Bitcoin Nears $8000 After SegWit2x Fork

Tyler Durden's picture

Despite miner support dropping to a mere 7% the SegWit2x fork is being attempted and for now there is no major impact aside to note that Bitcoin is rising on the day - testing $8000 for the first time.

Bitcoin is now up 45% from its lows last weekend...hitting $7997 this morning...

As Spencer Bogart (@CremeDeLaCrypto) notes, today's Bitcoin rally looks like a rotation out of other crypto-assets and into Bitcoin to make sure they receive coins on both sides of the Segwit2x fork, which has seen a small resurgence of interest. Most detrimental to BCH.

It's been quite a ride...

  • $0   - $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days

Source: JackFru1t

As Cryptovest reports, the relative date of the SegWit2X hard fork came on November 17, at 2:50 GMT+2 time. 

Block 494,784 and the next block was mined by AntPool, a miner that did not signal support for SegWit2x. No peculiarities were seen in the new blocks.

After the block was passed, there were no immediate news on performing a fork from any known entity. But a few hours before the block, some expected the event would go through and a minority chain would appear, supported by a fraction of miners.

At least 48 hours may be needed to see if mining is happening and at what hashing power and speeds.

According to CoinDance, the new chain could not survive: 

At the same time, an entity called Bitcoin2X may be the force behind the new chain. Yet it is unknown if actual blocks would manage to appear. 

At the very least, the hard fork day may have frozen some resources on Coinbase, GDAX or other exchanges around the time of the potential network split, to avoid problems with moving the coins in conditions with unknown replay protection.

*  *  *

Specifically, with regard the SegWit2x fork, Coinbase issued a statement clarifying some of the details:

There have been a number of developments with Bitcoin Segwit2x since our last update.

Coinbase is actively monitoring this situation and will make every attempt to allow customers to benefit from this fork if it results in a safe and functioning network. No action is required and all funds stored on Coinbase remain safe.

Last week, the Segwit2x development team announced they would no longer continue with the project.

In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.

We wanted to provide clarity about the potential outcomes of the fork and what Coinbase will do in each scenario.

To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards.

Scenario 1: network is unusable

If support for the fork remains at current levels, or decreases, the Bitcoin2x network will be unusable. Coinbase will not support withdrawals or trading as it will not be possible to move these assets. Currently we believe this is the most likely scenario. If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform.

 

Scenario 2: network is usable

If transactions are being confirmed at a reasonable speed, and miner support is strong, we will allow Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them at a later date.

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. We have invested significant resources to make sure we can prepare for each scenario, and if there is a stable and functioning network we will give customers access to Bitcoin2x funds.

We continue to work on Bitcoin Cash and are on track for January 1, 2018.

*  *  *

Finally, Jeroen Blokland provides an excellent chart summarizing reality for 'Bitcoin' as it forks...

 

So the full value of the original Bitcoin is approaching $9,500.

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HRClinton's picture

Oh vey! Joy for us Early Birds, horror for Flat Earth naysayers, haters and (((Banksters))).

HRClinton's picture

p.s. BTC is where Gold would be, if it were not manipulated.

Manthong's picture

 

I would not trade any of my Morgans for a BTC…

Sooner or later the market will figure out why.

 

when it gets somewhere near reality....

then it can be currency.....

 

not money... only gold and silver is money

 

go read the Constitution if you need a reference

 

 

SoilMyselfRotten's picture

Huh? Didnt they cancel this several days ago?

tmosley's picture

It was cancelled as an upgrade, but now they are trying it to create a new coin.

E-Knight's picture

I really hope alts finally do something. fking bitcoin of course is going to implode and drag everything down with it.

eforce's picture

Bitcoin is being pumped up with fake dollars (Tethers) and this is being steadily exposed and eventually it will correct sharply, downwards.

Gold vs Bitcoin = Tortoise vs Hare.

tmosley's picture

Looks like today's tether based pump was in BCH. Up 40% in 24 hours!

This is basically Bitfinex counterfeiting dollars and trading them for cryptos. Fractional reserve lending, but without the reserve. Fraud.

And they are stealing everyone's coins. Not good.

Spaced Out's picture

Alts made me $200k this year already, what do you mean "finally do something"?

A Sentinel's picture

I have a question for you guys that get this: We know that they’re manipulating gold to keep the sheep feeling secure (and other motives). But they’re not crushing bitcoin (perhaps because they can’t short paper bitcoin?).

Is bitcoin doing its own thing or is bitcoin doing what gold normally would in a scary economic situation?

Exponere Mendaces's picture

They better hope that Jeff "off by one" Garzik isn't working on it (oops, he is) - because that guy couldn't code his way out of a text adventure with Bill Gates sitting next to him.

S2X is dead due to his incompetence, "Metronome" isn't going to fare much better.

Sizzurp's picture

You could buy more than 300 nice Morgans with 1 BTC. Soon it will be 500.

USA USA's picture

I should have traded some of my Morgans for a BTC. Fixed it for ya....

All kidding aside, bullion silver coins are a better store of value than morgans in my humble opinion.

Most hold PM's for SHTF senarios. A Morgan, though historic, is less than an ounce of silver and has a huge premium for collector value.

They are beautiful coins, but really only have silver value for the EOW.

USisCorrupt's picture

Diversification is KEY !

My Silver hoard is HUGE and I have many many Certified Morgans and Monster Boxes BUT I LOVE my Cryptos as well !

IH8OBAMA's picture

Yeah, those crypto coins are neat to get out and look at them and notice how pretty they are and feel the heft of the coins.  Oh wait......

JethroBodien's picture

Hitler convinced the majority of the German population he was their saviour. 

Bitcoin is salvation, a promise of riches, freedom from fiancial tyranny and the road to fiancial and economic utopia.  In other words a fairy tale.

Both are an indictment of the human condition.

  

NoCamelCase's picture

Those coins are just overpriced silver. Bitcoin is world money. USA Constitution applies to a small fraction of global population. Silver bullion is a good thing to have but right now Bitcoin looks more promising. I advise to slowly buy gold and silver with BTC profits and diversify.

BarkingCat's picture

It does not qualify as currency as far as I'm concerned. The currency does not cost you anything when you give it to someone will spend it on something.

silverserfer's picture

yeah its like gold for morons.

AllBentOutOfShape's picture

Is segwit2x the REAL Banker takeover?

https://np.reddit.com/r/btc/comments/743qb8/is_segwit2x_the_real_banker_...

  • DCG's Board of Directors and Advisors is almost entirely made up of Central Bankers including one currently sitting Member of the Federal Reserve Bank of New York and another who was Chief Economist at the World Bank.

  • The CEO of the company spearheading the Segwit2x movement (Barry Silbert) is an ex investment banker at Houlihan Lokey. Also, Mastercard is an investor in the company DCG, which Barry Silbert is the CEO of.

  • The company overseeing development on Segwit2x, Bitgo, has a product/service that seems to only have utility if transacting on chain and using 0-Conf is inefficient or unreliable.

  • Segwit2x takes power over Bitcoin development from core, but then literally gives it to central bankers and Mastercard. If segwit2x goes through, BTC development will quite literally be controlled by central bankers and a currently serving member of the Federal Reserve Bank of New York.

tmosley's picture

That would be pretty great, because it was the most inept shit I think I have ever seen.

HRClinton's picture

pps. Hey, CC haters and numb-skulls, who you gonna hate?

(((Manipulators))) or libertarian CC people?

Got clarity? 

junction's picture

Wow, in six months, bitcoin went from under $2,000 to $8,000.  Some people who invested in bitcoins are making out like bandits.

USisCorrupt's picture

And this is ONLY the BEGINNING the Crypto Market Cap is ONLY 225 Billion !

WAKE ME WHEN ITS 1, 5, 10, 25 TRILLION !

I will be living in New Zealand or Antarctica for this Country will be a Shithole in 3 Years !

jomama's picture

So many laughs.

VWAndy's picture

 When is a good time to take proffits?  Buy low sell high is the way to go.

Bay of Pigs's picture

Zero Hedge needs to rename itself Bit Hedge.

silverserfer's picture

its been overrun with bitgeniuses. Its like phonestar was a gremlin and someone spilled coffee on him. 

TheReplacement's picture

I was one of fonestar's harshest critics.  I still think he's some kinda special.

However

Stocks and bonds are not money.  Dollars, yen, and yuan are not money.  Bitcoin and ethereum are not money.

Gold and silver are money.

What is wrong with utilizing stocks, bonds, dollars, yen, yuan, bitcoin, and/or ethereum to acquire money?

overbet's picture

Maybe fonestar was satoshi?

Bay of Pigs's picture

Fonestar was from Canada as I recall.

And Satoshi has never been publicly identified or interviewed has he?

overbet's picture

fonestar was right but spent as much as he bought unless he has other wallets and by reading his old post he doesnt

https://blockexplorer.com/address/16bY6d2wisEZ78pU6UaYf6fedmN4fBhsfF

Dsyno's picture

I hope that's not the famous Fonestar's wallet. If so, that's ridiculously weak.

btClunker's picture

Could be, but it's not good money.  In a global market place it isn't practical. Money can only serve one market.  Gold and silver worked back in the day but global needs have changed. Am I selling no, have I stopped buy, yes. 

Michigander's picture

In investing everyone is wrong at some point. Everyone. If Gold were at 10,000 and silver 600, would you be calling a top? So I’m curious, at what point, if ever, will an oldbug admit they were wrong? At BTC 10K? 50K? 100K? 1MM? Is it going to go there? I have no idea. In spite of all the wailing and teeth gnashing for you that you try to purport as factual information, you don’t either. Stocks are good, until they’re not. Bonds are good, until they’re not. Cryptos are good, until they’re not. Bullion  may be good some day, and then the same decisions will have to be made. Quit with this fucking purist mentality of bullion is the only way. Christ<sic>walked on water. You walk on water with skis, I can do it with a snowmobile.

overbet's picture

Its a financial blog yet there are constant complaints that the financial blog is covering the best perfroming asset across all financial markets. I see just as many if not more Nasdaq or S&P ATH articles. Are you a groid with no self restraint? How hard is it for you to avoid clicking on the article?

Bay of Pigs's picture

Just an observation. Not meant as an insult.

ZH used to cover lots of fraud, corruption and bankster crimes. Now the Tylers just pimp BTC all day long.

blentus's picture

You are wrong. You are just noticing these articles because they are often fun to read and argue about.

Ratio of non-BTC vs BTC related articles is probably 90% vs 10%, maybe even 95% vs 5%.

Just look at yesterday, it was full of all kinds of shit, and only 2 BTC related articles.

Fireman's picture

Blipcoin chimes to soothe the savage breast,  in case you are among those that actually believe that these electric tulip$ are mere figments of the imagination of the terminally deluded.

 

http://www.bitlisten.com/

 

Believvvvvvvvvvvvvvvve!  And you too can be a zillionaire before the real shit hits the virtual fan.

SovietPepe's picture

Get in now before the futures start trading in a month. We'll be blowing past $10,000 by that point.

Precious Hawk's picture

Where are all the tree-huggers and global warming fearmongers!  All this electrickery being used up to generate numbers that are already there and giving them a value of 8k bucks?  Come you lot.  Get the word out.  BC Miners are the major cause of the ice caps melting.

PH

AGAU's picture

A lot of mining happens in Iceland using geothermal energy, combined with the very cold temperatures means no CO2 pruduced in mining, also there is a mining facility in China uses hydroelectric energy.

Spaced Out's picture

"All this electrickery being used up to generate numbers that are already there"....

Are they? Have you considered what the REAL purpose of all those hashes might be?

2muchtax's picture

There are 13 bank offices within 5 miles of where I'm sitting, i think crypto will save energy.

koan's picture

I guessed 7k by December, now I'm upping the ante to 10k by new years.