will the bitcoin ecosystem learn anything from the August crash?

[pokapeski]

So, it is already here. it was to be expected. the market do not want a fork and it shows it with a big fall and the market will be in this mood until the situation clears out. The fork will be imposed anyway because...reasons. pick the one you like. Your prefered excuse won't change the situation we are to face until mid August.

Now, the question, looking forward is, will the bitcoin participants learn something from this? is there any change to be expected on how bitcoin will develop in the future? is a change even desirable?

my impression is that as it is, bitcoin governance is better than free beer for propagandists and I do not see why this would change any time soon. Reason is dead.

[1714788268]

1714788268

[1714788268]

1714788268

[1714788268]

1714788268

[1714788268]

1714788268

[1714788268]

1714788268

[1714788268]

1714788268

[reflector]

Already that has been done yesterday price almost fall 600$ in a week or more time. If segregated witness 2x has been taken part on upcoming month or early that we need ready to take part and face the situation better. Please don't sell or buy the bitcoin in last week of this month for your safety concerns.

[Jason_Bourne]

While bitcoin shows great promise to disrupt existing payment systems through innovations in its technical design, the Bitcoin ecosystem2 has been a frequent target of attacks by financially-motivated criminals.

[stompix]

Learn from August crash?What August crash?
It's f-word July 16 here.

Your prefered excuse won't change the situation we are to face until mid August.

Mid August? Why mid August?
You really need a calendar. Seriously.

my impression is that as it is, bitcoin governance is better than free beer for propagandists and I do not see why this would change any time soon. Reason is dead.

So what are you still doing here?
Bye bye!

[Yakamoto]

So, it is already here. it was to be expected. the market do not want a fork and it shows it with a big fall and the market will be in this mood until the situation clears out. The fork will be imposed anyway because...reasons. pick the one you like. Your prefered excuse won't change the situation we are to face until mid August.

Now, the question, looking forward is, will the bitcoin participants learn something from this? is there any change to be expected on how bitcoin will develop in the future? is a change even desirable?

my impression is that as it is, bitcoin governance is better than free beer for propagandists and I do not see why this would change any time soon. Reason is dead.

This is the most ham-fisted and poorly thought out OP post about the August fork that I have seen yet, and I have seen some absolutely trash-tier threads from months (and even close to a year now) ago.

When you can prove that this crash was because of the news of the fork on the way and not because the entire market was in a bubble that was waiting to pop, where the market generated $74B USD in value over the course of a month, then we can talk. But this is nothing more than a market wide correction which was created by new crypto getting in on the gold rush and trying to make money. Someone started selling and everyone else did.

My impression is you haven't been here long enough to know both sides of a story, nor extrapolate. Do you think Bitcoin hit $2,900 because people love Bitcoin for what it is?

[pokapeski]

stompix implying that this a moon phase related event.
This fall has to do with August's fork(s), and the uncertainties wont be solved by the 2nd Aug. no need to by a nobel price to grasp that.

at the end it is all my fault for even taking the time to answer this.

@reflector&Jason_Bourne
external factors can be a problem, right, but the impression that this mess has all been created from the community itself I find most worrying. At the end of the day this is software and it will need to fix bugs related to perfomance in the future or even add features for better scripting or something else.

Is this the quarterly situation that we are going to see whenever any visionary comes up with a beyond-discussion idea?

[pokapeski]

So, it is already here. it was to be expected. the market do not want a fork and it shows it with a big fall and the market will be in this mood until the situation clears out. The fork will be imposed anyway because...reasons. pick the one you like. Your prefered excuse won't change the situation we are to face until mid August.

Now, the question, looking forward is, will the bitcoin participants learn something from this? is there any change to be expected on how bitcoin will develop in the future? is a change even desirable?

my impression is that as it is, bitcoin governance is better than free beer for propagandists and I do not see why this would change any time soon. Reason is dead.

This is the most ham-fisted and poorly thought out OP post about the August fork that I have seen yet, and I have seen some absolutely trash-tier threads from months (and even close to a year now) ago.

When you can prove that this crash was because of the news of the fork on the way and not because the entire market was in a bubble that was waiting to pop, where the market generated $74B USD in value over the course of a month, then we can talk. But this is nothing more than a market wide correction which was created by new crypto getting in on the gold rush and trying to make money. Someone started selling and everyone else did.

My impression is you haven't been here long enough to know both sides of a story, nor extrapolate. Do you think Bitcoin hit $2,900 because people love Bitcoin for what it is?

I arrived yesterday, nevertheless I beg to dissagree.
A correction was last week. This fall in 24 hours and little sign to think that confidence can be restored before the end of the month is a different beast. Just look on previous corrections. you might have that data, I happen to have arrived just yesterday.
maybe, this is all created by the "buy bitcoin" banner-guy on the news.

[skorupi17]

So, it is already here. it was to be expected. the market do not want a fork and it shows it with a big fall and the market will be in this mood until the situation clears out. The fork will be imposed anyway because...reasons. pick the one you like. Your prefered excuse won't change the situation we are to face until mid August.

Now, the question, looking forward is, will the bitcoin participants learn something from this? is there any change to be expected on how bitcoin will develop in the future? is a change even desirable?

my impression is that as it is, bitcoin governance is better than free beer for propagandists and I do not see why this would change any time soon. Reason is dead.

The current drop was expected by many users. The event on August 1st brought confusion and uncertainties to everyone and the result is what is reflected on the charts. Whether the fork is to be imposed or not, as long as it is for the best for Bitcoin then nothing is to be worried about.

What kind of lesson will arise here? Is it when there is a possible fork, there will be a hard drop? What is the lesson in here anyway? A change in Bitcoin is intended to make it better and cope with the current issues it is facing. Change is always desirable in order to address some issues and to improve its services.

[pokapeski]

The current drop was expected by many users. The event on August 1st brought confusion and uncertainties to everyone and the result is what is reflected on the charts. Whether the fork is to be imposed or not, as long as it is for the best for Bitcoin then nothing is to be worried about.

What kind of lesson will arise here? Is it when there is a possible fork, there will be a hard drop? What is the lesson in here anyway? A change in Bitcoin is intended to make it better and cope with the current issues it is facing. Change is always desirable in order to address some issues and to improve its services.

Thanks for your comment, skorupi
My concern is that an important part of managing changes, necessary as they are to evolve, is that they have to be properly communicated, planned, scheduled.
so far, this forking season has been all about nobody expecting the spanish inquisition and sunking the market. this might be desirable if one has a monopolistic bias but for a currency, IMO, it is not.

[Kemarit]

The current drop was expected by many users. The event on August 1st brought confusion and uncertainties to everyone and the result is what is reflected on the charts. Whether the fork is to be imposed or not, as long as it is for the best for Bitcoin then nothing is to be worried about.

What kind of lesson will arise here? Is it when there is a possible fork, there will be a hard drop? What is the lesson in here anyway? A change in Bitcoin is intended to make it better and cope with the current issues it is facing. Change is always desirable in order to address some issues and to improve its services.

Thanks for your comment, skorupi
My concern is that an important part of managing changes, necessary as they are to evolve, is that they have to be properly communicated, planned, scheduled.
so far, this forking season has been all about nobody expecting the spanish inquisition and sunking the market. this might be desirable if one has a monopolistic bias but for a currency, IMO, it is not.

I agree that it was not communicated well, but you have to remember that there are 2 sides that has been battling on for the last years or so regarding which bitcoin direction should go through. And now that Segwit2x activation nears, the panic of splitting is seriously enough that cause a lot of investor to shy away from bitcoin and casual investors to push the sell button. I think initially nobody really understand what the implementation will bring to the market, that's why it sunk at this price. But how do we know if we haven't crossed it yet? The lessons will be fully felt once it happens, otherwise fear and uncertainty will continue to arise as we near the "doomsday" as other want to put it.

[pokapeski]

I agree that it was not communicated well, but you have to remember that there are 2 sides that has been battling on for the last years or so regarding which bitcoin direction should go through. And now that Segwit2x activation nears, the panic of splitting is seriously enough that cause a lot of investor to shy away from bitcoin and casual investors to push the sell button. I think initially nobody really understand what the implementation will bring to the market, that's why it sunk at this price. But how do we know if we haven't crossed it yet? The lessons will be fully felt once it happens, otherwise fear and uncertainty will continue to arise as we near the "doomsday" as other want to put it.

true say. and at the end of day for what? the real problem is the address maleability bug and the scalability performance problem not the color of the segwit I prefer.
That's why I was wondering about lessons learned, because priority issues have to be tackled with priority. this is looking more Eastenders than a bloody coin.

[pooya87]

you are WRONG.
the drop has nothing to do with market wanting or not wanting a fork. the drop is because of the risk of a split in the network and people panicking over it. and the reason for that is because along the lines, people forgot what decentralization and consensus in a decentralized system means. and they started rushing things with BIP148 and with low support.

[iram3130]

What crash is he talking about.? It got nothing to do with segwit. If people understand that they can keep their bitcoins in a secure wallet, keeping their private keys safe, there would not be any dump. Do you really think people who are selling now will not buy after August 1st.?

[RoommateAgreement]

no, nobody will learn anything ever!!!

do you think this is the first "crash" that bitcoin experienced?
the previous one is not even old yet!!! it was about 4 months ago (maybe a little more) that the first FUD about fork started and price crashed down to $880 from that time ATH.
and the market is falling for the same thing all over again.

as an individual if you learn a lesson and try to take advantage of stupidity of others you are the winner. and that's all that matters. let them lose money maybe that can teach them a lesson.

[Kakmakr]

The only thing I have learned is, that there are a lot more gullible people out there, than what I thought. They listen to all this FUD and run for the hills as soon as there is the slightest volatility in the price. This will cause a trigger affect and the markets will react quickly.

The other thing I learned is that there is a lot of money to be made by buying all these cheap coins. ^smile^

[Amph]

well it's not like we want an hard fork either, but you can't stop dirty miners that want to run their own altcoin, by creating a chain split, because they are against current possible fix of the block limit, bitmain is the main one that one to do this

since everything is based on consensus you can not stop anyone here from running their own fork, as long as they think it will have a chance to be the main one they will do it

still what matter are the business and merchants accepting the new fork or not

[aTriz]

So, it is already here. it was to be expected. the market do not want a fork and it shows it with a big fall and the market will be in this mood until the situation clears out. The fork will be imposed anyway because...reasons. pick the one you like. Your prefered excuse won't change the situation we are to face until mid August.

Now, the question, looking forward is, will the bitcoin participants learn something from this? is there any change to be expected on how bitcoin will develop in the future? is a change even desirable?

my impression is that as it is, bitcoin governance is better than free beer for propagandists and I do not see why this would change any time soon. Reason is dead.

People have already learned about the August 1 hard fork, and that is probably the reason why the Bitcoin price has to feel so quickly these couple of days, due to this pre segwit anticipation that has caused everyone to think that bitcoin will probably die soon and they will lose all their money. This is called pre segwit anticipation and is causing most of the people who have invested in Bitcoin to panic and then quickly sell it at around 2000 USD even though it is a loss.

[AGD]

August crash in July?

[Windpower]

So, it is already here. it was to be expected. the market do not want a fork and it shows it with a big fall and the market will be in this mood until the situation clears out. The fork will be imposed anyway because...reasons. pick the one you like. Your prefered excuse won't change the situation we are to face until mid August.

Now, the question, looking forward is, will the bitcoin participants learn something from this? is there any change to be expected on how bitcoin will develop in the future? is a change even desirable?

my impression is that as it is, bitcoin governance is better than free beer for propagandists and I do not see why this would change any time soon. Reason is dead.

One thing that I have already learned, is that there are a lot of idiotic people out there selling their Bitcoin because they are in a state of panic. I can understand that a lot of people would be scared when they hear things like "a fork is going to happen", "there will be some kind of split", but the fact that they aren't bothered to research it and actually realize that it will be good for Bitcoin if the block limit increases.

However, this was already expected from a long ways away. There are always going to be people like this in the world, people who are dumb enough to just sell things without fully knowing what is actually happening. I hope that people learn their lesson from this and if anything big ever happens to Bitcoin again, and there probably will be, hopefully they will be a bit smarter with their decision making.

[pokapeski]

the question still is, if this mess could have been handled better, and it certainly could, do you think this would be taken into consideration to make things in a different way in the future?

Personally I fully agree with pooya87. I am not sure what is the best alternative to this way of driving changes. Actually this is a worrying precedent that anyone can urge things like that again if they are good enough at marketing, at creating the need, despite how good or bad the proposal might be.