Bitcoin Forum

Ok so due to BU the size of blocks can be increased which will result in faster transaction confirmation and eventually less price so my question is (correct me if i am wrong) What's stopping some another stupid developer to create another fork in which he increases the supply of bicoin lol and majority of the nodes start accepting that? May be then all the hodlers will be doomed?

Nothing prevent another dumb guy to do another dumb secession. But it will eventually die quickly if it does not catch the attention. Problem with this Bitcoin Unlimited weed is that they managed to make their scam look legit, so they fooled big names and now you see where we are.

Agreed. That's why i think so easy to make panic even the big names are falling for dumbs like BU. I wonder what will happen to my cold storage bitcoin if the hard fork do take place :(
will i be able to use them on BU or i will be using it on Bitcoin code after the chain split?

It's unbelievable all the people that think they have the magical solution to "Bitcoin" when they could easily make an alt-coin with Seg-wit, unlimited blocks, etc. Look, if Satoshi wanted the Blocksize to be 2mb he would have made it that.

Bitcoin is supposed to be a digital store of value, not some micro-transaction dust coin.

Anyone can fork it anytime they want assuming they get 50% of nodes on board. Whether that fork takes off or not is another story.

What's the big deal with forks anyway? Who cares? You now own two different types of bitcoins. You don't choose one and not the other. You get both.

Well trading is full of emotions.

And when something major like this happens people will panic and sell even if it doesn't necessarily affect them at all.

Itd a good time to take your coins out of cold storage and do some trading action with it  :)

This is the contrary, as he should greatly keep it outside of the action so that sneaky and unpredictable market movements make him lose much money.

At first as I know from lauda and other members, satoshi wasn't good in programming so I doubt he wouldn't be able to do things as he wished.

It seems it's really easy to make people panic and that example already showed it to us. Transactions with low fee would be good from the begining and maybe we would avoid such situation, who knows..

Satoshi, greatest computer engineer of all time, was not good at programming :D ! How stupid things people can say ! These stupid things also always come from people that does not know anything about programation by the way !

As far as I am aware that is correct. You will have the same coins on both chains.

Unfortunately some people will dump on one chain immediately and some on the other. This volatility and uncertainty is likely to result in both chains combined price being less than the single chain now.

If you choose to sell one and buy the right one you will obviously do well. Vice versa too.

If you hold and ride it out who knows.

Tough times

That's good to hear. i will hold on both chains  who knows where both goes :P

Edit: and how exactly i will be using bitcoin unlimited coins? will the same bitcoin address will be used for bitcoin unlimited chain with the same private key?

you true much people can easy pannic selling
but i think only safe capital money is selling bitcoin balance, because down trend
if much peole selling in bitcoin balance, will make bitcoin prices declined further in, is same this now, bitcoin price down until under 1000 dollar

The BU will never happen, its not just a block size increase their is more crap added to it, if it was just a block size change then I believe it would pass.

When ever there is big money on the line then there will always be a panic when those have money on that line.
This case bitcoin is worth 25-30% less than it did 10 hours ago so what is your excuse to not panic?
Only if you don't have more than 20 btc then you are not even thinking of panicing.

you will get same amount on the new chain

This is a strange fallacy and I think it rose from the common description of Bitcoin as "digital gold" which definitely no one described it at the start of Bitcoin's creation.

Bitcoin was always supposed to be a currency.  Satoshi would tell you that and he did, in the white paper for Bitcoin entitled "Bitcoin: A Peer To Peer Electronic Cash System".  It really couldn't get much clearer than that.

What Satoshi also wanted was for Bitcoin's code to be open source, which it is, and for necessary modifications to be made to it, which they are.  BU is not a good modification to make but if the majority of hashing power supports it that will be what rightfully changes the code and creates a new version.

It is really so easy to make people panic since spreading fud makes those weak hands panic ending with a chain of dump. Even if it is, Traders make advantage of it to buy cheaper coins so I suggest everyone to get some cheap coins now because there is the probability that it will rise in price again soon after this dump finishes. For now let's buy then watch the price movements.

Yes bitcoin is digital gold and BU shouldnot be supported for just quick transactions and less fees.But bitcoin core developers must find a solution to this block size problem.But i think miners would love to continue bitcoin mining as it would be more profitable for them.

This is kind of a chicken and egg problem.

For someone to come years later and wonder about this, the coin must be alive still. This means there must not have been any moment in its history where the vast majority of people thought there was no point mining this coin. This is the reason why there is more incentive given to early miners to support the coin, since it has not proven itself yet, and so it is seen as very risky to mine this coin and hold it.

Moreover, the percentage of coins already issued at a given moment is only a factor if you're going to be mining (note: I'm not talking about the relative holdings of different people, just the percentage of issued coins, these are very different things to consider). If you're not going to mine, but are considering buying instead, then the price/market cap is much more salient.

Additionally, whether people have profited or lost in the past should have no bearing on whether a coin is good to buy and/or mine, all other things being equal.

Note: the things I said above are what I said, and nothing more. For example, "whether people have profited or lost in the past should have no bearing..." does NOT mean that the particular circumstances in which this may have happened should not have bearing. Just make sure I an not misundedrood

And that's the main difference between panic sellers and senior traders.  8)
Set some rules and goals right in the beginning when you invest and follow them. To change your oppinion every moment - hold/sell/hold/sell - will make you only loose in the end. ;)

Once again I repeat... If you have bitcoins and there is hardwork, now you have bitcoins in both chains. You need not do anything. Simple.

I recommend you to store your bitcoins in a personal wallet that you control with the help of private keys. This ensures that your bitcoins will be available in both blockchains. In this case, you will be able to access the BTU using the customers Bitcoin Unlimited, and to dispose of the tokens of the original network using any wallet that supports Bitcoin Unlimited. Do not store coins on exchanges.

As you had said his name (miss  :'( an account named satoshi), I'm wondering if he show up for resolve this dilemma, he is the founder, he has a big name, majority of us here will support whatever he said. Or, is he forget his account password?  :o :-X

People will trigger to panic sell if they look at suddenly drop within 5-10%, more than that is crash I think.
Even though they want to believe on bitcoin, but people interest to convert bitcoin into fiat money at higher price are inevitable obviously.

they didn't panic because of BU they did because of antpool that moved 75% of its hash to BU, that is what is causing the panic, antpool is a very large pool the biggest one, if that is moving the hash other might follow, this is what worry investors

Yes, people can to say very stupid things so it's better for you to shut your mouth. From your words, it seems don't know anything about programming and it's better to stop talking because the more you talk, the more silly things you say.
Let's check this: https://bitcointalk.org/index.php?topic=1678565.msg16875819#msg16875819

I am waiting your answer, maybe Lauda and I are wrong and don't know anything  ;D  ;D ;D ;D ;D or maybe only you  ;D ;D

It's super easy to make people panic - especially in terms of economics and their finances. No one wants to lose anything. That's the case with all the FUD surrounding the hard fork.

There's all this propaganda being spread around the community - especially by the mainstream media - that the core is dead and that we must switch to BU. However, BU is not how Bitcoin is supposed to work and is one of the biggest scams that has been placed on the users of this community.

Obviously we have an issue with the blocksize and we have for a long time. However the solution isn't as simple as just let the miners choose their block size preference and move on. This is not how Satoshi designed the currency. Nevertheless, media sources and FUD spreaders hate Bitcoin and wish to see it die, which is why they're forcing BU down our throats while telling us that we must use BU if a fork takes place.

I don't think a fork will happen though. Bitcoin is too profitable and there is not that much support for BU. These 45% numbers are false and presented by large company pools which are stored in one giant building - and thus not representative. Let's say that there is a fork. Here's what will happen. The blockchain will split into two, and you will still have the same amount of Bitcoins, just also the same amount of BU. It will split into two currencies, and users can choose whichever they prefer. In this case, we will see exactly how badly BU performs and everyone will move right back to the core.

So is there need for panic? No. The core will come out on top, as it always has, and as Satoshi designed it to do.

Iranus, this is no strange fallacy, this is reality. Confirmed by many individuals from around the world on a permission-less system with way more than $15 Billion USD-worth backing this reality - that Bitcoin's primary use has emerged to be store of value/investment. I detail out the dynamics of this in the post: "Hacks & puppets & forks - how to destroy bitcoin" https://bitcointalk.org/index.php?topic=1834310.msg18256120#msg18256120 (https://bitcointalk.org/index.php?topic=1834310.msg18256120#msg18256120)

Iranus, you can release a version of the entire bitcoin code and modify it where you think Bitcoin is broken - this is called an "altcoin" or why don't you just go to Ethereum which is an amazing appcoin, very smart contract technology and is a permissioned system with LOTS of development - why don't you do this? Why keep coming back to talking about Bitcoin? 

Because Bitcion is UNMATCHED, is permission-less, immutable, established, decentralized, and backing this decentralization is a limited-size 1mb block. This makes it beautiful. (if it were a 10mb block there would be NOTHING beautiful about it)

BitcoinBarrel well said! It's worth repeating your line "Bitcoin is supposed to be a digital store of value, not some micro-transaction dust coin."
-do i have your permission to use this quote freely? I like it.

Well that guy will not get enough hashing power nor support in the community for the fork to be accepted.

Plus, nobody will be so stupid to accept that fork. Anyone can make a fork, even you and me can make one. but what matters is that if your fork gets the majority of bitcoin's total hashing power, and whether the community appreciates it.

So an answer to your question is no, HODLers won't be doomed because it'll never happen in the first place.

making bullshit bold and add an underline and increasing the size doesn't make it correct. that statement is only "BitcoinBarrel"'s personal opinion and he couldn't be more wrong.

if you want to quote, then quote the proper thing. let me help you find the proper thing: https://bitcoin.org/bitcoin.pdf
you don't even need to dig in much.
the title says: "Bitcoin: A Peer-to-Peer Electronic Cash System"
and throughout the paper Satoshi Nakamoto calls bitcoin as "electronic cash", an "electronic payment system".

and i don't need to bold, underline, big size this. all of bitcoin users and those who really believe in the system know this. if you want to believe it is "supposed to be only a store of value" then that is your own personal choice.

I find you pretty aggressive. So I guess because Lauda said he his bad then he is bad ? This is a bad argument of authority.

If BU has their way they will cause BTC to be split into BTU and some other alt coin then there will be a complete divide down the middle.
This will cause utter chaos on the market of the btc price. :o

So yes it is easy to make people panic.
Wouldn't you if your bitcoin was worth half of what it was just the night before.
Stuff of nightmares right there! :-[

In this case a lot of the conspiracy theories. Because this will have a relationship between the miners and the stupid dev. Without the backed from the miners, the stupid dev can't do anything. because they're gaining a permission to fork the chain according to the consensus rule.

The key is the miner itself.

Yes it is as currently most users are from china and all the investors are total fools and can't understand their government just want those idiots to go mad and tbey easily get tricked to sell all their bitcoins thus trashing bitcoin to 1000$ and losing bitcoin stable growth.

I amn't aggressive but why is it bad argument? He/She is administrator on this forum and has much experience than any other members. You talk like you know satoshi in reality. I don't care if satoshi was good or bad at programming but you don't had to say that people say stupid things.
Hope this task will end ;D

This is what every altcoin  dev is doing. The price of one coin is not decided by the dev team nor exchanges. When one developer comes with any modifications on bitcoin's coding then that will be just a new altcoin, nothing more. That will get its prices based on demand from crypto people. You can not have same bitcoin system but with altered parameters.

Your statements will not make bitcoiners panic as these types FUD are classified as rumors and in deep analysis people will make conclusions about the possibilities. Frankly, I laughed on reading your post rather than your expected panic.

You seriously think that China cares about a few ping pong traders? The Chinese government only cares about people that are using Bitcoin as a tool to move wealth out of their country, that's it.

For long it has been a general nightmare for the Chinese government as they are going full nuts on everything that allows people to move wealth from one place to another.

I guess such paranoid behavior is part of their communistic-ideology. Other than that, China doesn't play a significant role in trading anymore, so whatever happens, it won't impact us.

I agree with you. China I think doesn't play a significant role in trading anymore. For me the one always impacting bitcoin is the fuds, news that spread that are related with it. It makes people panic so easily. I really doesn't care though as long as many profits from it, its fine but I pity those who lose money from it, I think they need to be wiser next time to not sell early just because of panic.

BTCBTCBTC

Bitcoin is supposed to be a digital store of value, not some micro-transaction dust coin.

Really It is

No, it was the idea was to let it be a global crypto backed digital paying system. And it has become a store of value. Well, not a good one the last couple of days  ::)

Hi, I can see you are a newbie here, so maybe you don't know it, but if you copy someone's sentence exactly word by word from his previous post, you should put it to a propper code marks like this [ quote]...[/quote ].
Otherwise it may look that it is your own sentence, especially if it makes 90% of your post. ;)

It should look like this:

I said stupid because I lack English vocabulary in this field of things. And Lauda had been destituted for extorsions and lovely things like this, so I would not refer as him talking about the supreme authority and knowledge :P. Take shorena instead. And again sorry if you took it as a personal attack this was not at all intented...

But I think the whitepaper tell us a different story.  Should we move  away from the original reason why Bitcoin is created and rewrite the whitepaper so that all things claimed that is not written on the original Bitcoin whitepaper will look legit and part of the original plan of Bitcoin?

Simply put, you are a complete baboon with the education level of a western primary school kid. Satoshi was horrible at programming, he also made some bad decisions during the design. He was a visionary, therefore also a genius of his own kind. This does not, in any way, make him good in CS. FYI he introduced a bug which created 84 billion Bitcoin in the early days. So much for the "greatest computer engineer of all time". ::)

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Stop spewing shit for a few cents.

It doesn't matter what the Whitepaper says. The whitepaper can't predict the future and it is only an documentation of the initial idea. It should not be rewritten for historical reasons, although an updated version could be possibly created by someone. Bitcoin is already very different from what is described there, e.g. there is a lot of undocumented stuff that was added later.

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The simple answer to OPs question is 'Yes'. People are idiots. I'd say that over 99% are completely ignorant, and almost all of those (if not all) are also indirectly or directly being manipulated by the media.