USA Stock Market looking to move down - BTC XT Questions -

[spacecakes]

The market is looking bad, boys. It's something that's been on my radar for many months, and after the last correction in Dec '14, the market has done basically nothing, If you look at the graph, 5 year or Max of the DJIA, you can see that for the most part of this year, the movement has been sideways and is now spilling over.

It hasn't looked this bad since 2011 - and if it moves more than 2100 points, it will officially be worse, and will be the biggest correction to date since 2008 crash.

The price point I'm watching is 16300 on the DJIA - surpassing that point both surpasses the previous 2011 decline of around 2080 points, and it also surpasses the last point of support from the Dec '14 correction @ 16380. The next point of support is 15k, and then onward, I don't see why 15k would hold, if 16.3 doesn't, but hell, weirder things have happened.

I feel like this would be a great time to have Bitcoin but nothing about Bitcoin looks good atm with BitcoinXT/NotBitcoinXT and the prospects of a fork, premature or otherwise. I've noticed that GHS has been dropping and the difficulty hasn't adjusted, the only thing I can think of is that people are fearful for the future of mining, mining contracts, and bitcoin's current price.

If the market were to crash, and shit hit the fan, would all this "bad news" floating around about a bitcoin fork prevent people from buying into BTC for protection?

China is not looking good, Russel Index isn't looking good, Our market's aren't looking good, there is basically no denying that many of the countries in the world are currently involved in purposefully manipulating the price of their currency, either to make their exports more competitive, or just to prove that they can (referring to the fed rate hike that's supposedly in the books for this September, though I'll believe it when I see it lolol).

I think the scariest part of all is that we have much further to fall, with much less central bank support, what are they going to do? QE 4? QE 5? How long till our dollar is worthless ? lol how long till this doesn't work anymore, it barely works now lol.

I am taking the chance and buying bitcoin anyways - So don't fuck it up HEARN/ANDRESEN.

EDIT: Added info on DJIA. I also feel I should mention that BTC is not the only thing I am buying to protect myself and/or profit. I'm short S&P futures, I own precious metal, and I'd love to have some BTC.

[johnyj]

Sometimes you work, sometimes you sleep, that's the nature for everything in the world. To keep economy constantly going up is impossible

[spacecakes]

I completely agree with that, I think it's really stupid of the Central bank to even go there. I believe the current situation is something to be wary of, as the catalysts are much bigger this time. This is global, I feel like this has been brewing since pre-2000 and 2008 was just a taste.

QE should of ended years ago, nothing about the current economy is real, I feel it's a shell of it's former self, only supported by money that shouldn't be there. In a very simplified form: Debt was exchanged for Liquidity, and Liquidity exchanged for Stock shares. This has done nothing but create a Central Bank induced asset bubble.

 Now we are in a situation where people fear rate hikes instead of look forward to them, and where companies would rather buy-back their own stock than invest on infrastructure. There is minimal ACTUAL economic growth happening.

Of course their earnings to share ratio will look better if they remove shares from the open market, How is this not a form of rigging within it's own?

[spacecakes]

So how big of a deal is Bitcoin XT? I read threads, some say "Bitcoin will never fork unless it's needed, the only time it will actually create a block over the size of 1mb is if there is 75% concensus plus a giant strand of transactions that exceeds the 1mb block size", and that sounded pretty damn sensible -

BUT THEN, I see a bunch of FUDing/Fear Mongering/Fox Newsing/Mike Hearnsing/Fake Satoshi Nakamotoing/Bitcoin XT'ing/NotBitcoin XT'ing/Premature Forkings/Premature Fuckings/alot of HODL & MOON talk/ and the occasional scam accusation/link leading to a virus.

So please - Tell me:

Bitcoin XT - What is the Best Case Scenario & Worst Case Scenario - Is there any chance it could ruin bitcoin, and @ what percentage do you place the possibility it turns out ugly?

NotBitcoin XT - Is this the only reason Bitcoin XT nodes are rising? What are the chances of a premature fork, and what are the chances of it completely ruining trust in the bitcoin infrastructure? Is this something to even worry about/put on the radar? Seems pretty scary to me, man.

I am more economically minded and have no clue what half of what going on actually means for the bitcoin ecosystem, so if someone could explain, that would be fantastic, as I think alot of us Noobies would be very appreciative of a more direct answer to the current situation.

Thank you, hope you enjoyed my ramblings.