Absolutely the Best explanation what will happen with SegWit2x and when!

[crazyivan]

First things first, BITCOIN WILL NOT SPLIT! As you can read in this great article by Jimmy Song, all miners will switch to SegWit2x. Why? Cause if they dont, they ll lose A LOT OF MONEY. So newbies, stop panic, once more, THERE WILL BE NOT SPLIT. Speculators, stop spreading FUD, we talk about the future of entire crypto economy. So, at least for a couple of days, pls tone down your filthy tactics of spreading panic.

Second, thank you Jimmy Song for such a great piece.

For those interested, please read the entire piece here:

https://medium.com/@jimmysong/uasf-segwit2x-scenarios-and-timelines-1a540336c4be

I ll just copy a few lines stating:

"The earliest that BIP91 can lock-in is block 476784, which should be around ~2017 July 21 10:00 GMT. This would be ahead of schedule as Segwit2x was scheduled to be released July 21. This would mean that BIP91 would activate 336 blocks later at block 477120 (~2017 July 23 18:00 GMT). At this point, all blocks not signaling BIP141 (Segwit) would get orphaned off the network. Since presumably at least 80% of miners would not accept such blocks, miners that create blocks without signaling BIP141 would likely lose the coinbase reward and fees (roughly 14 BTC or $30k as of this writing). As such during the 56 hours or so between blocks 476784 and 477120, we will most likely see every miner upgrade (if necessary) to signal for Segwit."


Still, read the entire piece.

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[Pursuer]

BITCOIN WILL NOT FORK!

I believe you meant to say will not SPLIT. the fork is happening and all the things you are explaining in your comment is saying it is happening. and with the current 79% of the blocks signaling for BIP91 which is for SegWit activation it is highly possible to have a simple, drama free, smooth fork. exactly like the P2SH soft fork which nobody even remembers because it was smooth

[crazyivan]

BITCOIN WILL NOT FORK!

I believe you meant to say will not SPLIT. the fork is happening and all the things you are explaining in your comment is saying it is happening. and with the current 79% of the blocks signaling for BIP91 which is for SegWit activation it is highly possible to have a simple, drama free, smooth fork. exactly like the P2SH soft fork which nobody even remembers because it was smooth

Well, English is not my first language, but yes, your term s correct. Fixed! Thx.

The point is there will NOT BE TWO Bitcoins. Scheduled fork ll take place 3 months from but all miners will have to upgrade and accept SegWit2x. Not cause they like it or not but cause of not losing money.
The best single motivator - MONEY!

[baam25]

There is so much confusion around the whole process, makes you wonder if this is early growing pains or is this going to happen again in the future? The decisions made now will impact everything going forward! I'll. Try reading the information posted to gather more knowledge, but sometimes it just feels overwhelming

[crazyivan]

Well, I cannot put in less simple words besides saying there s no need to panic, the upgrade s moving ahead of schedule and it will result in faster and more stable network.
Everything seem to be in order.

[Patatas]

The point is there will NOT BE TWO Bitcoins.

There can't be two bitcoins in the same ecosystem anyway.If still the split happens,we will have a bitcoin and another altcoin. I read through the post,preciously written but hey do you think all the miners would play safe ? There is this little chance the split would still happen I feel.

There is so much confusion around the whole process, makes you wonder if this is early growing pains or is this going to happen again in the future? The decisions made now will impact everything going forward! I'll. Try reading the information posted to gather more knowledge, but sometimes it just feels overwhelming

I'm glad it will be working in bitcoin's favor.The post theymos wrote (which appears on the forum page) should be easy to understand.

[crazyivan]

The point is there will NOT BE TWO Bitcoins.

There can't be two bitcoins in the same ecosystem anyway.If still the split happens,we will have a bitcoin and another altcoin. I read through the post,preciously written but hey do you think all the miners would play safe ? There is this little chance the split would still happen I feel.

There is so much confusion around the whole process, makes you wonder if this is early growing pains or is this going to happen again in the future? The decisions made now will impact everything going forward! I'll. Try reading the information posted to gather more knowledge, but sometimes it just feels overwhelming

I'm glad it will be working in bitcoin's favor.The post theymos wrote (which appears on the forum page) should be easy to understand.

There s no doubt in my mind all miners will fall in line. Cause even if it would split, the other alt Bitcoin would be so heavily dumped by BTC holders, into oblivion. Not to mention security issues, orphan issues, etc.
For large BTC pools, the best choice is to support BTC, let it grow and let price increase.

Expecting to reinvent Bitcoin via this kind of split is just foolish. Cause ordinary BTC holders are not involved into mining, only large farms are. So, if I have a majority supported chain, which is this 80% Bitcoin, I cannot mine the alt Bicoin cause I have no ASIC, why again would I hold it? What kind of benefit does it bring for me besides free coins to dump?

Nah, they ll all fall in under SegWit2x.

[krishnapramod]

The point is there will NOT BE TWO Bitcoins.

There can't be two bitcoins in the same ecosystem anyway.If still the split happens,we will have a bitcoin and another altcoin. I read through the post,preciously written but hey do you think all the miners would play safe ? There is this little chance the split would still happen I feel.

There is so much confusion around the whole process, makes you wonder if this is early growing pains or is this going to happen again in the future? The decisions made now will impact everything going forward! I'll. Try reading the information posted to gather more knowledge, but sometimes it just feels overwhelming

I'm glad it will be working in bitcoin's favor.The post theymos wrote (which appears on the forum page) should be easy to understand.

Yeah there will be no two bitcoins. If BIP 91 locks in before August 1, there would be no UASF or probably no UAHF. The entire network would have Segwit and even then if a small percentage of miners go ahead with UAHF (ViaBTC/Jihan) it would be against their economic incentive and if  they do then a separate blockchain, altcoin which is in no way related to bitcoin or going to compete with the Segwit activated main chain.

Coinbase had announced that they wouldn't support any UAHF coin, same would happen with other exchanges, the alt, Bitcoin ABC/Bitcoin Cash would be dumped immediately.

[OROBTC]

...

I hope that you are right, crazyivan.

Your observation that makes the most sense to me is the money!  If "they" (anyone blocking SegWit at this point) achieve their goal, then THEY will lose money too.  BIG money.  And now it is beginning to look like a done deal (SegWit activation soon).

That may be our best hope for relative stability in Bitcoinistan: "Follow the money."


EDIT: BTC price edging upward ($2360 or so) would hint that you are right in your confidence.

[Dr Bloggood]

...

I hope that you are right, crazyivan.

Your observation that makes the most sense to me is the money!  If "they" (anyone blocking SegWit at this point) achieve their goal, then THEY will lose money too.  BIG money.  And now it is beginning to look like a done deal (SegWit activation soon).

That may be our best hope for relative stability in Bitcoinistan: "Follow the money."


EDIT: BTC price edging upward ($2360 or so) would hint that you are right in your confidence.

That's not by chance. That's how Satoshi designed it.

The entire system of BTC is just so marvelously well thought through, it still amazes me...

[e-coinomist]

...

Nah, they ll all fall in under SegWit2x.

Definitely. Back on 1/2 of this 336-block signaling period there has been like 75% signaling which caused panic due to no shortage of FUD around the forum otherwise. But I'm more inclined to listen on -ck than any newbie fuddaccount.
Just in between 3~4 dozen blocks signaling took up over 80.4% and on this travel speed, on same velocity will clearly take up another +5% and another +5% following. It's allready clear by now that BIP 91 succeeded.
Some rage dumps should be seen as a nice buying opprtunity.

[Red-Apple]

...

I hope that you are right, crazyivan.

Your observation that makes the most sense to me is the money!  If "they" (anyone blocking SegWit at this point) achieve their goal, then THEY will lose money too.  BIG money.  And now it is beginning to look like a done deal (SegWit activation soon).

That may be our best hope for relative stability in Bitcoinistan: "Follow the money."


EDIT: BTC price edging upward ($2360 or so) would hint that you are right in your confidence.

the thing about price is that it has always been more of a game. a mind game that the bigger players play to make more money. the bitcoin history if full of them. and each time the news seems more ridiculous that the last time and each time it is effective! and they do it again and again and make more money each time...

$700+ drop is A LOT of profit. and we are talking about shorting on the way down and then having access to extremely cheap coins. that is enough incentive to do these shenanigans.

and while we are talking about price let me tell you it is $2399 right now

[crazyivan]

...


EDIT: BTC price edging upward ($2360 or so) would hint that you are right in your confidence.

Huh? What do you mean "hint that I right"

I m always right when talking about BTC. I do not give advice often but when I do, I m right.
I told people 3 years ago to buy DMD Diamond when it was 18 cents. Look at it now.

[OROBTC]

...


EDIT: BTC price edging upward ($2360 or so) would hint that you are right in your confidence.

Huh? What do you mean "hint that I right"

I m always right when talking about BTC. I do not give advice often but when I do, I m right.
I told people 3 years ago to buy DMD Diamond when it was 18 cents. Look at it now.

By coincidence (?), BTC has rocketed to ~$2450 since I wrote above.  Hmm, THAT kind of price rise would hint even more that you have an excellent read on BTC's situation.

You're on a roll.  Keep writing.  Maybe $2550 next hour?  

[This Bearing/Gold/BTC guy does not know enough about other cryptos to mess with anything other than BTC]

[e-coinomist]

...


EDIT: BTC price edging upward ($2360 or so) would hint that you are right in your confidence.

Huh? What do you mean "hint that I right"

I m always right when talking about BTC. I do not give advice often but when I do, I m right.
I told people 3 years ago to buy DMD Diamond when it was 18 cents. Look at it now.

Exactly. Price as justification is poor rationale.
But hey, it's $2468 now and on a sharp rise

[crazyivan]

...


EDIT: BTC price edging upward ($2360 or so) would hint that you are right in your confidence.

Huh? What do you mean "hint that I right"

I m always right when talking about BTC. I do not give advice often but when I do, I m right.
I told people 3 years ago to buy DMD Diamond when it was 18 cents. Look at it now.

By coincidence (?), BTC has rocketed to ~$2450 since I wrote above.  Hmm, THAT kind of price rise would hint even more that you have an excellent read on BTC's situation.

You're on a roll.  Keep writing.  Maybe $2550 next hour?  

[This Bearing/Gold/BTC guy does not know enough about other cryptos to mess with anything other than BTC]

Buahahhahah. If only my posts would fuel BTC price rise. I d wear down this keyboard by the end of the day.

[cellard]

BITCOIN WILL NOT FORK!

I believe you meant to say will not SPLIT. the fork is happening and all the things you are explaining in your comment is saying it is happening. and with the current 79% of the blocks signaling for BIP91 which is for SegWit activation it is highly possible to have a simple, drama free, smooth fork. exactly like the P2SH soft fork which nobody even remembers because it was smooth

Well, English is not my first language, but yes, your term s correct. Fixed! Thx.

The point is there will NOT BE TWO Bitcoins. Scheduled fork ll take place 3 months from but all miners will have to upgrade and accept SegWit2x. Not cause they like it or not but cause of not losing money.
The best single motivator - MONEY!

By using segwit2x software you are risking a 40 billion dollar marketcap in the hands of incompetent developers. You are delusional if you think all the miners will support segwit2x hardfork in 3 months. They are just signaling BIP91 to get segwit activated and avoid the august 1st drama. Once segwit is activated the majority of miners will go back to running safe Core software and not the btc1 crap.

[crazyivan]

BITCOIN WILL NOT FORK!

I believe you meant to say will not SPLIT. the fork is happening and all the things you are explaining in your comment is saying it is happening. and with the current 79% of the blocks signaling for BIP91 which is for SegWit activation it is highly possible to have a simple, drama free, smooth fork. exactly like the P2SH soft fork which nobody even remembers because it was smooth

Well, English is not my first language, but yes, your term s correct. Fixed! Thx.

The point is there will NOT BE TWO Bitcoins. Scheduled fork ll take place 3 months from but all miners will have to upgrade and accept SegWit2x. Not cause they like it or not but cause of not losing money.
The best single motivator - MONEY!

By using segwit2x software you are risking a 40 billion dollar marketcap in the hands of incompetent developers. You are delusional if you think all the miners will support segwit2x hardfork in 3 months. They are just signaling BIP91 to get segwit activated and avoid the august 1st drama. Once segwit is activated the majority of miners will go back to running safe Core software and not the btc1 crap.

Yeah, that s gonna happen. That s why they signal SegWit2x so they could not use it. Great conclusion bud.

Anyway, can I say $2600 BTC or not today?

[crazyivan]

$2600 reached. Can we get to $2700?

I m not sure how much of this is due to the fact people withdraw coins from exchanges into safe storage so noone trades them. But this should reduce BTC to alts trade not BTC to Fiat.

[Alex_He]

$2600 reached. Can we get to $2700?

I m not sure how much of this is due to the fact people withdraw coins from exchanges into safe storage so noone trades them. But this should reduce BTC to alts trade not BTC to Fiat.

Hopefully I'm not too late to buy in. I see no obstacles to reach $3000