[2017-07-21]BIP 91 Locks In and Bitcoin Price Rises Sharply

[Vladdirescu87]

The Bitcoin price rose sharply after Bitcoin Improvement Proposal 91 (BIP 91) was locked in yesterday evening.
Charlie Lee, the founder of Litecoin, who has great experience in cryptocurrency Segwit, predicted before that when BIP91 locks in and pools signal SegWit, BTC price will rally hard and it actually did.
Read the full article: https://coinidol.com/bip-91-locks-in-and-bitcoin-price-rises-sharply/

[1715231692]

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[1715231692]

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[Kemarit]

I think this want we are seeing in the last 24 hours. People have reacted very positive pushing the price to almost $2800 and even $3000 to other exchanges. Only 150 blocks remaining before Segwit is activated. My guesstimate that may in less than 72 hours, it will be fully implemented by that time pushing the price to a new level. We may even break the $3000 right after the official news. So I guess for those who have sold when the their is panic is kicking their heads now and regretting what they did. While for most of us you are just holding and buying small amounts, we will be very happy for sticking on bitcoin for long term.

[1Referee]

Charlie Lee, the founder of Litecoin, who has great experience in cryptocurrency Segwit, predicted before that when BIP91 locks in and pools signal SegWit, BTC price will rally hard and it actually did.

It requires no rocket science level expertise to understand that if (X) happens, (Y) will be the result (espesially when it comes to something so important as the scaling aspect). Even stronger, and this is pure speculation of course, is that the early timing to allow miners to start 'officially' signalling support for BIP91, was more or less an attempt to greatly influence the market at their own will (i.e. trading with inside information).

[bouren]

In order to meet the scalability issue, BIP148 proposal was introduced but fear of splitting leads to negative environment among bitcoin holders and users as the result people were shaking trust from bitcoin. But BIP91 comes up as angel in disguise for miners to save the common interest of bitcoin users. As a result it was supported by almost all miners and locked in. Now its turn of users and holders to give miners in return by raising the price and that's what we seeing. 

[dreamhouse]

Does it mean there will be no fork at all, I still see BitcoinABC will hardfork on August 1. Of course it is a small potato, possibly want to make some money with an altcoin style bitcoin.

[Netnox]

I think this want we are seeing in the last 24 hours. People have reacted very positive pushing the price to almost $2800 and even $3000 to other exchanges. Only 150 blocks remaining before Segwit is activated. My guesstimate that may in less than 72 hours, it will be fully implemented by that time pushing the price to a new level. We may even break the $3000 right after the official news. So I guess for those who have sold when the their is panic is kicking their heads now and regretting what they did. While for most of us you are just holding and buying small amounts, we will be very happy for sticking on bitcoin for long term.

Even some of my friends did the same, selling at around $2,500 per coin. But to tell the truth, no one expected the prices to recover so sharply. In 2-3 days time, the prices recovered to $2,800 per coin from just $1,800 per coin.

[iram1011]

Does it mean there will be no fork at all, I still see BitcoinABC will hardfork on August 1. Of course it is a small potato, possibly want to make some money with an altcoin style bitcoin.

That wouldn't matter at all. All what investors were worried about was the UASF which would had lead to chain split. That was the major reason for the dip. With such a high majority with Segwit2x and Segwit is about to activate, there is nothing to worry about BitxoinABC hardfork.

[cr1776]

The Bitcoin price rose sharply after Bitcoin Improvement Proposal 91 (BIP 91) was locked in yesterday evening.
Charlie Lee, the founder of Litecoin, who has great experience in cryptocurrency Segwit, predicted before that when BIP91 locks in and pools signal SegWit, BTC price will rally hard and it actually did.
Read the full article: https://coinidol.com/bip-91-locks-in-and-bitcoin-price-rises-sharply/

This doesn't even make sense.  I know these sites like to crank out junky clickbait articles, but at least they should be meaningful.

[richardsNY]

Even stronger, and this is pure speculation of course, is that the early timing to allow miners to start 'officially' signalling support for BIP91, was more or less an attempt to greatly influence the market at their own will (i.e. trading with inside information).

I had that thought as well. I wouldn't be surprised if they have been backed up with large players to drive the price down in order to intensify the panic that was going through the market. If we look at the bottom, all the way to the peak of slightly over the $2900 level, it shows that we experienced a solid $1000 increase in a matter of days. On the other hand, I expected the price to break through the $3000 level today or tomorrow due to the activation of BIP91, but tomorrow is another day. Maybe that a new load of money coming in that will post tomorrow in people's accounts will add an extra $100 or so to the price.

[Baofeng]

Even stronger, and this is pure speculation of course, is that the early timing to allow miners to start 'officially' signalling support for BIP91, was more or less an attempt to greatly influence the market at their own will (i.e. trading with inside information).

I had that thought as well. I wouldn't be surprised if they have been backed up with large players to drive the price down in order to intensify the panic that was going through the market. If we look at the bottom, all the way to the peak of slightly over the $2900 level, it shows that we experienced a solid $1000 increase in a matter of days. On the other hand, I expected the price to break through the $3000 level today or tomorrow due to the activation of BIP91, but tomorrow is another day. Maybe that a new load of money coming in that will post tomorrow in people's accounts will add an extra $100 or so to the price.

We didn't break the $3000 levels. Although there are trading platforms that reported it has reach that price but quickly it went down again. I guess the mental barrier that is $3000 is so strong that one has to readily sell their coins once the price reach this high. Currently its down to $2750 so I doubt we can reach $3000 again in a matter of days. But the price is still strong, its just that $3000 is unsustainable for the time being.

[kevinn669]

Even stronger, and this is pure speculation of course, is that the early timing to allow miners to start 'officially' signalling support for BIP91, was more or less an attempt to greatly influence the market at their own will (i.e. trading with inside information).

I had that thought as well. I wouldn't be surprised if they have been backed up with large players to drive the price down in order to intensify the panic that was going through the market. If we look at the bottom, all the way to the peak of slightly over the $2900 level, it shows that we experienced a solid $1000 increase in a matter of days. On the other hand, I expected the price to break through the $3000 level today or tomorrow due to the activation of BIP91, but tomorrow is another day. Maybe that a new load of money coming in that will post tomorrow in people's accounts will add an extra $100 or so to the price.

We didn't break the $3000 levels. Although there are trading platforms that reported it has reach that price but quickly it went down again. I guess the mental barrier that is $3000 is so strong that one has to readily sell their coins once the price reach this high. Currently its down to $2750 so I doubt we can reach $3000 again in a matter of days. But the price is still strong, its just that $3000 is unsustainable for the time being.

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Although the price is high, I would not be happy about it. I would be pleased with the slow and steady growth. The price jumps cause panic for many people. But I hope that in the near future we will get a stable price increase.

[veleten]

the thing is,miners can go back on signalling of BIP 91 (highly unlikely,but still)
in a rare case scenario,the Bitcoin Cash fork could split the coin and the price will go down
meanwhile it is no rocket science to be predicting that the price will go up since the uncertainty
surrounding BIP 91 is lifted,expect a drop before the 1st ofAugust
and then,if everything goes smoothly,a sharp rise
this what a conventional market woud do,at the very least