SoylentNews is people
SoylentNews
news.bitcoin.com reports that the proposed blocksize increase to 2MB from 1MB of the SegWit2x fork of Bitcoin has been cancelled.
The post states that "the Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability.
[...] [Bitgo CEO, Mike ] Belshe predicts that "as fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the upcoming 2MB upgrade."
The term "SegWit2X" is a combination of "Segregated Witness" which offloads some of the transaction data from the blockchain leading to smaller entries and "2X" refers to doubling the block size. More background at Explainer: What Is SegWit2x and What Does It Mean for Bitcoin?.
They further note that the prices surged by more than $500 in the first hour after the announcement and hit a new high of $7900 per coin.
But, as of this being written (2017-11-10 02:50:00 UTC), the price of a bitcoin is back down to $7,254.56.
Related:Will This Battle For The Soul Of Bitcoin Destroy It? - SoylentNews
Saudi Prince Predicts Demise for Bitcoin
(Score: 2) by MichaelDavidCrawford on Friday November 10 2017, @08:47PM (2 children)
However I have finally conceded that others believe it is money, and that they are willing to pay absurd amounts of sound money for it.
That's why I plan to buy a bitcoin when my client pays me, which is Real Soon Now because my code is within a few days of beta.
Provided the bubble has not burst, I plan to buy another when when my product ships.
Yes I Have No Bananas. [gofundme.com]
(Score: 3, Insightful) by JNCF on Sunday November 12 2017, @06:00AM (1 child)
If there is a bubble, and Bitcoin has actual use value apart from that bubble, you'd be better to buy after the bubble has burst than before.
I suspect that there is a bubble in the present, but that bitcoins have the potential to have a higher use value in the future than even the current bubble accounts for. Whether the bubble bursts tomorrow or in six months, and whether the price falls to a level below the current valuation when that bubble bursts, I am almost entirely agnostic on.
(Score: 2) by MichaelDavidCrawford on Sunday November 12 2017, @06:26AM
I can buy more if I can get some of it back to pay expenses.
I'm unsure how much I will spend but I'm going to sell some each week. I'm not just going to "invest" my every penny.
During the dot-com boom there was some guy who borrowed from hundreds - I AM ABSOLUTELY SERIOUS - of credit cards, then bought .com stock with it.
All over the walls of his home were sticky notes that reminded him of when payments were due and how much.
Yes I Have No Bananas. [gofundme.com]