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RE: Bitcoin Market Update: Drama Ahead.
Don't forget to remind not to leave any on the exchanges :) and have full control of wallets. Also what's your prediction about which fork will dominate in November?
hi @eonwarped, I am not sure if the miners will go for x2 because doubling the block size means loads of costly extra blockchain storage, what I fully expect though is loads of FUD leading up to this with general bearishness lead by Bitcoin, but time will tell :) what's your take?
Agreed on short term bearishness leading up to the event. My take is that one of the coins will dominate (leaning towards BTC), and things will stabilize. Post-fork, the funny thing is that the general desirable properties of Bitcoin will not have changed-- it's drama about the mechanism for making changes to the protocol, not a fundamental problem with the protocol itself. Moreover, HODLers have less to worry about, because they get both coins, and they can just sit and wait to see which one is dominant.
About which one… I think I’ll make a longer post on my thought process, but let’s just say I’m leaning towards BTC (not Segwit2x). My position is that segwit2x is not justified at this particular time, (give segwit time for its purported benefits to materialize), and miners will follow the market (and I think there is enough resistance to Segwit2x that BTC will be just fine in the very very short term post-fork)
interesting @eonwarped, personally I am glad Segwit got deployed, I've noticed faster transaction times and cheaper tx but it might also be due to the general bearishness in altcoins (people sending less BTC to exchanges to buy alts), besides thanks to Segwit we now have the Lighting Network on the horizon which will help retain developers. As far as the x2 component of Segwitx2, i agree with you that it's not a priority, imo Bitcoin has failed as a currency already but remains a good store of value so doubling the block size doesn't really matter :)