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Bitcoin Is Having a Civil War as It Enters a Critical Month

bloomberg.com

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Re: Bitcoin Is Having a Civil War as It Enters a Critical Month

#21

Post by sp821543 »

ihuman wrote: post #6

How is this different then what happened with Bitcoin XT and Bitcoin classic?

XT/Classic was a mere skirmish compared to this.

On one side you have Chinese miners and one developer gunning for segwit2x because it gives them a significant advantage related to their hardware.

On the other side you have the other dozen or so core developers who want a more conservative approach. As a side-effect this version levels the playing field for miners.

Re: Bitcoin Is Having a Civil War as It Enters a Critical Month

#22

Post by stale2002 »

pteredactyl wrote: post #14

Bitcoin continues to evolve. With that comes growing pains. And internal struggles as it is mostly an open source project. But for Bloomberg to use a 'civil war' hyperbole signals fear from the establishment. Established capital more specifically. And really, that is bitcoin's biggest threat. Disclosure: I own bitcoin.

Uhhh, a civil war is exactly how Id describe it.

People are talking about doing a freaking proof of work change, so I'm not sure how much more nuclear you can get.

Re: Bitcoin Is Having a Civil War as It Enters a Critical Month

#23

Post by Dirlewanger »

Analemma_ wrote: post #17
pteredactyl wrote: post #14

Bitcoin continues to evolve. With that comes growing pains. And internal struggles as it is mostly an open source project. But for Bloomberg to use a 'civil war' hyperbole signals fear from the establishment. Established capital more specifically. And really, that is bitcoin's biggest threat. Disclosure: I own bitcoin.

If you think "The Establishment" is scared of Bitcoin, I've got some bad news for you.

If they really didn't see anything in it (be it profit or wanting to get to market "first"), then there wouldn't be so many large firms investing in their own blockchain tech.

Re: Bitcoin Is Having a Civil War as It Enters a Critical Month

#24

Post by luka-birsa »

gremlinsinc wrote: post #11

If I wanted to grab an altcoin like Nxt/Ardor -- would it be safer to buy bitcoin now, or wait till Segwit when it could become cheaper? Nxt/Ardor and all crypto's are downward spiral now--because of the bitcoin split coming, so I feel now's a buyers paradise.. and Nxt/Ardor chains look very promising from a tech standpoint.

Do not buy anything right now. Too risky. When BC bleeds, the whole ecosystem goes down.

Go on a holiday, enjoy the sun, do nothing.

Re: Bitcoin Is Having a Civil War as It Enters a Critical Month

#26

Post by buttershakes »

This is a fight for control of Bitcoin. It is business interests on both sides fighting for a position of authority. SegWit2x is an attempt to remove control from the core dev team, which while technically strong is full of zealots with questionable motives and terrible management skills. Bitcoin ABC and Unlimited have their own parts to play as factions. It's getting tense, but it's been years in the making. Groups unwilling to compromise on the most basic points. I suspect that SegWit2x will end up taking over the network, but I'd rather see a pure large block faction like Bitcoin ABC. Either way the core developers are going to lose control of a 40 billion dollar network, possibly one of the biggest fails in modern technology. They will be left on a minority chain which will have little relevance going forward. I've said it before but anyone who put money into Blockstream has to seriously be wondering what the hell they are doing, there CEO should have been kicked out a long time ago, he has no relevant experience to actually running an organization and has royally messed it up.

Re: Bitcoin Is Having a Civil War as It Enters a Critical Month

#27

Post by Daishiman »

Dirlewanger wrote: post #23
Analemma_ wrote: post #17

Earlier quoted context omitted.

If you think "The Establishment" is scared of Bitcoin, I've got some bad news for you.

If they really didn't see anything in it (be it profit or wanting to get to market "first"), then there wouldn't be so many large firms investing in their own blockchain tech.

It's called hedging bets. That's how you become an established player.

Re: Bitcoin Is Having a Civil War as It Enters a Critical Month

#29

Post by drukenemo »

luka-birsa wrote: post #24
gremlinsinc wrote: post #11

If I wanted to grab an altcoin like Nxt/Ardor -- would it be safer to buy bitcoin now, or wait till Segwit when it could become cheaper? Nxt/Ardor and all crypto's are downward spiral now--because of the bitcoin split coming, so I feel now's a buyers paradise.. and Nxt/Ardor chains look very promising from a tech standpoint.

Do not buy anything right now. Too risky. When BC bleeds, the whole ecosystem goes down. Go on a holiday, enjoy the sun, do nothing.

Also wondering if it's time to sell mine. Already sold like 70%...

Re: Bitcoin Is Having a Civil War as It Enters a Critical Month

#30

Post by jethro_tell »

m777z wrote: post #25

With this much uncertainty, paying ~$2000 for 1 bitcoin seems insane to me. But that's why I don't invest in cryptocurrencies; too much volatility for my taste.

You can't invest in a Cryptocurrency. It's called gambling.

edit: autocorrect.

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