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I imagine there will be massive use of solar panels etc. Once the price of solar comes down even further, it would make sense for a mining farm to buy a solar wall and use that to generate electricity rather than pay for it.
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Does anyone know about we can expect a public announcement that Amazon is integrating bitcoin?
This ought to spike the price whenever that news hits...
There isn't going to be an announcement - it was all a rumour. Amazon has it's own altcoin and will likely push that instead of adopting bitcoin. |
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I think BTC will tank to the $6k or so mark, before slowly climbing back up. I doubt it will hit 10K this year. May be wrong, but with the hardfork nonsense out of the way, people are moving funds back into atls.
Yeah - this is the most likely scenario. There isn't any more news to attach a pump to, so people will slowly take profits. All of bitcoin's problems remain, the inability to scale, the mempool backlog, the fees. I expect attention will now turn to the alts to see if one of them can actually be used as a currency. |
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For the moment it looks like $7000 is functioning as a very strong resistence. At some point though, people will take profits. Especially if the bitcoin mempool builds up and fees start to rise again.
Now that we know that bitcoin won't scale, the hunt is on for an alt that will.
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So if you want big blocks, your only option now is bitcoin cash, no?
I expected to see a big rise in the BCH price, but nothing has happened.
Back when bitcoin cash was forked out, people accurately predicted that Segwit2x would fail, now that that has happened, I expect some influx into BCH.
Remember in the last week, BCH price has risen from 0.053 BTC to 0.08btc - so the rise already happened. I'm pretty sure that some insider knew that segwit2x would be cancelled and started buying BCh ahead of time. |
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Bitpay said they'd enable BCH and other alts on their platform if segwit2x didn't go through. That way their customers would be able to make purchases with low fees.
I'm pretty sure that attempts to scale Bitcoin are now dead and buried and people wanting quick transactions with low fees will migrate to alts. Bitcoin will become a financial instrument like gold, and won't be used for commerce, so it won't matter if the fees are high or if there is a backlog in the mempool.
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Price will rise to 8k at the end of the day lol
fees will rise to 8k What will happen is that providers like Bitpay will enable alts and people will move money using alts instead. So the bitcoin fee won't rise too much, it will rise just enough to incentivise people to use another coin. |
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And Bitcoin is going crazy. 9K by the end of the day?
No - it seemed to jump by a few hundred dollars and now it's hovering, not quite sure what to do next, now all the drama has gone. I expect we'll get some profit taking and then back to moaning about mempool backlogs. And providers like Bitpay will finally add some alts so that people can buy stuff with low fees. |
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Is this for real? After all this drama they pulled out with just over a week to go?
I wonder what made them change their minds, and I wonder what the implications are
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https://www.ft.com/content/d576e4e4-c374-11e7-a1d2-6786f39ef675Chinese investors are still trading bitcoin and buying initial coin offerings, suggesting authorities in Beijing are struggling to clamp down on cryptocurrencies just weeks after announcing that public exchanges would be shut down.
Observers feared the closure of Chinese exchanges would lead to a sharp drop in demand for bitcoin, given China has been a key source of demand. Instead, more of the buying and selling of cryptocurrencies has gravitated towards the private over-the-counter market.
Bitcoin, the best known cryptocurrency, has set a series of records in recent weeks. At the same time, the renminbi share of OTC bitcoin trading has risen from about 5 per cent at the beginning of September, before exchanges were shut, to about 20 per cent a month later, according to data cited in a report by the National Committee of Experts on Internet Financial Security, a government-backed research group.
“The situation with China’s exchanges has pushed more of its trading over the counter, where there is a fairly robust and liquid market,” said John Riggins, head of Asia operations for BTC Media, a fintech information platform.
Chinese investors are also using mobile messaging platforms to connect, negotiating bilateral trades without the help of an exchange. Many OTC bitcoin transactions originally used WeChat, Tencent’s ubiquitous mobile messaging. However, concern about surveillance has driven many traders to Telegram, an encrypted platform that boasts greater security.
However, the clampdown is proving more challenging for bitcoin miners, who had flocked to China’s hinterland in Gansu and Inner Mongolia, where cheap electricity can power rows of computers creating bitcoin.
China’s OTC market is not yet liquid enough to allow bitcoin miners to facilitate the sale of hundreds of thousands of dollars of newly-minted bitcoin each day, market observers say.
“There are a lot of questions about the future of the Chinese miners, given that they still need to pay for staff and operations in renminbi,” said Thomas Glucksman, head of marketing for Gatecoin, a bitcoin exchange and ICO underwriter in Hong Kong. “It’s either a case of migrating their operations or facilitating renminbi cash-out through the OTC market.”
Initial coin offerings are still being marketed, though the obstacles facing Chinese investors wanting to take part are now larger. In principle, Chinese investors who already own bitcoin or ethereum, a rival cryptocurrency, can still buy into an ICO on a foreign platform. But many overseas ICO platforms have strengthened know-your-client requirements to avoid running afoul of mainland regulators, while some have deleted Chinese-language versions of their websites.
The Chinese ban on ICOs has also generated some additional short-term demand for bitcoin as ICO sponsors moved to comply with the government’s order.
“All ICO teams in China should return funds as bitcoin or ethereum to their investors. So demand is high,” said Sandy Liang, operating director in Hong Kong for Bitcan, a bitcoin wallet, news and price quotation app.
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I think the impact of tether on the price is vastly overrated. Let's say tether is being used for fractional reserve-like practices. So what? We are dealing with the dollar all the time. BTC/USD is also compared against a fractional reserve currency. You can't stop these practices. Tether is a tiny amount of the money pot in bitcoin anyway. People comparing an hypothetical tether crash with Mt Gox 2.0 are out of their mind.
All markets have leaders and when it comes to USD that's been Bitfinex for a long, long time. It doesn't matter if all of the rest of the market is real dollars and BFX is fake, the market will follow BFX for whatever reason and those fake dollars will drag the real ones along with them regardless of the proportion that BFX constitutes. That means it does matter. I've no idea what the score is with Tether, but to regard it as irrelevant is not the sensible thing to do. It's because of the automatic trading bots, they use bitfinex as a reference, so it's very easy to influence the market just by a few dodgy trades on bitfinex. At some point someone will try to redeem the tethers for real dollars and the whole thing will come tumbling down. |
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https://support.bittrex.com/hc/en-us/articles/115002603211-Statement-on-Bitcoin-Segwit2x-hard-forkBitcoin Segwit2x (AKA NYA agreement) is a hard fork scheduled for block 494,784 to increase the Bitcoin block size from 1 MB to 2 MB. Currently 83% (as of block 493,413) of mined blocks are signalling support of the Segwit2x hard fork.
Bittrex did not sign the NYA agreement and endeavors to be neutral for any fork. Our priority is the safety of customer funds.
Bitcoin Segwit2x is considered a "contentious" hard fork which has divided the Bitcoin community and may result in a chain split. There is also no replay protection present so Bittrex must undertake extra measures to ensure that in a chain split, user coins are preserved on both chains. There may be delays in Bitcoin deposits and withdrawals for some time due to these extra measures.
The "BTC" ticker will remain the Bitcoin Core chain before the hard fork block. Bittrex will observe the Bitcoin network for a period of 24 to 48 hours to determine if a chain split has occurred and the outcome.
In the event of a chain split, "BTC" will remain the existing Bitcoin chain with 1 MB blocks until the industry and ecosystem demonstrates a clear chain preference for Bitcoin. Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains. Bittrex will make all reasonable attempts to credit our users chain split tokens. We will not recover incorrectly made cross chain deposits under any circumstance due to the lack of replay protection.
If it is unclear which chain is the preferred and dominant chain, we may:
Open up markets for B2X (Bitcoin Segwit2x chain with 2 MB blocks).
Extend the observation period.
If you have a Bitcoin (BTC) balance on Bittrex during the Segwit2x hard fork block 494,784 occurring in mid-November, you will be additionally credited the equivalent amount of chain split tokens on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 chain split token. BTC held on orders will also be credited. Only the BTC held on your account is eligible for chain split tokens.
Bittrex will close deposits and withdrawals of Bitcoin (including 2nd layer protocol XCP/OMNI and associated assets) approximately 24 hours prior at block 494,640 to the Segwit2x fork block 494,784 occurring some time in mid-November. If any BTC deposits you had sent to Bittrex are not settled (e.g. marked as pending) by block 494,640 you will not be credited with chain split tokens. The wallet will remain closed until the hard fork block is complete and it is deemed safe to open. Trading will remain active during this time.
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Nowaday I see more profit in investing in altcoins than holding BTC that's why I'm 80% on alts
i cant even imagine how you manage to earn a profit on altcoins because i see that altcoins nowadays are dying due to the fact that bitcoins is still increasing. altcoins prices are stuck and getting to go down everyday. thats why more and more people are shifting their gears to bitcoin because they can actually earn a decent income in no time just by investing and holding some of bitcoins in thier wallet. They'll get pumped after teh fork, like they always do. You can earn a bigger percentage gain trading alts than trading bitcoin. |
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I think $8000 will be easy to get there. Now the market will hold in bitcoin, at least in the month before the end of the fork, people will hold bitcoin. Everyone wants free candy!
The fork is next week! It's on November 16th. I do think we'll see a sell-off in a few days. This fork is different from the bitcoincash one in that there is no emergency difficulty adjustment, so the chain teh miners choose will be the winner and the other chain will struggle badly to get any blocks mined at all. |
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I think it might correct before the fork.
Some people might want free coins. Smarter folks will reason that those coins are not worth giving up bitcoin profits, and they'll cash in and lock their gains ahead of time.
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It might. At some point the whales will take profits, which will lower the price, and trigger the stop losses of all those who are long, which should then push the price lower.
Also, some old hands are using the current price to sell some coins, because they want to lock in profits.
What is completely unknown is the timing of all this. All I can say is Don't Short the market. You'll only get crushed. Wait till it has actually turned down before shorting. Until then just sit on your hands and watch and wait.
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