Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Bitcoin Nearly Hits $8,000 and Cryptos Skyrocket After Segwit2X Fork Is Called Off

Currencies / Bitcoin Nov 09, 2017 - 10:31 AM GMT

By: Jeff_Berwick

Currencies

There was a lot of speculation about what would happen to bitcoin after the planned Segwit2x fork on November 16th.

Well, we got to find out a week early as news came out today that the Segwit2x fork has been called off.

The suspension was announced today in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward, saying,

"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x."


As the news quickly made its way into the market, bitcoin surged to another new all-time high of $7,845, but then quickly pulled back to where it sits currently near $7,350.

Altcoins surged on the news as well with most heavily in the green.

The cryptocurrency space as a whole now sits at a new all-time high of over $206 billion.

The summer and autumn of bitcoin forks is now complete… and despite many naysayers saying the forks would destroy bitcoin it is as strong as ever. Bitcoin combined with the price of Bitcoin Cash today, near $650 means the total value of those who held bitcoin prior to August 1st is $8,000.

The price of bitcoin on August 1st was $2,735, meaning it has tripled since.

But, news is just coming out now that some bitcoin miners are planning to move ahead with the Segwit2x fork on August 16th as planned.

Bitcoin is a completely free market creation and because of that there is never a boring time in bitcoin. The market will always be adjusting as various actors implement and modify code and the technology.

There is no government regulation and no centralized bitcoin company, CEO or group. So, we are getting a firsthand look at how a completely free market money and finance technology develops.

So far, as you can see, it has been very profitable!

Join us at Cryptopulco at Anarchapulco and the TDV Summit in February in Acapulco, Mexico where many of the biggest players in the crypto space will be gathering like they do every year to give you the best information, analysis and advice.

And to get our best analysis and advice make sure to subscribe to the TDV newsletter HERE. We release two full issues per month and regular special alerts along with access to many of our books including Bitcoin Basics and The Book of Satoshi along with access to our private subscriber’s only Facebook group with thousands of TDV subscribers worldwide who can help you if you are new to cryptocurrencies.

If the miners do plan to continue with the Segwit2x fork we’ll be updating subscribers first on its implications.

Stay tuned, it’s never boring in cryptos!

Anarcho-Capitalist.  Libertarian.  Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks.  Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast.  Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media.

© 2017 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jeff Berwick Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in