Bitcoin Updates The Calm After the Storm
Well the fork happened a bit sooner then what people thought. I had marked on my calendar a few weeks ago that we where looking at the 25th of October for bitcoin gold to hardfork from bitcoin. However late last night the fork took place and the support for bitcoin gold is hugely underwhelming.
Unlike bitcoin cash bitcoin gold looks like a huge failure as their site is still under a DDOS attack and no new news has come out about how to even collect or access your bitcoin gold. Many places and exchanges have clearly stated they will not be offering a 1:1 of bitcoin gold and are not going to support it.
Bitcoin gold seems to have failed right out of the gate and their lead developer and programmer based out of china seem to have been shot down by the masses.
It also seems that about $400-$500 of bitcoins value was due to people stocking up on bitcoin to try and get bitcoin gold for free like what happened with bitcoin cash.
Good news is that Segwit2x is not far away 2-3 weeks from now where we could see another hard fork and showing decent signs of support which could mean we will see another bitcoin cash type fork with mild support coming up which is sure to drive bitcoins prices to all new highs in the coming weeks.
While the name bitcoin gold sits better with me then bitcoin cash the support behind gold is just not there nor do I see it ever being there. There are far to many security issues with bitcoin gold at the moment in which the developer has clearly shown they don't really care to address such as replay attacks.
I have a feeling the 2X fork will be abandoned. If the NYA supporters proceed with the fork in this hostile environment, there could be severe disruptions in the market.
Core have stated that they will oppose any kind of block size increase at this point, so I don't see how this situation resolves itself peacefully. The Segwit2x proponents don't want another altcoin, they want the BTC chain to upgrade to 2MB. This is a very contentious fork!
Nice post @bitcoinflood. Now we are eyeing on another fork happening in November
Yep, this happened a lot sooner than I thought. This only shows how resilient Bitcoin is to all the nonsense out there. No wonder they call it the Badger of Money. After Segwit 2x there will likely be a small sell off rapidly followed by a fast and furious murder of shorts as uncertainty is removed from the network and new technologies, previously hampered by the hard forking issues are released. It's gonna be interesting to watch. regards
@cryptoeagle I definitely agree that no one or nothing can stop bitcoin. And as @bitcoinflood mentions, lets see what happens by the end of the year. glad to be part of this crypto revolution. upvoted. @gold84
Oh yeah after segwit2x and we roll into 2018 Christmas and 2018 are going to be crazy fun to watch and be a part of. I do look forward to seeing what happens here with segwit2x there is a decent amount of support for it even coinbase says they will have two coins for a moment when this happens which is pretty unheard of since they did not support bitcoin cash or gold.
Bitcoin is still holding very strong.
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I knew it wasn't going to be as successful as Bitcoin Cash but I didn't think it would flop this bad either. To be honest I think this is a good thing. If it had been really successful we would start seeing a wave of Bitcoin forks with people trying to make "free money".
All the altcoins are essentially forks of the Bitcoin code. I don't know what is so special about forking a coin mid chain and having to start with all that baggage. If you want to dispurse the coin widely it would be more fair to start with airdrops and make the coin best for CPU mining. ( Guess that means you would have to premine but with a public ledger it could all be accounted for.) I don't think you can completely stop some people from accumulating a disproportionate amount of a cryptocurrency.
Agree with you 100% on this and why I wanted bitcoin cash to fail and still do. Once one hard fork turns into a money making thing there is no stopping others from just hard forking the heck out of bitcoin and making some quick cash.
Thanks a lot for sharing, I wasn't aware that the hard fork has already took place, even more, did not knew that it failed. It seems that it was the complete oposite of Ethereum which succeded completely, and now gained a lot in price!
It's failed on the level of support, It did fork and was successful but its a serious mess right now and a huge lack of support
Yep, that's my point too, Ether gained a lot in price and other alts too, after Bitcoin Gold did not showed up in the pockets of many, because people in a hurry from getting benefits of this hard for were going to buy cheap alts with the money they invested in Bitcoin and now Bitcoin loses price and alts gain value.
Wow their website is down :D what a failure. As a community we need to protect the main chain. I hate the fact that people are just doing this to make profit out of it. If we do not pay attention to those shitty forks greedy people wont make money! Now seg2x is a different story and I am uncertain how it will turn out. I feel like that it would be the scariest fork from all of it
There were way to many negative things in this fork and a lot of reputable people in the crypto world warned against it. And that exchanges wont support it says a lot.
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i also thoughts its forking on 25th Oktober since thats all the Homepage of BTC-GPU told me for about 2 weeks xD nvm BTC-gpu isnt a big thing imho
Yeah their big goal with BTCgold was to make it decentralized again instead of in the hands of a few with big massive ASICs but really people have massive GPUs lol thats always going to be an issue I think CPU is a good way to go as everyone under the sun has one of those.