Discussion in 'Cryptocurrencies' started by johnarb, Nov 2, 2017.
I should really wait as it may not hold overnight, but might as well enjoy it
If this S2X-fork fizzles out and Bitcoin stays BTC. Then there could be a huge relief-rally to $10000, if that CME Future really releases before year end.
That would even surprise me... never ever thought that would be possible at January-1 2017 (when price was $960). It's going much faster then my prediction of 2020-2025.
Doubt it stays high past the split date, yesterday was a massacre on alt coins as people are going after that free money, and I predict people would just go back to these old positions.
Check out bitcoin cash, they announced yesterday they were forking on the 13, and it jumped 18% as people started buying it.
Remember that this whole year started with the extreme fear of the scaling War (even I wanted to sell it all). At year start Bitcoin had still 89% of the market cap, and lost during this War it's leadership to 40% (traders fled to alt-coins). Now that this War is coming to an end, and looks that the original Bitcoin survived, there is a rush back (of course helped by the free dividend).
I see no reason what so ever to believe that money will move to alt-coins again. It will stay there as fear is gone.
By the way: bitcoinCash will probably not split. The run up has more to do with a pump for the S2X-fork chaos (they hope that S2X will fail and miners flee to BCH).
I've heard the rumors but don't have any confidence on betting against the split. Seems like the whole point is to fix the scaling issue with the new coin and is backed by something like 80+% among the big mining houses.
No, the S2X fork doesn't solve scaling at all (even S1000X will not solve it). The only way and the best way is to build a second layer (Lightning network) on top of the first (Bitcoin-blockchain). This second layer is about to be released, and only needs Segwit (which we already have).
And No, there aren't 80+% miners anymore. One by one they pull back from the original plan. Just because Miners seek revenue. And S2X will bring them loss (as the market is already signaling a S2X price of $1300 with BTC on $5700).
Guys, this thread is closed. Please post BTC prices, etc. on the new consolidated Bitcoin Price Thread.
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