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The great bitcoin schism
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The great bitcoin schism

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The great bitcoin schism

Schism: a split or division between strongly opposed sections or parties, caused by differences in opinion or belief.

It has started. Some developers created a new bitcoin core called bitcoinxt (it is all about the base, I mean 1MB) and time will tell which fraction is going to be the winner. The loser gets nothing...

https://www.reddit.com/r/Bitcoin/comments/3h9cq4/its_time_for_a_break_about_the_recent_mess/

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The natives are restless tonight!!!

Oh snap, BTC's price collapses to below $200 (depends on which exchange you follow, Bitfinex's low is $162) then recovers to $230....

Is the schism is underway already??? There was a newly mined XT block... I mean that won't happen until January, so this was a flagged block, but probably people didn't understand the difference... Maybe a buying opportunity...

For those who actually wants to understand what's going on:

"1 So there are some disagreements between core developers about whether and how to increase the bitcoin blocksize in order to support a higher transaction rate, due to projections that the actual transaction rate will hit the maximum possible rate in a few months time.

2.There is a concrete proposal (BIP 101), as well as an actual implementation of it, named Bitcoin XT, which will increase the block size to 8 MB if certain preconditions are met.

3. Blocks created under this updated spec will not be valid on existing bitcoin node software. This makes Bitcoin XT a fork because at some point it is possible for the part of the bitcoin network running with BIP 101 to recognize new blocks (and therefore transactions) that the other part does not recognize as valid.

4. To ensure consensus, the max blocksize increases only if 75% of the preceding blocks as of the target date identify themselves as BIP 101 compliant. These pre-fork blocks will be valid on both core and XT. The only difference at this stage is the version number in the block metadata.

5. This post points out that the first block was found by a miner using software that claims to include BIP 101. This is most likely Bitcoin XT, the only known public release with this feature.

6. As proof, the post links to a site which displays details of this (and every other) block.

7. It turns out that not only is there disagreement between the two camps, but one of the camps does not even recognize the proposed BIP 101 fork as true bitcoin. This camp also seems to be in control of both /r/bitcoin and the blockexplorer site to which this post points."


Last edited by Pedro40; August 18th, 2015 at 09:17 PM.
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Who would have thought that bitcoin is going to be destroyed from within?

Price got below $200 again, possibly based on the news of 25% of miners switching the new XT version... Stabilizing around $215 right now, but overall it has a lots of weakness...

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Bitcoin mining is a losing business:

Bitcoin miners DigitalBTC $6.77m in the red | ZDNet

"The Australian-listed bitcoin-mining company, DigitalBTC, has reported a net loss after tax of $6.77 million, and negative earnings before interest, tax, depreciation, and amortisation (EBITDA) of $3.16 million for the full year, ending June 2015."

Money of the future, my ass....

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Pedro40 View Post
Bitcoin mining is a losing business:

Bitcoin miners DigitalBTC $6.77m in the red | ZDNet

"The Australian-listed bitcoin-mining company, DigitalBTC, has reported a net loss after tax of $6.77 million, and negative earnings before interest, tax, depreciation, and amortisation (EBITDA) of $3.16 million for the full year, ending June 2015."

Money of the future, my ass....

Well I'm stacking. Expecting a nice rally in 2016.

Mining doesn't have to be a profitable business all the time. Miners go out of business, mining becomes easier, more miners come in. Plus the block reward halving next year will change things. It's supply and demand. The market sorts it out.

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Well I'm stacking. Expecting a nice rally in 2016.

What do you think the result of the reward halving is going to be? 9 months from now...

I don't think BTC will ever be higher than $400 again. The Gemini exchange just made bitcoin more volatile due to exposure to HF capital...

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