Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16248. (Read 26609692 times)

What worries me is that our wallets may need to be modified to safely claim the new forked coins, just like BCH... New private keys, transfers from old to new keys, etc. We must be extra careful we don't send our BTC to outer space in the process...

My prediction for segwit 2x:
- In coming days exchanges and miners will start to show their "final position"; for sure some of them will leave NYA, but majority will remain in NYA;
- Major exchange will support both coins, for the safety of their customer's fund;
- Hardfork will happen as there is major miner support;
- The duel will then start:
          - In the beginning, the original chain will keep the name BTC; the challenger (segwit 2x) will have another name;
          - exchange will halt transaction for a period of time, so the opening price can be a big surprise to everyone;
          - Segwit 2x side with large amount of hash rate and low fees, but not yet a lot of nodes nor infrastructure support; number of transaction is low; But miners are all well funded and determined, so they insist on mining even at loss;
          - Split will happen @block 494784, difficulty adjustment @493920, so 864 blocks to go, which is roughly 6 days. If core coin lose 90% of hash power, it will last 60 days;
          - Core chain is practically not usable, expect core team find a magical soft fork solution, otherwise it will take one and half hour for one confirmation;
          - Core coin's fee will skyrocket because everyone wants to get their transaction in next block;
          - All commerce will have to start to implement support for alt coins and/or segwit 2x coins, otherwise they will not receive payment in time;
          - Exchanges resume the transaction, core coin price goes down;

- Commerce will be forced to start to support segwit 2x coin;
- After some time, core coin will die and BTC name will be given to 2x coin;
- Developers will go either to alt coin or btc1;
- After 60 days, core chain will have the difficulty adjustment (to 10%), miner's profitability change (if the core coin price is not yet 10% of original price), they come back for some quick profit, dump core coins till price re-balance, leave and go back to segwit 2x.

Sad ending.

Strategy: HODL, as usual. I would not recommend to diversify the portfolio too much though...

Im starting to slowly convert to the conspiracy camp. To see people involved in bitcoin and the crypto scene do everything in their power to kill or dilute the very thing they have claimed to support dosnt make any sense to me. I cant justify it by egos or self interest alone. Usually the simplest answer is the correct one-Big money dont want you messing with their toys

You avoid them. What other option is there?

So what happens when these businesses move to only support a single version of Bitcoin that you don't believe in/support? Because 'trading fees'.

And oh yeah btw, it's not because of 'trading fees'. Bitcoin is turning into a settlement layer, and these businesses have to eventually settle up on the main chain and pay transaction fees to the miners. They want to pay the least fees possible of course, hence the lobbying for 2x. That's their true motivation. They could give a shit about future 'decentralization' of mining.

My point is: driving the price down could help strong-shouldered owners/hodlers to flesh up their stash. The next time around, your dark pools or other provider will likely have a higher ask price. Meanwhile, your adversaries (strong-shouldered guys) have more than they had. If there is demand, the price springs back up, and you lose energy with every oscillation. So you nefarious guy end up losing, unless you provide new fuel on the average.

Might be naive thinking? Am I applying medium-long term dynamics to a phenomenon that is inherently transient and nonstationary? I think the more we progress, the more the BTC ecosystem approaches the ongoing dynamics of stable (as opposed to chaotic) systems.

These businesses exist on our backs like parasites. What can I tell you. Trading fees are trading fees.

Selling more forks of Bitcoin doesn't sound seem like a sound business model for future gains to me. Does it to you? Is their future goal to have like 5-10 forks of bitcoin available for buy/sell? Does that sound like a good strategy?

But isn't it a Digital Currency Group initiative in the first place? Coinbase and Bitpay stand out.

As for BCH, I understand Shapeshift made out like bandits, too.

So in your mind then, which 'corporation' is being greedy here and stands to gain from all of these forks? And how do they stand to gain?

Ignored.

This is all corporate greed. Nothing more elegant than that.

Yes, but you have to understand that existing Bitcoin users are not necessarily their target. The target of their confusion tactics are mainly Average Joe newbies thinking about buying bitcoin for the first time, that are completely unaware of Bitcoin's sordid history and bad actors. These are the same people currently reading and believing all those negative MSM Bitcoin articles.

Their goal is to slow down or completely derail Bitcoin adoption. And they think the unwashed masses are easily swayed, which history has proven to be true.

Considering the rising awareness/enthusiasm about bitcoin/crypto in the main population, and the news about public investors who could join the rally, I doubt that we could see any bearish bitcoin market for years !

To summarize:

https://bitcointalksearch.org/topic/m.22490516

But you're smart, b/c you don't believe in conspiracies, right?

There are no other cryptocurrencies that matter. Zcash is already on it's second fork fwiw. As for the spam attacks, we already know our own hired goons are responsible.

My apocalypse theory on how Segwit2x will go (but fingers crossed I am wrong)
- it starts, all miners are on 2x but nobody cares, miners start panicing
- Whale wobbles around and decides to send the money to whale n.2. The whale fucks up and sends money to segwit2x. All of a sudden SW2x will be worth >1bn. The whale notices it lost 3/5 of the money on the process.
- The whale will contact Forbes, which will make a long and painful article on how bitcoin is unreliable and shit, as they always said
- Bitcoin drops 60%

You know what? I see through their bluff and I'm ready to sink with the BTC ship in case it happens. I already did it in previous 90% crashes. I won't sell cheap, and likely I won't sell the most anyway until I find a safe way to not pay sh*t to the tax extortionists and I find a better use for my coins.

Do you ever wonder why no other cryptocurrencies are under this much pressure and contention with constant forks and spam attacks? You should wonder. Or y'know, you could put your head back in the sand.  

Obscenely rich nefarious actors are better off buying tons of bitcoin from dark pools or direct elsewhere and dumping the market in exchanges. This will drive the price down. You don't enrich anyone except whoever you originally bought the bitcoin from.