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Bitcoin’s (BTC) failed hard fork attempt from 2017, SegWit2x, was “extremely dangerous and irresponsible,” says a CEO who was formerly one of its biggest supporters.

In a series of tweets on Nov. 16, Bobby Lee admitted he was wrong to tout the long-dead Bitcoin scaling solution.

Lee: “Bitcoin is the real Bitcoin” 

Co-founder of cryptocurrency exchange BTCC and CEO of wallet manufacturer Ballet, Lee was one of the original signatories of SegWit2x, which aimed to increase Bitcoin’s network capacity by doubling its block size to 2 megabytes.

“2 years ago, I thought SegWit2x was the best path forward for Bitcoin,” Lee wrote. He continued: 

“I‘ve since come to realize that it was extremely dangerous & irresponsible to push for a contentious hard fork w/o replay protection, esp. when there wasn’t consensus. Mea culpa! Bitcoin is the real Bitcoin.”

SegWit2x was widely viewed as an attempt by its corporate sponsors to commandeer Bitcoin’s development, contrary to the ethos of decentralization. 

At the time, Lee’s willingness to embrace it saw pushback even from his own brother, Litecoin (LTC) creator Charlie Lee, who described his perspective as “extremely lame.”

Bitcoin Cash compared to “noise”

The scheme, also known as the New York Agreement or NYA, surfaced at a time when BTC/USD was beginning the run-up to its all-time highs of $20,000, and transaction fees were considerably higher than current levels. Other participants dissatisfied with the status quo attempted to resolve the situation via other means, notably the Bitcoin Cash (BCH) hard fork in August 2017. 

Still a source of contention, BCH supporters maintain that the altcoin is in fact the “real” Bitcoin. On this, Lee was also dismissive.

“In Bitcoin, there’s the notion of consensus where the majority of hash power decides on the real chain. Similarly in our world, the market decides on the real Bitcoin, the one with the most market value,” he wrote.

Asked whether he believed BCH could lay claim to being Bitcoin, he concluded: 

“To me, it’s pretty obvious that the market has already decided. Signal vs Noise.”

Last week, Lee stated he believed Bitcoin would rise to $500,000 by 2028, and could ultimately become worth millions of dollars.

Cointelegraph By William Suberg , 2019-11-17 09:59:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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