Think BTC will drop to the 800 range by this weekend if not by today.
-
Comment -
shapeshift and coinbase all busy this morning, lots of trading and coinbase won't allow you to even sell with this big dip going on.Comment -
Products Help1 BTC = $961.00Comment -
Bitcoin at $954, down 10.8% in the last 24 hours.Comment -
Bitcoin exchanges announce contingency plan for hard fork split
<source type="image/svg+xml" srcset="themes/bravenewcoin/images/twitter.svg" style="box-sizing: border-box;">
<source type="image/svg+xml" srcset="themes/bravenewcoin/images/google-plus.svg" style="box-sizing: border-box;">
<source type="image/svg+xml" srcset="themes/bravenewcoin/images/facebook.svg" style="box-sizing: border-box;">
<source type="image/svg+xml" srcset="themes/bravenewcoin/images/linked-in.svg" style="box-sizing: border-box;">
<source type="image/svg+xml" srcset="themes/bravenewcoin/images/reddit.svg" style="box-sizing: border-box;">
Luke Parker, 18 Mar 2017 - Bitcoin, Blockchain, Fork
Just two days after Gyft founder and Civic CEO Vinny Lingham’s warning about a Bitcoin hard fork devastating bitcoin’s value, 21 different Bitcoin exchanges have clarified their position on Bitcoin Unlimited (BU) trading. The exchange coalition stated in a hard fork contingency plan that they will trade any BU cryptocurrency as an altcoin alongside bitcoin, thwarting any plan for BU to replace Bitcoin.
In software engineering, a fork happens when developers take a copy of source code from one software package and start independent development on it, creating a distinct and separate piece of software. The term often implies not merely a development branch, but also a split in the developer community.
The development of Bitcoin Unlimited required forking Bitcoin's code. Now two separate blockchains exist, even though they contain identical transaction histories. The BU developers hope that BU will quickly acquire all of the miners that are currently mining the existing, 'Bitcoin Core' blockchain. If it were to do so, the latter would then be unable to secure its network, and therefore the original Bitcoin would quickly cease to be of value. If instead, only some of the current miners left to start mining BU's blockchain, two coins could exist side by side. This is what happened in June when Ethereum forked, resulting in two competing cryptocurrencies. This is also the fate that Lingham said Bitcoin must avoid at all cost.
Thankfully, a new development may be able to protect Bitcoin from that fate.
“We have decided to designate the Bitcoin Unlimited fork as BTU (or XBU). The Bitcoin Core implementation will continue to trade as BTC (or XBT) and all exchanges will process deposits and withdrawals in BTC even if the BTU chain has more hashing power.”
- Statement on Potential Bitcoin Hardfork EventThe first of three announcements on Friday was sent to the media as well as posted on the Bitfinex website. It contained signatures of some of the biggest exchanges by trading volume, including Bitfinex, Bitstamp, BTC China, Bitsquare, Bittrex, Coinfloor, itBit, Kraken, ShapeShift, Zaif, and nine others.
The announcement states that the exchanges are collectively faced with addressing the very real possibility that a Bitcoin network split may occur in the future, and that bitcoin miners have a right to choose an alternative implementation of Bitcoin. “We do this not out of judgement or philosophical reasons but rather for practical and operational considerations,” the group declared.
“As exchanges, we have a responsibility to maintain orderly markets that trade continuously 24/7/365,” the announcement reads. “We cannot suspend operations and wait for a winner to emerge [...] Due to operational requirements alone we are compelled to label an incompatible fork as a new asset.”
However, when a fork of this nature happens, there is a danger of coins from one blockchain being spent on the other coins' blockchain, known as a “replay attack.” The exchanges have agreed to not list BTU until this threat has been addressed.
“We insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection. Failure to do so will impede our ability to preserve BTU for customers and will either delay or outright preclude the listing of BTU.”
- Statement on Potential Bitcoin Hardfork EventA second announcement on Friday came from Poloniex, which has yet to decide if they will be listing BTU coins. The exchange reiterated many of the same points raise in the first announcement. “We will support Bitcoin Core continuously as BTC,” the exchange states, adding the same stipulation about replay attacks. “Poloniex agrees that any contentious hard fork must include replay attack protection. Without this, exchanges cannot continuously and properly operate.”
A few hours later, the co-founder and CTO of international Bitcoin exchange BitMex, Samuel Reed, issued the final statement of the day. “As proposed in the multi-exchange hard-fork contingency plan, there is significant doubt that a BU hard fork could be done safely without additional development work,” states Reed. “In the case of a fork, we support the plan as proposed by Bitfinex, Bitstamp, BTCC et al.”
Reed further added that “it will not be possible for any exchange, including BitMEX, to support both chains separately.” The exchange will not even consider listing the coin until the replay attack protection is in place and BU is not “at risk of a blockchain reorganization if the Core chain becomes longer.”
The news rattled traders, sending Bitcoin’s price dropping sharply throughout the day, from a high of $1160 to a low of $1052. However, the solidarity of so many exchanges on the issue has calmed a lot of the Bitcoin community, while enraging others.
Jihan **, the co-founder of Bitmain, the largest Bitcoin ASIC chip manufacturer and mining pool operator in the world, is a known BU supporter. ** recently switched over 75 percent of his mining pool's power to support BU. Since the exchange’s contingency plan was announced, ** has referred to the exchanges as “not world class level.” Meanwhile, BitGo engineer and Bitcoin Core developer Jameson Lopp tweeted, “It appears that BU devs have no intention of adding replay protection - their plan is to kill the Core chain instead.Comment -
Just an FYI, I'm out of DASH at .106 (got it at .092). I don't usually try to time the dips but this one seems to be going inverse of the bitcoin price which just shot up. I'll be looking for a lower entry but won't be posting here. This was just a one-time thing posting here.Comment -
This sht is so fuking complicated. The only thing bitcoin is good for is getting money in and out of books. I mean it's still quicker to send an old fashion money transfer or pay by debit card than this bitcoin nonsense. Sometimes transactions go through in minutes sometimes 1 day. Total overrated garbage. I hope it crashes to zero. It's useless.Comment -
Thanks, that helped.
Last line about BU supporters not wanting to make it secure to work with BTC and just wanting to destroy the Core chain... do you put much credence in that?
Surely all these miners wanting BU have a significant investment in BTC and are risking their own position too?
And if a replay attack can undermine bitcoin core, doesn't the same thing undermine BU as well?
It doesn't quite gel what the article says about that..Comment -
back above 1KComment -
From what I've read Ver is really twisting things up incentivizing miners to make 3x what they would with btc to switch to mining BU and opening it to the public. He picked up antpool, China's largest bitcoin mining company at 15% of vol. It looks like he has between 30 to 35 percent and needs over 60%. Ver claims the blocksize needs to be increased for speed, efficiency, and an overall smoother transaction process of bitcoin. Other miners do not want to scale saying that security is bitcoins biggest advantage over the other alt coins and believe scaling will open up doors for possible attacks and will be unsafe. Unlike ETH's fork that was welcomed by all parties bitcoins fork seems as though there's a battle brewing. Anyway you want to slice and dice it the divide and uncertainty of wanting to stick with the core and soft fork has me skeptical and would not recommend buying right now. "Optional" your right if something negative happens to BTC it will have a negative affect on BU and vice versa. Dash and ETH both have reaped the benefits of btc/bu issue that is being presented right now. ETH has the largest development team in place backed by all the big corp guy's looking for blockchain development to incorporate into daily life. ETH has been susceptible to attacks over it's history but the team and money behind it makes you wonder where it will go. Dash is over 500 mil in volume and some speculate would not be able to handle over 1 billion in volume. The allocated % of block reward since 100 million in volume which I'm not sure of the exact number but is either 15 or 25 percent has switched from pr and marketing to core development. They are currently looking to hire 75 core developers at a 120k a year salary. That's what a google engineer makes "crazy". Don't know if they will be able to put infrastructure in place in time for what many think could be a dash crash.
Don't know if any are a good buy right now but if I were to gamble i'd go with ETH for the time being and watch what happens with this BTC/BU fork. Also watching DASH and how it will handle volume at a billion if this surge continues. There's a good chance people could loose big on dash. If it hits a billion survive's and climbs a little I will have more faith in DASH the alt coin will be more diversified in ownership and chain tech will have either survived or further developed due to blockchain reward policy and I will consider a safer buy.Comment -
I was trading Dash when it was known as Darkcoin. Max Keiser backed Darkcoin publicly causing a pump and dump. I like Dash because it doesn't leave a trail. It's the same with Monero. Last year would have been a great time to buy those two.
A change had to be made with Bitcoin because of the block size. There wasn't a choice there. I hate this BU fork. Segwit would have been better. There have already been recent bugs with BU.
I agree with you about ETH. I'm holding some long term.Comment -
I'm a buyer under $1000. The ETH fork caused a buying opportunity too. BTC is not fatally flawed. Bull markets climb the wall of worry and these sell offs shake out the weak hands.Comment -
Holding DASH, ETH, XMR and ZEC. Anyone else see potential in other alt coins while they're low?Comment -
after smoke has cleared
1035
up 30% last 90 daysComment -
I hope you got out before he dropped it on everyone. The one thing with dash I'm not big on is their master node program. Maybe it's cause I don't know enough about it but from a quick glance it looks to be easily manipulated if not very diversely owned. If it hits a bil in volume the ownership should be more diversified leaving less chance of manipulation. If that happens then there's another question to ask can there blockchain tech handle the volume. A lot of what if's but it looks like they're making the right moves to move their coin forward. I really like the block reward policy and think it's the biggest advantage of this coin. Don't know why monero is even where it's at cause it has no distinct advantage over any other competitor and I don't see being a huge future coin maybe top 20 but not top 5. If your looking at investing and making money with these coins I don't think the whole not leaving a trail thing matters. There has been a lot of money billions and billions invested into digital currency and the majority of the investors are not focused on whether a trail is left. That is not a huge factor that will weight on investors when considering what coin to invest in and will not give some coins like monero an advantage in the future that many might think they will.
I'm not sure if a change was needed. I understand both point's of view and understand why this debate has been going on.
Side A wants to increase block size and limit of coins to speed up transaction time and make bitcoin's use designated more towards a payment coin rather than a store of value.
Side B wants to keep satoshi's warnings in mind not to increase block size. They believe and are right that bitcoin has easily anchored itself as the premiere coin that has proven itself over almost 10 years of existence to be reliable and trustworthy. While most other coins are not fully devolved or have been hacked and massive security breaches bitcoin hasn't. They see the future of bitcoin as being the cornerstone of the dig currency market. It would be traded at larger quantity and would be held as an asset more comparable to digital gold. The alt coins in the digital currency markets that succeed would become payment coins which would be backed by the larger safer bitcoin. Like how gold is considered now with investors that trade currency/fiat.
Holding ETH long term right now is the best move any investor could make.Comment -
The ETH fork was more of a soft hard fork. Everyone involved was on the same paged and welcomed the fork knowing it would benefit everyone. I wish this was the case for bitcoin too but it's becoming apparent it's not. You are right bitcoin is not fatally flawed but we don't know if BU is. With a hard fork any bitcoin that is being held now will split equally between the 2 coins. From there who know's what happens with bitcoin core and BU and security. Too much speculation and not enough good speculation and news. The question becomes if an investor is to buy right now is what positive things will occur in the next month with bitcoin? What's the max it could reach maybe another 15 to 20 percent if everyhting 180's and goes perfect. What is the floor it could hit if the fork goes through and things get worse in the next month. Most exchanges have already released statements saying bitcoin accounts will be locked up for a while when fork occurs. Could that cause panic from other investors not knowing what's happening. We've seen other things like that happen to bitcoin before and people panic quick. If that happens and I hope it doesn't but if it does that will create a buying opportunity but by that point bitcoin will either not hold or be battling for that number one spot in the digital currency market. I'm not saying this is going to happen I'm just saying most smart investors are parking the majority their stake in bitcoin on the sideline right now and watching what will come of this fork. Not making a little money if any this month is a much smarter move then possibly losing huge.Comment -
Is there a ballpark estimate of what kind of height ether might reach say maybe by June?Comment -
I'm in Ethereum Classic (ETC). The last 2 weeks it has been going up an average of 10% per day.
I just started looking at PIVX and have invested a bit in that. It's #15 on the market cap and it's only been around since January of this year and only recently begun getting any real investment. It's only on Bittrex so one would think that investment is limited compared to Poloniex but it's done over 2500 BTC in trade over the last 24 hours.Comment -
Any clue who is behind this coin or the money going into it? It's hard to find info on it. I like their adaption of the seesaw reward policy of master/stake node. It seems as though that might solve the problem dash potentially faces with manipulation. What do you think will happen if and when the masternode 41.5% total money supply kicks the seesaw into effect. Crash or soar?Comment -
Totally respect that opinion.
I'm a believer in bull markets climb the wall of worry. Over $700 is still a bull running strong considering about a year ago we saw $180. But you must have a high tolerance for large losses to be riding this bull. We could be under $700 in a day or two.
This price action will shake out the weak hands and retracements up can happen too quickly to be totally sidelined imo. We have seen this many times...a total lack of sellers. I am concerned we are starting to see a pattern of lower highs.Comment -
All good questions. It's hard for me to find any info on the 41.5% but by that time I may be out. I'm a spot investor with the exception of ETC.
It seems to me that PIVX is still being manipulated to not go up too fast There are sell walls set up to prevent the price from spiking up. Even though the coin has multiplied in price over the last few days none of that is due to spiking. It's a gradual increase.
This is on Bittrex too which has much less volume than Poloniex meaning that Bittrex customers are turning to PIVX to invest at a good rate. The 2500 BTC over the last 24 hours is quite a bit for a new coin on Bittrex that is being held back with sell walls.
Another thing about the coin is that it's reached $38 million in market cap which is excellent for such a new coin on Bittrex.Comment -
When the price of BTC drops I invest in Ethereum. It's a good way to retain the value of your cryptocurrency.Comment -
Top 3 volume L24
1. $495m BTC
2. $306m ETH
3. $34m DASHLast edited by raiders72001; 03-24-17, 07:35 PM.Comment -
895
down 5.6% 90 daysComment -
I gotcha what makes you hold long on ETC over ETH?
Your right 38 mil is impressive for a new coin. Question is what's the money's motive? Pump and dump or build and takeover DASH's market?
What might appear to be sell walls could be the systems seesaw design. It's seesaw design is actually pretty impressive and in theory would keep the coin honest. Unless this coin is manipulated early on the seesaw design might possibly see node manipulation possibility's significantly decrease as the coin becomes adopted.Comment -
I understand the theory of riding the bull and best of luck with it. Only difference is that this bull might result in a complete split and 2 separate entity's. This fact is the reason behind the pattern of lower highs. This pattern will continue in increments unless something changes. Your 700 number as of right now if everything continues down it's path looks pretty close to fork line. I'd speculate it would be somewhere between 625 and 700. I hope something changes and things are worked out to avoid this being the case.
If split occurs who do you think will prevail? Will you hold onto your 50/50 split keep diversified and minimize lose's or do you believe the one will far out do the other?Comment -
I keep some money in ETC just based upon its steady performance over the last few weeks. When BTC goes down I invest in ETH. When ETH is done rising I put more back into ETC.
ETC is my main investment until it shows otherwise.
ETH is just for temporary gains while BTC goes south.
PIVX was just a spot investment. I'm out of that for now.Comment
