Bitcoin Forum

I've read that Kraken and Bitfinex are crediting depositors with BCC amounts equal to the BTC amount already deposited in their exchanges by Aug 1.

Do i understand correctly that for example i had 1 BTC deposited, this means they would also credit me with 1 BCC?

Is it right to assume that BCC value wont be far from BTC? Worrying because it seems too easy that i'll be given free and easy money. Will this mean BTC price is going down?

I think exactly opposite wil happen after network split. Bcc will be dumped by bitcoin lovers and they will keep their btc this will certainly pump the price of btc because all the free money people will get from bcc will be used on buying btc back. We can predict price to reach  $3k for btc when bcc will be listed for trading.

This seems to be what most people on hear are saying will happen yet they are all still ensuring they get their BCC.

The problem i see is they are banking on being able to get in on the dump at a good price to make some sort of profit from BCC. Isnt the concensus that BTC will take a dive in price upon the fork before it then recovers from everyone jumping back on? if that is the case my thoughts would be to sell BTC now high, then buy more BTC when it drops, seems a better profit situation than hoping on BCC

I am not a good follower on this whole BitcoinCash thing but I am assuming that I would be receiving an equal BCC to may BTC and I would then be able to sell my BCC immediately so that I can buy more Bitcoin using the proceeds of the sale. Let's dump this BCC as soon as possible as it is actually an insult to the integrity of Bitcoin.

Depends what kind of money goes into BCC.

If BCC is treated like an altcoin and people buy into it because they prefer larger blocks, then money might move from alts -> BCC (through BTC or fiat so that they can exchange it).  In that case, BTC holders will find that the combined value of their BTC + BCC is higher than it would have been if the split had not happened.

If BCC is treated solely as a competitor of BTC, you might find that people mainly just exchange between their BTC and BCC.  In that scenario, there will be less "free money", because an increase of the BCC price would cause a decrease in the BTC price.

I consider it most likely that there will be a combination of both.  The idea of "free money" is very speculative, because you're assuming that the BCC price will end up being lower than you sold it for as well.

Personally I will be holding my BCC for a while rather than selling straight away.

Yes, if you have 1 btc you will get 1 bcc token that can be traded as well. That basically is free money, though I think people would straight up buy BCC in exchanges but rather just dump them and keep their bitcoins with them. A much fascinating scenario is if whether or not all the profits in BCC would go directly to BTC. That will be a huge boost in price.

This is what i think people are hoping they can do. The problems i can see with it are:
-Surely the BCC is not going to be instant and may need to trickle or be setup by exchanges to give to you. This could take time, if its slower than others you will miss the dump and your BCC could be worth very little.
-People will have to get their BCC to an exchange that will offer trading with it to sell it, again time to do this.
- BTC will most likely drop in price and who knows how much BCC will be worth but doubt as much, so the combined could be worth less than BTC is today.

In saying that it seems safest to cash out on BTC now while its high, buy it again when it drops possibly getting 2 for your 1 now, then waiting for it to go back up. Or you could keep your BCC and hope at some stage it is worth lots....

BCC will most probably find it very hard to stand against BTC. In case free BCCs will be provided to all BTC holders, as it is most likely the case, I agree with the majority that it will definitely be dumped as it is simply free money and will most likely drop in value in the succeeding days. There is too little support for BCC that I observe as against the old BTC with which people in crypto are already very comfortable.

It is free money though the BCC value will likely be a fraction of that of BTC. My guess is it will be around 5% of BTC's value in which case you wouldn't be gaining much and BTC's own value could easily go down more than the money you gain from receiving BCC.

BCC will be mostly traded against BTC, and not fiat, so there won't be any "free money" that will boost BTC price. What will happen is that BCC will get dumped, and people affected by Bitmains propaganda (notice the swarm of fresh accounts who shill for BCC recently) will lose their Bitcoins from their trades. It's always hard to predict the price of BTC even if you can predict some upcoming events, but I think there's more chances that we will stay on $2700-2800 for some time, or even get to 3k soon, due to avoided messy chain split.

I find this difficult to understand whether they are marketing it as a Alt or a rival to Bitcoins. In either ways I am not at all comfortable with putting my coins on a exchange, especially at a time like this. I feel this looks mostly like a bait trap, maybe I am reaching conclusions to fast but then I just don't get a good vibe of this. I hope people make a wise call and they do not end up loosing their coins, as of now yes it looks like 1 btc one token but not really buying this at face value.

I guess it is I also read about this and i way already ready to put my bitcoin in the exchanges but do you know what will be the market value of the BCC in the market i dont really think that they would give a free money in the investor if these will really happening it is really a free money.

+1 people are forgetting that BTC could drop for the time being and from all i have read it is likely to do so. So your combined BCC and BTC could be worth less than what your BTC is worth now. Then your BCC dumps and your BTC eventually goes back up, great, except you would have been better to sell your BTC now and buying more BTC than you had to begin with for the ride back up...

I dont think anyone will shift to Bitcoin Cash from Bitcoin. The whole point is that and that is the bottom line. People will just claim the new Bitcoin cash and sell them for Bitcoin again to hold them for a long term. So its definitely free money, get them, hold them, use them if possible or sell them for more Bitcoin.

Well Bitcoin price will come down  and BCC Price will be  really good. Basically, BCC is to supporting BTC so that its price, I think, won't be like Bitcoin because Bitcoin is still on the main Blockchain

value would be really low because bcc will be dumped to have btc, bitcoin will not going down, same circulation supply is existing for bitcoin, no oen is really selling bitcoin, i think i'll dump my free bcc too to get bitcoin, because there is no reason to hold that shit coin lol

There's a huge confusion in peoples mind what to do? I beleive BTC price will rise soon after BCC will be available for trade. People are crazy for BTC  they will not give space to any other alternate i beleive.. Fingers crossed!!

Share some experience when splitting ETH / ETC on 24/07/2016
July 24, 1616: Poloniex suddenly listed ETC, no one knows what ETC is, Ethereum and the community are surprised, the entire wallet users have ETC with the correct ETH, they think it is free money and Sold out ETC. The market is not volatile.
July 25, 2016: ETC has a price of 0.00140, under the pressure of the whale and said it is free coin, all have to sell ETC and dump to 0.00066.
July 26, 2012: After the whale had gathered enough ETCs, the pump market was up to 0.0048, a few days later sank to 0.0023 with some recovery volatility.
So you should not jump, as that makes you a whale. Or sell and wait to buy low, do not follow the wave, because you will become a prey.
In case BCC do not know how, but surely after the listing all will sell BCC together and BCC to dump hard. After dropping to the required price, the whale will enter, taking a week to bring BCC down to that price. Good luck and frenzy trading.
Bonus: Bittrex support splitting, but not announced will list immediately, if you want to participate in this event please visit the other floor.

Someone made a mistake and got a hole, I did not do anything wrong.
BCC is free to convert from BTC to BCC and BTC_Frozen2, BCC trade, BTC_Frozen2 frozen until 01/08 to defrost back to BTC. Convert here https://www.viabtc.com/convert/bcc
You make the wrong process and arbitrarily enter the trade BTC / BCC to buy BCC, free stuff to buy and then just tell me ???
Update new: Anyone who has Bitcoin on Bittrex will automatically receive BCC and do nothing, please read the manual carefully and understand the problem before making a decision, do not fault anyone when you make a mistake.
Https://support.bittrex.com/hc/en-us/articles/115000808991

Email from Bitstamp July 27 2017
eWe would like to take this opportunity to let you know our plans for the upcoming weeks as we navigate any potential disruptions on the Bitcoin (BTC) network. As always, our focus will continue to be on the safety of your funds. In the event of a User Activated Hard Fork (UAHF) on 1 August or thereafter, it is important to clarify that Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal. In Bitstamp's view, BCC is an alt-coin and the decision to list BCC tokens remains at our sole discretion at all times.

If Bitstamp chooses to list BCC, we would decide at our own discretion on what course of action to take with balances deriving from the hard fork. BCC would also be subject to the same due diligence processes as for any other alt-coin, which requires time and careful planning. For these reason, Bitstamp is not in a position to support BCC, nor will Bitstamp be liable for any BCC sent to Bitstamp.

As always, the safety of your funds remains our number one priority. To this end, as a security precaution, we will be disabling bitcoin deposits and withdrawals on 31 July 2017 at 23:00 hrs UTC to ensure that all BTC funds stored at Bitstamp remain secure. Trading will remain unaffected throughout. Deposits and withdrawals will be resumed only when we deem it safe and prudent to do so.

We will leave it to you to decide whether to withdraw your BTC funds from Bitstamp prior to this cut-off date if you would like to access BCC or any other hard fork, and Bitstamp shall not be held liable for any consequences of that decision, from neither a financial, operational nor regulatory standpoint.

To be clear, Bitstamp has no favoured outcome to the resolution of the bitcoin scaling issue. Our sole focus is on you and your best interests. As such, we are continuing to monitor developments closely. Please check our Twitter feed, Facebook page and website for the latest news, updates and developments.

Best,

The Bitstamp team
Email from Bitstamp July 27 2017

But bitcoin price seems stable over $2700 right now, you can sell and hope it decline, but what if it won't?
On the other hand, bcc will be dumped as soon as it launched and there is some chance it will rise again, whether people sell right away or wait another pump, in the end bcc will lose too much value because people wants profits by sell free bcc.

Everyone is seeing this as free money and will sell BCC as soon as it lists. I heard the futures for this are currently around $200-400, so this is approximately what the market thinks it will be worth when the fork happens.

That is the intention of this discussion, some people do want to take advantage of free or bcc.The next act of course many who sell coins free and led make prices fall.But whether it would affect to price bitcoin itself?

Yes .. if we deposit 1 btc we will be given 1 bcc free.
I do not know if btc will go down or up after there BCC. But that does not affect the btc price because that thing often happens at btc.Maybe the btc price will be normal and stable will even rise.
see and wait 1 Aug.
 

By what logic are people predicting that Bitcoin will take a hit once the fork takes place?  The consensus here seems that most people will simply sell their BCC.  At least some of this money will go into BTC, which would cause the price to increase.

In order for there to be a decrease in BTC people would have to do the opposite.  They'd have to decide to start selling their BTC and go into BCC.

What I'm trying to determine is the following, please tell me what I'm missing:

Kraken is going to be depositing BCC in those accounts that hold BTC or who are long BTC with a margin position.  If someone were to take a margin position for 10 coins (~$27,000) prior to the deadline they would be given a free $27,000 in BCC.

If they sold bitcoin immediately they'd close their position without a gain or loss on the trade, but they'd have that free $27,000.  Even if BCC lost 50% they would end up with a free $13,500.   They'd take the risks that come with margin trades, but they would skip other risks related to having bitcoin on exchanges, etc, etc..   If they just bought BTC without the margin the math would workout the same way.

The only scenario I see for this backfiring is if Bitcoin were to take a major hit, which I think is unlikely due to a few reasons:
1. It's still bitcoin and the true believers are going to fight to keep it strong.
2. At least some of the free money will be going into BTC which should prop it up.
3. At least one exchange, Kraken, will be debiting accounts that are short bitcoin at the fork deadline
   ---- If you're short 1 bitcoin you will have an equal amount deducted from your account as BCC.
  ---This will force all Kraken users to close their shorts, which will essentially amount to a short squeeze.

It seems too good to be true, but I only have a rudimentary grip on this situation so far.  What am I missing?

To summarize,( I have about 0.02 BTC on Kraken), on 1st of August, when the fork happens, I will also get 0.02 BCC, right?
Then, I can simply sell my 0.02 BCC and use them to buy BTC which is basically free money.

Yes that was right bitcoin holders will be credited (BCC) with the same amount of bitcoins  they have in their wallet , basically it was a free money given that the price of Bitcoins will not decreased , well it depend if many people will invest to BCC but upon receiving BCC I think most of the people including me of course will dump BCC and convert it to BTC right away and Bitcoin price most likely will increased.

maybe the calculation is like that as we are read statement like 1:1, so if you have that amount, you can get the same amount of btc you have. yes its a free money but we don't know how much the price later and i hope the price will expensive so if we sell, we are make nice profit. but i hope there is no any requirement to get free bcc.

Oh nice, here s greed talking. Yes, sure, u ll get thousands of $$$ completely free. There s just one small catch. The moment BCC becomes tradable, it ll get dumped to oblivion which means it ll be worth next to nothing.

Do you really think there s enough money in crypto to double Bitcoin market cap of 45 BILLIONS USD so that you could get your free doubling.

Dude, control your greed, dump your BCC and use your head a bit.

I do not expect BTC price going down cause nobody will transfer their money into BCC, people will just dump it. I know I ll sell mine the moment I get them.

The thought of "free money" is absurd. Yet promoted by shills and the youngsters adding to confusion.

For now I think the split will be like a mirror one side BTC other BCC. I expect a lot of problems until the mirror breaks and only one remains.

Hope I'm wrong

This is probably the only realistic thing that will happen; there will likely be a huge dump from a majority of users because, let's be honest, there is next to zero hype for Bitcoin Cash and the only realistic outcome, when someone gets their money (effectively) doubled into a stronger and weaker asset, is they will sell the less valuable portion and opt to purchase more of whatever has value. In this case, BCC has next to no value as very few exchanges and services are willing to host it. My plan is to probably take whatever BCC I have, liquidate it on an exchange and buy whatever BTC I can within a reasonable time. That's assuming I give a damn about the BCC.

so Kraken and Bitfinex will give free money how deposit btc on there trading platform ?

It is not free money. The current market cap of Bitcoin can be considered as the combined cap of BTC+BCC. After August 1, BCC is going to split off from the BTC, and therefore the BTC exchange rates may dip.

I was also think about that if the price of BCC is lower than the original BTC still a lot of people will dump there BCC and buy BTC simply because more and more people already know about BTC maybe they will just simply think that BCC is just another altcoin that all free airdrop no ICO

If you believe in efficient markets, bitcoin would be at $100K right now, because if you could get
double your money for doing absolutely nothing, people would be buying bitcoin like
there's no tomorrow.  Do you really think that's going to happen?  Somehow I don't...but it sure
would be nice, no?

This really isn't what's going to happen, right?

But this assumes that BCC actually carries a price that can actually affect the BTC price. That assumes that there are also people who value BCC, and may also be dumping their BTC for BCC.

I think all of this is highly unpredictable. We can't predict future demand for BCC. I'm frankly surprised that exchanges have gotten so much interest from users that Kraken and Bitfinex are paying them out (and opening markets for them?), and Coinbase increased their withdrawal limits to allow people to move their coins off exchange. If there is truly a lot of demand for BCC, things could get messy. I just think it's impossible to predict at this point, and we will see the market price things in over time.

If there is a network split and if the competing currency have some value then it is free money for sure and i do not mind getting hold of it,but that does not mean that the price of bitcoin will go down,i am really waiting for another rally after the fork and i am sure those who purchased when the price went down will make a good profit after the fork.

If split happens then in short term the BTC rate might drop by the amount of BCC due to the drop of the demand (also some panic selling may affect the market). You might have to benefit by performing some extra speculations but it definetely won't be free money. In long term i still belive that BTC will grow but can't predict its growth without BCC (ofc in case of bitcoin split).