The abolition of SegWit2x's hail of power marked the end of three-year attempts by various political groups within Bitcoin to reach a compromise.
Opponents of hardcore can consider the cancellation of SegWit2x a real victory, but when most users decide to stop using bitcoins and sell their tokens, the price of bitcoin will inevitably begin to decline.
At the same time, this marks the beginning of a new era in the history of mankind. The one where people have freedom of choice and freedom of exit.
Cancellation of the "New York Agreement" It is quite expected that November 16 would be a true apocalypse for bitcoin. More than 80% of the miners supported SegWit2X. Several hundred of the largest Bitcoin-exchanges and companies have signed an agreement in support of increasing the size of the block. Despite all this, a large part of the Bitcoin user community and the core development team were ready to refuse to change the software.
The SegWit2x hard core would be a disaster for Bitcoin. At the same time, the price of bitcoin reached new record highs, as investors strongly motivated the possibility of receiving free coins after fork, as it was with Bitcoin Cash. However, the division of the detachment planned for November 16 would be quite different.
Large companies, such as Coinbase, agreed to support both networks that would emerge after the separation.
HardFork was planned without the implementation of protection from replaying transactions, which would prevent erroneous sending of coins to another network. Being the first pure hardcore Bitcoin, with a clear plan and the goal to be friendly to the business, it was quite predictable that Bitcoin Cash will enter the market leaders. The price of Bitcoin Cash in recent days has increased by almost 500%.
Bitcoin will lose market share Joseph Poon, developer of Lightning Network, recently said:.
If the party becomes dirty - it is necessary to leave it. You can try to remedy the situation, but still, the most reasonable decision will be to leave. Most blockhouses give people freedom, part of which is the opportunity to make choices and go when they want.
Two large fractions of the ecosystem of bitcoins were at a dead end. For individuals and corporations that are not satisfied with transactional fees and scalability of bitcoin, the simplest solution will be to stop working with this crypto currency and invest in it. In their output, these people will lower the price from $ 7,500 to $ 6,600.
"Silent money", invested in bitcoin Encouraged by the growth in the price of bitcoin, which since the beginning of the year has grown 7-fold, users are expecting a 10-fold ROI (a tenfold return on investment), buying their first 0.1 BTC,.
The news was added to the fire that the CME Group plans to add bitcoin futures this year, which will make it affordable for new investments worth billions of dollars. Whatever it was, hedge fund investors from Wall Street are far from stupid. First they will probably try to lower the price for bitcoin. If they know that they can lower the price to 3000 dollars (which it was several months ago), in order to reduce the number of investors and buy bitcoins at a lower price, they will do it.
Blochein is a new type of organization. Blochein is a new kind of organization, the same as corporations with shareholders that emerged 400 years ago. Today, corporations can lobby their interests in Congress and have no less rights than a person and a citizen. Blokchein in the near future will have no less power.
I'm sure that the market capitalization of all cryptographic tokens will grow exponentially over the next few years, but that does not mean that "the winner will get everything". Today, the main financial media consultants position bitcoin as "new gold", which is fundamentally flawed. To make you understand what I mean, imagine a universe where anyone can create a new kind of metal that has all the properties of gold.
To expect that in the future it will be bitcoin that takes over the main part of the market as silly as recognizing the East India Company as the most valuable among corporations.
Demand for bitcoin and the growth of the crypto-ruble For 2014-2015, the price of bitcoin was declining. However, in 2016-2017 the demand for bitcoin increased significantly. This was influenced by a significant number of factors. For example, Chinese citizens who shy away from controlling capital movements, Ponzi schemes such as "MMM" and, of course, ICOs.
Recently, Russia announced the development of its own "crypto-ruble". All financial transactions involving a virtual currency will be taxed with a 13% tax, that is, they will be entered into the system of proportional taxation that exists in Russia. Production of other types of crypto currency will be banned.
I believe that the crypto-ruble will be an attractive alternative to bitcoin for people avoiding hyperinflation and Chinese citizens who want to bypass capital controls (especially in the case of a bearish trend in the Bitcoin market).
Last month, the Chinese government closed the BTCC.
However, there are rumors that the Bank of China has created a research group whose task is to study the possibility of "digitizing" the yuan. It is clear that some very large players are ready to enter this market, but they are not interested in sharing their money with Mr. Nakamoto.
About the author: Rhett Kreighton is a developer of ZClassic and fork ZCash (over 50 million dollars of market capitalization). Recently worked on Whalecoin. Graduate of MIT. Participated in the development of a test client for the Bitcoin network.