Skip to main content

So What's up with BTC on August 1st 2017?

Everywhere you turn in Crypto World everyone is talking about August 1st.  What to do, what to do.

I've read several article that are supposedly "the whole story behind the BTC scalability choice" and each one I read says a different thing.  I'm not sure if that is because they really don't know what they are talking about, or if it is because things continue to change and by the time one article goes to press times have changed enough for the next article.  It seems to be a little of both.

I distill it down to this.  There was great, warranted fear that consensus would not be made and there could be a real ugly hard fork of BTC this Summer.  Well the very good news is that did not happen.  Consensus was reached and Segwit is in the process of being implemented.  BIP 91 kicked in last week.

So that leads us to August 1st and "Bitcoin Cash", or BCC.  On August first is is very possible a portion of the BTC crowd will enable a fork of the code leading to BCC.  Because consensus was met, I believe this will NOT be disruptive, and the market appears to agree with me.  It's why we see the BTC prices back up to their highs.

It's also why we don't see BTC racing to even higher highs.  There is still uncertainty in the market and markets don't like uncertainty.  Once 8/1 comes and goes without a hitch I think we'll see BTC take off and hit new highs, very possibly hitting $5k by the end of this year.

BTC has held up amazingly well.  The same can't be said for Alt coins.  Alt coins have been crushed by the correction.  They were just starting to recover but it feels like they won't do that until the 8/1 date has come and gone.  Only time will tell but with only a couple days left, I think that's what we are going to see.

I can tell you what I am doing.  I want to take advantage of BCC if it does happen.  So, I have moved most of my Alt coins to BTC and I've moved most of my BTC out of exchanges and into my KeepKey and my PC based wallet.  Coinbase for one has stated they won't support BCC so if you have BTC at Coinbase you have no chance of taking advantage of BCC should it take off.

My personal opinion is 8/1 should go smoothly.  That doesn't mean we won't see some hiccups, but overall I think this dreaded thing that BTC has been wrestling with for more than 2 years now is about to come to a close and I have good confidence that it will do so with a happy ending - which is far from what I would have said a few months ago.

Comments

Popular posts from this blog

Troubleshooting a Discourse Update on DigitalOcean: Resolving Unresolvable Errors

For the past three years, I've maintained a Discourse server on a DigitalOcean Droplet. Recently, I decided to update it with some of the latest Discourse features. What I anticipated to be a straightforward update process turned into several days of frustrating setbacks. The version of Discourse I was running was already three years old, so I assumed that running the built-in "Update" feature would suffice. However, after clicking the update button, the progress bar sluggishly crawled forward over the next half hour, only to display the dreaded message: "Error – Update Failed." The logs provided little to no help, but based on my experience with other software updates via GIT, I suspected that the failure might be due to the repository head still being called "Master." In recent years, there has been a shift away from using "Master" as the repository head, with "Main" becoming the preferred term. Despite trying several methods ...

Ethereum Merge - So What?

Artwork by Steven Grundy The long awaited Ethereum "Merge" is finally upon us.  I've heard people say "So what".   So what?  I think they don't understand the implications of the merge.  Either that or they really are betting against Ethereum. I think this upgrade is probably the biggest thing for Ethereum since smart contracts first came out.  This change has the possibility of upsetting the apple cart in terms of Ethereum and BTC.  That's a big claim, but I really think it's possible. The Ethereum Merge has been set for the week of September 19th, 2022.  The merge is when the Ethereum execution layer will be joined with the new proof of stake consensus layer.  What does that mean and why should I care? What it means is that Ethereum will be changing from an energy intensive Crypto coin like all others to a 99% more efficient crypto coin like only a few have done.  Right now Ethereum is mined just like BTC and a host of other Crypto cur...

Yelp api via Coldfusion and oAuth

What should have been a fairly easy implementation turned into several frustrating hours. I was using the old Yelp API that is accessed simply by passing your yelp key in the url. But, I wanted to take advantage of some of the new functionality only available in their API version 2.0. Unfortunately Yelp API v2 requires an oAuth key/signature type access. Having already written similar code to access the Amazon web services with a signature I thought this would be a simple as reusing some existing code. Man was I wrong. Turns out a "correctly" implemented version of oAuth is much less tolerant than AWS is. Simple things, such as what characters in the URL must be encoded, invalidated the Yelp signature. After much searching and screwing around with various proposed implementations it became clear that the easiest and best implementation was to use the Java library provided by Yelp and simply access it from Coldfusion. To make this process easier I've consolidated th...