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-   -   Segwit 2X Cancelled - Bitcoin Surges ahead (https://www.aspkin.com/forums/cryptocurrency/112073-segwit-2x-cancelled-bitcoin-surges-ahead.html)

slokor 11-08-2017 01:06 PM

Segwit 2X Cancelled - Bitcoin Surges ahead
 
Looks like the Segwit2X Hard fork has been cancelled (Thank goodness):
https://www.coindesk.com/2x-called-o...ack-consensus/
A direct result is a sharp drop in the futures prices of B2X futures and a sharp increase in the price of Bitcoin which has already crossed $7800 and is currently at over $7700.

Play 11-08-2017 01:07 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Woah, didn't see that coming. I would of thought it would still go through regardless of backing!

Good Shout.

P.S. Slightly annoyed! I was looking forward to free money. Though B2X are now worth a mere $248.04 (huge drop compared to their $4k high).

nate 11-08-2017 01:15 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
You beat me to it... This is good.... I'm feeling better about my decision to go all in a few days back.

https://lists.linuxfoundation.org/pi...er/000685.html



"The Segwit2x effort began in May with a simple purpose: to increase the
blocksize and improve Bitcoin scalability. At the time, the Bitcoin
community was in crisis after nearly 3 years of heavy debate, and consensus
for Segwit seemed like a distant mirage with only 30% support among miners.
Segwit2x found its first success in August, as it broke the deadlock and
quickly led to Segwit’s successful activation. Since that time, the team
shifted its efforts to phase two of the project - a 2MB blocksize increase.

Our goal has always been a smooth upgrade for Bitcoin. Although we
strongly believe in the need for a larger blocksize, there is something we
believe is even more important: keeping the community together.
Unfortunately, it is clear that we have not built sufficient consensus for
a clean blocksize upgrade at this time. Continuing on the current path
could divide the community and be a setback to Bitcoin’s growth. This was
never the goal of Segwit2x.

As fees rise on the blockchain, we believe it will eventually become
obvious that on-chain capacity increases are necessary. When that happens,
we hope the community will come together and find a solution, possibly with
a blocksize increase. Until then, we are suspending our plans for the
upcoming 2MB upgrade.

We want to thank everyone that contributed constructively to Segwit2x,
whether you were in favor or against. Your efforts are what makes Bitcoin
great. Bitcoin remains the greatest form of money mankind has ever seen,
and we remain dedicated to protecting and fostering its growth worldwide.


Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik
Voorhees"

slokor 11-08-2017 01:25 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
That's exactly it - without replay protection it would not have been a 'free money' type of fork. It would have been more of a split that would have caused chaos to both chains and would have resulted in loss of trust in both.
Very happy that this is not going to happen.

duffrageous 11-08-2017 01:31 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Neo could return to its September high of 37. My plan was to dump my BTC for Neo right after the fork. Looks like I got to take a gamble now.

https://coinmarketcap.com/currencies/neo/#charts

Play 11-08-2017 01:50 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
ouch btc dropping from all time highs... i knew this would happen. i'll probably buy back in at $7k, what do you think?

elmo 11-08-2017 02:03 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
I think money will be moving into alts for a few days maybe a week, 7K is likely/possible, but I don't think it will go much lower than that.

slokor 11-08-2017 03:06 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Well it went down to $7078 then bounced again.
Nice rollercoaster we're on at the moment.
Dont know if itll go that low again but who knows...
All I know (or rather believe) is that longer term (in Bitcoin terms of course) itll shoot up over $10k by early next year.

Play 11-08-2017 03:23 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
If it goes back to 7.1k, i'll buy back in. I was debating whether to do it or not, but with things this volatile you don't have time to ponder. You've got to plan ahead!

$10k by end of Jan 18, easy.

duffrageous 11-08-2017 04:09 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Quote:

Originally Posted by elmo (Post 883101)
I think money will be moving into alts for a few days maybe a week, 7K is likely/possible, but I don't think it will go much lower than that.

The money has been moving into alts since 11/5:

I hope it's not too late, but I would put all my money in the top 10 alts until the trend reverses.

BTC Price _ Coin Market Cap _ BTC Market Cap _ BTC PCT of market cap _ Alt market cap _ Alt PCT of market cap _ Date


7552 _ 201.0 _ 125.9 _ 0.626 _ 75.1 _ 0.374 11/05/17
7323 _ 198.3 _ 122.0 _ 0.615 _ 76.3 _ 0.385
7276 _ 197.3 _ 121.3 _ 0.615 _ 76.0 _ 0.385
7314 _ 198.0 _ 121.9 _ 0.616 _ 76.1 _ 0.384
7383 _ 199.5 _ 123.1 _ 0.617 _ 76.4 _ 0.383 11/06/17
7144 _ 196.1 _ 119.1 _ 0.607 _ 77.0 _ 0.393
7023 _ 193.8 _ 117.1 _ 0.604 _ 76.7 _ 0.396
7107 _ 195.5 _ 118.5 _ 0.606 _ 77.0 _ 0.394
7180 _ 197.2 _ 119.7 _ 0.607 _ 77.5 _ 0.393
7078 _ 195.1 _ 118.0 _ 0.605 _ 77.1 _ 0.395 10/07/17
7099 _ 195.9 _ 118.3 _ 0.604 _ 77.6 _ 0.396
7134 _ 197.0 _ 118.9 _ 0.604 _ 78.1 _ 0.396
7245 _ 199.4 _ 120.8 _ 0.606 _ 78.6 _ 0.394
7338 _ 201.3 _ 122.3 _ 0.608 _ 79.0 _ 0.392
7417 _ 203.0 _ 123.6 _ 0.609 _ 79.4 _ 0.391
7498 _ 205.0 _ 125.0 _ 0.610 _ 80.0 _ 0.390 10/08/17
7724 _ 209.2 _ 128.8 _ 0.616 _ 80.4 _ 0.384
7392 _ 205.8 _ 123.2 _ 0.599 _ 82.6 _ 0.401
7225 _ 203.5 _ 120.4 _ 0.592 _ 83.1 _ 0.408

duffrageous 11-08-2017 11:40 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Anyone catch the buy wall of ADA Cardano at 313 Sats this morning? It went up 50% today before falling back to around 30%. That must have been in response to the news. But the order was never actually fulfilled. Not sure if this group was already staking ADA and did that purposely hoping the price would surge.

https://bittrex.com/Market/Index?MarketName=BTC-ADA
https://www.reddit.com/r/cardano/com..._430_btc_wall/

GreenBean 11-09-2017 03:45 AM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Quote:

Originally Posted by Play (Post 883119)
If it goes back to 7.1k, i'll buy back in. I was debating whether to do it or not, but with things this volatile you don't have time to ponder. You've got to plan ahead!

$10k by end of Jan 18, easy.

Yep, you have to be in, for sure.

Bring ON THE new Year

:sly:

duffrageous 11-09-2017 03:44 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
ADA is still going up. https://bittrex.com/Market/Index?MarketName=BTC-ADA

Alt market cap is still climbing while BTC has stabilized. I wish I had a breakdown by the top coins and group of coins.

80.0b 11/8
80.4
82.6
83.1
83.0
83.1
82.6
82.9
83.7
85.2
84.2 11/9
86.6
87.3

% of total market cap:

0.39 11/8
0.384
0.401
0.408
0.409
0.404
0.401
0.401
0.406
0.409
0.412 11/9
0.42
0.421

duffrageous 11-10-2017 11:42 AM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
If you were in a bubble last night(sorry for not posting this last night), Bitcoin Cash(bcc) started to make a run while other alts started to slump along with Bitcoin(btc). The trend continued this morning down to about 6800 USD for btc before just now reversing. The trend could flip back any time now. It's a battle between the alts, BCC, and BTC.

https://bittrex.com/Market/Index?MarketName=USDT-BTC
https://bittrex.com/Market/Index?MarketName=BTC-BCC
https://coinmarketcap.com/

slokor 11-10-2017 12:17 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Quote:

Originally Posted by Play (Post 883119)
If it goes back to 7.1k, i'll buy back in. I was debating whether to do it or not, but with things this volatile you don't have time to ponder. You've got to plan ahead!

$10k by end of Jan 18, easy.

So you buying back in?

duffrageous 11-10-2017 12:39 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Most of the money is flowing from alts and BTC to BCC plus withdrawals right now. This could be a nice correction.

slokor 11-10-2017 01:22 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Sinking like a rock at the moment - about to hit $6,600.
Wonder how low itll go.
Good time for anyone looking to buy in to keep an eye on things.

aspkin 11-10-2017 03:05 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Good buying opportunity coming up.

I'll start buying at 6.5k.

Play 11-11-2017 02:50 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Quote:

Originally Posted by slokor (Post 883517)
So you buying back in?

I bought back in at $7.1k

It has gone down to $6.3k at time of writing but I think we'll see $8k by end of year (as I initially forecasted).

P.S. I don't think it will drop below $6k. The big correction was expected, although uncertain (hence why I bought back in quickly). Expected, because BTC increased 100% value in the space of a few months, which also shows it's potential.

slokor 11-11-2017 03:31 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Quote:

Originally Posted by Play (Post 883774)
I bought back in at $7.1k

It has gone down to $6.3k at time of writing but I think we'll see $8k by end of year (as I initially foretasted).

P.S. I don't think it will drop below $6k. The big correction was expected, although uncertain (hence why I bought back in quickly). Expected, because BTC increased 100% value in the space of a few months, which also shows it's potential.

I agree wholeheartedly.

nate 11-11-2017 04:32 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Bitcoin price will be able to recover in the upcoming weeks. With CME Group and other major institutions planning the launch of bitcoin futures exchanges, a lot of institutional investors could be entering into bitcoin soon.

I read that 53% of yesterdays Bitcoin Cash trades came from the South Korean trading platforms. The majority of the remaining trades came from USD to Bitcoin Cash not Bitcoin to Bitcoin Cash.

The majority of the price correction is from the People that were invested in BTC for the air dropped coins from the Segwit2x split pulling out.

duffrageous 11-11-2017 10:33 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
I believe people are trading their BTC and alts for bitcoin cash. Also, most of the miners have now switched over to BCH. Why would you mine bitcoin when the block difficulty is 10x BCH but BTC is now trading at only 4x BCH?

https://www.coinwarz.com/difficulty-...fficulty-chart
https://www.coinwarz.com/difficulty-...fficulty-chart

Look at the number of coins mined since yesterday afternoon:
BCH(millions) BTC(millions)
11/10 1600 ET, 2100 UTC: 16.779088 16.674362

GAIN 7337 963

11/11 1330 ET, 1830 UTC: 16.786425 16.675325

GAIN 3475 237

11/11 2100 ET, 0400 UTC: 16.789900 16.675562

empirestate 11-11-2017 11:36 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
More like plummeting ahead....

Play 11-12-2017 10:21 AM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Quote:

Originally Posted by empirestate (Post 883825)
More like plummeting ahead....

Great hindsight.


--

Given the rise in Bitcoin Cash, I'm contemplating not ever cashing out on any coins obtained from forks... Come to think of it, its free money, and any loss i've incurred from the dip in bitcoin, well its been neutralised by the rise of BCH.

It's like a safety blanket... but I still think Bitcoin has a fighting chance since its been around the longest and proved itself worthwhile. :fight:

elmo 11-13-2017 01:04 AM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
It’s a free 1-1 hedge bet, that’s why it’s always best to hold the fork coins long term

Sell into manipulated plays like the one we just experienced

I don’t think BCH is done, I don’t think Roger/Jihan group dumped all their coins, could be a good play to pick up some cheap BCH coins come the first week of January when coinbase customers are dumping their BCH as soon as possible.

Buy when people are panic selling, sell when people are buying greedy :thumb:

GreenBean 11-13-2017 02:20 AM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Quote:

Buy when people are panic selling, sell when people are buying greedy :thumb:
So succinct. Says so much. Love it,elmo.

:thumb:

empirestate 11-13-2017 02:38 AM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
I totally agree, wait for 75% pullback then get **** load of BCH... I MEAN **** LOADS...

duffrageous 11-14-2017 01:54 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
I bought 5 bitcoin gold at 100 and then 20 more when it rose to 150. I sold them at 350 and put half into BCC @ .42btc lmfao. Don't get me wrong; btg also came down to 200 on bitfinex though, so it wasn't a total bonehead play. That move probably lost me thousands of dollars in profit not seeing the drop until 1700 on bittrex though.

Hard part is predicting the bottom. Top isn't too tough to predict. I saw a 63 BCC sell wall at 1360 this morning but buyers ate it up; another 72 at 1375 and buyers struggled to get through it as fast, and then the 425 BCC wall at 1400 just had little chance. When you have limit orders already up like that, you got to get out. When they're being executed with APIs that don't place the orders till the last second like what was happening from 2000 to 2500 last weekend, you really have to have your own limits already set and hope the walls are good indicators. I saw a 200 BCC sell wall around 2000 that the buyers got through but the 320 BCC wall at 2300 was even harder to get through. Everything happened so fast on the climb up though. I was just watching it like a movie without any sell orders. I was free rolling though not caring about profits.

slokor 11-16-2017 01:22 PM

Re: Segwit 2X Cancelled - Bitcoin Surges ahead
 
Quote:

Originally Posted by empirestate (Post 883825)
More like plummeting ahead....

As I was saying - surging ahead.


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