The absurdity don't surprise me, just check out r/btc  I think Jihan has lost control of his shills and minions  >80% of bitcoin's hash power doesn't sound like a joke to me. It's not like the previous times where it was just shilling all over promoting BIP101 or bitcoin Unlimited. Bitcoin miners are the ones with power over bitcoin, and they're to be taken much more seriously IMO. Isn't the UASF challenging the miner's power over Bitcoin? With the response of Bitmain and ViaBTC for a UAHF to counter this, I believe they are desperate to keep the status quo. Because if the UASF is successful, this sets a precedent for the users to take matters in their own hands whenever the miners start acting out of line again. |
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Maybe that is the thing with bubbles, we do not find out that something is really in a bubble until it pops. We can do all kinds of analysis but only the market decides in the end.
I have made lots of mistakes before by trying to "predict" what would happen. I am wrong more than I am right all of the time. Deisik knows this and have called me out several times.
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It was something I'd been wondering: if everyone goes for Segwit2x, as I understand, this simply means Segwit first, hard fork later. But how is this hard fork guaranteed? Just by developers keeping to their word?
I'm not a supporter, but I suppose it was only a matter of time before a similar move would come to guarantee Segwit2x runs its full course.
I believe yes, they would have to take the developers' word. Who is behind Segwit2x anyway besides the big names like Barry Silbert and Jeff Garzik? Does anyone know who the developers are under Jeff Garzik? |
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If Segwit2x is implemented what would that mean for the Core developers? Are they out or are they included in the new implementation and allowed to continue development?
Losing all that talent could be a big blow for Bitcoin.
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OP, it's more interesting to see how Bitcoin and the dark markets will develop and grow together. That is where we could see Bitcoin's real potential as a censorship resistant and decentralized form of value transfer. The "Bitcoin for the mainstream" is a lost cause in my opinion.
I fully agree with that point of view. However, I think reality will be entirely different. First of all, crypto will NOT be outlawed, on the contrary. Crypto will be seen as a new speculative financial vehicle, and the finance industry will want to play with it. For that, it will need to be "regulated". Nobody will intervene in the technical aspects of crypto, but you will have to report all your crypto holdings and movements. Those that you don't report, will not be usable on legal platforms (exchanges, stores,.... who will have to do their own reporting, which should match yours and which would betray you if ever you used non-declared coins). This would make crypto entirely legal and taxable assets, losing entirely their purpose as "freedom currency", and making them available to financial institutions. These will gamble on it like they like to do, and will blow the crypto bubble to unseen heights. Note that the extra volatility induced by professional gamblers (financial institutions) will make crypto totally unsuited to be used as "money", but it will be made perfect speculation vehicles. Financial institutions will in the end burst the bubble, and we will have a new financial crisis 1929/2007 like, caused by the speculative nature of crypto when its bubble blows all over us. The next generation will be wary of any kind of crypto. At no point, crypto will be useful "freedom currency" because of a stupid design error of bitcoin: the finite number of coins, that makes it unsuited as a currency, but makes it very highly speculative ; something that has been taken over by most crypto. But how exactly can it be "regulated"? What is stopping me from sending coins in the dark market to buy drugs or stolen items? Regulation will open a can of worms because it legalizes cryptocurrencies and make them available to the general public. For them to do what? All kinds of nefarious activities. |
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I do not believe greed is the primary motivator here. It is desperation because there is a chance that they would have to follow BIP 148 once it starts activating Segwit on August 1. ViaBTC's proposal is very much out of character.
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So no comments about the absurdity of this proposal? I am shocked. Now that there is a real issue to laugh at miners, everyone seems quiet. Maybe some of you think there is a profit opportunity here?  |
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Hi everyone,
I have recently sold a large part of my BTC portfolio as I was spooked by a various sources telling me that BTC was heading for plummeting prices following 1st Aug and hard fork. They have also said that July will be incredibly unstable in terms of price as we approach the deadline. I a now sitting on cash and waiting for the best time t go back into BTC
Given that the price of BTC has risen every day this week and feeling that I sold unnecessarily and am considering buying back in. can you feedback to me.
1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?
2) Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?
Thanks all
Matt
Quite the opposite. Many people are acquiring extra in anticipation of a coin split. You would then have coins on two networks! This. But the problem now would be which "Bitcoin" to dump on August 1? Are you for the legacy chain or for the BIP 148 chain? Your ideals do not matter here, making the right decision is. I will hold on both for a while to be safe. |
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OP, it's more interesting to see how Bitcoin and the dark markets will develop and grow together. That is where we could see Bitcoin's real potential as a censorship resistant and decentralized form of value transfer. The "Bitcoin for the mainstream" is a lost cause in my opinion.
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Fun video. But what of Jihan Wu, Bitmain and ASICBoost? They should be those greedy merchants that really play along with the Sith.
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First read this blog from ViaBTC. https://medium.com/@ViaBTC/uahf-ico-proposal-draft-b962c7e00718I have to be honest, I was laughing my ass off when I read the title. Are they really serious about this proposal? It is already expected that the whole Bitcoin community will laugh at their face the minute they see the word "ICO" in there. Are they already that desperate because of the coming UASF? |
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Nemgun, I have read some comments that Maidsafe is taking too long in deploying the official release of their project, is this a concern for NVO and will it be affecting you seriously in any way?
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There is also the human factor of "hubris". There are some that are thinking Bitcoin is already too big to fail and all the time and work put in to it has given it a position that it is secure enough that it can be hard forked away from Core. It takes only the brilliant minds to maintain and keep Bitcoin going, and Core has done a good job so far. Taking it away from them for a new set of incompetent developers, like BU, will break it.
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maybe somebody is angrily DDoSing it This is the most probable explanation. I believe there are others in the Chinese mining community who might be thinking that Bitmain is cheating them because of ASIC Boost. The only way to prove it though is through the UASF, but Bitmain has to mine that chain also. If there is a 15% reduction of total hash power in Bitmain then that could be proof that they were using ASIC Boost all along. |
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So I thought I would start this topic based upon the many questions that I, and many other users currently have in relation to the upcoming months and potential changes that we are going to see in Bitcoin. My main area of concern is around the potential split, if this where to happen and we were to end up with two separate chains what would happen to Bitcoin in terms of value? Secondly where can my bitcoin be kept safe throughout this period of time? Should i HODL or convert my BTC into another coin?
If there where a split would we see a sudden increase in another specified coin such as Ethereum,Monero or Litecoin?
I know that it is near impossible to predict the exact outcomes however Im eager to gain further insight and hear your thoughts on which proposal is most likely, what each proposal actually means, what you can foresee happening if those changes are made and how we can protect ourselves from any potentially devestating effects.
In case of split, you must keep your bitcoins in a private key that you control. Ideally, you want to run a full node, so download Bitcoin Core from bitcoin.org and you'll be ok. If there is an actual split and 2 coin situation happen, if you are running a full node, you will receive the same amount of coins you are holding on both chains. So let's see, you have 10 BTC in your Bitcoin Core wallet, and UASF gets enough miner support to split. So now you have 10 legacy-chain coins and 10 BIP148-chain coins. Since you are running a full node, you have total control. You can send your 10 legacy coins in an exchange, and sell them for BIP148 coins. Or you can download a BIP148 full node, and sell them for legacy-chain coins or whatever you want to do. I don't know how it exactly works with paper wallets, Trezors etc. The bottom line is, don't keep the coins in an exchange, because you will not receive coins on both chains unless the exchange is wiling to do that for you.As I remember what happened with the split of Ethereum, there were 2 exchanges that did not give their customers the corresponding ETC tokens that they had the right to have, BTCe and Coinbase. All the rest were happy to list ETC and had it available for trading. |
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I do not want to burst your bubble, but the same people behind Facebook and Twitter are the people that are members of this forum. This forum are just as dangerous as any other Social media platform. We have loads of scammers and government shills and criminals on here too. Look who was behind MtGox and where did he post? Do not create a situation where you are fooled by this forum and some of it's members. The OP has not realized that the biggest scammers are all located in the altcoin/announcements subforum. It is one of the most active part of the forum too with lots of newbies wanting to hit something big. |
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It is always good to meet somewhere secure when making a Bitcoin transaction in person. Ironically a bank is the best place to meet up. There are CCTV cameras and security people are always around.
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OP, there's no need to formulate a complex theory about it. A simple look at the chart without any indicators will show that Bitcoin is always in a rising trend. We have the growth of the dark markets to thank for this and also the speculators.
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Does Bitcoin really needed to become a regular currency though? Why use it instead of other easier options like cash and credit cards. I honestly would only use Bitcoin if I had no other choice.
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a very pre 2013 article but i think he's right about the nearly pure speculation angle. utility and fundamentals have alot of catching up to do.
He did not take the dark markets into consideration. That is where almost all the commerce using Bitcoin is happening. Maybe he needs to put in more research before making strong statements. The black and gray markets are huge and Bitcoin has only started to scratch the surface. |
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