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Bitcoin Nears $8000 After SegWit2x Fork

Courtesy of ZeroHedge. View original post here.

Despite miner support dropping to a mere 7% the SegWit2x fork is being attempted and for now there is no major impact aside to note that Bitcoin is rising on the day – testing $8000 for the first time.

Bitcoin is now up 45% from its lows last weekend…hitting $7997 this morning…

As Spencer Bogart (@CremeDeLaCrypto) notes, today's Bitcoin rally looks like a rotation out of other crypto-assets and into Bitcoin to make sure they receive coins on both sides of the Segwit2x fork, which has seen a small resurgence of interest. Most detrimental to BCH.

It's been quite a ride…

  • $0   – $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days

Source: JackFru1t

As Cryptovest reports, the relative date of the SegWit2X hard fork came on November 17, at 2:50 GMT+2 time. 

Block 494,784 and the next block was mined by AntPool, a miner that did not signal support for SegWit2x. No peculiarities were seen in the new blocks.

After the block was passed, there were no immediate news on performing a fork from any known entity. But a few hours before the block, some expected the event would go through and a minority chain would appear, supported by a fraction of miners.

#Segwit2x is happening and that is the truth. Fork at Block number 494784. Stop telling yourselves that is not happening. #bitcoin #bitcoin2x #b2x #bt2 $btc

— Crypto Examiner (@CryptoExaminer) November 17, 2017

At least 48 hours may be needed to see if mining is happening and at what hashing power and speeds.

According to CoinDance, the new chain could not survive: 

At the same time, an entity called Bitcoin2X may be the force behind the new chain. Yet it is unknown if actual blocks would manage to appear. 

At the very least, the hard fork day may have frozen some resources on Coinbase, GDAX or other exchanges around the time of the potential network split, to avoid problems with moving the coins in conditions with unknown replay protection.

*  *  *

Specifically, with regard the SegWit2x fork, Coinbase issued a statement clarifying some of the details:

There have been a number of developments with Bitcoin Segwit2x since our last update.

Coinbase is actively monitoring this situation and will make every attempt to allow customers to benefit from this fork if it results in a safe and functioning network. No action is required and all funds stored on Coinbase remain safe.

Last week, the Segwit2x development team announced they would no longer continue with the project.

In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.

We wanted to provide clarity about the potential outcomes of the fork and what Coinbase will do in each scenario.

To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards.

 

 

Scenario 1: network is unusable

If support for the fork remains at current levels, or decreases, the Bitcoin2x network will be unusable. Coinbase will not support withdrawals or trading as it will not be possible to move these assets. Currently we believe this is the most likely scenario. If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform.

Scenario 2: network is usable

If transactions are being confirmed at a reasonable speed, and miner support is strong, we will allow Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them at a later date.

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. We have invested significant resources to make sure we can prepare for each scenario, and if there is a stable and functioning network we will give customers access to Bitcoin2x funds.

We continue to work on Bitcoin Cash and are on track for January 1, 2018.

*  *  *

Finally, Jeroen Blokland provides an excellent chart summarizing reality for 'Bitcoin' as it forks…

#SegWit2x is 'live'! The total price of 'all' of #bitcoin in one chart! pic.twitter.com/AdFsDL4GF6

— jeroen blokland (@jsblokland) November 17, 2017

So the full value of the original Bitcoin is approaching $9,500.


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