Cancellation of Segwit2x and it's effect on BTC value

davinchi

legendary

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Quote from: mk4 on November 08, 2017, 08:37:22 PM

Very unprofessional advice:

My guess would be that bitcoin's price will dip a bit. Probably just as low as 5%-10% as I think that a lot of people will go full FOMO because of altcoins currently skyrocketing in price. Also, knowing that most people realize that they aren't getting any free forked bitcoin as s2x has been canceled.

Man… I believe you’ve got a point here. Bitcoin price will dip, and that’s very true, probably that people will start to withdraw and Investment on altcoins will grow.

All this while, people has been withdrawing their money from altcoins and Investing on Bitcoin all due to the hard fork that was to take place on 16th this month, and through out then, price rate for altcoins kept on decreasing. But after the announcement, I noticed some.slight increase in the price for Altcoins while bitcoin dipped small.

babsjoe

full member

Activity: 490

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Segwit 2x is done and dusted! Everone know that it's s bump in development history. I do not support because we can find other way around to find solution we want! Bitcoin value as far as I am concern has noymt been found yet, we are still on the road to discovery

kimochidesh

sr. member

Activity: 518

Merit: 257

BTC should rise in long-term...A temporary fall has seen coz many investors who were there to take advantage of free segwit2x, after hard fork cancellation new, they have exited the market. Some influential investors bought BCH in large quantity that created a FOMO and Exciting buying started. But again BTC come back in form and created a new price record in just 72 hours.
I see BTC at 20K by the end of 2018.

PokerFace3

hero member

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Quote from: DevelopmentBank on November 08, 2017, 08:03:23 PM

So i just read that the controversial segwit2x upgrade was just cancelled.
Reference link: https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/

I'm curious to hear what people here think of this and it's effect on bitcoin price.
Is it time to go back to altcoins maybe? Or will this solidfy bitcoin position?

There would be a little bit of correction now that the coast is very clear and then after that the value will keep rising and the same cycle over again. The pumps are already getting pumped and that is really not affecting the value of BTC much as we still have it around $6600 - $6300 right now, but I guess time will tell at the long run if we will hit below the present support or if we will start seeing another ATH.

k@suy

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Quote from: btcone111 on November 13, 2017, 02:10:30 PM

To be honest, I do feel scalability is a problem that BTC has to solve before it can go higher from $7K.
Hence I think we are entering a phase where it will consolidate around recent highs.

WELL, something that we are in correction right now plus the drama that adds to the bitcoin dump. I know, this will recover very soon and will conquer another highs. This already happened before, and will happen again. Just get a popcorn and enjoy watching the show Grin

peter0425

sr. member

Activity: 2618

Merit: 439

Quote from: DevelopmentBank on November 08, 2017, 08:03:23 PM

So i just read that the controversial segwit2x upgrade was just cancelled.
Reference link: https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/

I'm curious to hear what people here think of this and it's effect on bitcoin price.
Is it time to go back to altcoins maybe? Or will this solidfy bitcoin position?

By now we already saw what happened to the price, it goes down after the Segwit2x cancellation. However, there are factors that really brought down the price. The bitcoin cash entities started to create FUD saying that they are the real bitcoin. People believed in them, causing the price to plummet below $5K. Its a s deliberate attack from the other side. Although the price of bitcoin has recovered since the attack.

If you can just wait for a little bit then do it before going to altcoin. This last few days have been very difficult to decide whether to stick to bitcoin, follow them with bitcoin cash, or stay to our beloved altcoins. Just give another couple of days before deciding what options are better. Its a hell of a roller coaster ride.

btcone111

full member

Activity: 266

Merit: 110

To be honest, I do feel scalability is a problem that BTC has to solve before it can go higher from $7K.
Hence I think we are entering a phase where it will consolidate around recent highs.

reflector

sr. member

Activity: 826

Merit: 263

Quote from: SixOfFive on November 13, 2017, 01:45:48 PM

As we all expected, Segwit2x cancellation brings a turbulence in the crypto market. We all were hoping to fall BTc and rise of altcoins. But investors started shifting to BCH suddenly, I don't know if it is just a FOMO move or a rise of new coin competing BTC in terms of market cap.

When this information has been shared that time every says we may expect the big value in the bitcoin chart. But this time hard fork correction pull down the value completely and backs up to 6000 USD.
Many threads comes with to talk BCH shit coin. Whether goes to peak next to bitcoin nut still users are concentrate on bitcoin cash yet.

SixOfFive

sr. member

Activity: 630

Merit: 257

As we all expected, Segwit2x cancellation brings a turbulence in the crypto market. We all were hoping to fall BTc and rise of altcoins. But investors started shifting to BCH suddenly, I don't know if it is just a FOMO move or a rise of new coin competing BTC in terms of market cap.

jeraldskie11

sr. member

Activity: 1316

Merit: 356

I am very sad of why they do cancelling the hardfork of segwit2x on bitcoin in November 16. Hardforks has one the reasons why bitcoin prices increased. I believe that before 2018 bitcoin price will reach $10,000 but because they cancelled the hardfork, the time usage of getting reach $10k price of bitcoin will increase.

ditinhu

full member

Activity: 140

Merit: 100

With the cancellation of the Fork, some altcoins are raising their values greatly, proving that people buy many Bitcoins to profit from the fork. If there is another Fork the Altcoins will plummet with this so people will lose a lot of money.

I hope that now the Forks will end so that the market can stabilize and the altcoins get out of the low, I have some altcoins and I'm waiting to recover my loss.

DevelopmentBank

full member

Activity: 406

Merit: 110

Quote from: capoeira on November 09, 2017, 06:17:02 AM

The question is how much of the recent rally was people "subscribing for free money".

Apparently, a lot more than expected were actually subscribed for free money. Bitcoin value is now down to 6600$ as of time in writing.
I wonder how long this bear run will last. But i'm not even worried since I know the value will not just suddenly disappear and actually appreciate in value over time
Target price is 10k$ USD anyway.

capoeira

legendary

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The question is how much of the recent rally was people "subscribing for free money".

marky89

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Merit: 502

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Quote from: DevelopmentBank on November 08, 2017, 08:03:23 PM

So i just read that the controversial segwit2x upgrade was just cancelled.
Reference link: https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/

I'm curious to hear what people here think of this and it's effect on bitcoin price.
Is it time to go back to altcoins maybe? Or will this solidfy bitcoin position?

It's tough to say. Is this a "sell the news" event? Some traders were definitely expecting a B2X "dividend" which was trading at ~15% of the price of BTC. That's not happening anymore, so some of those traders are selling because of that. Others were also waiting for the fork to reenter alts, and they can do that now.

It looks to me like the initial selling wave is over, and that we will see some sideways action in BTC. That should result in eventual new highs, but in the meantime, I'm looking at alts. I think there's some relief rallies on the horizon.

flowpify

newbie

Activity: 42

Merit: 0

Quote from: DevelopmentBank on November 08, 2017, 11:34:25 PM

Quote from: mk4 on November 08, 2017, 08:37:22 PM

Very unprofessional advice:

My guess would be that bitcoin's price will dip a bit. Probably just as low as 5%-10% as I think that a lot of people will go full FOMO because of altcoins currently skyrocketing in price. Also, knowing that most people realize that they aren't getting any free forked bitcoin as s2x has been canceled.

Thanks for that. Good answer. I was initially having the same thoughts as well however i've been reading articles on this cancellation and from the comments it seems some people are actually happy because they think bitcoin is more secure and stable now. Can't help but wonder how many feel that way and if they can drive the price upwards.

I was thinking the same, now it's only madness ans panic since people still don't know exactly how to react. It may still go down for a little while but it should be up and running pretty soon again!

bamboylee

hero member

Activity: 1148

Merit: 504

The initial reaction was profit taking that is why the price shed 400$ when the news broke out. I would do the same if I have 2-3K profit from each bitcoin I have. I think more will dump some bitcoins as they learn about this news. Alt coins are good buy right now because most of them are very cheap and dropped deeply when bitcoin was surging up. Some investors may take that path and may lead to bitcoin dropping more. Even with all that, I do not think bitcoin will drop to below 6K so it is still good.

Granxis

hero member

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Who gives the division decision? In other words, it needs to be real people to get a consensus. Who makes this decision? I think it's wrong to manage an independent currency. If the decision makers are representatives of the mayor miners, I still have an objection.

shamzblueworld

hero member

Activity: 714

Merit: 500

Quote from: DevelopmentBank on November 08, 2017, 08:03:23 PM

So i just read that the controversial segwit2x upgrade was just cancelled.
Reference link: https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/

I'm curious to hear what people here think of this and it's effect on bitcoin price.
Is it time to go back to altcoins maybe? Or will this solidfy bitcoin position?

I think more than affecting the bitcoin value, this will definitely raise altcoin values. Now that people know that there is no fork comping, they will start investing in alts for profit, hence altcoin values may rise exponentially.
BTC value may go slightly down but it won't dive down too low. I think it will remain in 7-7.5K range.

Ewox

sr. member

Activity: 812

Merit: 253

Because of the suspension of the Segwit2x I think Bitcoin will neither go up or down or if ever it does go down, it won't go far down that much, maybe just around $1000 less of what it's current price is would be its price. But for sure this month it is expected especially by the experts that it'll reach around $8000 by November and $9000 by December.

Herbert2020

legendary

Activity: 1946

Merit: 1137

actually i have to disagree with the previous couple of comments and say there is a good chance that price starts rising now. we can even expect a much bigger size out of bitcoin if the SegWit2x cancellation is for real and all miners do drop it eventually.

the reason is mainly because this fork was the main reason for many to stay away from investing in bitcoin. forks are always scary, people prefer not to invest in something that is unclear and has a potential to go either way. specially since this was a hard fork.
now all those people have no excuse and nothing to worry about, they can potentially come in now and start investing. that means a big rise.

Topic: Cancellation of Segwit2x and it's effect on BTC value (Read 745 times)