[2017-07-16] Bitcoin Crashes as Chain-Split Risks Increase

[iamTom123]

Bitcoin fell below $1,900 today, from around $2,600, as the fast approaching August 1st deadline nears, seemingly considerably increasing uncertainty among traders and investors.

The currency has been experiencing a downtrend for much of June and July, falling from around $3,000 to just above $1,900 at the time of writing, with the downwards price movement seemingly accelerating in the past few days.

The main reason is probably because the currency’s more than two years long debate is to reach a conclusion on August the 1st when bitcoiners decide which way they are to go and how.

The picture is complex and confusing with many clients vying for the bitcoin brand, but they can largely be classified under the small blocks and big blocks umbrella with a third, middle of the way, segwit2x “compromise.”

On the small blocks end, there is Bitcoin Core and UASF which aim to activate segwit, but their relationship to segwit2x is not clear, with some suggestions they may be incompatible and might chain-split, while others suggest they would be in consensus.

Eventually, the dust will likely settle with one coin probably gaining some 80% or so of the current bitcoin value, while the minority coin can continue operating in their own network, free to follow their own roadmap and vision.

Which one will be which only the free market can tell us sometime next month as bitcoin finally makes a monumental and probably highly historical decision, at least for this space.

Read the full article here.

There is a reigning chaos right in the cryptocurrency market and we all know the main culprit. Bitcoin and all altcoins are dragged largely by that enormous feeling of fear, uncertainties and negative speculations on what can transpired before, on and most importantly after the August 1 deadline.

Will there really be the much dreaded split or can it somehow be avoided? No one can say anything assuring along this line which adds more frenzy for fear. We are still more than 10 days away from August 1 yet a bloodbath is already marketwide and this is expected to continue until the time that the "dust is settled" so to speak.

Personally, I am wishing that we can all avoid a split but if that is really inevitable then let it be so we can start charting a new roadmap for Bitcoin. It is really about time to finish this whole messy business.

[ImHash]

Still too early to decide whether Wu is going to be a father or not I really doubt if he could perform in such a way to result a pregnancy, too small, as well in hash power and confidence, he doesn't seem like a dumb man, if he was then how could he be here with bitmain and antpool? my guess is that he might've stashed a few hundreds of asicboost ready new miners to bring them into play but Core team ruined his plans, that's why he is after revenge, since his boosted machines worth nothing if SW activates.

[iamTom123]

Still too early to decide whether Wu is going to be a father or not I really doubt if he could perform in such a way to result a pregnancy, too small, as well in hash power and confidence, he doesn't seem like a dumb man, if he was then how could he be here with bitmain and antpool? my guess is that he might've stashed a few hundreds of asicboost ready new miners to bring them into play but Core team ruined his plans, that's why he is after revenge, since his boosted machines worth nothing if SW activates.

I am not so familiar with the kind of dynamics going on with these famous Bitcoin players but looking at that way I felt sad that all of these debate and all the chaos can boil down to this one man and his own business interest. We all know that in business the element of greed is always there and it can be channeled to an advantageous way if properly done but if not then it can be a very destructive force affecting people and events down into the future. It would then be a travesty and a great injustice if just one man can be dictating the outcome for this Bitcoin debacle. Now, I realized that there seems to be no place for democracy in Bitcoin.

[Kemarit]

Still too early to decide whether Wu is going to be a father or not I really doubt if he could perform in such a way to result a pregnancy, too small, as well in hash power and confidence, he doesn't seem like a dumb man, if he was then how could he be here with bitmain and antpool? my guess is that he might've stashed a few hundreds of asicboost ready new miners to bring them into play but Core team ruined his plans, that's why he is after revenge, since his boosted machines worth nothing if SW activates.

I am not so familiar with the kind of dynamics going on with these famous Bitcoin players but looking at that way I felt sad that all of these debate and all the chaos can boil down to this one man and his own business interest. We all know that in business the element of greed is always there and it can be channeled to an advantageous way if properly done but if not then it can be a very destructive force affecting people and events down into the future. It would then be a travesty and a great injustice if just one man can be dictating the outcome for this Bitcoin debacle. Now, I realized that there seems to be no place for democracy in Bitcoin.

Jihan Wu is always like that in the beginning. I don't know why he always wants to stay relevant in the bitcoin world. Yes, he is not dumb but what I don't like about him is that he wants to control bitcoin to control or influence it just because he own's Bitmain? I hope the split won't happened so that there will be no disruption on the bitcoin ecosystem. Otherwise, we are going to face another difficult road ahead and it will be chaos right after.

[WindingTree]

What a time to be alive!

[ivanpoldark]

It is time to finish this dusty discussion about Bitcoin split. That rumors gave rise to significant price falling of all cryptocurrencies. Let them split it, and the whole market will exhale with relief.