What if the 2X fork still occurs? - Bitcoins

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Friday 10 November 2017

What if the 2X fork still occurs?

What if the 2X fork still occurs?
/u/d341d

I haven't heard much talk on it. I've made comments on a couple posts and they haven't gotten much response. But I'll give you my opinion since you're asking.

First, the 2X codebase is out there, so in a way, the cat is out of the bag.

We also know that there are 2x nodes up and running. We also know that a number of people bought 2x futures and have a serious vested interest in seeing the fork occur. If it doesn't occur, their 2x futures go to zero, literally, if it does occur, they may be > 0. Look at the futures market now. As I type this, those future coins are trading at almost $400, people are still buying these future coins at these prices.

Remember, it only takes one miner to mine. Literally, you or I could sit on the network and mine 2X, and if we were the ONLY miner , eventuallly we would mine a block, the fork occurs, we get the block reward, 12.5 coins at even $300 is $3750. Granted you'd be mining them slowly because difficulty is high, I won't get into that. My point is that as long as that futures market is alive, that coin is alive. If a miner with power decides to mine that coin, and even if they're only mining them at 10% efficiency, i.e. not every 10 minutes, but say every 100 minutes, you're still looking at $54,000 per day in block rewards.

Finally, this is a little more cynical of me. But suppose the 6 people responsible for the 2X fork cancellation sold all of their BTC leading up to their announcement. They're selling at nice high prices, i.e. ~$7500, maybe as high as $7,800. They hoped for a bigger dip after the cancellation news and didn't get it, but they've now bought BTC at ~$7300. More importantly, they sold all their 2X futures at prices in the $1400-$1800 range, where it was before the cancellation announcem ent. Then they took all of this profit and went to the alt-coin market and bought up tons of whatever, who cares it ALL went up yesterday (basically). They made their announcement and cashed in big on the alts. Finally, after 2X futures crashed down to $150, they bought back in big. Now they've already turned another massive profit on those, as it's up to nearly $400 now. AND their network is going to go live. Really, though immoral and they scammed a bunch of people, this is not stupid. Especially if they really think 2X will win out in the long run. (It would be so crazy if they were right) now that everyone in the BTC community has completely let their guard down thinking they've won.

Just remember that there is an ecosystem of nodes running 2X live on the network RIGHT NOW. And keep in mind that it only taks ONE miner to mine a block and begin the fork. And, that futures market shows that the coin has value today when no one believes it will exist at all! How much more value will it have when it actually exists?

I am completely surprised that I, literally, am the only person I've seen speculating this.

submitted by /u/d341d
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