My Thoughts On Bitcoin Segwit2x and y2k July Hysteria
Have you been sleeping with one eye open while keeping a tight watch on your cryptos roller coaster ride, you are not alone! As we approach the deadline for Segwit2x and current support for it stands at about 46% at the time of this writing. There is a long way to go to get to the 85% threshold required to signal approval for the August 1st transition that should improve scalability from the way they store data (Segregated witness) to the size of the block itself and number of transactions that can be process per block; eventually increasing from its current 1MB every ten minutes to 2MB every 10 minutes.
Despite the potential benefits that SegWit2x proposes, there are plenty who oppose it as well. Bitcoin Core developers have not signed on and without them, reaching the necessary 85% threshold will be a major hurdle. In the end though, I don't think either side will benefit or want to see a hard fork, which in the past has led to extreme volatility and uncertainty within the market. My thoughts are that these weeks ahead are very similar to the scare we had for y2k back in 1999 when for a minute, there was mass hysteria on what was going to happen to all the technology once the clock struck midnight and computers did not have 4digit years at the time, so they were worried they would reset to (19)00. Computer programmers were worried information would be wiped out, planes onboard equipment might malfunction and people were hoarding food and water in case of shortages. In the end, is was a mass hype scare and there were little to know malfunctions and the music party like it's 1999 by Prince could be heard throughout the Country as we took in the new year and the new tech millennia that was to follow.
I think that the Segwit2x will ultimately be looked back upon in years to come as nothing more than a small hiccup in the large road that lies ahead for Bitcoin, but those who stick it out and HODL hard will be those who are most handsomely rewarded in my humble opinion.
according to coin dace it's at 86% support ? How log ago did you write this ?
https://coin.dance/blocks
It depends if you mean they are signaling it or verified ready and support it. 92.4% are signaling their intention to activate segwit2x while only 34% are actually signaling and verified ready to begin mining segwit2x blocks.
yup, exactly. I think in a few more days, we will see a significant rise in those who are ready and we should all be ready to rise up with it :)
so far, they have just signaled for intention, but not all have actually converted over. I strongly believe that all (or enough to get approval) will convert in order to prevent a hard fork. I think as the numbers continue to increase, the price will soar back to early to mid june prices.