Bitmain Signalling Segwit2X. Are We Nearing the End of the Bitcoin Drama?

hedge-x (57) · 7 years ago

The selloff we just witnessed was a game to get cheaper coins. Once we blow past this scaling debate the market is going through a major tear. Shit coins will con't to be dumped though. The next run will show us who true leaders will be. Buckle up b/c the rocket is about to blast off! We may see 30%-40% moves on Bitcoin in just one day. Ethereum could see $500 by next few weeks and BTC at $4000 all most over night.

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hilarski (76) · 7 years ago

Bitcoin is Rising!

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7 votes

dim753 (65) · 7 years ago (edited)

For sure. the next two weeks will be the best opportunity to have huge profits on december because of scary of people

arthur-schopen (41) · 7 years ago (edited)

what is happening in December?

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dim753 (65) · 7 years ago

I mean buy then of august 1 because you will see many coins with low value so you can buy them cheap and in december the prices will be bigger

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sunscape (70) · 7 years ago

I have to agree with your last words, I am cautiously optimistic too! Have a great time gaining information to share with all of us at steemfest.

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https://steemit.com/bitcoin/@cardboard/bitcoin-huge-news-antpool-just-mined-first-block-signalling-segwit2x

cardboard (61) · 7 years ago (edited)

My article about the subject:

Bitmain indeed started to signal segwit2x today which is good news!

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https://steemit.com/bitcoin/@kyle.anderson/fork-christ-s-sake-bitcoin-is-going-to-fork-is-segwit-bitcoin-whose-side-should-i-be-on

kyle.anderson (60) · 7 years ago

There will most likely be a chain split on August first as there have been several pools allowing users to support the SegWit free chain. Many people do not want SegWit for very valid reasons. See my post below.

There is no end to the drama in sight. Especially with SegWit2x. There will certainly be re-evaluation of the 2x part after SegWit is activated.

In short, SegWit can flip the incentives for some (bandwidth restricted) miners such that they benefit from not downloading or verifying the transaction signatures. For a user, this causes a SegWit transaction to be less secure than a non-segwit one. A non-SegWit transaction is secure with the assumption that no attack is able to obtain more than 51% of the network hashrate. With SegWit, this becomes 51% - (percent of miners with flipped incentives).

If 20% of miners end up in a situation where they are not downloading signatures because it is more profitable for them not to, a 31% miner can attack the network effectively. Security becomes 51% - X.

The bigger problem is that it is very hard to estimate the proportion of miners with this flip in incentives before their portion grows too large and an attack occurs. This basically means that SegWit transactions will always be less secure than normal Bitcoin P2PKH transactions. Even if just by the smallest bit, this is what fundamentally breaks the fungibility of Bitcoin.

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1 vote

jeezzle (70) · 7 years ago

I'll be honest with you Randy......... I hope the drama goes on for about 2 more months and we see the price of Bitcoin fall down to like $300. That way I can come in like a greedy broom and sweep it all into my pocket before it rises back up.

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6 votes

fraterralph (49) · 7 years ago

I agree with you @hilarski on having Bitcoin as a store of value. If a user wants transaction speed there's always DASH and Litecoin; either would make great "coffee coins." Not too comfortable playing games with Bitcoin. But, if the drama does start to settle down now that things seem to be moving in that direction, maybe we can get back to business as usual until the next wave of FUD hits. Here's hoping for the best!

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yaan (59) · 7 years ago

Can't be one hundred percent sure what gonna happen. Let's just prepare and wait.
Thanks for info man!)

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4 votes

trendo (58) · 7 years ago

Hopefully all the drama ends soon...

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sevinwilson (65) · 7 years ago

Hopefully Bitcoin figures out their scaling issues. Since the early days, some have argued for Bitcoin to increase the maximum number of the coins allowable to be greater than 21 million.

Hopefully something like this would never happen!

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plus.ultra (42) · 7 years ago

I think all this FUD was caused to shake the weak hands and get cheap coins

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awesome-seven (63) · 7 years ago

The "pressure" seems to be deliberate....
1.scare us to sell our coins....
2.for big investors to buy low....

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victorycoin (25) · 7 years ago

Quite pathetic , why can't they go develop another and let UASF prevail. I see a split becoming inevitable !

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hms818 (61) · 7 years ago

This thing needs to settle down quickly.... enough of thrilling suspense and a never ending drama... glad to hear about Bitmain signaling Segwit2x and thanks @hilarski for sharing this news!

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thephotoguide (50) · 7 years ago

Was about time! Still no guarantees but at least its a sign of better times ahead

barteksiama (52) · 7 years ago

Bitcoin is just testing us all. It knows only the greatest and most patient ones can profit from it's greatness!

dim753 (65) · 7 years ago (edited)

Bitmain and jihan wu thinking that the option of 2 types of btc are a little bit small comparing with the real culture of btc

2 votes

trevis (38) · 7 years ago

no matter what cryptocurrency you are fan of/invested in you have to hope this is the end of the drama

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moderninvestor (51) · 7 years ago

We are SO close i can feel it

I hope this is all done with soon, the market has already responded today

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2 votes

vegeto (52) · 7 years ago

one day scams coming out and other day everything is booming, market volatility at its finest

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2 votes

shawnfishbit (55) · 7 years ago

Absolutely. It's a psyche out to get people to dump into buy orders. Once you can see it for what it is, the story becomes so much easier to understand.

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ryan313 (57) · 7 years ago

Hey hopes alls well ! wanted to show you STEEM PARK NYC GRAND OPENING! I went with my two kids.
https://steemit.com/steemit/@ryan313/steempark-for-artists

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1 vote

shawnfishbit (55) · 7 years ago

Truthfully, I think this is all drama. I think btc will come out of this just fine, and we'll be on our way to pushing up into the 3,000 range.

Follow the money. Long positions are strong on btc. The public gets sucked into the FOMO and I guess they had to be cleared out. The weak hands had to be washed away. It's kinda sad, in a way. But so cliche.

There is just too much money mixed up into btc for it to be allowed to fail. Miners will do what miners do . . . they will mine haha

I've learned to follow the chart patterns. They don't lie. And btc looks pretty good, imo. I think segwit will happen, and then we'll be on to a new sort of drama to stir up the pot again.

Hell yea the markets like it!! Been a great day for btc, eth, and ltc.

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