Bitcoin Price Analysis: XT Hardfork Has Insufficient Support

January 10, 2016 18:43 UTC

Bitcoin XT has failed to attract majority support and has not achieved 750 blocks in the best chain at its activation date.

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Bitcoin Price Analysis

Time of analysis: 05h00 UTC

BTCC 1-Hour Chart

From the analysis pages of, earlier today:

According to Gavin Andresen’s BIP101 specification that is implemented in Bitcoin XT:

Deployment shall be controlled by hash-power supermajority vote (similar to the technique used in BIP34), but the earliest possible activation time is 2016-01-11 00:00:00 UTC.

Activation is achieved when 750 of 1,000 consecutive blocks in the best chain have a version number with the first, second, third, and thirtieth bits set.

And, as recorded at fan-site, the number of BIP101 mined blocks during the last 1000 blocks is zero:

Meanwhile, Mike Hearn has apparently found his true calling by being hired as the R3 Consortium’s Lead Platform Engineer. R3 has partnered with 30 of the largest banks to implement blockchain technology in the global banking system.

Andresen and Hearn famously generated a 2015 blocksize opera by flouting science in favor of emotive rhetoric. If blocksize were not urgently increased, they warned the public and Bitcoin businesses, “Bad Things will happen” and “there will be chaos”. During November and December of 2015, the Bitcoin protocol consistently hit (and sometimes exceeded) its blocksize capacity limit without any newsworthy incidents.

Doctor Pieter Wuille announced his Segregated Witness proposal in Hong Kong during the second session of the Scaling Bitcoin 2015 workshop. The proposal has been widely acclaimed for its benefits of:

1. Fixing Transaction Malleability
2. Enabling fraud proofs
3. Simplified consensus code
4. Reducing the amount of data being stored in new blocks
5. Allowing non-contentious blocksize scaling


The positive change in fundamental factors underlying Bitcoin’s value is reflected in the price chart. An ambiguous price pattern that previously resembled a price correction (prior to additional decline), now, looks to be a large base for advance that had developed as the market entered 2016. A cautious pullback into this weekend appears to be finding technical support around 2900 CNY and $440 (Bitstamp).

Bitfinex Depth Chart and Buy/Sell Volume

Click here for the CCN.LA interactive bitcoin price chart.

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The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
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