Someone explain what the fuck is happening with BTC

Sell all your ETH for beans
with memes like this
vocaroo.com/i/s0MIknNz4QKV
you can't lose

It's all a shit show, basically the miners have agreed on implementing right now some shit that allows to stuff more transactions into 1MB blocks (among other things) and upping the block limit to 2MB in November, we don't know whether the shit they're implementing now will work without issues, and some dudes want bigger blocks right now (among other things) so they're hard forking on August 1st, and some exchanges have disabled deposits/withdrawals because of all that shit, and there is also the core developers who don't want bigger blocks at all and who may stir some shit too, and meanwhile everyone keeps buying bitcoin because fuck logic

why are these chinkniggers who have literally the most to lose being niggers

So you've got two sides, one side is the Core developers, they DO NOT want a blocksize increase and have put out "Segwit" that would raise block capacity by 1.7x. The other side wants a flat out blocksize increase.

Miners were at a stalemate between the two for months and months, until the Core people started putting out clients that would lead to a soft fork towards Segwit.

Then the miners got together and agreed to run a non core, non big block client called Segwit2X as a compromise. If approved (it was), Segwit would be implemented, and blocks raised to 2MB in November.

Now, people are forking off with a hard fork on August 1, (UAHF/Bitcoin ABC client, mining BItcoin Cash), this will have big blocks and no Segwit (people disagree wether Segwit is a good thing or not, it does fucky shit with ALL previous transactions, slicing and dicing them up).

So we've got two, at the very least. Next up is the Bitcoin Core people, they are NOT FUCKING HAPPY about Segwit2X (the 2X part, mind you), and are planning on blocking the 2MB increase in November. So we very well have another chain split then.

-Bitcoin Cash, blocksize not a problem cause they have no issue raising it, no Segwit
-Bitcoin/Segwit2X, Segwit, blocksize raised to 2MB in November
-Bitcoin Core/UASF, Segwit only, blocksize kept at 1MB or lowered

there is no way this clusterfuck doesn't crash bitcoin

>Sold all your ETH when it was $7
>it went up to $400 and will be $300 again a few days
>Best decision of my life! hurrrr
fuck off

People are talking about preemptively dumping this split coin or that split coin, personally I'm holding my private keys to my chest and am hunkering down till 2018 at the fucking earliest.

Not all the chinkniggers are being niggers but some of them believe they will make more money on the short or long run by being niggers

Ok. So there is gonna be a massive shitstorm incoming. Why is there no mass panic and why isn't everybody shorting BTC?

>sold Eth before it went 4x
>btc before 2x
>best decision of my life

retard.png

it's a game of chicken. Once one whale blinks, the whole ocean is going to start draining

everyone trying to put on a brave front

Cause everyone was excited about Segwit2X LOCKING IN the other day because it looked like the civil war was over, completely ignoring that neither big blockers nor the Segwit/UASF camps were happy with it at all.

The miners were happy, and pumpers were happy. That's who Veeky Forums pays attention to, really. But we've got one fork guaranteed at the beginning of August (big blockers are just sick of this shit and forking now) and another in November looking increasingly likely the more Bitcoin Core says that 2MB will happen "when hell freezes over".

Really if anything, it's the UASF retards who caused this. Things were progressing towards a resolution, albeit slowly, until they threatened to fuck all kinds of shit up. Then the miners implemented a compromise amongst themselves to stave it off, and now neither side is happy with it and planning their own fork.

other way around you fag

Just remeber 1 thing user - when Veeky Forums shills the fuck out of something for 2 weeks, run in the opposite God damn direction. Fact.

Yeah you pretty much summed up that mess. And now that the whole euphoria of the last few days have started to evaporate people are slowly starting to realize that the ground they're standing on is very shaky right now.

10/10 explanation, this is exactly what I was looking for, thanks user

if you have an eth address I'd be happy to donate to you for clearing all this up for me

nice samefagging
I refuse to believe that two separate people both lack reading comprehension this badly

Veeky Forums pol
How many bitcoins will there be?
A) 1
B) 2
C) 3+

aww thanks. Don't give me too much though, I do genuinely enjoy helping people catch up on this stuff, cause it is a massive load of bullshit

0x6db3242f5237f21f135007736d8bbf9a995edfaf

>1. Bitcoin was being shit because of a block limit of 1MB, causing high fees and taking days for transactions to get through
>2. literally nothing else

50/50 between 2 or 3

the people who plan to hardfork for bigger blocks are retards
they didn't build the network that became popular, so why would they think that network would follow them?
The bigblock hardforks have amateur developers and untested code.

nobody in here is talking about the latency issue in increasing the blocksize, especially when their plan is to continually increase it
nobody in here is talking about the upgraded hardware needed to run a big block node, risking the decentralized nature of bitcoin
nobody in here is talking about how segwit2x is being pushed by a mining cartel with unfair advantages like asicboost and monopoly on chip development
segwit2x being pushed by know con artist craig wright, and shady figures like ver, being developed by unknown devs pushing their code untested

these hardfork plans are hilarious, they will never work

>segwit2x being pushed by know con artist craig wright

This alone shows how you have no idea what you are talking about. Craig Wright was advocating for splitting off from the SegWit2X chain almost as soon as it became clear it would win. He hates Segwit. He's basically the big-block, hardline anti Segwit cheerleader at this point.

Nevermind that Segwit2x was approved by almost all the miners in existence, including the ones allied with Bitcoin Core/small blockers.

Nevermind that Segwit has almost the same problems with resource usage increases, with a 400% increase in bandwidth needed for a 1.7x increase in available transactions. (Big blocks, otoh, offer a 400% increase in available transactions for the same 400% increase in size).

nice just bought 100k fiat

Let it fall.

2MB increase seems short sighted.

What actually happens during a "fork"? Is there 2 coins?

They didn't want to raise it too much, or the miners more aligned with Core wouldn't have approved it. Segwit2x is a compromise on all fronts really.

Yes, two blockchains. YOur private keys are valid on both.

thx for the bags

So can the values of the two coins change? If one gets dumped for the other, are you fucked?

Ya, they are different chains at that point. You can trade one for the other, dump, pump, trade futures, whatever.

So can we expect the price of BTC to dip as August 1st approaches because of this fork?

They think the way to accomplish mass adoption is to be able to mine it in a toaster oven.

hmm, very confusing. I use coinbase which don't even support the new coin I suppose. Gunna suck real hard if everyone dumps the one I have and into the new coin.

>core paidshill.jpg

Game theory says one side will eventually give in so as to save Bitcoin, everyone wants BTC to increase in value. No one wants to actually crash it.

The new coin is Jihan's shitcoin, Bitcoin Cash. It will likely meet the same fate as ETC, except even more of a shitcoin. Some are worried that Jihan will try and use his massive BTC mining stash to crash BTC near 08/01 as a way to push adoption of Bitcoin Cash, but that seems more likely an /x/ scenario.

This

and hence why I think the idea of BTC crash manipulated by Jihan is unlilkely. He has too much BTC to make the crash worth his time. It might end up costing him a lot more than he makes. More likely, he'll just try and push the coin really hard in China until he realizes it's not working, then give up on it.

Need we remember Bitcoin Dark?

So "normal" bitcoin is still king right? So when the fork comes, if you have say 1.0 BTC you will now have 1.0 BTC and some chinese shit coin? As long as I hold both I can't be fucked?

Nice, just sold 100k

ETH is going to surpass btc you faggot. Smart contracts are the future of trade.

>put all my eggs in one-
NICE LARP FAG

afaik it depends on where you hold it, because not all exchanges will carry both

So what does all this potential drama mean for eth and ltc newbies like myself?

pretty fucking simple, raise the fucking block size

people getting censored because there is low block space
fags need to learn blockchain better

CSW isn't pushing segwit2x

CSW wants nothing to do with segwit

miners have no latency issues stop bitching and work on SPV faggot

Believe it. I was on phone and not samefag.

YOU GUYS DON"T FUCCCKIIINGGG GET IT HOLY SHIT
GUESS WHATS GOING TO HAPPEN TO THE CHAINS THAT THE WHALES DONT LIKE

IM TALKING ABOUT PEOPLE WITH 100,000 BITCOINS

THEY ARE GOING TO FUCK YOUR CHAIN UP THE ASS

THERE WILL BE 1 WINNER MINERS WILL HAVE TO SWITCH TO STAY PROFIT ABLE

IF YOU ARE NEW JUST HOLD AND LOOK THE OTHER WAY< SHITS ABOUT TO GET FUNKY

pls sauce on op's titties

will give .0025btc to whoever delivers

tineye it

bump for this. I'm worried for my coins.

>Pass user since 2017
makes you think

FUCK DO I SELL MY BTC OR HOLD IM TIRED OF BUYING AT THE PEAK AND WATCHIGN MY SHIT CRASH TELL ME WHAT TO DO

it's not looking good for holders.

nobody here can tell you what's going to happen. history has shown btc's value has a linear increase with time, so i don't see why you would ever sell at a loss.

that said doesnt like you're cut out for the trading life m8

sell now. there's a good goy.

>sold all my bitcoin for eth back in february, best decision of my life

holy shit that was the absolute WORST decision of your life, you fucking donkey.

NOTHING IS GOING TO REPLACE BITCOIN. NOTHING. ITs all fucking garbage.

Why aren't they moving to a completely new asic resistant PoW? The big miners will spam the fuck out of BTCC.

> Game theory says one side will eventually give in so as to save Bitcoin
What your lil nice theory fails to consider is Core funded by Blockstream, so they could gain from their chain winning even if the price crashes hard.

mommy

>ETH is going to surpass BTC

I swear this board says the stupidest shit

Basically bitcoin will become even more centralized and even more in the control of the gooks

the wonders of a proof of work coin, am i rite

Sauce pls.

1

monday