The Crypto Papers

Common sense reviews about cryptocurrencies and related issues

Will Bitcoin Miners Initiate “SegWit” Early?


Titanic


 

Bitcoin is not like the Titanic. The Titanic was on her maiden voyage when she struck that iceberg. Bitcoin has been sailing for years. It has been through rough seas before.

Thus far, the bitcoin community has not panicked about the upcoming SegWit updates. But preparations are being made by a few. It is possible that many in the community are wholly unaware of the SegWit icebergs now visible in the distance.

The 24 hour bitcoin outlook is currently positive, as of press time. The one hour trade display continues to blare “red” warnings on and off. Losses of up to three percent have been reported in the top ten most traded coins. You can see a current list of gains/losses here.

“…bitcoin is 33% off of its recent highs…”

Few cryptocurrencies are gaining value, if one has a seven-day measuring stick. Currently, bitcoin is 33% off of its highs posted in June of this year. If this was a stock, losing $1000 dollars per share, many would have initiated a sell order by now. Hint: cryptocurrencies are not stocks or bonds.

Bitcoin is once again flirting with $2200, which could serve to lull investors into a false sense of security. Ethereum’s volume also eclipsed bitcoin over the past 24 hours. This is happening more often now and yet bitcoin still has double the market cap at present. Iota and Veritaseum have also posted amazing gains in the last 24 hours.

But don’t let the “blips” fool you. Keep an eye out for the value spikes — the pump and dumps. And watch out for the sales pitches from all manner of used car salesmen. Make informed decisions. The SegWit icebergs are real. Either bitcoin slips by unscathed or it won’t.

Japanese bitcoin trade may halt.

The Japan Cryptocurrency Business Association  may recommend that its member exchanges stop processing all bitcoin transactions for as long as a week, as a result of the perceived crisis of faith. (See this Altcoin Today article for more details.) The concerns revolve around the legal ramifications if they take no action. Translated? If they lose money and customers come calling. The Japanese government could also change its mind about allowing their citizens to continue using bitcoin. They’ve already had experience with MtGox.

“…GDAX…taking similar actions.”

We also know that GDAX, a cryptocurrency exchange in the United States, is taking similar actions. Surely, for similar reasons. If SegWit results in US citizens losing money, you can bet the lawyers will start to circle. But the regulatory agencies will probably step in first.

This worse case scenario is always good to examine. But there are many other less problematic scenarios.

A consensus appears to be building. Get your bitcoins to safety and away from the exchanges.

“…ViaBTC…creating a separate token…”

ViaBTC, one of the largest mining operations in the world, with roughly 5% of the network, is taking steps to help ensure customer bitcoin holdings by creating a separate token based on BitcoinABC.

In a MarketWatch article out today, experts indicate that bitcoin has not yet bottomed. Other business gurus have concluded the opposite. The situation is fluid for sure.

$2888 bitcoin price?

On the positive, but unusual side, Clif High of Half Past Human has reported a probable bitcoin price of about $2888 in several months. You can check out his latest video here — if you are so inclined. In no way am I suggesting that he is accurate, I just like to give you all angles and some comedic relief.

Finally, it is rather ludicrous that some do not understand why merchants are not flocking to bitcoin. If you’ve been reading my blogs — well — I’m sure you have an idea. Heck, if you’ve been reading the bitcoin news in general, you should be feeling queasy — if you own any bitcoin.

Here is another optimistic viewpoint concerning the lack of merchant adoption:

“That is a very troubling development, even though there doesn’t appear to be a clear logic behind it.”

The above quote is from a NewsBTC article dated today. Do they get it? Bitcoin is not yet an easily adoptable technology. Debates about its core functions and who controls it, are major concerns.

How many other cryptocurrency exchanges are making preparations behind the scenes? And, are miners preparing to nip this thing in the bud? It appears to be true.

“…miners…signalling for SegWit early.”

CoinDesk has reported that miners are signalling for SegWit early. Here is the Countdown Clock they are referencing.

I’ll continue to keep you posted.


Image: Flickr

 

 

 

 

 

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Categories: Cryptocurrency

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