Bitcoin Forum

I don't get it.  It will actually be bad for BOTH chains if indeed Bitcoin forks into two.  Some people who are following the space could see this as a weakness and another reason not to start investing or accepting BTC as payments.  Imagine if you were a merchant and you have to go thru and be involved in this sh*t, with all the debates and the drama.  And worst of all the uncertainty of BTC's future.

I don't see how it would be bad for BU at all no matter what happens because right now there is no "BU" coin and that will only happen after the fork. Once the fork happens, BU will carry a value. Right now it doesn't.

However the concern is very legitimate. Bitcoin price combined(BTC+BTU) will probably drop a bit after the fork happens, which is bad.

As you said, bitcoin's future is uncertain right now.... Would be nice if we could just get this over and done with.

If you are a typical merchant who has been accepting payments using a bitcoin payment provider like bit pay or coinbase for months or years, you pretty much do not need to worry about the fork, the providers will handle it, they will either ask you to change to accept one or the other, that or they will simply continue accepting payments from the core change or force you over to the bu chain. I have not seen many that say bu will go to the moon. Although technically, from being non existent to having value, you can argue that it's value has grown by infinity, lol

well as a merchant you really don't have anything to worry about. you are making an assumption because you are not a merchant.
most of them are accepting bitcoin through services like Bitpay and they receive money most of them time not bitcoin and it is an easy thing to do. and even if they are accepting it directly without any third party in the middle, there is still no need to worry about anything since nothing has happened yet and from what we can see so far nothing will happen either.
and also I should add that if any split happens it should be with consensus as everyone has been saying. and in which case there will be no other chain. there will only be one overwhelming majority.

This is an intent from the Bitcoin Unlimited fools to chill out to gain support, by promising that if they follow them all their biggest dreams will get fullfiled.

If there will be network split, many will dump all their free BTU when it get listed which will just pump the real BTC to the moon.

BTU will be another dead cow instantly after getting listed as just another altcoin  ;D

bitcoin unlimited issue not bitcoin price go the moon
you can read bitcoin price in market, after BU release in issue ,  bitcoin price is down price

people say all kinds of weird stuff when they are online, so many say things that are completely random just to have said something and mostly there are signature campaigners repeating something they have read somewhere.

in the end we can not even say/predict anything about the future. whether there is a split or not, it is not clear now it depends on so many different factors and so many different decisions.

miners aren't fool enough to take risks of a "split" they won't switch without being damn sure there will be no danger for them. what most people forget is that miners are making money this way, it is not a hobby.

TLDR split is highly unlikely.

Each branch has its heavy weight supporters. The dumping will be heavy in both BTC and BTU.
Ultimately, one of them will emerge as the clear winner.

no one said what you are saing in this thread, everyone think that the split is bad and cause a bad price and the investors are dumping the value of bitcocin because they also think this, a split can in fact cause everyone to have double the amount of coins, and this mean everyone will rush to dump his free coins, causing a big dump in the market

Bitfinex have opened trading for this hypothetical tokens here https://www.bitfinex.com/cst_token_terms
They are trying to create price for a coin that haven't existed till now and it is likely that we will never see them getting any success in future.

Talking about hypothetical price of BTU it is only around 200$ and it will not be going to moon for sure.  ;D

If there is a hard fork to BU then BU has to spend all of its resources killing off the Core chain (they have a $100m kitty for doing this). BU have to do this as if they let a core version of Bitcoin survive everyone will use it. BU is paid social media trolls in USA and a few Trump supporters mixed in with some big Chinese miners (who may be trying to kill Bitcoin on behalf of the Chinese government, or may just be greedy.).

Either way Bitcoin will not split like Ether did, as our attacker know if that happens they (BU) become ETC and Bitcoin stays as Bitcoin.

How can you say that?  The hard fork can't happen if Bitcoin Unlimited doesn't get at least 75% of the total hash power.  And if it does there's only a possibility of a split if the supporters of Core continue mining their chain and become the minority.

So how can one say that BU has no value and should be dumped if it has the majority of hash power?

and succumb to the will of the chinese overlords?

never!

Yes, it can, because the BU developers are not very good at what they do. They have already caused a split once by making a broken block that was only valid with their client. If they had more than 50% of the hash power then the Core chain might never have caught up with it and the split would have been permanent.

I don't think that after a split that BU would moon. Because right now a split could only happen via a contentious hard fork. And with that BU might have more hashpower than the Core chain, but the economic majority, and that is what counts at the end to have a valuable token. You need a community who wants to use it. I can not see this happen with BU. Furthermore who wants to have a president, secretary and so on for a decentralized currency? No no no. With a split both chains will get hurt. But over time one will probably die or at least be worth almost nothing. And I'm sure this would be BU.The innovation, passion, skills, experience and majority of users and businesses, exchanges and wallets is with Core! Miners will mine in the long run want brings them most profit! This will be with Core as well.

Not really. Ether split into ETH and ETC, and after a bit of turmoil, ETH has fully recovered in price, and ETC isn't doing badly either in terms of volume, people made money from the fork as they got two coins.

If BTC splits, the market can then choose the one they want to use. I suspect the fees on the Core one will make it less popular.

Exactly, 75% hash power is obtainable, they simply buy more miners, and refuse to sell miners to anyone who is against them. This may take a year or two, but when the prize is Bitcoin it is worth buggering up the blockhain for a couple of years.

BU is a centralize company who want to install a president of Bitcoin. It would not be resistant to government interference, Trump asks Bitcoin president for XYZ, then Trump gets it. (Also you could replace trump for an official of the Community Party of China). This is basically Visa or Mastercard and not Bitcoin. This is not what most people bought into.

Lastly BU has poor code, its code is not always reviewed or visible for others to check. All BU developers are paid by BU and number in the handful. All 100+ Core developers are volunteers (some are paid by MIT and Blockstream) but anyone can become a Core dev and help Bitcoin.

It has always been and always will be possible for a split. It's good to test this. Once tested, we'll lose the uncertainty if it ever happens in the future.

After the fork, any business transacting will get to choose between using $1/tx core coin or $0.01/tx unlimited coin. Hmmm, tough decision.

The real risk that Core seems not to care about is of people moving to an alt that allows cheap transactions already.

A functioning well tested Lightning Network built on 1 MB Core coin and implemented across all wallets I believe would also take Bitcoin to the moon, but it DOES NOT EXIST, and won't for some time.

I think it doesn't matter now whether which way the price will go, bitcoin or bu will still be manipulated still. It only matters whether you get to have a bag of it or not. If you have even just 50 of it, you'd be favorable as to where your money grows. Its always been that way. I see people use to hate DASH. not that its mooning, people change hearts.

Splitting BTC will take price to hell because most users and investors will splitted also and they will lose faith in bitcoin,but a good solution to bitcoin transaction fees will take bitcoin to moon for sure,If not unlimited then atleast block size should be increased to 2MB.

No one would bother with BU Coin, everyone is going to stay with BTC and that shitcoin will fall to 3$ where is its place.

I don't want bitcoin to split, and except radical BU fanatics or idiots there is no one who would like that either.
I think it would be the worst what could happen and clear sign that we don't have united community but instead tyranny is taken over BTC.
There is high a chance that one chain of BTC will become economically superior - but I don't want to test which one will it be.

No need to split bitcoin into two, for what? I would stick to BTC of what it is now, other coins are just making a bad image like this BU, they can't take over the place. Still many adopters continue on choosing bitcoin as their main crypto-currency.

Because one of them wants to allow Bitcoin to scale, the other doesn't. duh

It presumes that development will continue on both chains and that adoption of both chains will grow to surpass the current usage of the single chain we use now. The idea is that Bitcoin is still in an early usage state and not mainstream so if this type of fork happens it is possible that both chains can still grow and appreciate from new users entering into the ecosystem. The ideal though is to remain a single chain because two chains impacts the value of all other coins relative to Bitcoin and Bitcoin B and brings forth a lot of short term drama that is not enjoyable. Merchants will need to choose a side unless the payment processor accepts both, Bitcoin machines will need to choose a chain unless they accept both and maybe add a few alt-coins etc.

I think merchants will support BTC more than BU at least in the beginning because they have been using bitcoin for sometime now and all of a sudden they may not be comfortable in accepting BU. Yes, it can cause some uncertainties which can make the price to correct in the case of BTC. And BU like any other altcoin may get pumped and then dumped, like what happened to Zcash.

Merchants don't always have to have too deep an understanding of Bitcoin and they shouldn't have to partake in this.  I think that most will still use their old BTC for at least a while after a fork unless the BU price rises too much.

It depends many merchants rely on other services to process their sales and are not Point of Sale service providers themselves.
If the main merchant networks decide to accept both forks as valid proof of payment options immediately or add Ethereum, Dash, Litecoin etc onto their list of accepted payment options then it would reduce some uncertainty.

The risk then shifts to the price the merchant sells the product for, the merchant provider already knows that Bitcoin can be volatile unless they have an option to convert their purchases immediately to cash so they may choose instead to keep a portion of the Bitcoin from their sales and accept the coins or sell them immediately resulting in more downward pressure.

In essence the merchant only knows something is up when a customer transacts with a chain the Point of Sale Terminal does not support, otherwise it can be relatively seamless but at the immediate fork only Core would be accepted since merchants would need to update the terminals.

I suppose those that think BU will skyrocket are fully behind BU but the truth is if a fork happened then I expect a crash to follow immediately after the fork happen as uncertainty takes over the markets and some use this opportunity to spread even more FUD to try to crash the price even further.

I agree with you that BU being accepted and fork happening will crash btc price immediately if not slowly but surely. BU might not make price to the moon and even if it split into two, I think people will just look on to the BTC that exist before fork happens disregarding BU and will result to it dying. I just really hope that this debates comes to a close so that bitcoin can be on a constant rise again.

That case is same with ethereum and ethereum classic. It will probably make the price of bitcoin down for a short time but that's just a short-term panic sells.

Looks like the BU worthless coin will never be released in the future. I hate a fork and it will destroy anything.

The Bitcoin fork is not the same as Ethereum.  Ethereum is in early days and its fork was essential to its development.  Bitcoin on the other hand is huge and is owned by some people who just don't care about this and don't need to consider it.  The fork would fall to the ground.

I also disagree with the fork but if it happen then maybe enough miners will get out of bitcoin and that will allow for the activation of segwit which seems to be the preferred solution for most of the forum members and in that way we will be able to move forward.

it is likely that with the split between btc and bu there will be a increase in the price of bu and the price of btc may go down ,well it is uncertain.lets hope for the best of the future.

It is not really as simple as that. The incompetence of the BU developers is also at play here and it will be a very important point to emphasize that they do not deserve to be in the position of the Core developers. I have nothing against BU and what its trying to acheive. But please find better developers.

If a split happen I don’t think any of the coins, bitcoin or BU, is going to go up at that point uncertainty will hit the markets as we have not seen in a lot of time, while I don’t have statistic to back up my claim, I think we are going to see prices so low we have not seen in a lot of time.