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Author Topic: [2017-07-10] Will Bitcoin Tear Itself Apart?  (Read 6088 times)
elite3000
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July 11, 2017, 01:09:48 PM
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It’s time for bitcoin traders to batten down the hatches.

The notoriously volatile cryptocurrency, whose 150 percent surge this year has captivated everyone from Wall Street bankers to Chinese grandmothers, could be headed for one of its most turbulent stretches yet.

Blame the bitcoin civil war. After two years of largely behind-the-scenes bickering, rival factions of computer whizzes who play key roles in bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month. That has raised the possibility that bitcoin will split in two, an unprecedented event that would send shockwaves through the $41 billion market.

While both sides have big incentives to reach a consensus, bitcoin’s lack of a central authority has made compromise difficult. Even professional traders who’ve followed the dispute’s twists and turns aren’t sure how it will all pan out. Their advice: brace for volatility and be ready to act fast once a clear outcome emerges.

QuickTake All About Bitcoin

“It’s a high-stakes game of chicken,” said Arthur Hayes, a former market maker at Citigroup Inc. who now runs BitMEX, a bitcoin derivatives venue in Hong Kong. “If you’re a trader, there’s a lot of uncertainty as to what happens. Once there’s a definitive signal about what will be done, the price could move very quickly.”

(Detailed summary of key dates and potential outcomes at bottom.)

https://www.bloomberg.com/news/articles/2017-07-10/bitcoin-risks-splintering-as-civil-war-enters-critical-month

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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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July 11, 2017, 09:51:30 PM
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It’s time for bitcoin traders to batten down the hatches.

The notoriously volatile cryptocurrency, whose 150 percent surge this year has captivated everyone from Wall Street bankers to Chinese grandmothers, could be headed for one of its most turbulent stretches yet.

Blame the bitcoin civil war. After two years of largely behind-the-scenes bickering, rival factions of computer whizzes who play key roles in bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month. That has raised the possibility that bitcoin will split in two, an unprecedented event that would send shockwaves through the $41 billion market.

While both sides have big incentives to reach a consensus, bitcoin’s lack of a central authority has made compromise difficult. Even professional traders who’ve followed the dispute’s twists and turns aren’t sure how it will all pan out. Their advice: brace for volatility and be ready to act fast once a clear outcome emerges.

QuickTake All About Bitcoin

“It’s a high-stakes game of chicken,” said Arthur Hayes, a former market maker at Citigroup Inc. who now runs BitMEX, a bitcoin derivatives venue in Hong Kong. “If you’re a trader, there’s a lot of uncertainty as to what happens. Once there’s a definitive signal about what will be done, the price could move very quickly.”

(Detailed summary of key dates and potential outcomes at bottom.)

https://www.bloomberg.com/news/articles/2017-07-10/bitcoin-risks-splintering-as-civil-war-enters-critical-month

Nothing really in this article. Everything has been discusses here in our forum. Currently there are a lot of uncertainty surrounding this date and the only strategy left is to really hold if there is a hard fork splitting bitcoin. So better hold and secure your bitcoin and have your private keys. Don't let exchanges hold your bitcoin because you don't have control over it.

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July 12, 2017, 10:44:53 AM
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Don't let exchanges hold your bitcoin because you don't have control over it.

you're right.



But, Imagine if all people withdraw their bitcoins from poloniex, how will it be?





This war has lasted a long time, it's time for a ceasefire

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July 13, 2017, 04:26:09 AM
 #4

I still have a high hope that Bitcoin and all of its stakeholders can all surmount the big challenges it is currently facing. I mean, Bitcoin have been here for many years and this is considered as a big innovation for decades...and for that reason alone we should not let Bitcoin slip away from our hands as if it is just another hot potato.

There are so many benefits that Bitcoin can be bringing to humanity and though I would not consider it as a medium to end global poverty nor will it promote peace and end war, still it is a good help to many of us and in the future there are so many applications that can be developed based on Bitcoin. It is a great revolution that we should not just throw away...all because we are letting the evil side of human nature come into play.

What is happening right now is it seems that Bitcoin is becoming like a headless chicken. There is no leader we all can look up to and there is no group of people that can wield a good influence and can provide the much needed leadership. Well, there is no leader for Bitcoin because we considered it as a decentralized thing but when there is an impasse it can be a big challenge to achieve a consensus which all will follow and implement.

Months from now, we can see Bitcoin surviving and flourishing!

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