the case with Bitcoin Cash. Although it's still fairly active, it did not influence Bitcoin at all and Bitcoin has kept growing rapidly since then.

In my Opinion the upcoming Fork are boosting the price of bitcoin, and I think people are very calm in the impending fork and getting their hand with the free coins was their intention in holding on to their bitcoin, and just like you said if the BTG only needs gaming GPU's to mine it then regular people that wants to get their hands on BTG would surely get them easily unlike bitcoin that needs ASIC's that was too expensive was not a great investment at all,
Well the I don't have any Idea on what's gonna happen to the November Fork and I think that will cause a lot of panic if segwit2x is behind it, that would cause a lot of panic and Risk for some users.

I think it will, but it will come back up again later as more people keeps getting into bitcoin.

I am worried about segwit2x because they claim that it is the real bitcoin so they did not include reply protection (that can disturb bitcoin chain in some way). Bitcoin should stay the way it is now and not be influenced by some corporate contracts but if majority of mining power is on their hand, there is chance that they can damage the original chain to make way for their new chain. We should wait to see what happens till then and I would stick to bitcoin core because it IS the real bitcoin.

I am not too worried about SegWit2x, because those guys are not bringing something new to the table. A 2MB upgrade to the Block size, will not make a significant change to the Mempool or bring some innovative changes to the protocol. The changes in the Bitcoin Gold on the other hand, makes me excited and I want to see how this is going to pan out in the end.

I would definitely hold on to some of my free Bitcoin Gold to see if it might give Bitcoin a run for it's money. ^smile^

Has no reason for drop price.
You can see result with Bitcoin Cash (BCC).. after SegWit, BTC price was raised, BCC dropped to 300 usd.
I think after SegWit2x will happen situation like this.

you forgot the premine part!
the bitcoin gold developer has plans to premine a large amount of bitcoin gold before releasing it and letting others mine it. i forgot how much it was but i believe it was thousands of BTG.
that alone puts this fork under the shitcoin categories. because coins that have a premine like this are only created by the developer to make money. they come along, live a little, get pumped then the dumps start and the price goes down to 1 satoshi per coin and eventually they disappear.

It depends if there is a significant, permanent split. Let's say the Segwit2x fork causes a 50-50 split in the userbase. According to Moore's Law, that will cut the network value of each network down to merely 25% of the original network's value. This is because networks exponentially gain value as more people come online. They also exponentially lose value as more people leave the network (i.e. in a fork).

It's also possible that these forks are diluting potential investment into BTC (prospective investors putting money into other coins in addition to BTC).

What makes you think Bitcoin was designed with hard forks in mind? Satoshi built Bitcoin with forward compatibility; the templates (scripts) used in future versions can be processed (if not necessarily understood/validated) by older versions. This is why backward compatible soft forks are ideal for Bitcoin.

I'm not sure how Satoshi felt about hard forks. He didn't give much indication. On one hand, there is the often-cited quote that we could increase the blocksize limit by programming the fork at a block far in the future. But shortly after, he said that Bitcoin users might become increasingly tyrannical about the size of the blockchain. He didn't seem to offer any clear indication either way, suggesting that the question of future hard forks was entirely up to the user base, not him.

I think we will see more and more fork attempt on the BTC network.
It seem like a treat right now, but on the long term nobody will care anymore.

Thanks for posting this. Actually I was not aware about 2 forks. Yeah I was aware about the Segwit2x and I thought that's bitcoin gold. So two forks are going to come. That means we all are going to receive free money two more times. Anyways that's good. Who don't like free money Ah? So my question is which wallet is more secure to keep bitcoins safely during the fork? Any ideas guys?

Just withdraw them from exchanges, services then leave them on your wallet.
For B2X, you should wait a day or two to see what's happening before making a transaction.

That is a completely wrong definition. A hard fork is a change which aims to either: a) Create an entirely new coin. b) Change the existing consensus rules in order to do something. A hard fork does not necessarily need to add any features, it could be a simple bug fix.


Both of those are altcoins, and the first one is a complete joke not worth talking about.

Wrong. It's exactly the opposite.

Do not transact B2X unless you want to lose your Bitcoin. There is no viable replay protection.

^^ This. There is no replay protection in 2x and people should be extra careful. If you want to do it anyway, make sure to move original bitcoin (original blockchain) to the new address before spending 2x from the same old address on the new forked chain.

Yes, you are a better writer than me, and I agree with your ideas regarding a ~50/50 split. Too many people are getting hooked on "magic money" without paying attention to history and reality.

As for me free money not free money, we always work something to earn.. Nothing is free in the world :)... Dont hate free money :3

Is anybody following what's happening with this? Last I heard, opt-in replay protection was being removed, but the BTC1 folks were discussing strong replay protection via the OP_RETURN script. I certainly hope they add strong replay protection because people are inevitably going to try to split their coins to sell the B2X. And using nLocktime + RBF is really not intuitive for novices.

This upcoming forks is what i am waiting for because i bought bitcoin at the dips from the FUDs like around 4,000 or even below and up until now, i am still holding bitcoin because of the upcoming forks because i believe that after the forks and after i get the bitcoin gold bonus coin like an airdrop then i will sell it and i will sell some of my bitcoin so i can unload some for securing profits.

This is not safety.. All proccess like get Bitcoin Cash.
How think if hold BTC on poloniex, will they add and fund new coin bitcoin gold?

No matter the presence of bitcoin gold, I'm sure will be the same as bitcoin cash, the best way is to invest in the beginning and then sell when you get profit 50%, let's welcome bitcoin gold to get profit quickly.

I agree that both forks (Bitcoin Gold and Segwit2x) may bring about some Bitcoin price volatility during the next few weeks. However, historically price volatility has been positive for Bitcoin due to more media attention leading more people to get involved with cryptocurrency and ultimately Bitcoin price has always moved higher over time. I don't expect the next two forks to be any different from the recent Bitcoin Cash fork experience. These forks help to move the adoption of cryptocurrency forward and I don't think people should be concerned.

Why the Brazilian and Argentinian Bitcoin communities oppose SegWit2x: https://medium.com/@Ulrich_98986/why-the-brazilian-and-argentinian-bitcoin-communities-oppose-segwit2x-801edc213af8.

The great majority of Bitcoin users doesn´t follow daily news and updates released about the tech. Some of them even buy Btc and leave them on a exchange market. There is a general idea also, at the moment, that people should join now and purchase Btc, because with the upcoming "hard forks" there will be extra cash to everyone. But everybody should keep in mind, that there is several risks involved and in this Bitcoin community, things are not always what they seem.  The hard fork of Bitcoin Gold will happen on the 25/10, while the Bitcoin SegWit 2x somewhere in 3º week of November.

I think this is not good. I really don't understand why oppose..
Bitcoin gold will be the power alt of bitcoin and better than BCH. Most users would like GPU mining

If we can't transact B2X to the exchanges, then how is a price for B2X going to be established? We need to be able to transact it in order to dump it, kill the price and force miners to come back to the legacy chain. If we cannot do this then how can B2X be beaten?

Maybe they will beat themselves if people lose a lot of money because of they not adding replay attack protection, but this would fall into a legal level and legality may not apply or care in this case to do anything about it.

Seems like a tricky situation where you must leave your coins in an exchange prior hardfork in order to dump them... not a good idea, specially whales that have tons of BTC ready to dump, it's a risk to leave them at the exchange.

I believe a lot of coins will be lost after segwit2x more than people realize when they lose coins due to the lack of protection... people will abandon the new coin due to the flaw and the dump... this will stop (or at least seriously slow) future forks.  Will created added confidence to the original bchain, and the increased rarity due to the people burned by coin loss will push BTC to $8250 by December 20th.  A pullback to $6500 in mid-january until hitting $10k by March 2018.

Economic stagflation in fiat and increased interest rates by the fed...  and a 15-20% housing market dip will depress BTC (at first think a 20% sustained drop over 2 months) back to a 7-8k level in June before sending it to a level of 22k by October of 2018 when stock conditions have investors looking harder at cryptocurrencies.  Should see overall crypto investments hitting 500 billion by then... which would equate to only a move of .5% of investment from the regular stock market into the cryptomarket.

Once the market takes a dip below the psychologically important Dow industrial average of 17500 due to the democrats defeating the gop in the midterms you will see a large wave of investment movement to BTC (not so much ALT coins like the previous move).  By January 2019 you could see the first crossing of the 1trillion market cap with BTC dominance around 63%.

At that point Bitcoin in January of 2019 I'd estimate there will be approximately 17 million bitcoins in existence... price at that time 37k /coin.   At that point the stock market will start really getting into problems.

High interest rates + Congressional uncertainty + bad housing market + a POSSIBLE attempt at democrat impeachment = a massive exodus from the stock market and bond market into:
Commodities, Precious Metals, & Cryptocurrencies

100k/coin by January 2020 and that STILL would only be a 2.2% movement into cryptocurrenies away from the stock and forex markets.

Anyone that thinks Bitcoin is a bubble is psychotic "It's only just begun"

Either you transact and risk loosing Bitcoin or you do not. Either the exchange credits existing balances, or not. Either way, the best way to currently estimate the price of B2X is futures trading as there is no risk of losing your Bitcoin ATM. Last time I've checked, the price was 1/8 of Bitcoin if not lower.

A coin without liquidity on the market and transaction liquidity has inherently no value since it has no use case.

I am not touching my coins unless there is a provably safe way of dumping that garbage shitcoin.

Bitcoin Gold is a fork of the Bitcoin blockchain that will occur on October 25, 2017. At the predetermined block height, Bitcoin Gold miners will begin creating blocks with a new proof-of-work algorithm, and this will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch of the blockchain will split off from the original chain. The new branch is a distinct blockchain with the same transaction history as Bitcoin up until the fork, but then diverges from it. As a result of this process, a new cryptocurrency will be born.

I don't think it is a good option these forks might give free money to millions but no one sees the damage it is causing bitcoin in the long term. It also spoils stability of the overall markets , forks should happen once in a year not every quarter. This hype is going to be like ico too hot in starting and finally a useless dumped token

Nah, Bitcoin Gold is already dead on arrival. The developers have already confirmed it's a premine. An airdrop with no real developer community and nothing but fork hype isn't going to go very far. There's plenty of other coins more worthy of your GPU hash rate; competition is fierce.


The problem is that in order to profit from the futures market, you need to hold funds on the exchange through the fork. You can sell the BT2 for BTC, but you'll take an equivalent loss if you sell the BT1 for BTC without waiting a month. I think the market is probably fairly accurate given the current market information, but it isn't worth the exchange risk to trade it. Hence the low volume.

still no word from Trezor if they're going to be offering the Bitcoin Gold to Bitcoin holders.

That is not a problem of any kind as plenty of people are stupid enough to keep coins on exchanges, which is almost the same as keeping cash in the bank. In other words, they're not your coins but IOUs. As seen with the last Bcash fork, plenty of people had money there (although this made it harder to dump for them since it took time for the exchanges to credit). Now it may be the opposite. However, the exchange will put itself at risk by accepting Segwit2x deposits and withdrawals.

They do not need to. You have the seed.

S2X sybil attack has begun.

https://pbs.twimg.com/media/DMhRSSSX0AATNBu?format=jpg&name=small
https://mobile.twitter.com/nopara73/status/921075561316876288

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Garzik sponsoring this sybil attack: https://twitter.com/bergealex4/status/920961133262934016.

Always good to have free money. is there any price expectation?

Thanks for sharing this idea. I'm confused with that fork term but now I have an idea already. Thanks :)

Yes it will rise until.the upcoming forks as people want more tokens of these forks. You may even see a sharp decline after the fork. But you can never just trust the bitcoin market. Selling would only be profitable if you take first mover advantage otherwise its waste.

Volatility would be seen after the launch of These forks. BITCOIN is rising like anything and ALTCOINS are crashing now a day. BTC will definitely be rising till 25oct as many investors has dis-invested their money from altcoins to BTC to take advantage of BCG fork distribution. Let's see how they all react after forking. If they again like to invest in ALTCOINS as before there would definitely be a fall in BTC price.

SegWit2x is not only about raising the block limit from 1 MB to 2 MB, it could be raised even up to 8 MB! I'm also against Bitcoin SegWit2x because I think that higher block limit will lead us to centralisation. Transaction history would take a lot of space and not many people would be able to run a node for example. I will mine Bitcoin Gold if there are people interested in it.

let's welcome bitcoin gold to get profit quickly.
How do you ever break the cycle of greed, when always aiming for fast profit?

no, based on what I read in their slack, they are no longer planning about it, just wait for the distribution of Bitcoin Gold coins until our wallet is filled by itself with the same amount of coins in our Bitcoin wallet.

this is actually a good thing for Bitcoin, especially for the long term because it’s prepared to face the future, but indeed if we talk about the present then this development isn’t actually needed. I think Bitcoin still stands it’s thanks to the development, the coin that follow the market demand will eventually stand because it becomes the choice of the users and beat the competitors who aren’t able to adapt. this development is a good thing, and it won’t give a bad influence on Bitcoin.

judging from what happened on the previous soft fork, i.e segwit, the price of Bitcoin was increasing instead of falling and other altcoins price’s were dropped seems because people sold their altcoins and buy Bitcoin which I think will be repeated again in the upcoming fork. and with the Bitcoin Gold that gives us coins equal to the amount we have in Bitcoin wallet, then many people will sell their altcoins when they see BTG’s good value because they fear the price will fall so they buy Bitcoin.
 

Bitcoin gold is for the last stage. SegWit2x is quite another. As far as I understand in November to receive the next coin btc1. It will have larger block sizes. In my opinion this is a natural improvement of bitcoin, but the community has not come to an agreement and it will be a serious threat to bitcoin. With this free coins will be gone.

So are people going to cash out after Segwit? I was losing 50 dollars a minute right after BTG.

maybe you misunderstood what they meant, or maybe it was someone else talking about it. because last time i checked their code on github i saw an open merge request changing the software so it never had any premines, but the developer himself commented on it and said without premine we won't work on the project any more.

Bitcoin Gold (BTG) is only new way to Destroy great bitcoin  system which made by satoshi  but lets check what will happen next days

As much as Bitcoin Gold sounds good, I think I'm going to stay with Bitcoin. I do not see why there needs to be another fork, mining is expencive no matter what we do. But I do support segwit2x, because it will improve everything about Bitcoin. There will be a lot of different opinion which will create small panic as we come close to segwit2x. Bitcoin will survive no matter what.

Yea I'm sure you're right. There's too much money in bitcoin.

Time to revisit:

OKCoin CEO:
https://i.imgur.com/XSGuHa6.png

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Source: https://twitter.com/starokcoin/status/926579466431815680.