Bitcoin Is Forking, But Bitcoin Cash Hasn't Been Created Yet

[liuqi]

The split of the bitcoin blockchain has begun.

Earlier today a subset of bitcoin's miners began operating a different software in order to create a competing cryptocurrency called Bitcoin Cash. The move would effectively find a minority of users forging ahead with their own blockchain, one that shares a transaction history with bitcoin.

As previously reported, Bitcoin Cash – which raises the size of the network's transaction blocks while doing away with other capacity upgrades – is being advanced as an alternative to existing scaling efforts. Some of those who backed previous scaling efforts aimed at raising the block size have since moved to support Bitcoin Cash.

Yet the split is far from complete.

The divergence started at approximately 12:37 p.m. UTC, according to data from BTCForkMonitor.info, when the network reached block 478,558. It's here that Bitcoin Cash needs to process a block that is greater than 1 megabyte (MB) in size in order to seal the split.

Thus far, that hasn't happened, and some observers believe that it could take hours or more for that block to be created. In the meantime, the original bitcoin chain has continued, reaching block 478,570 as of press time.

[neurotypical]

The split of the bitcoin blockchain has begun.

Earlier today a subset of bitcoin's miners began operating a different software in order to create a competing cryptocurrency called Bitcoin Cash. The move would effectively find a minority of users forging ahead with their own blockchain, one that shares a transaction history with bitcoin.

As previously reported, Bitcoin Cash – which raises the size of the network's transaction blocks while doing away with other capacity upgrades – is being advanced as an alternative to existing scaling efforts. Some of those who backed previous scaling efforts aimed at raising the block size have since moved to support Bitcoin Cash.

Yet the split is far from complete.

The divergence started at approximately 12:37 p.m. UTC, according to data from BTCForkMonitor.info, when the network reached block 478,558. It's here that Bitcoin Cash needs to process a block that is greater than 1 megabyte (MB) in size in order to seal the split.

Thus far, that hasn't happened, and some observers believe that it could take hours or more for that block to be created. In the meantime, the original bitcoin chain has continued, reaching block 478,570 as of press time.

People are having problems with the software, the nodes seem unreliable. There are reports of Bitcoin ABC full node crashing. Bitcoin Unlimited 2.0?

And what's funny is, Greg Maxwell went on the Bitcoin ABC github and warned them about the rule to process a block greater than 1 MB to steal the split, and now it seems that will generate problems.

This is a shitshow already, I think people isn't going to be able to properly dump their coins.

[TheFriends]

This happens because the mining difficulty in Bitcoin was high, it will take time to adjust the difficulty of Bitcoin cash.

[Troll Buster]

And what's funny is, Greg Maxwell went on the Bitcoin ABC github and warned them about the rule to process a block greater than 1 MB to steal the split, and now it seems that will generate problems.

This is a shitshow already, I think people isn't going to be able to properly dump their coins.

The real funny thing is Greg Maxwell "proved" Bitcoin was impossible, ignored Satoshi and missed the boat, came back years later with Adam Back with a grudge to turn Bitcoin into something else, and you morons actually care about what the idiot thinks.

https://www.coindesk.com/gregory-maxwell-went-bitcoin-skeptic-core-developer/

Maxwell was initially skeptical of a digital currency not requiring third party trust. He told CoinDesk:
“When bitcoin first came out, I was on the cryptography mailing list. When it happened, I sort of laughed. Because I had already proven that decentralized consensus was impossible.”

[The Sceptical Chymist]

OP, I believe,  copy-pasted his whole post without attributing it to whoever wrote it.  Just saying.

I'm still curious where these BCC coins are going to show up.  Nothing yet for me.

[73blazer]

I've been watching the hash rate graph (or just type getnetworkhashps in your node console) with the thinking that if a noticeable drop in hashrate is seen, it would mean someone took their miners off BTC and put them (probably) on BCC..... only  then do you have a viable altcoin known as BCC.
Whoever spun up 4000 nodes of ABC node has some money if they're yusing AWS, if that entity, probably bitmain, really wants to make a go of BCC, they'll turn everything they have in their silly antpool to BCC and hashrate on BTC chain will drop significantly.

You can only tell after some time has passed and a few blocks mined in BCC, so far, nothing but difficulty is same at BTC which is very high. But someone has said difficulty will lower at 6 hrs intervals in BCC??? No idea if that's true...

Meanwhile price of BTC is stable, and BCC futures are dropping like a rock......

[bohr]

Meanwhile price of BTC is stable, and BCC futures are dropping like a rock......

This is not really a surprise, the market of futures is nothing but speculation and it seems that bitcoin cash is going to be an unreliable piece of software, so I do not think we have too much to fear from it in the near future since I think it is going to disappear unless than a month.