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cryptoDARO
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November 04, 2017, 11:21:46 AM
 #1

What I mean by "The Real Bitcoin" is the one that people will choose. It gives me a lot of concerns about the future of BTC.

The upcoming Segwit 2x hard-fork will deploy a B2X coin and if that coin will gain the majority of mining support what will happen then, will people abandon old BTC?
Coinbase has said they will label the coin with the majority of mining support as "BTC". So if B2X will make it, then it'll be called BTC there.
How will it impact the whole cryptocurrency markets, there will be a lot of confusion I guess - will people cash out or move into altcoins?
What about other forks of Bitcoin - BCH, BTG and more to come?

What is your plan so far and what do you expect?

 my blog (https://cryptodaro.wordpress.com/)
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November 04, 2017, 11:38:47 AM
 #2

There`s no reason for the majority of the people and miners to choose BTC 2x and leave BTC core.
I`m sure that many people will realise that Segwit is just a way to centralize bitcoin and they will stick to the bitcoin core.We don`t have any problems with slow transactions and very high transaction fees,so there`s no need to switch to Segwit.



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November 04, 2017, 11:39:26 AM
 #3

Having already seen two hard forks in this year itself, it is evident that even if Segwit2x receives a lot of support, it will not be able to budge Bitcoin. Coinbase is just trying to drive their user base to support it too as there's definitely some favor they are being offered by the Segwit2x team, monetary or not. Also keep in mind that many organisations and even some countries have declared a war on the upcoming hard fork.

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November 04, 2017, 11:51:18 AM
 #4

Still we can't decide unless we'll see what will be the impact of Segwit2x after it's hard fork. But there's a big support of majority miners on it. The real bitcoin you are saying shall be called as the "Legacy" bitcoin, I've read somewhere that suggests to call it as "Classic" bitcoin but mostly is calling it as "Core" bitcoin. There's so much call for bitcoin because of these hard forks and there's no way for people will abandon the old bitcoin since we don't much that hassle with regards to bitcoin. Some will get into alt coins but still the majority will win on this and we'll have one coin.

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November 04, 2017, 12:05:32 PM
 #5

Of the top 20 exchanges, none of them will explicitly support the new chain. 

They are all saying either that the original chain is BTC, not releasing a statement or claiming that the hashrate will decide.  Notably, if the price is lower for SegWit2x, it's unlikely that the hashrate of that chain will stay higher for long.

I would argue that "unknown" is somewhat supportive of the original chain, because taking no active steps to support the new chain may imply that the exchanges are staying as they are.  To change to the new chain, the exchange would have to actively support it, and therefore the "default" is basically the old chain.

Also, Coinbase seems to have released several contradictory statements about the fork, and their position is much more confusing than it is presented on the article.

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November 04, 2017, 12:14:10 PM
 #6

There`s no reason for the majority of the people and miners to choose BTC 2x and leave BTC core.
I`m sure that many people will realise that Segwit is just a way to centralize bitcoin and they will stick to the bitcoin core.We don`t have any problems with slow transactions and very high transaction fees,so there`s no need to switch to Segwit.

Segwit is activated on Bitcoin (aka Bitcoin Core). So we already have segwit. This new coin "BTC 2x" or "Segwit2x" is increasing the block size from 1MB to 2MB and then I suspect they will continue to increase the block size as part of their scaling solution. The only issue (imo) with BTC 2X is the fact they agreed these upgrades behind closed doors in a centralized manner which technically goes against the decentralized/consensus design of Bitcoin. It opens Pandora's box and asks the question : If a few powerful companies/guys can decide Bitcoins future then why can't governments? And if governments can change Bitcoin then Bitcoin can be driven into the ground. As we all know Bitcoin is a social movement as much it is a global payment network. If the power is taken away from the people (the end users) and then consolidated/centralized among the powerful elite then whats the point of Bitcoin?
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November 04, 2017, 12:39:57 PM
 #7

What I mean by "The Real Bitcoin" is the one that people will choose. It gives me a lot of concerns about the future of BTC.

The upcoming Segwit 2x hard-fork will deploy a B2X coin and if that coin will gain the majority of mining support what will happen then, will people abandon old BTC?
The answer is no the Bitcoin created by "Satoshi Nakamoto" will remain the real Bitcoin and Segwit2x will fail. If majority of miners will support B2X then let it be, they are not the only one who can mine and confirm Bitcoin transactions, new miners will come and will have a chance to make profit. Why I dont want to support Segwit2x is because Segwit2x have no replay protection which means that when you make a transaction on BTC, then the B2X coins are at risk of being stolen.
Coinbase has said they will label the coin with the majority of mining support as "BTC". So if B2X will make it, then it'll be called BTC there.
I don't use coinbase so I don't care.
will people cash out or move into altcoins?
What about other forks of Bitcoin - BCH, BTG and more to come?
I don't know, maybe some people who are confused on what will happen after the fork will move their money to other coins.
What is your plan so far and what do you expect?
My plan is to hold and I expect other BTC holders will do the same.

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November 04, 2017, 12:59:09 PM
 #8

Definitely,its a matter of serious concern.we earlier saw that more mining pools supported segwit 2x and it turned to be a worrying aspect.Segwit 2x had almost 95% of hash power.

But later,F2Pool announced that it would withdraw its support for segwit 2x.Its chief wan chung said that they believed that the bitcoin core team would support segwit 2x.

But when they saw that bitcoin core team do not support segwit 2x,they were forced to withdraw their support for segwit 2x.More pools were expected to withdraw their support near the activation date.

If it happens,then the legacy bitcoin would remain as real bitcoin and its price would shoot up.

Whatever exchange announces its support for segwit 2x,that doesn't matter.It seems that segwit 2x would not get enough miner support.





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November 04, 2017, 01:06:50 PM
 #9

Exchanges will list B2X as an altcoin, so you should ask instead would people move to an altcoin? And I believe the answer is no, all these years we had thousands of altcoins with bigger blocks, faster block time, some even adopted SegWit - yet none of them reached the same adoptions by merchants and users as Bitcoin. If B2X won't provide adequate replay protections it will be even worse than any altcoin, because people would have to forfeit their Bitcoins to use it if they will choose to claim their airdrop.
As for miners, hashrate does not determine what Bitcoin is, B2X miners will be mining invalid Bitcoin blocks so it will have no impact on Bitcoin's network. If you could so simply dictate your will to others by having majority of hashpower, than Bitcoin would not be decentralized and secure.

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November 04, 2017, 01:30:26 PM
 #10

This new coin "BTC 2x" or "Segwit2x" is increasing the block size from 1MB to 2MB


No.

  • Bitcoin now has 4MB (not 1MB) blocksize
  • Segwit2x increases to 8MB (not 2MB)

Vires in numeris
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November 04, 2017, 01:38:17 PM
 #11

Of the top 20 exchanges, none of them will explicitly support the new chain. 

Thats all cool but where is the big guy Poloniex ? Most of the people here are using Poloniex as exchange. It would be great if they list Segwit2X chain as something other than BTC
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November 04, 2017, 01:47:30 PM
 #12

people are not just going to abandon bitcoin if some hashrate leaves! bitcoin may have some problems if a large portion of it leaves but that will be temporary and surely not all of the hashrate.

and it is not all about miners, it is all the users who also have to choose between these chains. if majority of users also choose the fork then it will be bitcoin and the old one will be abandoned.

maybe i am alone but i had a much clearer choice about bitcoin cash than i have now. i wish more of the topics spend some time about arguing about things that are "technically" bad about SegWit2x rather than things that are politically and emotionally wrong with it.














 

 

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November 04, 2017, 01:49:05 PM
 #13

Personally, I will not risk my own means and leave them all to keep in the altcoys and ETH. This risk can end badly and you can lose all your money. After all, no one knows what will happen with bitcoin by 100%. This is frightening. So it's better to protect yourself. Wink

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mast3rm1nd
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November 04, 2017, 01:58:38 PM
 #14

I wonder how will all this effect the market. how will price of USD and alts with respect to bitcoin which ever one it will end up being called bitcoin. the price can't remain the same can it? I think this is the biggest thing that will happen to bitcoin so far.

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November 04, 2017, 02:07:12 PM
 #15

It is just like a relationship, people are already attached to bitcoin at most for 8 years and counting. I don't think people will easily abandon bitcoin core and just ride on this segwit 2x. In my case, all bitcoin forks are just altcoins, still bitcoin core is the real bitcoin.
If only the price of this new fork is more than the current price of bitcoin core, then maybe people will start to support it, but we know it can't be like that.



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treather
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November 04, 2017, 02:07:38 PM
 #16

I understand your concerns OP, but there is only one bitcoin. at least for now. Why will people choose the new coin over the real one? All these forks are creating new coins that will compete with each other and kill themselves off when they become too much, while the original copy chugs along nicely.
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November 04, 2017, 02:15:35 PM
 #17

From nowhere a new fork coin backed by miners and Coinbase will be the new bitcoin, is it? No way, even I myself received and read that email announcements by that exchange platforms. If we abide by there decision and wants, is this the start of being dictated by a group of people for what is best and what is right. Cryptocurrency is decentralized in nature, opposing this move is the option that remains.

B2x is not the real bitcoin because a real one doesn’t copy the original bitcoin core, right? I feel and smell something fishy about this collaboration by miners and Coinbase support. I feel something or someone is orchestrated this move and the bitcoin community will not allow this kind of thing.
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November 04, 2017, 02:17:33 PM
 #18

It's going to a race to win over as many people as both chains can. The segwit 2x one will naturally will have harder time pursuing their goal of becoming the bitcoin (and thus receive the BTC ticker) than the chain we currently have. The closer we get to the deadline to more political this debate becomes. Personally I would prefer to go further with the current chain, if for whatever reason segwit 2x comes out on top I don't think 'bitcoin' will remain the dominant cryptocurrency in the space.

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November 04, 2017, 02:20:31 PM
 #19

What I mean by "The Real Bitcoin" is the one that people will choose. It gives me a lot of concerns about the future of BTC.

The upcoming Segwit 2x hard-fork will deploy a B2X coin and if that coin will gain the majority of mining support what will happen then, will people abandon old BTC?
Coinbase has said they will label the coin with the majority of mining support as "BTC". So if B2X will make it, then it'll be called BTC there.
How will it impact the whole cryptocurrency markets, there will be a lot of confusion I guess - will people cash out or move into altcoins?
What about other forks of Bitcoin - BCH, BTG and more to come?

What is your plan so far and what do you expect?

That's how forks work, though. The coin that has the major support will get the future developments no matter if some hard core users oppose it, and the one that wasn't chosen by the majority of the miners simply die off or live as an altcoin. You can still support the coin of your liking even if it doesn't receive the majority of the hashing power. It simply isn't being recognize as the "original" coin and a few users might have it ready for trading compared to the one who received the majority of the mining power.

By nature, forks are good. But at the current state of affairs it's being abused by people who have their own selfish agenda that is completely different from what the majority wants.

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November 04, 2017, 02:20:58 PM
 #20

What I mean by "The Real Bitcoin" is the one that people will choose. It gives me a lot of concerns about the future of BTC.

The upcoming Segwit 2x hard-fork will deploy a B2X coin and if that coin will gain the majority of mining support what will happen then, will people abandon old BTC?
Coinbase has said they will label the coin with the majority of mining support as "BTC". So if B2X will make it, then it'll be called BTC there.
How will it impact the whole cryptocurrency markets, there will be a lot of confusion I guess - will people cash out or move into altcoins?
What about other forks of Bitcoin - BCH, BTG and more to come?

What is your plan so far and what do you expect?

If existing miners chose to mine the new coin after the coin it will be an opportunity for other people to get into mining since difficulty level will eventually decrease. And it is impossible for those miners to leave BTC since every one knows that it is the main coin and even new comers are opting to buy bitcoin that alt coins because it is more reputable than them. Just heard segwit 2x supporters are backing up.

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