Bitcoin Forum

They forked BTC and made BCC.  This means I had some BCC I never paid for, so I just put it in an exchange and brought some BTC with it.  Now, I only had 0.3 BTC but there must be with loads who have a darn sight more and who got a LOT of BCC for nothing.  This raises some questions.

• Can it be good for the crypto economy if a load of money suddenly appears out of nowhere?
• How much BCC immediately got converted back into BTC?
• What's to stop people forking again, just to make a killing like this?

Was BCC good or bad in this respect?

for every seller, there is a buyer. every dollar spent buying bitcoin cash = a dollar less to buy bitcoin. if BTC supporters are dumping BCH, that means either BCH supporters are also dumping BTC or some investors are buying BCH instead of BTC. or both.

so, to answer your questions.... it's not good. what we are seeing now is market inefficiency. a lot of people will lose a lot of value (either BCH sellers or BCH buyers). for now, we need to wait and see how supply/demand plays out. you can look at exchange volumes for an idea of how much BCH was dumped, but there is a lot of churn to account for.

if it turns out that these kind of splits are damaging to the network effect and value of BTC, i think that will deter people from continually forking.

BCH was fantastic, it was one of the biggest airdrops ever. Free money for everybody (who had bitcoin before the fork). I haven't sold mine yet but I will & I'll pump 50% back into bitcoin & spend the rest.

Bitcoin is supposed to be gold 2.0. If Bitcoin cash will simply be created out of thin air and destroy Bitcoin. Then crypto is finished. even as very much like scam as fiat currency, except not regulated so the rich completely control the crypto market. :-\

But..Let's just hope that Bitcoin forks again so that we'll get yet another free coin! :D

no it is not. but since this is not the first time an airdrop like this happened and nothing has happened so far, i can say the negative effects are not that big.

besides this is not the only time people get "loads of money out of nowhere". at the beginning of this year every single altcoin was pumped and each of them went up at least twice and some even went up 6000% and that is a lot of "money out of nowhere" for a lot of traders.

not that much actually.
many people never bothered to claim it. many don't even know about it, many don't know how! and many are holding it because they have small amount that is not worth selling or they think it can go up maybe!
the number of transactions shows there aren't really that many who are transferring their BCC to sell.

nothing :P

it is good because it proves that if people don't want something it will become a useless altcoin and if they want it then nothing can stop it from growing. we will see which one is true in the long term.

but it is bad because it is similar to bitcoin as far things like mining goes but yet different which makes things a bit complicated. for example BCC's fast difficulty change is creating a seesaw for miners to switch back and forth (theoretically) and it can cause issues. and we saw it once already.

I would have sold already, if it wasn't for the fact that syncing Bitcoin ABC is such a pain in the ass. I have been trying to sync for days to no end, it seems to get stuck at the end of the process and it becomes really slow.

I would try ElectronCash but I don't consider it safe. I guess I will wait, maybe I catch a dead cat bounce.

Yeah I did the same thing. The people behind Bcash wanted control of Bitcoin, they wanted to be the stronger fork. Once they forked and got Bcash they still mine and operate mainly with Bitcoin, Bcash takes forever to complete blocks and miners are actually losing money mining Bcash.

The market movement for BCH is so huge to the extend that Blockchain decided to support BCH. Coinbase too went back on their word from not supporting to support (which naturally should be this case in my opinion) but only after next year. Forking is never good since it creates a lot of confusion especially when cryptocurrency is not mature yet in general.

You're talking as if Bitcoin cash hasn't happened yet? Literally nothing happened to Bitcoin or crypto when it was created, I don't even see how it could have destroyed Bitcoin, like you mentioned.

These forks aren't exactly good for Bitcoin, but it doesn't seem to affect the price much either.

You were smart enough to exchange it for Btc, I never took it cause it's a big filled coin, and I don't like it at all. There is nothing to stop people they may attempt to do so, what I have heard is Bitcoin gold is planning to do the same, but I don't think they will survive for long, cause Bitcoin is recovering back and they shall have majority of the hash I feel, all other morgul alts shall die.

You said exactly what I was meant to say. Almost every country engages in the Fiat scam heaven did not fall. . Just like some are pretending like criminals don't use Fiat for crimes except Cryptocurrency. Just hope the shame isn't carried over to the Cryptocurrency World though.

The market will continue to grow because that which you see as a big money that is paid to you is a form of investment to another person who is making it as a way to reap higher benefit. Money is always in the crypto economy because without that, the market will be deserted with nobody to practice in it. Nothing is stopping people from forking and another one is proposed to come in August and many more to come after that.

It is just some people have different purpose and ideal so they can't agree with bitcoin, they choose to make a new one. If there's no demand then the new coin worth nothing. I don't know how much but i guess it's a lot. If this kind of forking want to stop, there will have to be a decision that every people agree, which is very unlikely.

I firmly believe that almost all of the airdrop BCH will end up as BTC in the long run.
We are seeing BTC climbing steadily while BCH had remained king of static with
even a little fall back.

I dont think its a good thing either to keep forking and yes there is another fork
scheduled for November I believe.

Money used to buy Cash coins isn't neccessarily coming from the one true Bitcoin. There is a lot of new money going into crypto currencies, and I suspect this is where the purchase price comes from.

Truth isn't determined by popularity. Price doesn't reflect the righteous implementation, it is merely  a market based reality created by trader's current perceptions.
Bitcoin Cash should have been implemented without a fork retaining the BTC ticker but it was made impossible by obstructionists who favor limiting block size, increasing tax, and changing bitcoin from a currency to a settlement system.

The argument has been made and I agree that the core camp is putting the cart before the horse. They expect BTC to be a digital gold, a store of wealth, yet they betray the economic principles which allowed for its success. When I first got involved in 2011 with Bitcoin my mind was not set on holding Bitcoin in the hopes of ever increasing value but rather I was immensely impressed with the ability to send money quintessentially fee-less across the globe in a matter of ten minutes.

Until Segwit 2x is resolved in November this battle is not remotely close to being over, only after the outcome of segwit 2x is clear will the future of BCH vs BTC begin to be visible.

BCC is Cool, I think it is pure satoshi.
read through "Mastering Bitcoin" to understand the point
https://github.com/bitcoinbook/bitcoinbook

It didn't appear out of nowhere.  It appeared because people are willing to pay that much for the coins.  Of course for every buyer there has to be a seller.

It just means that right now, the market believes that BCH is worth about 0.12 BTC.
It's hard to tell, but when the split happened, BCH's volume with BTC was about 100-200 million dollars.  
Anyone can fork at any time.  The forked chain is only worth something if the market perceives it to be worth something.

This. The market cap for bitcoin is now less than half the total market cap for all cryptocurrecies. Despite bitcoin's eye-catching rise, more money is flowing into alts than bitcoin. I believe it's because new investors think BTC is pricey, and are hoping for bigger percentage gains from alts.

I sold my BCC too and realized that since BCC came from BTC then I don't really have much to say anything bad against this coin, it's free money and as they all say profit is profit. But I don't think this coin will go much far because people would still use BTC instead of BCC; just my thoughts though based on how many people sold their BCC once they got it for free.

I won't say that you took a wrong decision but yes the timing was wrong if you consider the speculative gain.  Now coming back to your topic, it was the first time when something happened like this and suddenly market cap was created but there is a catch, it was not imaginary figure. There were investors other than Bitcoin holders and they invested in BCH which caused a rise in BCC value. We know the top 500 Bitcoin wallets hodl most of the Bitcoins out there and I don't think that all of them have claimed and sold BCC. Technically there is no reason that can stop another fork.

I meant if the BCH become more expensive than BTC thats really disappointing  :-[

Yeah, we hope this does not happen in Cryptocurrency world. In the blockchain we trust !

As the main chain BTC was forked, it gave rise to Bitcoin Cash as we all know which was attained at 1:1 for holding onto existing Bitcoin. It clearly created a market for another coin with its own cap so you could treat it as any other altcoin but the main difference being the support offered to this new coin.
Yes it does look like money is being created out of nowhere and it very much the situation if at all more forks happen in the future.

There is nothing such as a free lunch but if one is offered then its good to take it. Its the choice of the exchanges to offer free money to those who have Bitcoin with their exchanges and i think they will lose out be giving it for free considering all that they make. And who knows they even got more money by giving out the BCC for free.

Something you get for free is worth ___________.

Of course not. What if everyone who has some cryptocurrency would create some amount of the same currency, the present amount of cryptocurrency will depreciate.

Those who have loads of BTC in the exchanges are happy about it and they started supporting it but for what expense? They didn't even know what effect it will deal with the bitcoin value someday if ever the investor are divided. They should have just profited from that airdrop and then stay away from it.

it is. it shows consensus of the overwhelming majority.

it does. it shows demand.

traders are part of the demand only. and although price is not all there is. but it is the first thing that catches the eye. then there is merchant adoption, the services such as Bitpay, wallets,... adopting it.
and bitcoin cash has none of it.

bitcoin cash would have been implemented without a fork like that only if the intentions of its forkers were something other than malicious.

i may agree with this part to some extent under a certain circumstance but the issue is that bitcoin cash is not solving anything by increasing the block size to 8 MB! it makes 0 difference while causing more issues down the road.

the "war" is never over with bitcoin. even after SegWit2x.
and still BCH is not solving anything!

I think BCC just like another altcoin, but with a little special because it hardfork from BTC. The Bos still Bitcoin BTC. ;D.

For me Cash is too incremental to be successful - I don't think that technically speaking BTC is the best out there, but it has the reputation, the market place and more stability and security. Cash is effectively an altcoin, and altcoin without that positioning and pedigree against many other coins, all of which have a better reason to exist and a better project.

Just to experiment, I have put the money I got from my BCC into an exchange and am going to have a go at trading.  It is money I can definitely afford to lose as it didn't cost me anything.

1. No. In most of the cases, it can cause the devaluation of the other currencies.
2. May be 70% to 80% of those who claimed BCH immediately converted their coins to BTC or fiat.
3. The BCH forking/clone/altcoin succeeded because they were backed by a lot of the early adopters and developers. I don't think that the future forks will succeed in receiving that sort of support.

You must not be very good with logic. What is so malicious about the Bitcoin Cash implementation? Don't talk about the hard fork, talk about as a soft fork.

I can tell you what is malicious about keeping the 1mb cap. Can you give me a single reason why a large cap is malicious? It simply allows all transactions to process, decreases fees tremendously. No malice. On the other hand, segwit is pushing the transactions off chain - defeating the purpose of a block chain. They intentionally stopped progress to allow fees to grow infinitely. What they refer to as spam transactions are simply  transactions that are permissible by the code - taxes are paid, there are totally legitimate reasons to send low values.

You are a close minded idiot incapable or unwilling to understand what has occurred in this fork. You are just another cow in the herd following the prevalent public opinion. Like it or not, many long-time Bitcoin users with deep pockets are stacking Bitcoin Cash. They are right to do so and there is nothing you can do to stop them, just sit back and scream the sky is falling while they accumulate the shares of all the idiots incapable of abstract logic.

Unlike some levels of BTC, BCC remains attractive to trade. I think BCC is a free coin that will end with a cheap price.
In fact the price of BCC is rising, everyone regrets to have sold it, because they get it for free.

FWIW it is easy to get rid of you BCC. 

• Download a BCC wallet.  Electron Cash worked for me.  Link (http://www.electroncash.org)
• Hook it up to your BTC address by entering your private key into it.  As it is a fork of the block chain, the same key works for BCC and BTC addresses.
• Sign up with an exchange.  HitBTC are quite easy to join.  Link (https://hitbtc.com/?ref_id=59aaf276b57ea)
• Transfer BCC into exchange address
• Use BCC to buy BTC

Simple as that.

Having spent the weekend dabbling with BTC trading, I think I will leave it to the brave and the experts.

BCC was good and bad.

Good because the people who wanted it now have their own coin. It got rid of the toxicness that was everyone arguing all the time.

Bad in that it probably confused a lot of people. But most people don't know about regular bitcoin anyways, so it probably didn't confuse too many.

Just try to accept and to survive whats happening now dude. I also got my BCC. I dumped it at the top. Now never attempt to buy it again, its a waste coin. Blame it to Roger Ver and Chinese miners.

I agree, having a new coin appearing from nowhere will confuse the market, this would create more and long price correction.

Sold my free coins for bitcoin at a really good price, way above current price, never bought back and don't plan to do so in the future, a lot of bagholders this coin made.

Also miners are supporting this coin at loss, something really fishy is happening there.

i'm not interested about BCC from the beginning. BCC just clone as bitcoin and have no future.
yea just sold my free coin