Bitcoin Explodes To $7900 After Hard Fork Suspended

Tyler Durden's picture

The USD price of Bitcoin just exploded higher - near $7900 - on heavy volume as CoinDesk reports The organizers of a controversial bitcoin scaling proposal are suspending an attempt to increase the block size by way of a software upgrade. Bitcoin is up over 10% today, now up over 650% YTD:

 

As CoinDesk details, known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply 2x, was to trigger a block size increase at block 494784, expected to occur on or around November 16th.

Understanding Segwit2x: Why Bitcoin's Next Fork Might Not Mean Free Money

The suspension was announced today in an email, written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward.

He wrote:

"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x."

 

"Until then, we are suspending our plans for the upcoming 2MB upgrade," he added.

The note is also signed by companies that originally supported the plan, forged at an in-person meeting in May, including CEO and co-founder Mike Belshe, Xapo CEO Wences Casares, mining pool Bitmain co-founder Jihan Wu, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.

The group still has hopes that the block size will be increased further down the line, once there is more agreement from stakeholders.

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VD's picture

Bitcoin is already owned by the banksters on the segwit2x hard-fork attempt -- you've all been headfaked by this while the banksters get cover to PUMP it yet again.

 

SEGWITCOIN aka bitcoin, as OWNED by BLOCKSTREAM, which is backed by global insurance giant AXA, whose CEO in 2010 served on the Bilderberg Group's steering committe, whose AXA has direct ties to Goldman Sachs and Deep State.

Who is really ignorant?

You are all being duped. Blockstream OWNS the patents on segwit, ergo Blockstream OWNS bitcoin! Segwit allows miners to form consensus and STEAL bitcoins from anyone's wallet! 

Keep deluding yourselves and playing crypt0-zealots; the same Deep State rigged your precious silver up to 59 handle while you all cheerleaded that on are doing THE EXACT SAME thing with segwitcoin aka bitcoin.

this article explains the crypt0 endgame quite well:

 

https://gizadeathstar.com/2017/11/walking-away-debt-cryptocurrencies/

 

there are posters on zerohedge shilling for cashless society crypt0 off the rigged parabolic moves of these Deep State controlled "coins". you may do research and see that everything i have written is FACTUAL. i realize it's a hard pill to swallow for the few genuine crypto fans here, but these are the cold hard FACTS i am presenting.

dasein211's picture

Are people really this dumb?

VWAndy's picture

 Go look in your mirror and get back to us.

tmosley's picture

What should he do after he looks in the mirror and finds a winner?

VWAndy's picture

 ya aint doin it right if thats what you find.

Dsyno's picture

Question: Is the literal translation of "Satoshi Nakamoto" really "Intelligence Central"?

VWAndy's picture

 Lets just say team fiat has their shit together. Full spectrum dominance baby.

eftian's picture

If the rest of his reporting is as accurate as his claim that silver hit a 59 handle, then I guess we know what it's worth...

tmosley's picture

Not everyone sees the same thing when they look into the mirror.

VWAndy's picture

 If they are doing it right they should.

VWAndy's picture

 My concept of others is a wonderfull thing. Are you sure ya want to go there? Ill take you there my friend. If you really want to go. It would be my great pleasure.

tmosley's picture

Only when they let their lizard brains take over.

NugginFuts's picture

"OH NO WE SUCK AGAIN!" <- said no BTC owner ever.

dasein211's picture

Seriously I sold here as a trade. I figure a lot of the buys this last week were to frontrun the fork- now that’s no more. Hopefully we correct to at least 6500 here. Then I’m back in the game!!!

Heavy McNuggets's picture

I sold at $6800 and will only buy back in if it goes below $2000.

Raffie's picture

Not sure if BTC will ever see the $3k range.

Litecoin would be great to get into and wait for the moon shot.

NugginFuts's picture

Why LTC? Seems they've just kinda been hanging out in the $50-$60 range.

Personally I'd like to see Ethereum take off to $600.

Raffie's picture

LTC is greatly under valued and is poised for moon shot.

LTC can only have 84mil coins ever. Never been HF either. Faster and cheaper transactions then BTC by far.

Amazon about to accept BTC and looking at LTC. Once more and more businesses accept LTC that price will go up.

LTC is not an exciting coin, but stability is a good thing.  I got BTC and LTC.

I had ETH which I got into a few ICO's and will give it a couple years before I look at converting the ICO coins into LTC/BTC.

I'd put a little into LTC if anything. 

NugginFuts's picture

Thanks, that's a compelling argument. I'd say the lack of volatility has made it look too "boring" compared to BTC, but you're right about the advantages. Market is just so flooded with viable BTC alternatives, it's hard to see which ones will thrive the best. 

JibjeResearch's picture

Bawahahah ahahah

So show us your holding of LTC...

Heavy McNuggets's picture

When BTC reached $1200 back in 2013 people probably didn't think it'd fall back to $200-$300 but, it did just that. I will buy back in when it's not a daily headline and near an all time high.

Golden Phoenix's picture

'I will buy back in when it's not a daily headline and near an all time high'...said the guys watching the FANG stocks from the sidelines since 2002...

MansaMusa's picture

I'll jump in the next correction to try to catch the next pump up! Then DUMP !

SILVERGEDDON's picture

Hey, tmosley - where have you seen a similar chart once before ?

Oh yeah, right - silver right when it edged over $50.00 an ounce before it tanked.

You might want to re-think your patriotic crypto fever when it applies to your investments relative to the last silver rodeo. 

If you lose your ass again, I won't have the pleasure of poking fun at your Cramer like investment wisdom posts for a few years.

Just like last time you were fervently pumping.  

dasein211's picture

Silver is not technology.

tmosley's picture

What is happening in crypto now would have happened in silver had it not been for crypto hijacking the bull case. Rather than weep bitter tears about it like some, I simply embrace whatever is most likely to kill the dollar.

playnstocks's picture

Never go full Hubris !!

Heavy McNuggets's picture

I just buy crypto and when it's seriously high I offload it to buy more gold.

tmosley's picture

You are a fundamentally defeated man.

hestroy's picture

You could buy another .01 Bitcoin for all your savings right now.

Raffie's picture

ROFLMAO..... keep spamming your wickered fact junior.....

The more your QQ the more my crypto profits grow.

CRY ON!!!! 

They are going cashless and not much we can do about it.

Cryptos are the next logical step, does not mean it has to loved, but it will happen.

Billy the Poet's picture

That's also a fine argument for dating transgenders or becoming one yourself.

Raffie's picture

Becoming a trans?

So how long was your recovery after the surgery?

How did your family take the news?

Billy the Poet's picture

I'm not the one who said  "it's the next logical step, does not mean it has to loved, but it will happen." That was you, Shirley.

SILVERGEDDON's picture

Even worse when they are so convinced it will all work out okay, that they decide to do their own operations with a spoon, a box cutter, some fish line for sutures, and box wine for anasthetic, investment speaking wise. 

magnetosphere's picture

we are so fcked. miners just ceded total control of bitcoin to the international banksters.

Badsamm's picture

Should I return the money I have made

taoJones's picture

"We apologize for the fault in the subtitles. Those responsible have been sacked.

Mynd you, m00se bites Kan be pretty nasti ..."

King of Ruperts Land's picture

Bravo for original thoughts. I'm sick of tulips and 1s & 0s and EMP.

MansaMusa's picture

How do you go about cashing the BTC for fiat cash? Is it simple? Long wait? Thanks for answering, I'll jump in next correction and help the Japanese pump it before year end

tropicthunder's picture

If the whole thing comes crashing down or goes to a Squillion pesos, I could really give a shit. Having recouped 100% of all BTC investements, all of my daily mining payouts are 100% PURE FUCKING PROFIT.

taoJones's picture

and the rest went to a G5?

Yellow_Snow's picture

First the 'oldbugs' said that the Bankers were behind the segwit2x hard-fork...

Now they saying the opposite... Get your story straight please