November 3rd, 2017
We are living in amazing times right now. This month of November 2017 is one that will go down in the history of Bitcoin as one of the most controversial, most dramatic, most bloody month in cryptocurrency history. Sometime in mid-November is the Segwit2x fork. This is a fork that increases the block size limit of the once heavily-change-resistant Bitcoin from 1mb to 2mb. It has taken over 9 years for this change to occur and the community is nowhere close to reaching a consensus.
The majority of the Bitcoin community has reacted with backlash towards this new upgrade. There is even a movement called the #No2x movement where prominent Bitcoin supporters relentlessly attack and debate those who support the upcoming fork. However, the fork will happen regardless if the majority likes it or not, because the supporters of the fork control the majority hashing power.
Before we continue, and in order to avoid confusion, let's address the three different camps in the Bitcoin Fork Wars:
Segwit1x Camp: This is where the majority of Bitcoin holders stand. You have people from the Bitcoin Core development team, the Bitcointalk.org forums, the r/Bitcoin subreddit, and even the Bitcoin.org website who all support keeping the Segwit1x chain running. This is the current BTC operating right now as we know it. You have major players on this team who do not want this Bitcoin to change.
Segwit2x Camp: This is the team with the most hashing power. The majority of miners, at least 80% of them, are in full support of the Segwit2x upgrade. Once the fork occurs, 80% of miners will stop supporting the original chain, and will instead move into the 2x chain for increased transactions per second with lower fees. This will cause a very large network split that will disrupt the entire Bitcoin cryptocurrency sphere as we know it.
Bitcoin Cash Camp: This is the minority team of people who support Bitcoin Cash, the very first Bitcoin fork that occurred on August 1st earlier this year that expanded the blocksize from 1mb to 8mb. They actively want both Segwit1x and Segwit2x to fail, and want Bitcoin Cash replace Bitcoin in an event they dubbed "The Flippening." There are very good arguments in place that suggest Bitcoin Cash is Bitcoin, the original Bitcoin.
Keep in mind that although there are three different camps, they are all on the same team: The Bitcoin Team. They all want what they think is best for Bitcoin, the problem is that everyone's opinions differ, and there is no consensus on what is best move for Bitcoin.
In the days leading up to the fork, the markets for Bitcoin will be more volatile and more intense than they have ever been in the coin's history, and that is saying something for what is the most volatile commodity in existence. At the time of this writing, the price has already skyrocketed up over $1000 from $6000 to $7000 in just 3 days.
On Twitter and other social media outlets, there is constant fighting over this upcoming fork, and there will continue to be until mid-November. The alt-coins will continue to bleed out, as more and more people exchange their coins to join and participate in this upcoming Bitcoin battle.
After the fork, the upward Bitcoin rallies are expected to calm down as the market decides which chains survive and which ones are wiped out. Alt-coins may possibly start to go up in value as people start trading in their Bitcoin positions. The market may be in total confusion for weeks to come as exchanges and pools decide which coins they are going to implement.
Who do you think will be victorious in this epic battle and why? Post your thoughts in the comments below.
Under the paid fold are my current positions and my plan to take advantage of this upcoming fork.
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