- The iconic investor Warren Buffet doubles down on Bitcoin doubt
- Hong Kong Bitcoin community has definitely rejected the SegWit2x hard fork expected to occur in a middle of November
- Why more Bitcoin forks are likely to emerge in the future?
- Bitcoin (BTCUSD on xStation5 platform) has successfully tested a local support zone which could prop up price going forward
Over the course of the past hours the Bitcoin price failed to break a local resistance line which resulted in a retreat towards a pivotal support area. Bitcoin’s appeal could have been undermined following some remarks voiced by the iconic investor Warren Buffet who didn’t beat around the bush that he was not a Bitcoin supporter. He called Bitcoin ’a real bubble’ which cannot be valued because it’s not a value-producing asset. Buffet already touched the topic some time ago during an annual question-and-answer session held in Omaha earlier this month. Moreover, Buffet added that initial coin offerings or ICOs will end badly even as people get excited from big price movements and Wall Street accommodates.
Moving on, it’s worth mentioning one of the key theme concerning the cryptocurrency industry namely the Bitcoin SegWit2x fork. According to the latest reports Hong Kong community has strongly rejected the SegWit2x hard fork expected to occur on 16 November later this year. Moreover, they disclosed that the vast majority of users, investors, and businesses in the region are firmly against SegWit2x. In their statement we can read: “SegWit2x does not include strong transaction replay protection, nor does it have widespread consensus across the community. Due to the combination of both a lack of consensus across the community and a lack of strong replay protection, we consider SegWit2x a reckless endeavor that will cause disruption and harm to the ecosystem. We therefore strongly oppose SegWit2x.” By and large, Hong Kong is the crucial localization given that the world’s largest cryptocurrency exchange Bitfinex is also based there, so Hong Kong’s Bitcoin community represents important voices within the global bitcoin industry.
Bear in mind that beside the SegWit2x fork another one seems to be already around the corner – the Bitcoin Gold fork. Even as it was expected to occur this week, there have been no reports suggesting it has already happened so far. However, regardless of which fork we’re talking about everyone who owns the genuine Bitcoin will be credited with the same amount of a new equivalent. The question is why yet more forks may be needed in the future? The main reason is a limit to the transaction capacity of the network which is still too low therefore the Bitcoin network is clearly unable to handle the frequency of transactions. Thus, once a fork comes up, it could increase the network capacity making wait times less discouraging for users.
Meanwhile, the Bitcoin price successfully tested a local support line which could allow the price to continue climbing. To sum up, once the price is able to stay above $5800, a pick-up towards $6170 might be expected. Source: xStation5