Price dump from a Bitcoin folk?

[batang_bitcoin]

Cryptopocalypse incoming, buying cheap coins @$1200

You sure that it will go down $1,200? Everyone seems to see the price to be dumped before and after the fork. This has been tested when there is something to happen this type of scenario is happening, putting people into panic but after the panic. Those on the top are just watching people sell their coins at low.

[deisik]

It seems that there might be no SegWit2x

And no soft fork either (i.e. no just SegWit), so your fears (and not only yours, obviously) may be unfounded. As theymos recently wrote, BIP148 has little to no chances to pass through, so there is no reason for Jihan and his Antpool to signal their support for SegWit2x anymore (which they are firmly against). It kinda looks they are going to revoke their agreement, and then there won't be enough support for SegWit2x activation. The bottom line is that the current status-quo is likely to be preserved (read miners have won)

Could you elaborate what you mean by "BIP148 has little to no chances to pass through"?  I thought they are going to activate BIP148 on August 1st regardless?

In fact, I also thought of that

Or, I should rather say, I hoped for that. But then I read theymos' comment about BIP148 being doomed anyway, then I checked for myself and right now the support for UASF BIP148 is hanging around 8% with the requirement of 51% (if I'm not mistaken). Is it possible to change that during the days remaining to get there? Yes, it is certainly possible. But how likely is that? In fact, somehow I won't be surprised that everything will go on as before after August, 1st. Status quo is what miners have been looking for all this time. Their proposals and actions (no matter what their declared aims might have been) had always been aimed at that, i.e. locking the current state



It is the real results of these actions that matter

[freedomno1]

Opportunities will present themselves for the bold, of course whether they can take advantage of that or not truly depends on how capable a person is to adapting to a currently evolving situation. Of course the safest move is either to exit a good portion of your positions or to hodl and wait until the waters settle, but those who ride the waves may see some really good returns or serious losses.

[northstarh]

Cryptopocalypse incoming, buying cheap coins @$1200

You sure that it will go down $1,200? Everyone seems to see the price to be dumped before and after the fork. This has been tested when there is something to happen this type of scenario is happening, putting people into panic but after the panic. Those on the top are just watching people sell their coins at low.

I think $ 1600 would be the lowest price for bitcoin in the coming time, so i will sell it now, then, i bought it, a simple plan i just need a little luck.

[batang_bitcoin]

Cryptopocalypse incoming, buying cheap coins @$1200

You sure that it will go down $1,200? Everyone seems to see the price to be dumped before and after the fork. This has been tested when there is something to happen this type of scenario is happening, putting people into panic but after the panic. Those on the top are just watching people sell their coins at low.

I think $ 1600 would be the lowest price for bitcoin in the coming time, so i will sell it now, then, i bought it, a simple plan i just need a little luck.

No, it's pumping again the price is currently at $2,367 so do you still think that the price will go down at $1,600. A very simple plan is just to keep on holding and make sure that your bitcoins / funds / cash on wallet are safe. You need to be prepared on and before August 1.

[Bitcoin Guy]

It seems that there might be no SegWit2x

And no soft fork either (i.e. no just SegWit), so your fears (and not only yours, obviously) may be unfounded. As theymos recently wrote, BIP148 has little to no chances to pass through, so there is no reason for Jihan and his Antpool to signal their support for SegWit2x anymore (which they are firmly against). It kinda looks they are going to revoke their agreement, and then there won't be enough support for SegWit2x activation. The bottom line is that the current status-quo is likely to be preserved (read miners have won)

Could you elaborate what you mean by "BIP148 has little to no chances to pass through"?  I thought they are going to activate BIP148 on August 1st regardless?

In fact, I also thought of that

Or, I should rather say, I hoped for that. But then I read theymos' comment about BIP148 being doomed anyway, then I checked for myself and right now the support for UASF BIP148 is hanging around 8% with the requirement of 51% (if I'm not mistaken). Is it possible to change that during the days remaining to get there? Yes, it is certainly possible. But how likely is that? In fact, somehow I won't be surprised that everything will go on as before after August, 1st. Status quo is what miners have been looking for all this time. Their proposals and actions (no matter what their declared aims might have been) had always been aimed at that, i.e. locking the current state



It is the real results of these actions that matter

I spent over an hour researching online on UASF vs Segwit and my head is spinning right now!

1. So BIP9 is Segwit and BIP148 includes BIP9 except that it is more forceful as it will be activated on Aug 1st?
2. A Segwit will save the block 60% of the space so it can place 120% more transactions, 60%/(1-60%)? 
3. Asssuming BIP148 will not be activated, when will Segwit be activated?
4. A Segwit on the original block is a soft fork and Segwit on additional block (ex: Segwit2X which double the block size) is hard fork?
5. Can LN implemented on Segwit?  How much does it take for Bitcoin to have LN?  Because, in order for Bitcoin to be accepted as a real currency, it needs to be able to process micro transactions with very small fee with extremely fast speed.

[Bitcoin Guy]

Cryptopocalypse incoming, buying cheap coins @$1200

You sure that it will go down $1,200? Everyone seems to see the price to be dumped before and after the fork. This has been tested when there is something to happen this type of scenario is happening, putting people into panic but after the panic. Those on the top are just watching people sell their coins at low.

I think $ 1600 would be the lowest price for bitcoin in the coming time, so i will sell it now, then, i bought it, a simple plan i just need a little luck.

No, it's pumping again the price is currently at $2,367 so do you still think that the price will go down at $1,600. A very simple plan is just to keep on holding and make sure that your bitcoins / funds / cash on wallet are safe. You need to be prepared on and before August 1.

I am HODLING!  (I did not know this word is a legitimate word because I have always thought that it was a typo.  And I did not know that this word has been around for 3 1/2 years! Further, I did not know that we can use words such as F*CK, SH*T, and A**HOLE in this forum!  LOL!  Check this out:  https://bitcointalk.org/index.php?topic=375643.0)

[deisik]

It seems that there might be no SegWit2x

And no soft fork either (i.e. no just SegWit), so your fears (and not only yours, obviously) may be unfounded. As theymos recently wrote, BIP148 has little to no chances to pass through, so there is no reason for Jihan and his Antpool to signal their support for SegWit2x anymore (which they are firmly against). It kinda looks they are going to revoke their agreement, and then there won't be enough support for SegWit2x activation. The bottom line is that the current status-quo is likely to be preserved (read miners have won)

Could you elaborate what you mean by "BIP148 has little to no chances to pass through"?  I thought they are going to activate BIP148 on August 1st regardless?

In fact, I also thought of that

Or, I should rather say, I hoped for that. But then I read theymos' comment about BIP148 being doomed anyway, then I checked for myself and right now the support for UASF BIP148 is hanging around 8% with the requirement of 51% (if I'm not mistaken). Is it possible to change that during the days remaining to get there? Yes, it is certainly possible. But how likely is that? In fact, somehow I won't be surprised that everything will go on as before after August, 1st. Status quo is what miners have been looking for all this time. Their proposals and actions (no matter what their declared aims might have been) had always been aimed at that, i.e. locking the current state

It is the real results of these actions that matter

I spent over an hour researching online on UASF vs Segwit and my head is spinning right now!

1. So BIP9 is Segwit and BIP148 includes BIP9 except that it is more forceful as it will be activated on Aug 1st?
2. A Segwit will save the block 60% of the space so it can place 120% more transactions, 60%/(1-60%)? 
3. Asssuming BIP148 will not be activated, when will Segwit be activated?
4. A Segwit on the original block is a soft fork and Segwit on additional block (ex: Segwit2X which double the block size) is hard fork?
5. Can LN implemented on Segwit?  How much does it take for Bitcoin to have LN?  Because, in order for Bitcoin to be accepted as a real currency, it needs to be able to process micro transactions with very small fee with extremely fast speed

I guess my head would be spinning no less

If I were as interested as you, of course. But, to tell the truth, I'm not very curious about all these gory details. I just don't like all this shit happening in and around Bitcoin, and I don't think either that ordinary Bitcoin users should ever rack their brains over such issues. And if they, nevertheless, have to, this doesn't bode well for Bitcoin. For example, Litecoin now has both SegWit and Lightning Netword activated, and I don't remember that its users had to walk through all these BIPs, UASF's, UAHF's, and whatnot. I just hope someone more knowledgeable drops in and explains it to you

[EdenHazard]

Cryptopocalypse incoming, buying cheap coins @$1200

You sure that it will go down $1,200? Everyone seems to see the price to be dumped before and after the fork. This has been tested when there is something to happen this type of scenario is happening, putting people into panic but after the panic. Those on the top are just watching people sell their coins at low.

I think $ 1600 would be the lowest price for bitcoin in the coming time, so i will sell it now, then, i bought it, a simple plan i just need a little luck.

No, it's pumping again the price is currently at $2,367 so do you still think that the price will go down at $1,600. A very simple plan is just to keep on holding and make sure that your bitcoins / funds / cash on wallet are safe. You need to be prepared on and before August 1.

i still believe the price of bitcoin could bounce back to the top in the future.

but considering the current situation i a little bit doubt , just hope it won't get dropped so hard more than 30%. $1,200 could be a heartbreaking i think , people will lost interest in bitcoin and hard to gain it back later.

[Bitcoin Guy]

I guess my head would be spinning no less

That makes me feel much better!  LOL!

For example, Litecoin now has both SegWit and Lightning Netword activated, and I don't remember that its users had to walk through all these BIPs, UASF's, UAHF's, and whatnot. I just hope someone more knowledgeable drops in and explains it to you

I guess it is much easier to make change on Litecoin than on Bitcoin as Litecoin is a relatively new coins and is not as broadly accepted as a medium of exchange currency as Bitcoin.  Bitcoin, on the other hand, has been used by the globe and is broadly accepted as a currency.  It also has a much extended history that comes with political complexity.  Sigh.

[northstarh]

Cryptopocalypse incoming, buying cheap coins @$1200

You sure that it will go down $1,200? Everyone seems to see the price to be dumped before and after the fork. This has been tested when there is something to happen this type of scenario is happening, putting people into panic but after the panic. Those on the top are just watching people sell their coins at low.

I think $ 1600 would be the lowest price for bitcoin in the coming time, so i will sell it now, then, i bought it, a simple plan i just need a little luck.

No, it's pumping again the price is currently at $2,367 so do you still think that the price will go down at $1,600. A very simple plan is just to keep on holding and make sure that your bitcoins / funds / cash on wallet are safe. You need to be prepared on and before August 1.

Yes, we should make all decisions before August 1. I agree with his view, the world is preparing new plans for bitcoin, and it can affect the value of it.

[deisik]

I guess my head would be spinning no less

That makes me feel much better!  LOL!

For example, Litecoin now has both SegWit and Lightning Netword activated, and I don't remember that its users had to walk through all these BIPs, UASF's, UAHF's, and whatnot. I just hope someone more knowledgeable drops in and explains it to you

I guess it is much easier to make change on Litecoin than on Bitcoin as Litecoin is a relatively new coins and is not as broadly accepted as a medium of exchange currency as Bitcoin.  Bitcoin, on the other hand, has been used by the globe and is broadly accepted as a currency.  It also has a much extended history that comes with political complexity.  Sigh.

There are no such controversies in Litecoin

Maybe, because Litecoin's creator, Charley Lee, is still active in the community and remains the guiding force behind Litecoin's development? As far as I remember, persons like Jihan Wu (which also happens to mine Litecoin along with Bitcoin) tried to oppose the activation of SegWit in Litecoin as well. But they are obviously not as powerful with this coin as with Bitcoin, so they couldn't do anything but accept the changes and bite the bullet (or go home if they chose to disagree). It would be interesting to see Satoshi Nakamoto show up and state his position

[cramcram21]

I don't really know if its a good thing or a bad to do the segwit and bitcoin fork.
Maybe the price could drop but I think it won't stay low for so long so let's just see what would happens next after it.

[Esphere.in]

I don't really know if its a good thing or a bad to do the segwit and bitcoin fork.
Maybe the price could drop but I think it won't stay low for so long so let's just see what would happens next after it.

I am not sure these kind of situations happened before in bitcoin ,when the amount of users were really low anything was possible but now the user base has increased and it is really difficult to predict exactly what will happen to bitcoin after August,i am still hoping that there wont be a big crash ,the only thing i can do is to wait and watch.

[Bitcoin Guy]

There are no such controversies in Litecoin

Maybe, because Litecoin's creator, Charley Lee, is still active in the community and remains the guiding force behind Litecoin's development? As far as I remember, persons like Jihan Wu (which also happens to mine Litecoin along with Bitcoin) tried to oppose the activation of SegWit in Litecoin as well. But they are obviously not as powerful with this coin as with Bitcoin, so they couldn't do anything but accept the changes and bite the bullet (or go home if they chose to disagree). It would be interesting to see Satoshi Nakamoto show up and state his position

I think you may be correct that the fact Charley Lee is still active may be the key factor for the smooth transaction of the Litecoin development. 

A fake Satoshi Nakamoto did show up and try to influence something.  I did not pay attention on what that something is though.

I am not sure these kind of situations happened before in bitcoin ,when the amount of users were really low anything was possible but now the user base has increased and it is really difficult to predict exactly what will happen to bitcoin after August,i am still hoping that there wont be a big crash ,the only thing i can do is to wait and watch.

Seeing Bitcoin price has been holding for these past several weeks bring some comfort.  Given that, I think it will take some bad news for the price to crash.  So as long as there is no bad news before August 1st and that segwit is successful, I think the price will go up.

[killerfrost]

It is FORK not FOLK.

I also believe that the uncertainties about the upcoming activation of segwit is the main reason why we are experiencing a very bumpy road. And the price had become surprisingly stable in these past days.

The fork issue is not yet final. There is no formal announcement that there will be a hard fork at about 3 months after the activation of Segwit so nothing is to worry about, for now. However, if ever there will be a split on Bitcoin's chain, I am not sure about how can people cope with that event. It might be catastrophic.

The total value of Bitcoin is  16.1$. The total number of bitcoins available worldwide is 23 million bits. Auctions for a bitcoin nation are not easy depending on the economy of a people. China, India people are buying bitcoin to protect their savings. Australia auctions  11.5$.

[deisik]

There are no such controversies in Litecoin

Maybe, because Litecoin's creator, Charley Lee, is still active in the community and remains the guiding force behind Litecoin's development? As far as I remember, persons like Jihan Wu (which also happens to mine Litecoin along with Bitcoin) tried to oppose the activation of SegWit in Litecoin as well. But they are obviously not as powerful with this coin as with Bitcoin, so they couldn't do anything but accept the changes and bite the bullet (or go home if they chose to disagree). It would be interesting to see Satoshi Nakamoto show up and state his position

I think you may be correct that the fact Charley Lee is still active may be the key factor for the smooth transaction of the Litecoin development. 

A fake Satoshi Nakamoto did show up and try to influence something.  I did not pay attention on what that something is though

It kinda looks we are going to see a lot more wannabe Satoshi Nakamotos

Particularly if Bitcoin hits astronomical figures in the future. And if a real one decides to show up eventually, he may have problems proving he is the real Satoshi Nakamoto. Even if he signs transactions with the key from his 1M stash of bitcoins, people will still question if he didn't steal the keys. Back in the day, there were rumors of Charlie Chaplin attending a Charlie Chaplin lookalike contest where he had allegedly won the third prize

[Bitcoin Guy]

Back in the day, there were rumors of Charlie Chaplin attending a Charlie Chaplin lookalike contest where he had allegedly won the third prize

That is so interesting and funny.  I think the rumors might be true because the act reflected his personal and the acting role.  However, it was not fair to the second place person though.

[bohr]

In the case of a fork I think we are going to see an immediate reduction in price not only in bitcoin but in all altcoins since I think many will lose faith in the cryptocurrency market, so if a fork happen we will probably have a bear market for quite some time.

[deisik]

In the case of a fork I think we are going to see an immediate reduction in price not only in bitcoin but in all altcoins since I think many will lose faith in the cryptocurrency market, so if a fork happen we will probably have a bear market for quite some time

This is not necessarily so

At least, this may not hold true in the long run. In the early stages, all altcoins (apart from minor ones which may get caught pumped by their developers at the moment) are likely to follow Bitcoin's lead on its way down. But the point is their markets are a lot smaller than that of Bitcoin, so it will take only a fraction of fiat running away from Bitcoin to seriously pump even major altcoins (personally, I expect Litecoin to get pumped as it starts to receive cash from Bitcoin). Further, while most if not all altcoins will go down along with Bitcoin crashing, some of them are going to rise in Bitcoin terms specifically, and this is what already happens to Litecoin. Somehow I hoped that it would at first go down stronger than Bitcoin so I could convert more bitcoins to it, but that didn't happen (at least, not yet)