When Bitcoin record less than two weeks ago, the "hodler" (a joking in crypto based on typographical errors in your message forum Bitcoin Talk in 2013) was celebrated on Twitter and Reddit with the joke about buying Lambos , and a clip from Wayne's world, where the main character is fun and singing, "we already have 5,000 dollars! We had $5,000! "
On Saturday, according to Coinmarketcap.com, the price had risen to the highest level of all time, up to 6,934.88 USD, and the level of market capitalization less than 100 billion dollars.
The reason for the jump is not clear, but unless the negative news, every day, at a minimum, the price will probably increase because of new money into the system. Each day only Coinbase own, about 35,000 new account sign up-a figure sometimes up to 50,000 – and thousands of people in South Korea and Japan, two countries that Bitcoin took off, also brought new money into the system.
However, the market's growth prospects, in contrast, to predict that many internally give Bitcoin right now: the occult close to nine years now are faced with the greatest challenge. Whether or not it will survive, or in what form, as predicted by anyone.
On November 16, Bitcoin, money the first algorithm was created by a new technology called blockchain-a masterpiece of game theory, code and everything, the old ledger-will be divided into two chains, coins. Hodler should be happy about the suddenly possessed twice the amount of Bitcoins, except for the fact that the question of these will be called Bitcoin really is until now, up in the air – and it can create chaos on the school. Anyone willing to bet his money by selling a coin set for another company is subjected to a financial funds-because they chose the wrong side or, for technical reasons, because selling a kit can actually cause the sales on both sides of my gripe.
investment in crypto coins or the card is very high on speculation and the market largely unregulated. Anyone considering it should be prepared to lose your entire investment. Disclosure: I own some Bitcoin.
To be sure, Bitcoin has undergone such an event before. In August, a group that has split the string to create a new form of Bitcoin which they called Bitcoin Cash. The two blockchains share transaction history until the time of the split, for anyone to keep any amount of Bitcoins until so-called hard fork equivalent amount of Cash on new fork Bitcoin. If you follow the Ethereum or cryptocurrency, you may have heard that the Ethereum has split the Ethereum and Ethereum Classic after a heavy brawler fork.) However, many people do not support Bitcoin Cash dropped the coins of them quickly, and after initially up to 900 dollars, the price was approximately 300 dollars. But because of many unaffected Bitcoin main by the Division, many believe that the plate is not a hard problem. This is different.
OLAF Carlson-Wee, founder and Chief Executive of Polychain Capital, a hedge fund secrets worth 250 million dollars, said: "in the end, the junction is clear fork is the chain the minority." With this fork, has a battle against Bitcoin-name and brand and the chain would be the true Bitcoin. And no one fled back.
As it has become clear that this fork will occur, Bitcoin Twitter was a toxic stew of name, trolling, bullying, and blocking threats, with a number of debates, fig spread with the replies of the hundreds. No comment of the tweet or Bitcoin Talk of anyone who was too old to dredge and against them, no quotes from Satoshi Nakamoto too in the context (or fictional) be used to consolidate one's arguments. Two Bitrex subreddits-"hard work out" in terms of politics and ideology long ago by censor-the different views, switching between them is like going through the looking glass. In a forum, on the one hand of the rigid fork will certainly win, and the supporters of the other side being vilified; in the other, the reverse chain subreddit will appear on the top of the page, and the first villain of the subreddit is the hero. Each of the parties is confident that it will win by a few people in the 4 million-dollar bet-however, is marked by Bitcoin on the line, the amount is 6 million dollars.
How cryptocurrency first achieved this cliffhanger in my journey it is a story that has been many years in the process and ultimately pit against each other in what strange bedfellows anyway: cypherpunks who, many years ago when even Bitcoin ch í have existed, the development of different technologies that ultimately results in the digital assets first and really kind of Silicon Valley has been popular existing encryption at least tens of millions of users and capitalization worth 100 billion USD. Whether a party will dominate or match their death will destroy Bitcoin is anyone's guess.
What are they fighting for?
At the most basic level, the question of divided community is a fairly simple problem: how to upgrade the network to be able to have many more transactions at any time. It has created a controversy because many different ways to solve all bring back the balance-and do satisfy these different aspects are ready to reflect deep philosophical differences. Remove the alleged censorship, racism, hypocrisy, and transaction company takeover after the closed doors, and the three-year war has become an opera version of the gray-if the soap opera is about and most viewed by men.
Bitcoin transactions are grouped into blocks are processed every 10 minutes. The amount of data that can be included in any cube that is limited to 1 MB-an arbitrary cap was made early in order to prevent spam on the network. However, trading volume has increased, making the Bank block becomes full, push the transaction costs when people compete to secure their transactions turn into a block to the next or one soon after that. Although everyone agreed the number of transactions that can be processed at any time would need to be increased, there is no consensus on the way in.
If you are new to Bitcoin (as if you came here because of the news of Scott Disick or you are a Wall Streeter's new interest in Bitcoin), you can think of two ways being discussed the most to increase network capacity as two different proposals for the allows much more to fit in a House. On the one hand say: Let's organize items in it more effectively. Not every single thing in this House are needed here. We can put a number on the outside and better organize the physical need to stay inside. (For reference in the future, according to the terminology of the Bitcoin, this proposal is called SegWit.) On the other hand say: Let's make the House larger. (This solution has been used by various names in the past depends on the size of the proposed increase, but widely, it is called a larger block and is now popular with the current block size on the table: 2 MB or 2 x.) Both sides agree that in the end, they need to build the solution technically challenging than, such as creating the conditions for those who want to use the homes for whipped up and closed the temporary shelter for the animals less important products but put the most important things in the House. (This solution is called the solution class 2 or class 2, with Lightning Network as an example, use the blockchain class as a Bitcoin address the transaction.) But the solution is still in the process of development.