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The Bitcoin Apocalypse Is Coming in Mid-November

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91–100 of 188 posts

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#91
post #25

As a Bitcoin fan (and someone who owns a little), I think it's a pretty good article. Some more tidbits of information from my perspective: >The anti-2Xers argue that the NYA should not be binding because it was negotiated behind closed doors, and that a change of this magnitude needs to be more carefully considered before it is adopted. No active developers were part of the NYA. Some in the NYA have said that they a…

> No active developers were part of the NYA. Some in the NYA have said that they agreed because they believed Core was party to the NYA.

They were invited but declined: https://www.reddit.com/r/btc/comments/74ow7f/erik_voorhees_o...

> I don't think anyone, including Core, is against that (higher transaction throughput). But on-chain scaling alone can't get you very far, and it has large costs that need to be carefully considered.

Meanwhile, no one has yet provided a believable scenario how miners can get paid in the long term that isn't high transaction volume at low cost.

> The idea that another capacity upgrade should be rushed so soon immediately after Segwit is kind of silly.

This debate is ongoing since almost four years. I wouldn't call that rushed.

> The idea that it should be decided so soon behind closed doors by a few CEOs is sillier.

See above, regarding invitations.

> Let's be clear about the word "update": it means to switch their software to a fork that none of the active community Bitcoin developers contribute to and that none plan on contributing to.

And many others see 2x as the first real sign of the incentive system actually working.

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#92
post #88
post #25

As a Bitcoin fan (and someone who owns a little), I think it's a pretty good article. Some more tidbits of information from my perspective: >The anti-2Xers argue that the NYA should not be binding because it was negotiated behind closed doors, and that a change of this magnitude needs to be more carefully considered before it is adopted. No active developers were part of the NYA. Some in the NYA have said that they a…

Also, one of the problems with the NYA is that the creation of Bitcoin Cash - which is essentially a hardfork of Bitcoin that increases the block size and removes Segwit - left questions over whether some of the pro-hardfork side of the agreement actually intended to uphold it. In particular, it lead to speculation that they might just use the inevitable disruption to Bitcoin to encourage the adoption of the Bitcoin…

Another interpretation is that Bitcoin Cash is the necessary credible threat to get the rest of the folks onboard 2x.

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#93
post #39

I disagree with this logic. Plenty of people said that SegWit was going to cause issues and it didn’t. If Bitcoin fails it will be from external market pressures, not internal politics.

SegWit was an upgrade though, this is more like a coup. SegWit2x is basically the mining faction stealing the network away from the Core development group, forcing everyone in Bitcoin to switch software if they still want their transactions confirmed. Not that I really disagree with them - as _something_ needed to happen, as demand (whether real or manufactured) has led to 100% full blocks for months, resulting in lo…

> SegWit2x is basically the mining faction stealing the network away from the Core development group

That language is very revealing: It never belonged to 'the Core development group' in the first place.

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#94
post #23

I disagree with this logic. Plenty of people said that SegWit was going to cause issues and it didn’t. If Bitcoin fails it will be from external market pressures, not internal politics.

Segwit wasn't a hardfork, which makes it very different from this situation.

> Segwit wasn't a hardfork, which makes it very different from this situation.

How so?

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#95
post #75

This author confuses a hard fork for a github fork : > The bitcoin chain has been hard-forked at least five times, [1] [1] https://en.wikipedia.org/wiki/List_of_bitcoin_forks Ouch! Those aren't hard forks— they are forks of the github repo! In reality Bitcoin has only been hard-forked twice. Once, to fix the bug as described in BIP 50, and once for Bitcoin Cash. Here's a better resource: http://homepages.cs.ncl.ac.uk…

This strongly reminds me of an old joke stating that the end of the world had to be postponed yet another time.

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#96

Bitfinex allows you to bet on the outcome of this whole situation[1]: > Bitfinex is introducing new CSTs that will allow traders to speculate on the potential activation and mining of the Segwit2x consensus protocol. We are designating these CSTs as BT1 (Incumbent Bitcoin Blockchain) and BT2 (Bitcoin Segwit2x). [1] https://www.bitfinex.com/posts/221

Anyone who wants to invest there should read the T&C very carefully.

See also: https://www.reddit.com/r/btc/comments/74mgka/why_bitfinexs_c...

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#97
post #67

Earlier quoted context omitted.

In one sense, it's already dead. In theory, Bitcoin is supposed to be a payment system, digital cash. But that seems to be pretty much dead. Consider the opinion of Fred Wilson, a big Bitcoin booster, who has stopped using it for payments: http://avc.com/2017/08/store-of-value-vs-payment-system/ Merchant acceptance is actually in retreat: http://www.businessinsider.com/merchants-arent-accepting-bit... It is still bei…

It was set to die by design. Bitcoin has a predetermined graph of coin production with time that converges soon. In 2022, 90% of all bitcoins will be produced, and the ideal inflation will be lower than most fiat currencies. But inevitably, people die, and the knowledge of their private key with them, removing bitcoins from circulation. The amount of bitcoin will therefore decrease impredictably All in all, it will b…

u people are just not the target of bitcoin it seems, me i can not use anything else but bitcoin for online money, its only option, there is no other option. For banks u need passport and official paperwork, which is not possible by majority of worlds population. i can do with bitcoin what i can not ever do with anything else.

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#98
post #71
post #4

The interesting thing is that unlike in July where the price crashed, this time the price is completely stable despite the fact that it's a much bigger clusterfuck. It seems like perhaps the "you can't bet against the apocalypse" rule is being applied.

> fact that it's a much bigger clusterfuck Why is it that people so quickly jump to "markets be crazy" as an explanation rather than "perhaps I don't understand the situation and have been sold an exaggerated version by people who profit from clicks or chaos"?

Because it’s more exciting / entertaining. Remember that for most people following these discussions is basically a hobby they do in their free time.

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#99
There are Segwit2x and Core futures, as well as shorts with high leverage. If the author is so confident of the coming apocalypse, he stands to make an absurd amount of money if he's right (or lose if wrong).

He should put his money where his mouth is (but of course he probably won't).

Re: The Bitcoin Apocalypse Is Coming in Mid-November

#100
post #67

Earlier quoted context omitted.

In one sense, it's already dead. In theory, Bitcoin is supposed to be a payment system, digital cash. But that seems to be pretty much dead. Consider the opinion of Fred Wilson, a big Bitcoin booster, who has stopped using it for payments: http://avc.com/2017/08/store-of-value-vs-payment-system/ Merchant acceptance is actually in retreat: http://www.businessinsider.com/merchants-arent-accepting-bit... It is still bei…

It was set to die by design. Bitcoin has a predetermined graph of coin production with time that converges soon. In 2022, 90% of all bitcoins will be produced, and the ideal inflation will be lower than most fiat currencies. But inevitably, people die, and the knowledge of their private key with them, removing bitcoins from circulation. The amount of bitcoin will therefore decrease impredictably All in all, it will b…

> But inevitably, people die, and the knowledge of their private key with them, removing bitcoins from circulation. The amount of bitcoin will therefore decrease impredictably

Maybe a bit late, but you finally understood why Bitcoins get more valuable over time: their number grows slowly or maybe decreases, while the number of people wanting them increases.

That's why Bitcoin is the best Store Of Value ever devised.

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