Bitcoin Nears $8000 After SegWit2x Fork

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.

Comments

Manthong HRClinton Fri, 11/17/2017 - 12:19 Permalink

 
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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   

In reply to by HRClinton

A Sentinel E-Knight Fri, 11/17/2017 - 18:16 Permalink

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?

In reply to by E-Knight

USA USA Manthong Fri, 11/17/2017 - 12:25 Permalink

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.

In reply to by Manthong

AllBentOutOfShape HRClinton Fri, 11/17/2017 - 15:55 Permalink

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.

In reply to by HRClinton

TheReplacement silverserfer Fri, 11/17/2017 - 12:49 Permalink

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

In reply to by silverserfer

Michigander silverserfer Fri, 11/17/2017 - 13:02 Permalink

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.

In reply to by silverserfer

Fireman Fri, 11/17/2017 - 12:18 Permalink

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.

Precious Hawk Fri, 11/17/2017 - 12:20 Permalink

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