Govt-sponsored Segwit is DOA (Dead on Arrival)....Here's why:
First let's address all the noise you've been hearing about Segwit.
Segwit was created by Bitcoin Core developers that were put on the Core team by a company called Blockstream. Blockstream is mainly funded by AXA, a multinational insurance company that is the third largest corp in the world and bailout recipient. Needless to say, AXA is married to the Fiat Empire of fake paper money. In fact, their former CEO, Henri de Castries has been the Chairman of Bilderberg for some time now. They have a very different plan for Bitcoin. They want to change how you use it. Instead of just downloading the software and instantly being able to make almost free transactions to anywhere without an intermediary, they want to push regular folks off the blockchain by limiting the blocksize and making fees too high. Then they will offer sidechains that they have control over that will basically be like PayPal with KYC/AML regulations enforced, and the current blockchain will just be for the banks to settle up.
Segwit is the first step - a poison pill - to keep Core in charge because it is their software, and it will be difficult for other teams to keep up. It's a trick to keep them in control of the code, but it isn't working.
There are some miners that are also part of the Powers that Be, that have agreed to this nonsense. The beauty of bitcoin, however, is that there are miners all over the world, and many of them don't see the financial future of becoming a less secure Paypal 2.0, and want the original vision of satoshi - p2p digital cash.
What was needed was multiple implementations of bitcoin, so that we could move away from the now bought-out Bitcoin Core team (BlockstreamCore). Bitcoin-ABC was born. Bitcoin-ABC allows for unlimited blocksizes, and has stripped out Segwit from the code. On Aug 1, Bitcoin-ABC miners and users will fork off onto their own chain, regardless of hashpower. You can keep track of it here: www.btcforkmonitor.info
So far, in a poll that can't be sybil attacked, actual Bitcoin users strongly favor bigger block bitcoin over govt/corp Segwit coin:
Even more important, ViaBTC, a mining pool operator and exchange, recently added the big block fork chain coins, presently referred to as BitcoinCash (BCC) as a trading pair and its currently trading at about 1/6 of bitcoin price. That means if the fork happened today, it would already be the 3rd highest cryptocoin in market cap. And the fork is still over a week away.
Before a handful of people made a vague agreement for segwit2x, 45~50% of miners were signaling for bigger blocks for months, while segwit languished at 30%. Those miners are STILL signaling for bigger blocks. They intend to mine the BitcoinCash hardfork. The agreement is that non segwit blocks will get orphaned, but it doesn't matter because we will be mining a different chain anyway.
So what happens to segwit chain? Once it loses even 25% of current hashpower, it will become a snowball effect. Constrained to 1MB, it won't be able to process transactions as fast as a chain with unlimited block sizes. More importantly, it will be far cheaper to send transactions on non-segwit chain. Miners will switch chains to follow the money as investors rush to swap out their segwit coins for BitcoinCash. Actual trading for this new fork has already started on Chinese exchange ViaBTC, and the market is definitely agreeing: https://steemit.com/bitcoin/@ancap47/bitcoin-hf-coin-already-has-started-trading-against-cny-on-viabtc-exchange
My prediction: Segwit won't last until Aug 2
Very happy to have this information. I was already suspicious of blockSTREAM for another reason (follows). All a gain of salt but lets see all facts and start to find a patter in this. IOW: The evidence mounts.
I did a little research on Blockchain identities. I found some there were some shady corporation interests on the topic. This lead me to a blockstream video below.
By the way: Please don't confuse blockSTREAM with blockSTACK
Basically the block-stack chief architect is Christopher Allen. He runs rebooting the Web of Trust. There is some good info there. However, the whole thing makes me concerned because it is mixed up with funding from the dept of Homeland Security and they have some meetings at and apparent support from the United Nations .. Public blockchain and the privacy rights issues surrounding identity can be complex. There would be plenty of opportunities to cut corners and leave loop holes that can be exploited by those in power. This can get confusing even for those following it.
So, long story short .. if the past is an indicator of the present this Christopher's tech will be up for main stream adoption. He does not seem to be voluntarism-minded so I'm concerned it will be mutated into something less than what we need.
So if you want to check out Christopher, this is how I found him. It might be good to keep an eye on this.. Read between the lines. You might need to investigate the UN.. Still an interesting presentation. Watch how he addresses concerns over SSL being too centralized.
People like Christopher still don't understand why Bitcoin works.
I uploaded it via Viewly for obvious reasons ;)
Find out more by clicking here or click the image below to start the decentralized video...
PS1 The refugee "story" is their best excuse to do experiments on "secretly" enslave us in general... SAD ...
PS2 For what it can be useful(?) there is alink they gave me to defend(?) blockstream http://telegra.ph/Understanding-Blockstream-07-21
Best post I read about seqwit https://steemit.com/bitcoin/@modprobe/i-looked-into-segwit-and-here-s-what-i-saw
Edit your post and put this link/image on the beginning of your post... It will drive more attention because it will be used as a thumbnail also ;)
Thanks!
"Before a handful of people made a vague agreement for segwit2x, 45~50% of miners were signaling for bigger blocks for months, while segwit languished at 30%. "
This part is very important. A lot of FUD has been spread over the last few hours about how the BCC chain won't have any power behind it, but given how many of the miners were signalling for bigger blocks in the past, I would say it's very likely that the BCC chain will have a significant hashrate when it launches.
Miners are going to follow the money, and right now The BitcoinCash coins are already selling at 1/6 the price of Bitcoin, putting its market cap at over 6 billion already and the fork is still a week away.
I'm sorry but I call this bullshit. You state that everything here is a objective fact, yet you provided 0 sources for that. I'm calling it propaganda in order to promote the forked Bitcoin China.
Selfvoting to counter your censorship.
Why you scared? Regrets on throwing away a perfectly good bitcoin? For the bankers command, ha!
But your right, it will be china coin.
LMAO @you! Hope you sold all those shitty Bitcoin Cash coins, right?
What do you think of the Bitcoin United idea?
I think calling it "Bitcoin" is very misleading, especially to newcomers.
I hope your source material wasn't Craigh Wright's Segwit paper - because it's proven to be total bulshit.
https://twitter.com/i/moments/888788567497035776
Source material for what? Everything I wrote is objective fact.
Interesting pessimistic (to market) view of it. But now I am curious about your prediction. Do you also believe people will like to keep the coin (BCC) once there's a chance to flow value from one chain to the other (BTC-BCC)? Miners can also see the big picture, right? Therefore won't it be too obvious that if a chain like BCC gains so much value, that it could suffer a big punch afterwards? And then, there's the rest, like adoption by the entire community...
Anyway, it will be interesting to see how it goes. I would say also a fork is inevitable, but just because confusion has already begun, and after that, there is only chaos... Crypto is hard to control, and therefore things like segwit or bigger blocks, will all eventually end up in "a" chain of BTC. Forked or not... it's just a matter of time. This is my view.
If BitcoinCash gets any significant hashrate, it will snowball fast because it will be so much cheaper to transact on the BitcoinCash chain, no one will want to use the 1MB limited segwit chain, so miners will stop mining it.
Yep, I get it. And something definitively worth watching, but currently they are not a big player. 2k BTC of daily volume is not yet to be considered attractive. But I see your point. Not sure though if the snow ball you mention would be something quicker than the other developments that usually follow up after discovering something is not right. But let's see. Fingers crossed.
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One of the best I have read today.
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