Bitcoin’s price dropped by $30 this morning (July 31st, 2016) as market uncertainty increases due to a closed door meeting between Bitcoin miners and Bitcoin Core developers.
Details are sparse as no media representatives or independent observers have been invited to arguably the most important bitcoin related meeting in it’s almost eight-year history.
What is known is that the meeting is attended by seven Chinese miners or representatives of mining companies and 20 Bitcoin Core/Lightning Network developers. No one has been invited from the Bitcoin Unlimited or Bitcoin Classic team as far as is known with Roger Ver, a bitcoin early adopter and angel investor publicly stating: “To be clear, myself, Peter Smith, CEO of Blockchain.info, and I assume just about every other consumer facing business were not invited. It seems to only be Miners, and Core.” Although the meeting is publicly referred to as a “social event”, at the top of the agenda is likely to be on-chain scalability, particularly in light of earlier indications that miners may move to a different client on or around August the 1 st .
There is little, if any, discussion in r/bitcoin about this meeting. On the other hand, r/btc seems to be full of anticipation with numerous threads debating all aspects. Overall, it is likely that the entire community is now focused on the outcome of what may turn out to be an historical meeting for the digital currency. Bitcoin’s Price Falls as Miners and Bitcoin Core Developers Hold a Closed Door Meeting The price drop may suggest that the market expects a continuation of the current status or it may be just a response to the current uncertainty of outcome as well as, perhaps, insider trading.
Officially, no announcement is to be made and the “social gathering” will not result in any […]
