Bitcoin vs Bitcoin2X - November, whats it gonna be for you?

[JorisK]

Hi Community!

Still a few blocks for the 'technical lock-in' and we will 'probably' have Segwit in roughly 2 weeks. Does that finally end the scaling-debate? Personally I don't think so, as scaling will always remain an issue. In a couple of weeks we can celebrate the power of UASFs and Bitcoins technical progression for a short period. After that, reality will kick back in and all of us will face another big question: 2X or BTC?

The 2X part of the New York agreement states:
- A large part of mining power will be taken from BTC and moved to 2X
- A lot of Exchanges have agreed on exchanging 2X
- A lot of wallets have agreed on supporting 2X

An important note: Bitcoin Core does NOT support 2X

My personal view and choice: I think 2X will fail, and thus many people see it as another airdrop and sell when they think the price is right for it.

I know i cannot speak for the entire community, but to me it feels like some people (miners) are trying to force the community towards 2X and making choices for us, while none of us wants 2X, just a few miners. We are being forced by a group of people who have their economic incentives. Imho, the ultimate reason Bitcoin is a success, is because it gives you ultimate freedom. No one is forced, everything is free, it has a truly magnificent development team who put security, continuation, efficiency and Satoshi's white paper first. Core does not have economic incentives, miners do.

I truly believe that the community follows Core, and not a group of miners that force us in their hands by using hashrate power. I support Bitcoin Core, and the more support in the community i see for it, the faster i will dump the 2X coin.

** Note: 2X is planned for November. I personally doubt they will make it as it i feel development needs more time, and miners/exchanges can pull out of NYA.

[talkbitcoin]

there is still 3 months to go and many things can change in this 3 months.

My personal view and choice: I think 2X will fail, and thus many people see it as another airdrop and sell when they think the price is right for it.

i wouldn't be so sure about it.
SegWit2x is nothing like bitcoin cash. it is not increasing the block size to an absurd amount of 8 MB and it has SegWit with a 2 MB block size.
and on top of it SegWit2x has a huge percentage of miners support (>80%) whereas BCC had virtually nothing. and the support was not just miners. and it doesn't matter anyways.

my hope is it either never happens or i wish core devs can come to a middle ground solution. if it "splits" then it will be bad for bitcoin. 2 splits in less than 4 months and 3 coins! it is not just about the price. it is the merchants that will think to themselves "what is the alternative to bitcoin which doesn't get forked every day"

[Iranus]

For anyone with a more significant amount of money, it will not be about which side they support.  It will be about which side they think will have a higher price.  Unfortunately people often seem to confuse these two things.

I don't particularly support Bitcoin Cash, but that doesn't mean I'm going to sell it.  The same applies the other way around.  So similarly I'll be holding both chains and watching how it ends, if it does at all.

I know i cannot speak for the entire community, but to me it feels like some people (miners) are trying to force the community towards 2X and making choices for us, while none of us wants 2X, just a few miners

That's because most people who loudly proclaim their opinion on Bitcointalk and Reddit are completely unwilling to listen or compromise in the slightest, regardless of anything that actually happens.

Most people on r/btc were opposed to SegWitx2 because it's not going far enough their way, and most people on r/Bitcoin were opposed to it because they don't want to raise the base block size at all.

So sometimes there has to be a middle ground that people won't be so outraged about that they'll ignore it when merchants start taking it.  I think SegWitx2 is fine for that purpose.

[gentlemand]

Man, I hope there isn't another fork. I don't see how that helps anyone.

I assume between now and then there'll be some receptiveness from all parties to accept a longer time line for the 2MB thing.

I well and truly can't believe that every single NYA signee is happy to jump into software put together in a few weeks by a small group of outsiders. It's not logical or safe. They're betting everything on something that could have anything hidden away.

Segwit was tested for ages and a soft fork. This is order of magnitude more risky.

My guess is that there'll be loads of blockchain spamming and Bitcoin Cash games in the lead up with pumps and hashing power moving around from Bitmain in an attempt to force it but everyone else will be rational enough not to.

[AleSergio]

It is still a lot of time before this can happen and everything can change, so it is difficult to predict how things are gona be.
I think that it will fail, as BCH failed also

[grermezter]

It is still a lot of time before this can happen and everything can change, so it is difficult to predict how things are gona be.
I think that it will fail, as BCH failed also

I thought we were finally done after August 1, it seems that this is going to go on for a while, But i really don't believe that Bitcoin Cash has failed, it's still early days and i believe that anything can happen, Lots of people that's miners are signalling support for Bitcoin Cash, i am sure that it may eventually succeed and it will be prudent to invest in that as well.

[U2]

It is still a lot of time before this can happen and everything can change, so it is difficult to predict how things are gona be.
I think that it will fail, as BCH failed also

I thought we were finally done after August 1, it seems that this is going to go on for a while, But i really don't believe that Bitcoin Cash has failed, it's still early days and i believe that anything can happen, Lots of people that's miners are signalling support for Bitcoin Cash, i am sure that it may eventually succeed and it will be prudent to invest in that as well.

No one is talking about bitcoin cash. They're talking about segwit2x. It's probably going to succeed IMO but idk, I can't predict the future. I'm surprised that Roger Ver has enough money to pump bitcoin cash so high (since it's just a useless, unaccepted, centralized shitcoin).

[Vishnu.Reang]

Hmm.. So there are going to be three different coins: BTC, BTC2X and BCH? I think I will hold all three, at least for another 6-7 months. Even after that period, at the most I am going to dump 25% of each.

[CryptosapienZA]

I am really hoping there is no split. But if there is, I will keep both. Just from a speculation point of view, if this split happens Bitcoin Segwit will be the minor chain over Bitcoin Segwit 2X. It would be interesting to see how that will affect the price and investor confidence.

[warrior333]

I'm not going to invest in bitcoin in cash. I generally will not accept new coins until they not show in the market. I'll keep the old bitcoin. He I never betrayed and I will not betray him. I don't like these divisions.

[trippki]

Hmm.. So there are going to be three different coins: BTC, BTC2X and BCH? I think I will hold all three, at least for another 6-7 months. Even after that period, at the most I am going to dump 25% of each.

I agree with your strategy... Patience and strong hands seem essential to building a good crypto portfolio.

[buwaytress]

Hello Joris!

As you say, the next storm of November is going to be a lot more serious than that of Bitcoin Cash. Personally, I still feel a lot of things can happen - either party can still change their mind for the common good, and a fork may yet be avoided or may be agreed upon by both. I think, like the majority of us who are only semi-literate in Bitcoin tech speak, I believe and trust in the "Core".

Theirs is the most consistent, most conservative approach. I have only seen the last year of Bitcoin but it is enough for me to say that there is no valid emergency that would justify more drastic measures than what is already proposed by "Core".

[Grrizz]

Personally I support core, I'm not against a block size increase (and nor do I think they are) but I would rather give segwit a chance to settle in and see how it affects the network before rushing out a block size increase too, IMO that is something that can be done later if needed and hopefully with more important code changes bundled in and solid testing and peer review to better justify a hard fork.

If it does fork I will probably end up holding both though, at least for the short term, mostly because this fork seems to be a lot more contentious than the BCH fork however I really hope the NYA signees will be willing to accept a more relaxed timeline now that BCH is a thing to avoid what could be quite a mess.

[gentlemand]

Hmm.. So there are going to be three different coins: BTC, BTC2X and BCH? I think I will hold all three, at least for another 6-7 months. Even after that period, at the most I am going to dump 25% of each.

If the current signalling continues for 2MB, which is doubtful in the extreme but anyway, Corecoin will be dead as a dodo. It would take months for the difficulty to adjust downwards and weeks to reach an exchange even if you did want to dump.

[Chicago]

As you say, the next storm of November is going to be a lot more serious than that of Bitcoin Cash.

Hello buwaytress,

    Yes.  There is already some preparations being made to help the network weather the storm so that nodes aren't suddenly found without a peer.
    The discussion about how to best do this is getting real interesting real fast.

    The blurred lines between conservative and adversarial are getting hard to see.

Best Regards,
-Chicago

[facenew111]

I believe you will see it in 21 Aug.


Old guard Bitcoin, meanwhile, on Tuesday celebrated community acceptance, more or less, of SegWit2x, a proposed code change intended to separate signature data from transaction identifier data and to increase the size of the blocks that store Bitcoin transactions.

The revision, scheduled to take effect on August 21, is intended to make Bitcoin transactions more scalable and faster. After that point, Bitcoin miners will begin rejecting blocks that fail to support the change.

https://www.theregister.co.uk/2017/08/08/bitcoin_core_fork_cryptocurrency/

[Chicago]

It would take months for the difficulty to adjust downwards and weeks to reach an exchange even if you did want to dump.

Hello gentlemand,

    From what I've read of the Core contingency plans; they will introduce a proof-of-work change to recover from an event where no blocks are being minted.
    Yeah, that would mean no timely transactions for a little while as wallets get upgraded, but by no means would there be infinite weeks between timespans.

Best Regards,
-Chicago

[Hazir]

Man, I hope there isn't another fork. I don't see how that helps anyone.  

Don't you like forks? It is free money for everyone. But seriously, one fork is more than enough, it is confusing people and might halt bitcoin adoption.
I can't even imagine what will happen if we have more forking madness in the future, people would be disturbed by it.
I am waiting and assessing the situation myself, for now, I am unsure whether to sell BCC or keep it and sell BTC.

[13abyknight]

The only thing I will be doing here is deriving the most out of this situation. I got some free BCH during the fork because of the BTC I held and I will wait for it to rise to how much ever I think is right and will sell it at that point. Its not about which side one is on, its about the profit, at least for me. Both the guns have a foreseeable future of being bright and leading the altcoin pack.

[Aur3]

Too much forking. Why can't we just focus with Bitcoin vs Ethereum?