Bitcoin’s Price Falls as Miners Meet Bitcoin Core Developers

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....

The blocksize debate has been brought to the forefront once more as a number of Bitcoin developers, including Gregory Maxwell, CTO of Blockstream and Mark Friedenbach, Core Tech Engineer at Blockstream, came out against the Hong Kong Consensus, arguably the most important document in Bitcoin’s history since the whitepaper. According to what may be a leak of an alleged meeting between pools and miners representing more than 75% of hashpower, consensus has been reached to hardfork to 2mb if Bitcoin Core developers do not release a new Bitcoin Core client with a 2MB hardfork code by August....

The closed-door meeting between Bitcoin Core developers and miners has affected the prices. With no information about the progress, price continues to fall. Bitcoin price has been exhibiting a downward trend from the past few days. The fall in Bitcoin price is attributed to uncertainties regarding the outcome of the meeting between Bitcoin Core developer group and miners. With the miners and developers continuing their meeting behind closed doors to discuss the future of Bitcoin, the digital currency community is left speculating about the future of Bitcoin. The Bitcoin network is in need....

The repetitive phenomenon of the fall in price of Bitcoin, coinciding with the meetings between the miners of the cryptocurrency and its core developers, has attracted concern within the industry. The recent drop in price may have been influenced by certain other factors away from the meeting. However, ruling out the impact from the meeting could mean ignoring a pattern which is seen to have developed over time. As the analysis of the possible causes of the recent loss in value of the cryptocurrency continues, considering both technical and fundamental factors and projecting the future of....

What was thought by some to be a secret meeting of Bitcoin miners and Bitcoin Core developers turned out to look more like a company retreat than anything else, according to those in attendance. Although there have been some public statements of disagreement between the mining and development communities in Bitcoin, representatives from the two groups met in California over the weekend to improve communications and strengthen their business and personal relationships. “Over the last few days, some Bitcoin developers and miners got together for a social gathering to improve communication,....