Zakhal (OP)
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November 11, 2017, 02:29:41 AM
Last edit: November 11, 2017, 02:39:46 AM by Zakhal |
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It seems like the canceled Bitcoin fork might have been a disaster if they had executed it. I was fully expecting Nov 16th to be an apocalypse for Bitcoin. Over 80% of miners were signaling support for 2MB blocks, and several hundred of the largest Bitcoin exchanges and companies had signed an agreement to support the block size increase. Despite businesses planning for 2MB blocks, much of the Bitcoin user community and core development team was prepared to reject the software change, which would split the Bitcoin network in a most disruptive way.
The split would have been a disaster for Bitcoin. However, the price of Bitcoin has been reaching new all-time-highs because uninformed investors have been conditioned to think that a fork in Bitcoin means that you get free coins. That was the case with Bitcoin Cash, but the chain split planned for Nov 16th would have been very different.
Under the SegWit2x split scenario, I don’t think it would have been possible for anyone to agree which was the “real” Bitcoin chain anymore. Large companies like Coinbase had agreed to support both chains. The 2MB chain planned to launch with no replay protection for users, which would have caused massive confusion and loss of funds. As the first clean fork of Bitcoin, with a clear plan and goal of being business-friendly, I expected Bitcoin Cash to be a big winner. The price of Bitcoin Cash has gone up nearly 100% in the past two weeks with many investors speculating on a “Cashening.”
Still scaling issues are not solved and there is no solution in near future. Bitcoin reaches end of an era Two large factions of the Bitcoin ecosystem reached an impasse. For individuals and corporations who no longer find the transaction fees and scalability acceptable in Bitcoin, the simplest solution is to leave. Those individuals will dump their $7,500 (down to $6,600 at press time) Bitcoin on first time buyers as they slowly get out. “Dumb Money” pouring into Bitcoin People are exuberant about the price of Bitcoin increasing to nearly 7x the price it was at the beginning of the year. Real-life meetups are full of new faces and first-time investors. The Bitcoin subreddit is full of people cheering each other on about buying their first 0.1 BTC and expecting a 10x annual ROI. One of the bullish pieces of news driving the mania is that the CME Group plans to add Bitcoin futures this year, potentially making Bitcoin available to billions of dollars worth of new investors. However, Wall Street hedge fund investors are not suckers. Even if a hedge fund wants to buy into Bitcoin, they might try to short it first to drive the price down and shake out weak holders. If they can cause a few billion in losses from the people who bought the top by shorting it all the way down to $3000 (where it was a few months ago), they will. https://cointelegraph.com/news/bitcoin-reaches-end-of-an-era-expert-blogI think there will be multiple alts that will serve to replace the Bitcoin. Which ones do you think they are? Im voting for Dash, Zencash, Litecoin and to some extent Bitcoin Cash too. |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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coinpimp321
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November 11, 2017, 02:39:23 AM |
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probably gov issued crypto. they have the fiat to back it up  |
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Zakhal (OP)
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November 11, 2017, 02:40:58 AM |
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probably gov issued crypto. they have the fiat to back it up If they make it limited edition. If its unlimited it might become like Doge except bumped up by tax payer money. |
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xurestey
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November 11, 2017, 03:36:20 AM |
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Altcoin will raise prices if bitcoin drops. As all altcoins are affected by bitcoin. As usual, the bitcoin increase altcoin decrease, bitcoin decrease, then altcoin will increase. Choose the right time to invest.
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digaran
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🖤😏
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November 11, 2017, 08:29:37 AM |
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Your answer is obvious, my activity tokens will gladly jump right in to replace Bitcoin and letting it to rest for a while, we might see a temporary shift and change of interest leaning for BCH for a few weeks, but when unconfirmed transactions settles down and network becomes distressed everything will go back to as it was.
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🖤😏
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bixiiMaphi321
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November 11, 2017, 10:04:15 AM |
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Altcoin will raise prices if bitcoin drops. As all altcoins are affected by bitcoin. As usual, the bitcoin increase altcoin decrease, bitcoin decrease, then altcoin will increase. Choose the right time to invest.
But why some time i see bitcoin price down and altcoin down? |
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Siren
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November 11, 2017, 10:04:55 AM |
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With the obvious pump of Bitcoin Cash, one must think that is really the best alts after Bitcoin. However, I don't see it replacing bitcoin. This is just a temporary shift and sooner or later miners, traders will go back to bitcoin market and so its dominance will continue. If you have other choice then you might as well get ETH and hold it for long term. I don't see in the next to 5-20 years that will challenge bitcoin's dominance.
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Siren
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November 11, 2017, 10:22:15 AM |
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Altcoin will raise prices if bitcoin drops. As all altcoins are affected by bitcoin. As usual, the bitcoin increase altcoin decrease, bitcoin decrease, then altcoin will increase. Choose the right time to invest.
But why some time i see bitcoin price down and altcoin down? Because bitcoin and altcoins has some kind of correlation. Before the cancellation of segwit2x, you will see the bitcoin price is going up and altcoin is bleeding because altcoin traders are selling their coins and putting it to bitcoin in anticipation of the free coins that they will be getting during the segwit2x implementation. But as said, it was cancelled, so now they sell their bitcoin and go back to altcoin once more. |
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wojak
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November 11, 2017, 11:09:42 AM |
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With the obvious pump of Bitcoin Cash, one must think that is really the best alts after Bitcoin. However, I don't see it replacing bitcoin. This is just a temporary shift and sooner or later miners, traders will go back to bitcoin market and so its dominance will continue. If you have other choice then you might as well get ETH and hold it for long term. I don't see in the next to 5-20 years that will challenge bitcoin's dominance.
IMHO It will be some sort of alternative, for sure it will jump to #2 soon over eth, I think 50 000 000 000 mcap is real |
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Zakhal (OP)
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November 11, 2017, 11:31:21 AM |
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With the obvious pump of Bitcoin Cash, one must think that is really the best alts after Bitcoin. However, I don't see it replacing bitcoin. This is just a temporary shift and sooner or later miners, traders will go back to bitcoin market and so its dominance will continue. If you have other choice then you might as well get ETH and hold it for long term. I don't see in the next to 5-20 years that will challenge bitcoin's dominance.
I think its going to be bump & dump only for bitcoin cash. Also bitcoin cash is not decentralized. Most blocks are mined by two miners only! https://steemit.com/bitcoin/@penguinpablo/bitcoin-cash-is-not-decentralised-92-of-the-blocks-are-mined-by-only-2-miners |
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justin86
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Market Integration Platform
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November 11, 2017, 11:36:19 AM |
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Scaling cannot be serious and enough reason to cause bitcoin to die to me. But I think there are extremely good coins compared to bitcoin in the market for example : decred.
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JoCrook
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November 11, 2017, 11:41:29 AM |
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I think we will see Bitcore ( BTX ). Same chain, 20MB Blocks. Low fees, highest speed.
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FiiNALiZE
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November 12, 2017, 10:14:33 PM |
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With the obvious pump of Bitcoin Cash, one must think that is really the best alts after Bitcoin. However, I don't see it replacing bitcoin. This is just a temporary shift and sooner or later miners, traders will go back to bitcoin market and so its dominance will continue. If you have other choice then you might as well get ETH and hold it for long term. I don't see in the next to 5-20 years that will challenge bitcoin's dominance.
The Government would have to pump the price up themselves in order for that coin to get a really expensive price. |
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EcoChavCrypto
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November 12, 2017, 10:26:13 PM |
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I dont know, but we are facing a critical situation rigth now, bitcoin is falling a lot, and this is probably because the autorities want to see bitcoin going down for a lot of money.
All those corporations from mining like bitmain, antminer, all those shits are the same shit, they are trying to dump the price in order to pump bitcoin cash, so they can buy bitcoin back again at a cheap price.
Why the entire world is sick for the money? i will never understand that, and they are trying to ruin this perfect system in order to make a few millions from that.
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anjuara29
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November 12, 2017, 10:36:25 PM |
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From my opinion if bitcoin falls due to lack of scaling then there is a chance of ether to replace it i think. Ether is very promising coin and it's future is also will be very good.
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xenomorphe1
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November 12, 2017, 11:05:41 PM |
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I think Bitcoin Cash could replace Bitcoin if everyone sell their Bitcoin. But i think most people prefer Bitcoin compare to Bitcoin cash.
But some big companies are trying to kill Bitcoin with forks. They are trying to take the place of the king.
I hope they don't succeed. Everyone want to take the whole cake and not just a piece of the cake.
But because Bitcoin depends on the big miners companies, they could kill Bitcoin by stopping the mining of Bitcoin. That would be a terrible plan. Bitcoin depends too much on them. But i don't think everyone would stop. As they may lose much more money.
Bitcoin Gold could be the solution to not depend of the big miners companies. But we don't really know what is Bitcoin Gold plans...
Or maybe Ethereum could replace Bitcoin? As Ethereum is well known and used.
What coins are going to survive? That's a big problem.
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