What's with the price dropping?

[Amph]

I want to know something, what do you think will happen if BU can successfully fork and become the majority?

- block sizes will start to rise marginally
- the permanent backlog of transactions waiting to clear will start to shrink, and likely eventually zero out from time to time
- the fee required to get included in a block will tend downwards

do you think that bitcoins prior to the fork will no longer hold any value or if you try to transfer them then they will never get included and validated by miners and nodes?

Why would you think that? BU makes Bitcoin transactions on the Bitcoin network. The transaction format is unchanged. (Unlike The SegWit Omnibus Changeset, which introduces a new transaction format).

Miners will have to stop operations because their ASICs will no longer be able to function as before?

Incorrect. If BU becomes the dominant mining solution, legacy miners can participate fully. Of course, they'll need to allow for blocks larger than 1MB, if > 1MB blocks start getting mined. Just as they adapted to >250KB, then >500KB, then >750KB limits.

Will I be able to still buy and sell bitcoins or not?

Yes.

it sound like BU isn't just synonymous of big block, but it will adapt to what the people need, if this is the case than i misunderstand BU early, a block size that adapat based on demand in my view is good

unless i'm missing some implications that make this not so attractive for the exchange or miners, well yes miners would lose these crazy fee, which are unfair in any case, but there is something more about miners don't wanting to go with BU?

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[kwukduck]

ETF will be declined causing a major crash.
China announced strict supervision on Bitcoin and are lokely to shutdown exchanges in the near future.
BU bitcoin hardfork will cause big chaos within the ecosystem.

Oh i almost forgot... Bitcoin does not scale ornoffer any usable privacy!

You really wonder why it's coming down from deluded insane high prices?

[smoothie]

ETF will be declined causing a major crash.
China announced strict supervision on Bitcoin and are lokely to shutdown exchanges in the near future.
BU bitcoin hardfork will cause big chaos within the ecosystem.

Oh i almost forgot... Bitcoin does not scale ornoffer any usable privacy!

You really wonder why it's coming down from deluded insane high prices?

I guess we will see in the future if your stance was spot on or wrong.

Give it 6 months to a year to be revisited.

[Herbert2020]

do you think that bitcoins prior to the fork will no longer hold any value or if you try to transfer them then they will never get included and validated by miners and nodes?

Why would you think that? BU makes Bitcoin transactions on the Bitcoin network. The transaction format is unchanged. (Unlike The SegWit Omnibus Changeset, which introduces a new transaction format).

because of FUD.
people fear the word "Fork" or i better say they are programmed to fear it by the propaganda both sides use. and when this word is accompanied by the word "Hard" they are again told to panic.

you can see an example of this above my comment by kwukduck and others in this board and other places, when they throw in words like "hardfork" with the words like "split" and then they slip in a line about "ETH/ETC split because of fork". and to someone who doesn't know anything it seems like bitcoin is ending

[layoutph]

May I know how long it will drop? Lucky to them the put a SELL position earlier in their bitcoin trading accounts.

[jbreher]

I want to know something, what do you think will happen if BU can successfully fork and become the majority?

- block sizes will start to rise marginally
- the permanent backlog of transactions waiting to clear will start to shrink, and likely eventually zero out from time to time
- the fee required to get included in a block will tend downwards

do you think that bitcoins prior to the fork will no longer hold any value or if you try to transfer them then they will never get included and validated by miners and nodes?

Why would you think that? BU makes Bitcoin transactions on the Bitcoin network. The transaction format is unchanged. (Unlike The SegWit Omnibus Changeset, which introduces a new transaction format).

Miners will have to stop operations because their ASICs will no longer be able to function as before?

Incorrect. If BU becomes the dominant mining solution, legacy miners can participate fully. Of course, they'll need to allow for blocks larger than 1MB, if > 1MB blocks start getting mined. Just as they adapted to >250KB, then >500KB, then >750KB limits.

Will I be able to still buy and sell bitcoins or not?

Yes.

it sound like BU isn't just synonymous of big block, but it will adapt to what the people need,

That is correct. Max block size can ratchet up -- or down -- based upon the requests of the network participants.

if this is the case than i misunderstand BU early, a block size that adapat based on demand in my view is good

Indeed, many people misunderstand BU - it is partly a consequence of active suppression of information in the leading venues of discussion. Fortunately, this suppression seems to be lifting somewhat.

[Tamilson]

This time the price drop is due to the major mining pool antpool mining blocks with bitcoin unlimited which is the first to get updated to the servers causing a 7% of the entire bitcoin network. The same effect was felt upon the price but in a short it retained the price move forward.

I think the antpool has about 15% of the hash rate.

[Denker]

It's a it of price correction due to a qick run up the last weeks. Have a look at the weekly chart and with BBANDS. We broke the upper band and now see some correction happening.
Furthermore it's again also some blocksize drama, Antpool mined  2 or 3 BUblocks, where a few people got scared.Also the ETF decision plays some significant role now. Some big fish and smart traders of course try to take advantage of this situation in the market now. "Shake the tree!".
Guess that's all.

[Dmitry.Vastov]

The reason of price is because the big 3 exchanges are announced that they they are still suspends BTC withdrawal.
http://news.8btc.com/bitcoin-withdrawal-still-not-available-big-3-exchanges-of-china-are-still-upgrading-systems
I think thats the reason why we see price drop. But its just a small dump.

[darkangel11]

The reason of price is because the big 3 exchanges are announced that they they are still suspends BTC withdrawal.
http://news.8btc.com/bitcoin-withdrawal-still-not-available-big-3-exchanges-of-china-are-still-upgrading-systems
I think thats the reason why we see price drop. But its just a small dump.

When they first announced it the price went down a bit and continued to move upwards shortly after. Why would it drop now?
I'd say it's natural for the price to look for resistance lines. If it fails to break resistance when going up, it will go down until it finds the bottom line and bounce back.

[alyssa85]

It is simple profit taking. If you have been riding this pump from mid Jan, when the price was around $900, then it makes sense to sell a bit and bank some profits. That way if the ETF gets denied you don't lose too much. And if it is approved, you still have some holdings left to profit that way.

The Rockerfellers used to say that they got rich by not being too greedy...

[KennyR]

The reason of price is because the big 3 exchanges are announced that they they are still suspends BTC withdrawal.
http://news.8btc.com/bitcoin-withdrawal-still-not-available-big-3-exchanges-of-china-are-still-upgrading-systems
I think thats the reason why we see price drop. But its just a small dump.

The price dump didn't went much lower. As the price decrease reason is because of the antpool mining based on the bitcoin unlimited. The withdrawal suspension by exchanges too contribute to a small amount of dumping in the price.

[BitcoinHodler]

the funny thing is that this "drop" that you are calling why about, is only a rise if you look at the previous 30 days! which means we are still in rise if you look at the last month and it is about 17% rise.

that is why i always suggest that it is a good idea to check the charts with some zoom out instead of zooming in the last couple of hours.

[michkima]

I think the prices are on correcting again, similar to what happened in january where the prices dropped from $1,100 back to $750. But I don't expect to see the prices drop below $1,000 again. This may also be brought about by the correction due to the hype that happened because of the ETF. So maybe it is coming back to it's non bloated levels.

[pealr12]

Wikileaks/CIA?

Its a common scenario on bitcoin,maybe some holders  wants to have  profit  or maybe some believes in those trolls that says bitcoin will gonna drop this week.

[edgar]

It is simple profit taking.

If you have been riding this pump from mid Jan (or even earlier), when the price was around $900 (or much lower), then it makes sense to sell a bit and bank some profits.

That way if the ETF gets denied you don't lose too much. And if it is approved, you still have some holdings left to profit that way.

Precisely, Precisely, Precisely

[AngelSky]

Wikileaks/CIA?

Its a common scenario on bitcoin,maybe some holders  wants to have  profit  or maybe some believes in those trolls that says bitcoin will gonna drop this week.

Anyone troll and hype bitcoin but the thing what we see in the price chart. I think value stands on 1250$ and more now. Traders might expect bitcoin to move down to 500$ also to buy a maximum number of bitcoins. If supply increases with the demand then value will be in upwards. It won't go down again.

[HabBear]

Wikileaks/CIA?

No.

Conspiracy theories are fun but the reason for the price drop isn't close to this exciting.

People are selling their profits. We just hit an all time high, people are going to take their winnings off the table. It's just that simple. You can either do the same, let it ride, or back the truck up and buy some more!

[Ashong Salonga]

I think the prices are on correcting again, similar to what happened in january where the prices dropped from $1,100 back to $750. But I don't expect to see the prices drop below $1,000 again. This may also be brought about by the correction due to the hype that happened because of the ETF. So maybe it is coming back to it's non bloated levels.

I agree, I don't see bitcoin will go below $1000 again since there is no major issue regarding China about bitcoin. ETF issue would be resolved soon and we'll see bitcoin would continue rising over again.

[dEjAvU97]

I think the prices are on correcting again, similar to what happened in january where the prices dropped from $1,100 back to $750. But I don't expect to see the prices drop below $1,000 again. This may also be brought about by the correction due to the hype that happened because of the ETF. So maybe it is coming back to it's non bloated levels.

I agree, I don't see bitcoin will go below $1000 again since there is no major issue regarding China about bitcoin. ETF issue would be resolved soon and we'll see bitcoin would continue rising over again.

Yes true, I sure bitcoin will never under $1,000. I think these things are okay, as long as there is no guarantee the State, then the price of the bitcoin will continue like this, up and down like a roller coaster. the most important is we must profit from up and down the price of the bitcoin.