Will Bitcoin Survive Black Friday? Overvalued Prices, Bitcoin Diamond, Market Cycles

in cryptocurrency •  2 years ago 

With thanks to Coin Mastery.

'Today we're taking a look at Bitcoin on a longer time frame to gauge it's movements in the coming weeks, including what buy levels I'll be looking at in case of a dip. We'll also talk about LISK and what it means for evaluating price for coins, Bitcoin Diamond creditability and a market cycle perspective that may help you make better decisions.'

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After the Bitcoin Cash, Bitcoin Gold and SegWit2x forks (which had finally failed), the Bitcoin Diamond hard fork took place this morning at 10:20 at block 495 866.

The ad does not seem to have had a lot of enthusiasm on the part of most Twitter users we follow. Some people seem surprised by the proliferation of forests:

What are the reasons for this fork?

As its official website indicates, Bitcoin Diamond is the result of a collaboration between three entities, "EVEY", "007", as well as an entity without a pseudonym. Together they gave birth to the Bitcoin Diamond Foundation.

If they decided to set up a fork, it is because they believe that the current Bitcoin does not manage to "scaler", that is to say to cope with the intensification of the pace of transactions. They also mention the lack of confidentiality inherent in the Bitcoin protocol.

For some members of the community, this approach is not very original, since many crypto-currencies are already trying to find solutions to the "limits" of Bitcoin:

What are the characteristics of Bitcoin Diamond?

Bitcoin Diamond will use a new "proof-of-work" algorithm, which, according to the development team, would be more efficient than that of Bitcoin.
Bitcoin Diamond aims to:

Offer users a certain amount of confidentiality: the sums transferred, as well as the BCD balances, will be encrypted on the Bitcoin Diamond network.
offer faster transaction confirmations, thanks to an 8 MB block size (same as Bitcoin Cash)
lower the "minimum threshold of participation" by increasing the maximum amount of money

The priority for BTC should be reducing transaction fees, that's the main threat to the survival of the Bitcoin main in the long run.

and to follow on @Kingbrianboru is Ethereum preparing to take the crown!? Great video!

Let me know your thoughts on the latest episode of Crypto Nights on my profile - discussing Bitcoin, Bitcoin Cash and Segwit2x

Upvoted.
Alex

Great Video,,, thanx for sharing!