Will History Repeat Itself with the Bitcoin Gold Hard Fork? 200 SBD CONTEST GIVEAWAY
Bitcoin will have another hard fork scheduled for October 25th. As that date looms closer, bitcoin price has been surging, up to an all time high above $5800 before settling back down to $5614 at the time of this writing. At the same time, many alt coins are in the red (including my new favorite NEO - currently in the low $28). And now Coinbase announced that it is allowing customers to buy as much as $25,000 worth of bitcoin instantly.
When the last fork happened (Bitcoin Cash, August 1), those with bitcoin balance in the participating exchanges got "free money" by getting an equal amount of bitcoin cash. So if you had 1 bitcoin in one of these participating exchanges, you would have had 1 bitcoin cash after the fork, and bitcoin cash went up to as high as $1000 before settling back down to the $300 range. At the same time, the value of bitcoin rose, so it was a win-win scenario for everyone who decided to keep their bitcoin in those exchanges.
History is about to repeat (or will it) with this October 25th hard fork.
What do you think will happen? I am giving away a total price of 200 SBD's for Steemians who accurately predict what will happen. Yes, this is another CONTEST/GIVEAWAY but participants will have to work harder with doing appropriate research to make an educated guess of what will happen after the fork. Since I also have 15,000 Steem Power delegated to me for a total of 20,000 Steem Power, I will be upvoting QUALITY COMMENTS. So the rules to participate in this contest are as follows:
- Upvote
- Resteem
- Give a breakdown of what will happen up to NOVEMBER 1st by replying to this post.
Note that the more research-driven and time spent writing the comments will get more upvote. If you have a great imagination and creativity, it's time to show it here!
'Nice post' will not get an upvote.
A 500-word reply detailing what will happen with you citing details will get a 100% upvote.
Anything in between will get between 0-100% upvote.
On November 1st, a group of Steemians with the most accurate predictions will win a share of 200 SBD's. I haven't decided how to split them yet.
Here's an example of a detailed prediction (disclaimer: this is a made-up prediction only - please do not take this as investment advice and only trade with money/cryptos you can afford to lose)
With only 12 days away from the scheduled October 25th hard fork, bitcoin hits multiple all time highs followed by a mild correction (profit taking) each time: 6200, 6400, 6600, 6800, all the way up to 8500 on October 23rd. Most of the increase comes from new money coming in thanks to Coinbase accepting purchase of bitcoin of up to $25,000 (which they announced on 10/13). In the meantime, alt coins continues their downward spiral as people trade them to buy bitcoin, notably NEO dropping down to $15 and Ethereum classic down to $10. On October 26th, we have "money" that once again appears from thin air as the new currency bitcoin gold was valued at $300 while bitcoin hits a record-breaking all time high of $8715. Bitcoin gold hit an all time high of $900 (3 times its initial valuation). Total crypto market cap hits an all time high of $230 billion. Some volatility follows until October 31 (Halloween) when the market suddenly tanks as massive profit taking takes place. Bitcoin drops 60% from its all-time high to $3486, bitcoin gold drops to $97, and the crypto market cap gets halved from $230 billion to $115 billion. At the same time, Jamie Dimon tweets: "I told you Bitcoin was a fraud! But no one would listen", followed by an announcement that JP Morgan fires 500 traders for trading bitcoin and blacklists them from the financial services industry. Dimon announces: "these traders will never work in the financial sector ever again" and threatens that he would blacklist any firms who would hire them. Surprisingly, Steem was unaffected by all of this. Price remained flat at $1. But on November 1st, just one day after "Halloween Black Bitcoin Tuesday" as the media dubs it, money suddenly starts pouring back into the market, but all of them goes to the alt coins. Neo recovers back from $15 to $35 and ethereum classic doubles from $10 to $20 in one day. More money pours into Steem, pushing it to $1.50. On November 2 ... oops, I've run out of time here. The prediction is supposed to go only from now until November 1.
Something like the prediction above would qualify as a good, detailed prediction and would get a 100% upvote. Obviously, the prediction above was pure fantasy on my part.
I'm a big believer in the Steemit platform but I also believe that we can only grow if we post QUALITY, VALUE-DRIVEN posts that have QUALITY, VALUE-DRIVEN replies. So I am making this contest to get participants to not only do their due diligence but also make an informed decision that you will post in the reply.
The winners will be announced on November 1st. I will create another post to announce the winners.
Let the predictions begin!
@tytran we are close to the end of the contest. How is this doing? Will Bitcoin reach the $7,000. @gold84
Three more days until the end of November 1st. No one’s prediction came close to what actually happened. I think I will just give all the intelligent replies an equal share of the prize.
@tytran the good thing about this is that we are back again at 180 Bl market cap on all cryptos, and this is close to the all time high. Hope next step is going to 200 bl, and not going back to 100 or 120 as happened 2 or 3 times on the past month. Upvoted your comment. @gold84
it reached and i told it before:)
trustable bitcurrencies on facebook;)
So in the next 12 days bitcoin price will increase and pass the 6000 mark because people are buying hoping the Bitcoin cash scenario will repeat. The difference is that in the last fork Bitcoin cash was "unexpected" because there was this rich guy pooring money to Increase its price but I don't remember his name. Of course he failed to replace BTC with his shitty coin but he probably made tons of money. Now everyone buys BTC hoping the same will happen but it won't because everybody will try to sell their Bitcoin gold but nobody will buy (max price to reach 50 USD) since they saw what happened to Bitcoin cash price which plummets by the day. Meanwhile all altcoins will continue to fall and steem will hit 15k Satoshi. After the fork BTC price will increase for a few days more due to the euphoria that all went good without any "accidents". Then there will be a good correction and it will fall back to 5.000 usds and then the alt coins will start riding again to new all time highs. I am a certified psychic, this is exactly what will happen, don't bother participating in this contest because I have seen the future and I will win this.
My advice: Just HODL whatever coins you have and let the storm pass. Exceptions apply to the really shitty coins, you might want to ditch those if they are worth anything. Chances are you will profit more than if you swap them for BTC now (or whatever other strategy you have). Oh yeah, write quality content on steemit and make some "free" steem. It's risk free, all you lose is your time.
I love the certified psychic comment. I'm HODLing NEO while I keep accumulating as the price dips. I dumped all my shitty coins a long time ago. Looks like I was off on my fantasy prediction on the Jamie Dimon comment. He didn't even wait until the selloff before opening his mouth again. He should know that every time he badmouths bitcoin, the effectiveness of his statement decreases. He needs to time it, i.e. right after a massive selloff, to accelerate the selloff so that his firm can buy BTC at the bottom of the dip.
Passed the 6 k mark today. I told you, I am a psycic :p
I think you are absolutly right!
so, the first hard fork happens
As We get CLOSER to the Hard Fork the Alts are SOLD for BTC and the BTC is held until first hardFork Oct 25th for BTC gold....and when that is over and they get their new coins they wait for next one in november! they will HOLD that BTC until the NEXT hard fork in November for Bitcoin Segwit2x coin (which will have some momentum and could be worth half as much as bitcoin Core for a little while...and that could cause marketcap of Crypto shoot up as well if we just add like 40 billion like half the current bitcoin marketcap, ....
....so coin marketcap will definitely go up past $200 Billion total crypto market cap
......and Bitcoin will shoot up past $100 Billion marketcap alone.
That is just by Guess and i believe the whole Alts going down from people selling them to buy bitcoin to get their Bitcoin Gold and Bitcoin Segwit, thats real, THAt is gonna be big and you can play that one well if you play it right!
but also the price of Bitcoin will skyrocket AFTER the hard forks and completed and no one ever cares about a new BTC hard fork every again after that and BTC can start mooning from 6K to 7K to 8K to 9K to 10K by end of YEAR even? Look if we can just keep doing these 17 or even 10% jumps a DAY or even every two days, look another 10% of 6000 is 600! SO thats 6000 to 6600 in a day! even every 3 days thats still like jumping over $1200 every 6 days! so basically every week we can go up a thousand bucks man! Thats gonna be like 4 weeks or one months giving us like a $5000 increase, thats every month another $5000 roughly added to BTC value and there is no limit! BTC doesn't CARE how expensive we think it looks because its still undervalued as far as its concerned!
And here is what I think can KEEP happening after the hardfork!
We got a massive indicator here with my above math that adding $10,000 to the price of bitcoin in the next 2 months could a;low us to begin the New Year mid Januray somewhere in the $16,000 range and from there it will Jump 10% which is $1600 every 3 days and thats lets say $3000 every week Biutcoin will start going up base don percentages! because right now %10 increase in price is cheap at 10% of $6000 = $600 but comapred to 10% when BTC is up in the $15,000 range, why thats $1,500 Bitcoin will go up evertime it is going up 10% in a day like It does a lot! So when Bitcoin is $15-$16,000 then we will see Bitcoin going up from $16,000 to $20,000 in a WEEK and then from $20,000 a 10% increase would give us $22,00 in just one day Bitcoin will jump $2000 and then at $22,000 a 10% increase is $2,200 so thats a jump to $24,200 in another 3 days and then it can just do 10% every 3 days and 20% a week so we will get it going from $25,000 with a 10%increase would be + $2,500 and so it would jump to $2700 and then from there it get to the $30,000 range and you see, from there, going up 20% gets up closer to $40,000 and then we are basically just a few weeks from $50,000 and once we are up here, Bitcoin can start doubling very fast on its way to $100,000 sometimes next year maybe late next year but maybe as soon as the summer! Next After bitcoin hits $100,000 iot will be going up $10,000 at a time whenever it shoots up 10%! And then Bitcoin will be going 30% up from $100,000 per BTC to $130,000 per bTC and so you can se how fast it would get to $200,000 and then $500,000 and then its just a race to 1 million to see how fast Bitcoin can beat its OWN records of making smart people insanely rich from a very simple decision which was tio support the future of Money!
Up you go
Wow - I certainly hope your prediction is true @ackza. I'm a strong believer in Bitcoin
@tytran this is an extreemly creative and quality post. It will make people think and create their scenario in mind. I will definitely resteem this now.
Bitcoin will continue climbing until the fork is done, in this way people will own more and get more free money.
Several trash coins are getting dumped and all that money is flowing to bitcoin. All the news on traditional media bring new adopters to crypto and they buy bitcoin. This will make Bitcoin to reach 7,200 during the fork. Bitcoin gold will be $1,500 during the fork but no trading will be available until it reaches $850. That is when it will climb to $1,000 and then dilute to $475.
STEEM wil not be affected by this, but it will be waiting until the forks are finished, to start climbing. Many persons will exchange their fork gains to STEEM.
Hope this gets close to what it will happen.
Regards, @gold84
I have been watching Steem price several times a day and I notice that the whales are keeping it above $1. I have seen it dip to the 95-99 cent range but it has always recovered to the low 1 dollar range. It is currently $1.02 at the time of this post. If it has strong support now when all the other alts are still going down (NEO is down to under $27 now). It will be interesting to see how much Steem will go up to after the fork. Going back the last week, I see a lot of trading opportunities in the BTC/STEEM pair. One can get "earned" Steem by trading it and keeping the profit in Steem. This is something that I might experiment doing, time permitting.
Thanks for the resteem!
@tytran thanks for this quality suggestions. I am getting answers from you without even asking. The trading pairs between STEEM and Bitcoin will be a great thing to follow this comming days. Also, what do you thin about XRP, will it climb tomorrow when the swell evolves, or what is your position? Thanks for all your support and great advice.
Regards, @gold84
Good to see you around @tytran !! ;)
By October 18th, Bitcoin will reach a new top at 6800; from there to the 25th the price will keep in that range; after the fork, a massive sell of Bitcoin Gold will flow to Bitcoin again rising the price well over 7000.
On Halloween night a couple of kids will dress as a Bitcoin coin and they will suddenly hit the news. Someone will call it a scam and a lot of bitcoiners will respond back with anger and irony.
Meanwhile, the altcoin market slowly drips money toward Bitcoin; this will cause big falls in most of the low market cap coins, while the medium and high market cap coins will keep stable, and some will even see some gains!
Steem continues to fall to 12K satoshi but the growing price of Bitcoin and the buying pressure of some whales will keep it around a dollar.
Margin Trading steadily grows in the dark, shorting Bitcoin from 6500 to 7200, like a traditional soup that cooks slowly. With a new fork in the horizon, the rest of the story is still waiting to be written.
I don't have a specific prediction on this fork but I think that if these forks become a regular thing, it is bad for the value of Bitcoin. One of the things that makes Bitcoin valuable is a limited supply. Every fork is essentially doubling the supply (granted, it becomes a different currency but it's competing in the same space).
What happened with bitcoin gold was that money was created out of thin air, or at least that was the perception. The first fork was bad enough, now we have a second one coming. The main reason I was attracted to bitcoin in the first place was the limited supply. In 10 days we will have 3 versions of it.
@tytran That's so true! I had thought about the fact that it seems like a way for the developers of the new coin to get rich fast but I hadn't thought about the simple fact that the price of bitcoin rises due to demand outweighing inflation (partly). The more bitcoin forks we have, the less demand for each one. Hopefully people will quickly realise this issue and forget the new coin. Of course it becomes difficult when there is a large divide wanting to commit to the differing coins due to controversial updates.
@tytran - I've missed you. I don't know much about cryptocurrency but I'm learning every day. I do know that I love the bitcoin I have and I will not be moving it anywhere. I'm in for the long haul. I have got some VIEWLY tokens and very excited about that. Steemit has been amazing and I've been able to earn from blogging and put all my SBD into bitcoin but my steem power keeps growing however slowly I'm looking forward to the rise of Steem by the end of the year or even better by the end of this competition.
No advice to offer anyone but I'm doing my little bit to bring awareness to cryptocurrency and steem. @patrickm is holding the second training session in my home on Saturday - and this is a life changing training - so anyone from Cyprus reading this - head along to our place to learn and trade and get money stored for the future. Loving this. Can't wait for Bitcoin to hit $10k and moving forward. By the end of your competition I predict Bitcoin will be @ $7500
In the meantime - keep on Steeming !!! There will also be a section of this training on STEEMIT !! - roll on Saturday
Anyone that missed out on the free Bitcoin Cash is definitely suffering major FOMO. In addition, large purchases being allowed at Coinbase is also going to push the Bitcoin price through the roof leading up to the Bitcoin Gold split. Also major banks are now offering Bitcoin investment policies around the world.
Bitcoin has the brand name now, so that's what everyone wants. Mass adoption is imminent, but it will start with Bitcoin. Next year there will be big investments into other altcoins that have a real world application like Litecoin (building ATMs), DASH (Arizona State University research dept), EOT (Bitvalt cellphone) and 10x (crypto debit cards).
So I feel that there will be a big rise in the Bitcoin price leading up to the Gold split and it will spike as high as $7500. Bitcoin Gold is going to be a big disappointment. The team is nowhere near as organised as the Cash team, so the Gold price will briefly spike to $300 then drop off very quickly, maybe lurking in the top 20 for a while, before disappearing into oblivion. After the disappointment, whales will move their money out of Bitcoin and back into Ethereum and altcoins and the Bitcoin price will drop back down to $6000. As soon as the second November split is over, the price will recover, then crash through the $10,000 mark just in time for Christmas.
Thanks @tytran for the contest! Good luck to all!
The inquiry must be replied by guessing. On the off chance that you are making a request to discover an information point to illuminate your decision making, the thing to ask is: "what are every one of the conceivable outcomes in Bitcoin value activity prior and then afterward the fork, and how might I respond to each?" 😁😁
In a perfect world, you need to have an arrangement for every outcome, as in a session of chess, so you can respond as needs be the point at which you discover what really happens.
With a major mental achievement in crushing the $5K Bitcoin level, it could keep going upwards, with bunches of new cash coming into it - right now there is both a flood of new fiat, and an auction from altcoins back to Bitcoin.
After the fork, it may see an auction back to altcoins from Bitcoin, yet like what occurred amid mid to late August, it could keep going up if new cash keeps on streaming into Bitcoin, even with the past altcoin>bitcoin exchange being switched. Right now, its market top is still beneath the unsurpassed high, and it would seem that the cost will proceed upwards until at any rate the fork.
As to the Bitcoin Gold fork, I've seen enough to choose that for me it's comparable to a trick, in light of the fact that the entire thing is stinking of spoiled fish. With no replay security (google that in case you're occupied with the points of interest), I won't go close to any Bitcoin Gold.
Rather, I'm utilizing the chance to get a high number of my favored altcoins for my Satoshis, and sitting tight for them to build versus Bitcoin to convert back for much more BTC.
I love the chess analogy as I used to play a lot of it in high school that I'm sure was the direct cause of not graduating with a high GPA my parents expected. I have evaluated the possible scenarios and also looked into the Bitcoin Gold Scam theory as well. Many of my miner friends are excited at the prospect of being able to mine bitcoin with GPU's again, until I forwarded them the Reddit Post about the scam theory.
NEO is my favorite altcoin at the moment, but I have been watching Steem price that apparently the whales are keeping it above $1. Steem might get the highest percentage rise of up to 50% to $1.50. Let's see what happens.
@tytran hope your prediction of steemit works, so we all benefit on the steemit community. Here we have thousands of hardworking people that deserve the rise. I also learned to play chess from very young and almost won a turnament at school a few times. Could not upvote this one because it was 7 days old. @gold84
I think it will be like this:
Bitcoin until October 25 each day will add 200-300 dollars, with a small correction on the weekends.
Altkoins will fall, but some will be short-term pampas, raising their price by 3 times.
Neo will drop to 22 dollars. Bitcoin gold will cost October 25 0, 1 bitcoin, then its price will rise to 0.3 bitcoin.
October 25, bitcoin will cost 7.5 thousand dollars, but then some news will come out and it will start to fall sharply in price, and on November 10, before the third hard fork, it will cost about 4 thousand dollars.