[2016-07-31]Bitcoin's Price Falls as Miners Meet Bitcoin Core Developers

[WishICanTurnBackTime]

Bitcoin’s price dropped by $30 this morning as market uncertainty increases due to an on-going closed door meeting between Bitcoin miners and Bitcoin Core developers.
Details are sparse as no media representatives or independent observers have been invited to arguably the most important meeting in bitcoin’s almost eight-year history.
What is known is that the meeting is attended by seven Chinese miners or representatives of mining companies and 20 Bitcoin Core/Lightning Network developers. No one has been invited from the Bitcoin Unlimited or Bitcoin Classic team as far as is known with Roger Ver, a bitcoin early adopter and angel investor publicly stating:
“To be clear, myself, Peter Smith, CEO of Blockchain.info, and I assume just about every other consumer facing business were not invited. It seems to only be Miners, and Core.”

https://www.cryptocoinsnews.com/bitcoins-price-falls-miners-meet-bitcoin-core-developers/

[Carlton Banks]

“To be clear, myself, Peter Smith, CEO of Blockchain.info, and I assume just about every other consumer facing business were not invited. It seems to only be Miners, and Core.”

ROFL

Why would a person receive an invite to a meeting of significant figures when their major specialism in Bitcoin has been getting their face in front of either:

A) every rolling camera or
B) behind every live microphone



lol. This self-important dimwit has provided zero to the Bitcoin economy except for a very loud and ubiquitous voice. The hubris reeks.

[TraderTimm]

I'd also like to add that a fluctuation of 20 - 30 bucks in Bitcoin price is not exactly notable in the context of other moves. It only seems large in the context of the nearly-flat activity we've had this past month.

But don't let that stop any of the usual e-journalist idiots attributing price movement to whatever pet cause they have this week... after-the-fact reporting is a common trick in the mainstream media, so I'm not surprised to see it regurgitated in the Bitcoin space.

Its obvious these authors don't trade, because they'd be embarrassed to make such newbie comments if they had.

[richardsNY]

These kind of articles just show how desperate Bitcoin related news sites are as there is nothing else to write about. This drop was hanging in the air for quite some time now. You could basically smell it from miles ago if you have some trading skills.

[cr1776]

...One option is to switch to Ethereum which has an impeccable development team and has announced plans for unlimited scalability...

"impeccable" - in some random persons opinion.  In that same way, "the Fed has a impeccable leadership team," assuming you believe some random writer at the NY Times, like perpetual inflation at the whim of a random person who happens to be appointed at this point in time.  Rules that can be changed on a dime are not rules.  Rules that can be changed when someone doesn't like the outcome of the rules, aren't rules and set terrible precedent going forward. The "easy" solution in the short term is often a bad solution long term.

"unlimited scalability" - let's see how that turns out. Bitcoin could have unlimited* scalability (and did for a while and was hit with spam) but with unlimited scalability the block chain would be in the multi-hundred TB range by now. There is a cost to everything, someone will pay it one way or another. TANSTAAFL.



*no such thing in reality

[ThePokerTranslator]

I doubt this is the reason why Bitcoin dropped in price. The technicals already showed likeliness of a dip in price in the next 3-6 months. This is actually a good thing, this meeting that is.

[IconFirm]

How can a "closed door" meeting be classed as a good thing in the crypto-sphere? That's what the banking cartels do, whom we trust soooo much.....

[BellaBitBit]

These kind of articles just show how desperate Bitcoin related news sites are as there is nothing else to write about. This drop was hanging in the air for quite some time now. You could basically smell it from miles ago if you have some trading skills.

Agree. I can sense the desperation with this one.  As if we have not seen $30 fluctuations...that is nothing!