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Author Topic: The whole ETH/ETC situation is teaching us what BTC should have done a long time  (Read 1400 times)
RodeoX
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August 09, 2016, 06:03:17 PM
 #21

I'm not sure I follow. So 1BTC would now be worth $0.65?

I doubt you mean that, right? Because I would lose a fortune in that scenario. And we would all lose 99.9% of our stored wealth. There is nothing wrong with what we have now and those who "don't get it" are out of luck. We no longer need to push for adoption because the war is over and we won. People can come into bitcoin now or later, but the price is what it is.

Or I may not be understanding you.

No, 1 BTC would be worth $0.589 but you would have 1000x the bitcoins you have now. Like what apple did last year or two years ago. A 7:1 split makes the price 1/7th what it was before and shareholders have 7x the shares so the account value doesn't change.

I think it's a dumb idea. For those who think they are getting 100M satoshi's (one Bitcoin) for $0.59 will be let down because they are actually getting one mBTC. It's a trick on perception.

Ok, that makes a lot more sense. But I still don't think it's needed and trying to get consensus on a decision like this would be super hard.

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August 10, 2016, 08:54:58 AM
 #22

The whole ETH/ETC thing showed me that bitcoin should definately avoid a hard fork and doing the same. This fork has hurt etherium and doing similar to bitcoin would hurt it too.

In the case of ETH is not yet finished and another fork is required by one of the chains to change its transaction ID's so that the two chains become properly separated. Its a mess.

On the other idea, of changing bitcoin value. That would mean abandoning the 21million limit which is a core pillar of bitcoin and should never be tampered with.
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August 10, 2016, 09:45:48 AM
 #23

Actually forking of ETH shows that hard fork is not good for any coin and we actually try to accept the loss rather than splitting into two community. This only hurts both chains and whales will try to manipulate market.

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August 10, 2016, 11:52:05 AM
 #24

I'm not sure I follow. So 1BTC would now be worth $0.65?

I doubt you mean that, right? Because I would lose a fortune in that scenario. And we would all lose 99.9% of our stored wealth. There is nothing wrong with what we have now and those who "don't get it" are out of luck. We no longer need to push for adoption because the war is over and we won. People can come into bitcoin now or later, but the price is what it is.

Or I may not be understanding you.

No, 1 BTC would be worth $0.589 but you would have 1000x the bitcoins you have now. Like what apple did last year or two years ago. A 7:1 split makes the price 1/7th what it was before and shareholders have 7x the shares so the account value doesn't change.

I think it's a dumb idea. For those who think they are getting 100M satoshi's (one Bitcoin) for $0.59 will be let down because they are actually getting one mBTC. It's a trick on perception.

i am not an expert in stock market but i think you can not buy 1/7th of a share so you have to do something like that but in bitcoin you can buy 1/7th and as small as the exchange and dust limit (5600 satoshi?) lets you so there is no need to change anything.

and OP is talking too soon about ETH/ETC situation even after two weeks past his comment.
they are at war right now, ETH being a manipulated coin has risen now and the whales on the other side has dumped the other chain to low prices and will then pump it, and then again dump as much as they like and they let the two chain live alongside each other because they are earning $$$ from them.

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August 10, 2016, 12:10:24 PM
 #25

As all we know mining bitcoin this time is kinda of impossible to me so the story of both ETC\ETH is that mining is still profitable for us .

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August 10, 2016, 01:42:15 PM
 #26

As all we know mining bitcoin this time is kinda of impossible to me so the story of both ETC\ETH is that mining is still profitable for us .
mining is sometimes not profitable no matter what you mine especially if your computer is not too powerful, right now im only into etc holding to make profit
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August 10, 2016, 03:56:27 PM
 #27

As all we know mining bitcoin this time is kinda of impossible to me so the story of both ETC\ETH is that mining is still profitable for us .
mining is sometimes not profitable no matter what you mine especially if your computer is not too powerful, right now im only into etc holding to make profit

It depends mainly on the electricity price. It is profitable to mine the Ethereum if your electricity price is low.

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August 10, 2016, 09:02:07 PM
 #28

I'm not sure I follow. So 1BTC would now be worth $0.65?

I doubt you mean that, right? Because I would lose a fortune in that scenario. And we would all lose 99.9% of our stored wealth. There is nothing wrong with what we have now and those who "don't get it" are out of luck. We no longer need to push for adoption because the war is over and we won. People can come into bitcoin now or later, but the price is what it is.

Or I may not be understanding you.

No, 1 BTC would be worth $0.589 but you would have 1000x the bitcoins you have now. Like what apple did last year or two years ago. A 7:1 split makes the price 1/7th what it was before and shareholders have 7x the shares so the account value doesn't change.

I think it's a dumb idea. For those who think they are getting 100M satoshi's (one Bitcoin) for $0.59 will be let down because they are actually getting one mBTC. It's a trick on perception.

i am not an expert in stock market but i think you can not buy 1/7th of a share so you have to do something like that but in bitcoin you can buy 1/7th and as small as the exchange and dust limit (5600 satoshi?) lets you so there is no need to change anything.

and OP is talking too soon about ETH/ETC situation even after two weeks past his comment.
they are at war right now, ETH being a manipulated coin has risen now and the whales on the other side has dumped the other chain to low prices and will then pump it, and then again dump as much as they like and they let the two chain live alongside each other because they are earning $$$ from them.

In my example, it's not about 1/7th of a share though, it's 1/7th the price. In another example, dwti, an inverse oil etf, there was a reverse split of 10:1. In that case, 10 shares became 1 and the price went up 10x. So those who had less than 10 shares at the split were forced out of their positions at the lower price and charged a reorg fee on top.

I agree completely that it isn't needed. At this moment, you cannot spend 1 satoshi. There is plenty of use for the divisibility in the future.

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