Segwit2X promises to be the biggest threat to Bitcoin's dominance to date.
At block 494784 Bitcoin will be forked yet again, so in around 35 days from now, Segwit2X will come into being. Bitcoin is now in for a long and very bumpy ride.
The current price of Bitcoin is edging close to $6000, but this bull run will not last, we are now locked in for an all mighty crash back down to the mid $4000's maybe even lower.
Apologies, if I sound like I'm trying to spread FUD, that is not my intention.
My intention is to raise awareness to the battle that is about to take place.
Whilst the battle may appear to be between Bitcoin and the 2X fork, its really between Bitcoin and Bitcoin Cash.
Which chain will get the majority of the hashing power??
I'm sure the majority of the Chinese miners and 'others' will support 2X,
Not because they believe in 2X, but because they want Bitcoin Cash, they want it because its easier to influence its direction.
If 'they' can pull it off and prop up 2X long enough to effectively kill off Bitcoin, they will be half way there.
Next step, kill off 2X and support Bitmain Cash, sorry.. I mean Bitcoin Cash.
In a nutshell, the majority of the Chinese miners will use 2X as a medium to cripple Bitcoin
They will use Segwit2X as a Segway to Bitcoin Cash.
I can see Craig Wright sitting back during this battle rubbing his hands together screaming …yes, yes! Just how much Craig and his SGI Supa-dupa-computers will be involved in this battle remains to be seen. It's no secret that Craig intends to ignore Segwit transactions on his spa-dupa network and Bitcoin Cash is his darling, so what ever arsenal Craig has as his disposal, no doubt it will be used to support Bitcoin Cash.
So, the winners in this battle will either be, Bitcoin or Bitcoin Cash
In the meantime 90% of the altcoins will be in limbo and their values will drop significantly and so will confidence in the crypto ecosphere.
Some say Bitcoin Cash deserves to become THE Bitcoin
Because its closer to Satoshi's vision, and whilst I don't necessarily disagree with that, I do believe 'Satoshi's vision' is being used and abused as a plausible excuse. Behind the BS is the truth and the truth is about getting revenge against the Bitcoin core developers, controlling Bitcoin's future and greed.
IF Bitcoin Unlimited (BU) had focussed their efforts on becoming Bitcoins P2P payment cousin, as apposed to what it's trying to do, to topple Bitcoin, I would have purchased Bitcoin Cash and supported it. But it's trying to become both and I think thats greedy and very irresponsible in terms of the harm it can cause to Bitcoin and the crypto ecosphere.
I personally believe we NEED Bitcoin to remain as is
Bitcoin has evolved to become a settlement layer and a P2P payment system for large purchases and I think we needed that, but we also need a P2P payment system for everyday use, and one where the value is reasonably stable. I think Bitcoin Cash or DASH would be two good candidates for that role.
However, I think DASH is way ahead at the moment, it is ready and I would like to see DASH take on that role, it has maturity, suitability and scalability.
We cannot afford to loose THE Bitcoin.
If it gets crippled the entire crypto-currency ecosphere will be crippled and CONFIDENCE will fall dramatically.
The war has begun, stupidity and greed will now battle it out with Bitcoin
Whilst the altcoin investors bleed and confidence takes a hammering.
Implosion is on the horizon, lets hope Bitcoin Core reigns supreme, it deserves to win and all things being fair and equal, it should.
NB: I haven't factored Bitcoin (fools) gold into this equation as it's not a threat to Bitcoin. And I'm really surprised that so many people have converted their alts into Bitcoin so they can get a piece of the Bitcoin Gold action.. why?
Bitcoin Gold is a farce, and I can't see anyone getting more than a couple of hundred dollars per Bitcoin, it won't be like Bitcoin Cash, yet many seem to think it will be.
Lets wait and see? Very unlikely, but possible.
I'm optimistic, but prepared for the worse. Hopefully, by some miracle Seg2x will be called off.
Thanks for sharing your insights on this. Didn't take time to fully get informed on this matter and it is appreciated to be able to read about it.
Can I ask you why you say altcoins will drop significantly ? You don't explain it much.
(And the picture of your post is very funny... :D).
Thanks. Because they are linked to BTC and a lack of confidence in BTC's future dominance will have a flow on effect to the alts.
Ok, it makes sense now. It is essentially what happened the last times Bitcoin dropped. Thanks.
It is essentially the same but this time the risks are far greater.
Last time Bitcoin Cash only had a slim chance of toppling Bitcoin, this time Bitcoin 2X is the challenger and it has a reasonable chance. If it fails but still manages to weaken Bitcoins dominance then Bitcoin Cash and its heavyweight supporters will have another go at toppling Bitcoin. So this time Bitcoin will be attacked from two opponents both determined to topple bitcoin and take its place. If Bitcoin can survive this, it can survive anything.
Hehe. Were is the popcorn ? :D
Thanks for your nice and clear analysis again!