#bticoin processing | Explore Tumblr Posts and Blogs

lewisgabriel84z31 · 6 years

Text

Good and bad news! Bitcoin Price is going up in 2018, but will fall in 2019!

The events that happened to Mt. Gox have plagued Bitcoin and the Bitcoin price for a long time now. Some time after the exchange closed down, a massive Bitcoin selling begun from a Mt. Gox trustee. The last time we wrote about this was in the end of April of 2018. Then it was reported that the Mt. Gox trustee was selling another 17,000 Bitcoin and this caused Bitcoin’s prices to go down. Well, there is great news for Bitcoin price: Mt. Gox is entering civil rehabilitation procedures and the selling will stop. This is great news for Bitcoin and Bitcoin investors, because Bitcoin price will go up with less resistance now. But there is also bad news, that every cryptocurrency enthusiast and Bitcoin investor should consider.

The Mt. Gox hacking has plagued Bitcoin Price for years

The news was announced in 22th June, by a statement and documents that confirm the Mt. Gox move. Their attorney, that is responsible for the massive Bitcoin selling, will act as a trustee to the civil rehabilitation move. His name is Nobuaki Kobayashi and he is responsible for all Bitcoin selling and also for multiple drops in Bitcoin price and subsequently the whole market’s decline.

Mt. Gox was one the biggest Bitcoin exchange at one time, being responsible for over 70% of all Bitcoin transactions between 2013 and 2014. But in February of 2014, all transactions, trading services and accounts were closed, because it became clear that the exchange was hacked. The company filed for bankruptcy followed by liquidation and reimbursing processes that are still ongoing. The total stolen Bitcoins was 850,000 and people are yet to be compensated.

In the newly released document, Nobuaki Kobayashi wrote:

“The power and authority to administer and dispose of Mt. Gox’s assets is still vested exclusively in me, and I will implement the civil rehabilitation of claims, subject to the Tokyo District Court’s supervision…In the civil 2 rehabilitation proceedings in this matter, claims seeking a refund of Bitcoin (Bitcoin Claims) will not be converted into monetary claims after the commencement of the civil rehabilitation proceedings.”

The previously filed bankruptcy is being stopped, because of the civil rehabilitation of Mt. Gox, so the Bitcoin selling is stopping. The exchange’s users will receive their compensation in Bitcoin instead of fiat currency in the beginning of 2019.

Court approves Mt. Gox civil rehab. Mostly good news: 1) Trustee won’t sell more BTC 2) Creditors receive BTC (not JPY) in early-mid 2019 3) Everyone must refile claims by Oct 4) Bad news: some creditors will sell BTC, so that will hang over market next yrhttps://t.co/gc8SW5tnER https://t.co/3AC49MvEVI

— Yuji Nakamura (@ynakamura56) June 22, 2018

Bitcoin Price will increase by the end of 2018, but will decline afterwards

Mt. Gox attorney, Nobuaki Kobayashi has a far greater role in the decline of Bitcoin price, than people think. Every time that Kobayashi took to the bigger exchanges to sell Bitcoin, it was recorded that Bitcoin Price drops every time. So the correlation between Bitcoin Price drop and Mt. Gox selling is undeniable. So the stoppage of Bticoin selling, means that there will be much less resistance on the way up. So by the end of 2018, i expect that Bitcoin Price will go up far easier. Maybe we can see a bigger peak to Bitcoin’s price.

Bad News: Bitcoin Price should surely fall in the beginning of 2019. A lot of people will be compensated in the beginning of 2019 and a big part of them will want to sell their Bitcoin immediately so they get their money. This will trigger a snowballing effect and if more people panic to the massive selling that will happen, then Bitcoin could crash hard. This should be something that every investor should consider, because in my eyes the probability is high. Cryptocurrency traders can include this into their trading strategy, because this can be a big factor in the cryptocurrency economy.

https://ift.tt/2yIIBGJ

0 notes

courtneyvbrooks87 · 7 years

Text

Bitcoin’s Big Test: November Fork – Winklevoss Bitcoin Trust ETF (Pending:COIN)

Just about everyone has an opinion on Bitcoin’s price ($50,000?), inherent value (“digital gold” anyone?), or implementation these days. We have our prediction ($8,000 Bitcoin by year’s end)—and we’ve been right about these calls already.

But no one knows the future with any absolute certainty, and Bitcoin’s blockchain technology means it can elude even the finest of technical analysis.

Well, there are such thing in cryptocurrency as “forks,” and Bitcoin is going to have one—another one—in mid-November.

Let’s look over some basics on what forks are and the information we have on this one, and then we’ll talk about it means as an investor (both pre and post the fork date).

That date is November 16, and the “fork” means the blockchain that powers Bitcoin will be split into two, each holding the history of all previous ledger activity (I suggest going here for a primer on blockchain).

The split will take Bitcoin (as it’s known now) and a new chain which many are calling “2x” or “S2x” or even “Segwit2x,” which refers to seg-wit, an update to the blockchain that changes the way information is sent. That piece may not seem like a big deal, but the change is profound enough to double the size of each “block” within Bitcoin’s blockchain. Many see this as a solution enabling Bitcoin to scale—to take on more transactions per second and to do it at a lower cost.

Groups within the Bitcoin ecosystem—are there are separate groups like miners, developers, investors, exchanges—actually sort of struck a deal in New York in May on implementing this change (called the New York Agreement), but some have since dropped out.

There are more details to be found about this—particularly this Forbes article—each which can explain the technological aspects of this. The piece that’s most pertinent to this discussion is that many exchanges, because of the unknowns here, is going to be offering customers that hold Bitcoin the same amount in S2X coins, meaning Bitcoin owners will own both chains, for at least some time. Important also is that this has all already happened, most notably in August, with the creation of Bitcoin Cash (BCH), which forked off of Bitcoin. Investors knew this was coming at that point, but no one knew how to value BCH.

One factor that was used for Bitcoin Cash was the futures crypto market (which is perhaps not established enough to truly be taken as a token sign). BCH followed its futures price quite closely at the time of the original fork. S2X futures are currently trading around $2,500, while Bitcoin hangs around $6,000.

So what an investor needs to know as this point is that a split is coming, and after the split there will be an urgent and serious need to establish which is going to be the “main” Bitcoin that processes the millions of transactions every day and works toward the kind of economical penetration that sustains its $100 billion market cap.

One doomsday scenario is that neither chain can become the consensus chain, and the value of each plummets. That’s a possibility, but with so much at stake, it doesn’t seem likely. Each group that’s represented here simply has too much to lose to fight an ideological war when millions, if not billions, are on the table to lose. Miners, investors, companies (exchanges) will all lean toward what’s in their self-interests, whether it represents the best long-term technical solution for Bitocin or not. This also means it’s worth keeping an eye on altcoins like Dash, Ripple, or Litecoin, because they each fill in a place Bitcoin’s technology might fail to evolve into.

People in the crypto world are split about whether these forks are a good thing or not. Some point out the confusion in how these play out with average users and investors—confusion in both the technical aspects and how to care for their money. It leads many to simply drop out of the marketplace. Others, like Bob Summerwill, chief blockchain developer at Sweetbridge, say that forks give communities the opportunity to evolve as needed. It’s just the sort of peaceful governance that can lead a decentralized currency to regulate itself.

But, again, this scenario is unlikely. So what is going to happen? We don’t know for sure, but I think a few things will likely take place.

Bitcoin’s price will rise steadily until November 16, and dramatically right before. Since the chains are being copied, it’s an offer for what some might perceive to be “free money.” This happened in August right before the Bitcoin Cash fork. Bitcoin saw its price move up nearly 10% the week before the fork, and over 20% in the first week immediately following it.

Bitcoin Cash, on the other hand, in the weeks after the fork, was volatile. It nearly tripled in price from its inception date, only to sort of fizzle out.

I doubt this November fork will see its forked-off chain survive, however. Once exchanges see that one chain is dominating (and sort of claiming the title of the “real” Bticoin, since it’s going to be used) the other chain’s value will plummet fast and furiously, and there will be little to no value in a sea of sellers.

But I do think we’ll see repeated pattern wherein a price spike occurs immediately following the settling of this fork. The reason is simple: It survived. It came out of a conflict without a central institution, and various stakeholders and lived on another day. For the hardcore fans of decentralizing, a fork is an opportunity to shine rather than mull away.

The second reason—building upon the first—is the rest of the crypto market. While Bitcoin has a 57% “dominance” in total market cap of the whole market, there are still major technologies emerging. If Bitcoin makes it through the fork cleanly, you’ll have an entire class of non-crypto investors seeing its success at moving forward and thinking about getting in. If it should fail, the rest of these coins will fight to fill the gap Bitcoin left behind.

There’s too much interest in other blockchain applications and tokens (over $70 billion of market cap) to have Bitcoin’s upgrade be a bubble-burster. Instead, a void left by Bitcoin’s fumbling can be filled with DASH, for instance, already with a market cap near where Bitcoin was after 7 years of existence.

Why do altcoins matter for Bitcoin value? Because Bitcoin is still by and far the dominant “on-ramp” to get into altcoins and buy them. Save for a few dozen, most exchanges only allow you to get these coins by exchanging Bitcoin itself.

The counterpoint here is that the core to Bitcoin aren’t likely to let this happen either. Because Bitcoin is so dominating, we can expect a peace offering to be made and had before its dominance over the world it created would fall exceptionally.

The short of it is this: There’s too much at stake within Bitcoin and outside of it —in crypto— for this to make a significant setback. And Bitcoin has risen to $6,000 with this date looming since May, so there’s no reason to think it’ll have a majorly negative impact now. Instead, it’ll be a short-term confusion that once cleared, will mean more people flock to Bitcoin, either to hold it as it grows in price or to use it to exchange for other emerging blockchain and cryptographic tokens.

Disclosure: I am/we are long BITCOIN.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Original Source http://ift.tt/2ySuTxz

#IFTTT #Cryptocurrency and Bitcoin

0 notes