Bitcoin Classic has just been released. Will it effect the BTC price?

[gijoes]

Jeff and Gavin are now lead maintainers of Classic. Toomin is now listed as a consultant of some kind.

By this reshuffling alone you can tell that there is much more going on than just "an increase to 2MB everyone wants! no surprises!"

[Cconvert2G36]

There's definitely going to be some rage dumping if the fork actually happens, but after that... double the capacity for an epic rally.  

Dream on. No one in their sane mind will invest in Toomincoin: http://bitcoinocracy.com/arguments/if-non-core-hard-fork-wins-major-holders-will-sell-btc-driving-price-into-the-ground

Classic maintainers let it slip that they are planning a major "reorganization" of Bitcoin governance, including "popular voting" on 21M coin limit: https://www.reddit.com/r/Bitcoin/comments/4326ya/jonathan_toomim_on_bitcoin_classic_everything_can/

Doesn't really boost investor confidence, does it?

You may want to read the white paper again. If Classic wants to do something against the hashpower majority's interest. The miners will fork away from Classic, just like what could happen if Core continues to stall and only do things in the interest of Blockstream. Bitcoin routes around attempts to steer and control it. 

Pretty simple really.

As for the bitcoinocracy link that Gregory and friends link like a tourettes tick, I already covered it, I bolded the relevant phrase.

I could play that silly game too:
https://www.reddit.com/r/btc/comments/41r561/150k_btc_between_personal_holdings_and_associates/

It doesn't matter much tho, miners will choose what is in their (and by extension, the economy's) best interest. It's part of the fundamental architecture of the network.

[1Referee]

oh nice, i hope that the price will go up because of that, but i dont think it is possible because people will be afraid of a drop

The people that have the funds to influence the price don't care at all about this. Why would they? It's just an altcoin.

[DaveJones]

This is going to fun for a few months.

Trading volatile exchanges with noobs 

[pooya87]

it is definitely interesting to see that despite all the speculations for price decrease due to bitcoin classic release , the price is going the opposite way up.
i think part of the reason why the price did not take hit so far is because there is only nodes and no mining power (apparently) dedicated to bitcoin classic. all the blocks are being mined with core so far.

[Amph]

i think not, because it is china that pump the price basically, and they already made their decision about the hard fork/soft fork

at worst there will be some swings here and there, but the final outcome will be an increase

[Herbert2020]

the resistance has been so much that it is preventing the bitcoin classic effect on bitcoin price, besides there is nothing really happening yet.
so i guess we should wait and see how things turn out. it is soon to decide.

[valta4065]

i think not, because it is china that pump the price basically, and they already made their decision about the hard fork/soft fork

at worst there will be some swings here and there, but the final outcome will be an increase

Yeah but I wonder if now is the good time to buy.

I'd say there will be a short down before seeing the increase. Maybe it's worth waiting for the 350 again!

[B for BTC]

I believe that if any fork happen, this will harm bitcoin badly.

[Denker]

I believe that if any fork happen, this will harm bitcoin badly.

It depends under what circumstances a fork would happen.
A contentious fork is definitely pure venom and should always be avoided.
If however the community has found consensus a fork is nothing to worry about.

And in terms of the actual situation the majority of miners with almost 90% of the hash power have stated that they are against this hard-fork attempt by classic.

[Mikestang]

I wish they would stop marketing these altcoins as an improvement to Bitcoin, to me it seems like they are trying to "take over" bitcoin like they did with XT.  Regardless what you call it, there's only one bitcoin and I doubt many people (especially the Chinese) will adopt this new altcoin over core.

[gkv9]

I wish they would stop marketing these altcoins as an improvement to Bitcoin, to me it seems like they are trying to "take over" bitcoin like they did with XT.  Regardless what you call it, there's only one bitcoin and I doubt many people (especially the Chinese) will adopt this new altcoin over core.

Classic has already been stated as "not being accepted" by the community, so it's like majority always wins...
There ain't any possibility for this "clone" kinda thing to affect the price at any cost...

[adamstgBit]

[blunderer]

I wish they would stop marketing these altcoins as an improvement to Bitcoin, to me it seems like they are trying to "take over" bitcoin like they did with XT.  Regardless what you call it, there's only one bitcoin and I doubt many people (especially the Chinese) will adopt this new altcoin over core.

Classic has already been stated as "not being accepted" by the community, so it's like majority always wins...
There ain't any possibility for this "clone" kinda thing to affect the price at any cost...

Lol, don't know which community you've been talking to. Classic's doing just fine

https://coin.dance/nodes

[disclaimer201]

I wish they would stop marketing these altcoins as an improvement to Bitcoin, to me it seems like they are trying to "take over" bitcoin like they did with XT.  Regardless what you call it, there's only one bitcoin and I doubt many people (especially the Chinese) will adopt this new altcoin over core.

More FUD? It's not an altcoin. Once a majority consensus is reached for bigger blocks and people switch over it is still Bitcoin. With your definition current bitcoin is an altcoin, it has been forked several times! Stupid! If you're against change buy some namecoins.

[iCEBREAKER]

Well, I don't believe we will see doomsday when 2MB blocks hit or anything like that. It's long overdue and so I switched. It will help Bitcoin to scale and once we need other solutions, I'm open to rethink the situation. Best thing about BTC is that it evolves. I've seen BTC hardfork before and it's not problematic at all.

Segwit will help BTC scale properly, by helping lay a solid foundation for building out Layers >1.  Doubling tps from 3 to 6 does nothing to help scale and harms decentralization for no good reason.

We've never seen a contentious hard fork, so let's not assume they are "not problematic at all."

You do realized that contention represents the possibility of formerly cooperative, suddenly-competing socioeconomic factions engaging in a fork war and risking catastrophic consensus failure, right?

The best thing about Bitcoin is that is consensus critical, yet distributed.

Evolving for nothing more than the vanity and pride of being seen to Do-Something-Because-Reasons is anathema to the Honey Badger ethos.

Control your impatient impulses.  The block size will be raised eventually, but sorry, not tonight dear!

[fravia]

well it will affect the price for sure, i just hope that the affect wont be too negative, im a bit afraid that my bitcoins will lose a little bit of worth though i guess it will be a good time to buy

[LFC_Bitcoin]

well it will affect the price for sure, i just hope that the affect wont be too negative, im a bit afraid that my bitcoins will lose a little bit of worth though i guess it will be a good time to buy

It's looking like Classic has fallen the way all the other altcoin/sidechain wannabes have. Your bitcoin's won't lose any value as a result of Classic.

[richardsNY]

well it will affect the price for sure, i just hope that the affect wont be too negative, im a bit afraid that my bitcoins will lose a little bit of worth though i guess it will be a good time to buy

Don't worry, this Classic thing won't cause any damage to the price of Bitcoin. If your coins are losing some of their value, then it's due to the price moving down as a normal market action. Price goes up and down all the time.

[blunderer]

... If your coins are losing some of their value, then it's due to the price moving down as a normal market action. Price goes up and down all the time.

But mainly down