Bitcoin Forum

Bcash solves all the miner’s problems (mostly):

1.   Maximizes miner’s profits by switching hash between Bitcoin & bcash
2.   Lowers the difficulty of Bitcoin by moving hash temporary away from Bitcoin
3.   Maximizes miner’s profits by extending the usefulness of mining equipment
4.   Proves bigger blocks are feasible and hard forks safe (so far)
5.   Puts pressure on the opposition to get the changes they want
6.   Maximizes miner’s profits (did I say this already?)

Did I miss anything?

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

Bitcoin Cash is an altcoin. Most altcoins have some variety to them as to their technology. Some are faster, others are more anonymous. It all depends. Bitcoin Cash is just that - an altcoin. I suspect it will dwindle down over time just as the rest until it is worthless.

Just like Litecoin and all the other forks and all the other altcoins. It was just marketed well and supported by the big miners and big names in crypto. That's what made it successful, not anything else.

Here's the problem: Doesn't this threaten to significantly deteriorate Bitcoin's network value? If both coins remain viable long term, that means that BCH is cannibalizing BTC's network. That means the combined value of both networks should be considerably less than if we had remained one, cohesive network. Now, new investors need to choose one network over the other (or split their investments between each). That means less growth for both networks.

maybe, but most of the volume is coming from asia with 60% from south korea alone. seems like its one big scam by bitmain.

Even if it's all a manipulated scam by Bitmain, real organic support for BCH can develop over time (and will be reflected in the markets) if BCH can continue to hold its value (and/or grow against BTC). It's all about supply and demand. If Bitmain, John Mcafee, Roger Ver, etc. have pockets deep enough to soak up the liquid supply available on the exchanges, they can drive the price up and give the appearance of strong demand.

Yep, this is exactly what they are doing, its brilliant!  Jihan Wu could indeed be an evil genius.

I guess we'll soon see if regular people will buy into their manipulation.

Jihan be like:

http://i.qkme.me/361gwd.jpg

There is one major downside I can think of it know - Bitcoin Cash was created out of thin air, it is nothing more than a copy of Bitcoin blockchain.
Apart from obvious confusion it created, this move also brings an interesting question.
If split happened once - then what will prevent bitcoin network to split again in the future, for example during another scaling upgrade?

OP, not only that. By creating BitcoinCash, Bitmain has protected their interests in the manufacture of ASIC chips because there is a Bitcoin developer who was been proposing a POW upgrade.

It also has increased the demand for their hardware since there are now 2 SHA256 chains.

After finding its own network stability BitcoinCash will then start their fight for merchant adoption.

Nothing. A hard fork guarantees that the network will split -- to what extent is unknown and can only be determined after the fact. A soft fork is miner-enforced, so a network split can be prevented as long as a majority of miners support the upgrade. No amount of hash power nor user support can prevent a split from occurring in a hard fork, though.

This experience is sure making the November hard fork look a bit more complicated now...

Ha ha.The best joke of this year.I couldn't control myself.Any way,thanks a lot for entertaining us.

Someone at bitmain deserves a raise, that's for sure!

I don't know how many times op would repeat the words miner's profits.By this way,he clearly admits that BCC is profitable for miners only.So,it is in no way a potentil coin and it was created just when trying to create  a clone of bitcoin.Thats the only reason for it having a huge marketcap.otherwise,its just another altcoin.
      
         But BCC is very much useful for big whales.Instead of searching for altcoins to pump and dump,now their ultimate choice is BCC to pump and dump and get some quick profits.

Great point. Wow, this hadn't occurred to me. The BIP148 + POW algorithm change threat from small blockers and Segwit supporters definitely could have played into this. If a stable network and market with decent liquidity can be created around Bitcoin Cash, then Bitmain has indeed shielded themselves from the Luke Dash Jr. contingent of bitcoiners who have been pushing for a POW change.

When you add this to the matter of Asic-Boost and the interests of companies like Bitpay, all of this makes sense.

Sorry, I haven't heard about the POW upgrade idea.  What BIP is it and what POW algorithm is being considered?  How would changing affect difficulty?  I would assume there would be a massive drop in hash power for a while.

I don't think there was an official BIP. I think Luke Jr. submitted a pull request for it at some point, though, and he's been pushing a narrative for years now that a majority of miners are attacking Bitcoin.

Here is a quote from him during the BIP148 debacle:
https://www.reddit.com/r/Bitcoin/comments/6l1a5d/bip148_momentum_is_gaining_speed_keep_pushing/djsrzro/

7. Creating $10B out of thin air (genius!!!)

Only a small portion of the market can cash out at these prices. The whole plan depends on the vast majority of supply not being sent to exchanges (actually not a bad assumption, based on BTC).

Bigger issue: $10B created now could = $10B lost by both network's market caps if there is a real, prolonged split and no single one emerges as "the real Bitcoin."

Like I said earlier, genius and it takes balls to try and pull off.

I think you got forgot that if any person can start mining for another Altcoin thens still will.mine in much amount but still due to lack of demand the low prices are reason for not to mine the coins .
Here bitcoin cash is a better option like bitcoin was in very starting , so here I didn't see any new factor that we can say is different first time .
And also here whatever the people ( mostly miners )  mine but still bitcoin will remain king and bitcoin cash remain altcoin .
Here the best point for us about the bitcoin cash is that we have a better option for the investment in bitcoin cash for short and also for long term investment .
Here for the mining i seen that only confirmation speed is fast but in my opinion the future again we will see the bitcoin cash have difficulty like bitcoin have for the mine of new coins because of the limit .

You can decide to split the blockchain today. What matters is if there are enough people to support your move. Bitcoin Cash created a fork on the issue of scaling, and it had considerable support amongst the community. You cannot expect this to repeatedly happen.

I gather the good thing about Bitcoin cash is that it proves 2 minute block generation times are viable.

it has always been about the money with everyone. some more than others. they want to maximize their profit. some by taking over the (bitcoin) project and be the center of it, some by creating a new altcoin (like the 100s of others) to make money, some by doing something so they can sell their products (that is right, companies like bitmain are going to sell so much more mining equipment now that there is an additional low difficulty thing to mine), ....

we can just hope that this greed and childishness doesn't cause any long term irreparable damage.

i think as long as we can make profit with anything then its genius  ;D because i see in here, all of people which have btc is getting free bcc with the same amount of their btc. this mean every people is genius because from this they can sell their bcc and make money and do it over and over again until the volume in each market is increase drastically.

There were some blocks less than a minute  :o

Honestly, I'm worried, and all the more because of the November fork. If BCH continues to be more profitable to mine, and Antpool (and presumably other Bitmain pools) point more and more of their hash rate at it, that's going to disrupt the BTC network. Longer confirmation times, stuck transactions. More importantly, the network will be secured by increasingly less hash power.

And what are new investors going to think of all this? In a way, if you don't understand the intricacies of blockchains, it looks like Bitcoin can just be printed by forking the chain.

That's definitely a problem. Bitmain really stirred a lot of shit up with bcash. Hopefully it don't permanently harm the blockchain space.

i don't think bitcoin cash can remain more profitable for long. there are multiple things that will ensure that.

1. the difficulty won't stay like this forever. it will be re-adjusted at some point and with the bigger hashrate the difficulty will increase and make the blocks harder to find and reduce the profitability.

2. there is always the issue with price. currently there has been about 980 blocks mined in the past 24 hours (it should have been 144 instead) that is all free new coins that are rewarded to miners. it is about 6.8x more than what it should have been (around 12,250 BCH) and it will continue to be this high until the difficulty is increased again.
we all know miners sell their coins for profit and to pay the bills. that is 6.8x more sell pressure on the market than normal.

Nothing is stopping the Bitcoin network from splitting again in the future. In fact, such a split will happen in November this year. What is called a “hard fork” will occur. Such a fork advocates for a split. In other words, a split will most definitely happen during a hard fork. However, there is a ways to prevent a split and that is buying utilising a soft fork. A soft fork is activated by the miners. Basically as long as the majority of miner show support for the changes, a split will not occur. If this is not the case, the developers can force a hard fork … I think. You may want to double check that last bit. But as an answer to your question, there is nothing stopping a network split again in the future.

Anyone interested in a centralized currency? welcome to join the Wu club, this is ridiculous we had centralized currencies until now but only controlled by

Governments but now it's being controlled by a private company, why do you think it made a lot of noise while there has been other forks of Bitcoin without

Any media coverage? simple they spent money to push their agendas. if mining BCH is profitable then better to do it and then dump like what we have done

So far with Bitcoin.

Just proving stuff around and saying the bcc is one decreasing the loads on miners shoulder won't make it the unique one. When BCC was created I'm sensing different blue print behind the model. I think it was made to recreate the new era with new currency leading the crypto world but with the misery BCC fell into the category of altcoins having the same properties. Still don't understand why it is so and what are the next moves for it. Not sure why it is decreasing the miners load, it is confusing them in choosing two different currencies that's all I know.

Well, the only issue is big farms are going to invent a new useless alt whenever mining diff goes sufficiently enough. On the other hand, if all this attracts more people and more money into crypto, I d be willing to live with that.

Are you kidding me? This is funny. Real funny. Bitcoin cash was never successful. Look at its market cap. Bitcoin cash is falling and falling bad. The only reason it is staying stable at the moment is because of Bitmain’s constant manipulation of the network. This is basically the only reason why Bitmain even has any hash power. Otherwise, it would have already lost all its hash power already. But I have to appreciate Bitmain. They are extremely clever and are making record high profits from this pretender coin. Like a previous reply said, they have some brains and some balls.

I agree. This fork wasn't created out of thin air, it happened because the community had two competing ideas on how to approach the issue of scaling, Core devs wanted to scale off-chain and Cash devs wanted to scale on-chain. We'll see which idea gains more support.

All this shit shows that the amazing decentralized solution to everything.... isn't so decentralized after all. It's all fuckery and manipulation by a couple of dipshits who have a lot of money. They want to f everyone in the a, and a lot of people are just presenting their arses and taking it. BCC is an altcoin with some rich guys controlling it

Too bad bitmain is digging in against Bitcoin. If the Bitcoin community ever wakes up to how much of a threat there are, they're going to have problems.

What I would like to see is the Bitcoin whales who hold the majority of bcash, dump them on the asian exchanges driving bcash towards zero. That would be the end of bcash.

Since when the copycats have been starting to earn the title "genius"! Time to leave this planet really! Praising is one thing but this is actually more than enough. Cheaters are just Cheaters and bitcoin cash is just a pathetic copy of Bitcoins. Sorry to say dude, but BCC is trash when compared with digital gold.

Yeah, you did forget something. In fact, you forgot the biggest point. Bitcoin cash is an unusable altcoin that has copied Bitcoin’s primary code. If you take a look at the market cap or price of Bitcoin cash and compare it with Bitcoin, it is obvious which coin is better and more accepted by the cryptocurrency world. I believe that Bitcoin cash would take a path like Litecoin. Because it was supported by large companies like Bitmain, its price remained stable in the beginning. But as soon as people understood which the real coin was, its price began coming down. I think that the price of Bitcoin cash is going to dip well below 100 USD and take its rightful place in the middle of the altcoins.

I agree bitcoincash is just another alt coin which got a huge publication, it does give a better profit to miner, but the real usage hasnt been known and the volatility is very high and unstable, I still need time to see what is real feature of bitcoincash, for me bitcoincash still not a good investment yet

so, does everyone agree that BCH a success!?