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  #1861  
Old 08-11-2017, 09:26 AM
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Originally Posted by disco mixx kidd View Post
Thnx Bob,man that sounds complicated
Are you gonna get some?
You think BTC price will drop after this?
Wasn't there a fork just recently?
Why are they doing this?
I'll have a go at this, although I don't really know what I'm talking about.

Essentially one faction of people want to increase the size of the blocks on the blockchain, basically the ledger that records bitcoin transactions from 1mb to 2mb. A single block is a group of transactions being written to the ledger. The longer the block the more transactions it can carry and in turn the whole system can process transactions faster. There's worries that if the max block length isn't increased then for anyone using a small amount bitcoin to pay for a day-to-day purchase like a cup of coffee, this would mean a long, awkward wait at the counter.

The downside with bigger blocks is the larger volume of data. People fear the increase will be to much for certain parts of the bitcoin network and will instead centralize the system around computers capable of handing bigger blocks - kind of an antithesis to the whole decentralized ethos of bitcoin.

Since this is a contentious idea - some people are behind the increase and some aren't, bitcoin isn't going to just change, instead it's going to 'fork' and two different bitcoins will exist going forward.

It's generally assumed that over time one system will win out over the other. What decides that will be the popularity. There's articles like this To view the link you have to Register or Login that say the new Bitcoin2x is doomed to fail.

Having said there was a To view the link you have to Register or Login that many major Bitcoin players signed up to saying they'd support 2x. If they do then maybe the new system has legs.

What all this will do the Bitcoin price(s) I have no idea. Isn't turbulent the word normally used?
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  #1862  
Old 08-11-2017, 05:23 PM
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Quote:
Originally Posted by Cpfcbob View Post
SegWit2X is the proposed fork of Bitcoin, to upgrade the block size to 2mb. The fork is scheduled to occur at block height 494784 (around November 16). As this is a contentious hard fork, Bitcoin will most likely split in two after this block, with Bitcoin (BTC) and SegWit2X (B2X) emerging.

It's different to SegWit1 which saw us get free bitcoin cash as this time SegWit2X will not implement replay protection, there are certain steps you need to take before you can use both BTC & B2X safely.
Rumours starting to circulate that Segwit2X has been cancelled. Lot of the community were dead against it
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  #1863  
Old 08-11-2017, 07:21 PM
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Originally Posted by CamberleyEagle View Post
Thanks for trying but I didn't understand a single word of that.

It's a no from me. I'm too thick to bitcoin
Me too - I have absolutely no idea what CPFCbob is on about.

I read something about millions of dollars worth of Ethereum(?) being stolen and then lost this morning, but didn't really understand that either.
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  #1864  
Old 08-11-2017, 07:41 PM
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Originally Posted by Speron1 View Post
Rumours starting to circulate that Segwit2X has been cancelled. Lot of the community were dead against it
It has.

Assume we may see a rise
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  #1865  
Old 08-11-2017, 11:34 PM
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Thnx wavey,very helpful
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  #1866  
Old 09-11-2017, 10:35 AM
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This will be Bitcoins eventual downfall..


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  #1867  
Old 09-11-2017, 03:17 PM
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Quote:
Originally Posted by Speron1 View Post
Rumours starting to circulate that Segwit2X has been cancelled. Lot of the community were dead against it
Yeah it was confirmed yesterday. Andreas confirmed on his twitter yesterday "ICYMI Segwit2X fork is cancelled. Most of the remaining signatories of the NYA signed an announcement calling it off. "

I think the price will keep on rising and expect it to hit $10,000 early next year.

Is it too late to buy into bitcoin? I'd like to say no in order to see the price drop, I desperately want the price to drop so I can buy more but every crypto expert is predicting the value to rise to between $40000 to $250000 by 2020!
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  #1868  
Old 09-11-2017, 03:28 PM
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Quote:
Originally Posted by ffsear View Post
This will be Bitcoins eventual downfall..


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Bitcoin has a controlled supply, meaning that the amount of coins that can be mined are finite. I personally think mining is irrelevant as there will only ever be 21million bitcoins in existence with 16,672,250 available today. Is estimated 2million have been lost! With the difficulty hash rating ever increasing for every mined block it's estimated to take another 100 years for all bitcoins to be mined.

There's still a lot of people out there that do not understand BTC, here is a good video for newbies
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  #1869  
Old 10-11-2017, 09:14 AM
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That video isn't simple enough.
It sounds like bitcoin are an alternative stock market, not a method of payment.
I assume no-one ever uses them to buy things.
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  #1870  
Old 12-11-2017, 07:54 PM
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You can buy houses with bitcoin now
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