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Author Topic: [ANN] Bitcoin Cash - Pro on-chain scaling - Cheaper fees  (Read 703942 times)
iamnewhere
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July 31, 2017, 11:32:23 PM
 #1201

How is this any different from the federal reserve printing off money when ever a crisis arises? In seeking to preserve the core values of BTC this fork is doing the opposite by shattering the virtue of a capped supply and doubling it over night.

The key difference is that when the Federal Reserve prints dollars, existing holders don't automatically receive extra dollars.  All else equal, such a maneuver reduces the purchasing power of each dollar, and therefore, the stored wealth of each holder of dollars.

For the Bitcoin hardfork, while both BCH and BTC will have less value than the bitcoins we have today, every bitcoin holder will automatically have the same amount of BCH and of BTC after the fork and so will maintain their purchasing power.

Why should BTC lose value if a new currency gives out free coins in 1:1 ratio of the BTC you have? It can even make BTC more valuable as many people will try to sell their free BCH coins for BTC so the demand of BTC will grow what will result in a raise of the price Wink

There were other Alt-Coins release with free airdrops and i don't think that any of them affected the value of BTC in anyway Wink
junan1
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July 31, 2017, 11:38:36 PM
 #1202

Something that doesn't yet even exist (!), is already 'worth' several hundreds of bucks

Zcash was similarly valued shortly before it launched.
Verdell
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July 31, 2017, 11:44:01 PM
 #1203

I think 1 second after the btc holders are credited the bit coin cash a lot will look to sell bitcoin none will look to buy bit coin if you going to buy bitcoin you do,it,before 1220 utc time,and initial drop is,a,given right after the fork but how far is any,ones guess then again on yo bit it appears,bit coin didn't drop after the bitmcash distribution if in fact bit cash has been distributed on yo,bit
junan1
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August 01, 2017, 12:19:53 AM
 #1204

How is this any different from the federal reserve printing off money when ever a crisis arises? In seeking to preserve the core values of BTC this fork is doing the opposite by shattering the virtue of a capped supply and doubling it over night.

The key difference is that when the Federal Reserve prints dollars, existing holders don't automatically receive extra dollars.  All else equal, such a maneuver reduces the purchasing power of each dollar, and therefore, the stored wealth of each holder of dollars.

For the Bitcoin hardfork, while both BCH and BTC will have less value than the bitcoins we have today, every bitcoin holder will automatically have the same amount of BCH and of BTC after the fork and so will maintain their purchasing power.

Why should BTC lose value if a new currency gives out free coins in 1:1 ratio of the BTC you have? It can even make BTC more valuable as many people will try to sell their free BCH coins for BTC so the demand of BTC will grow what will result in a raise of the price Wink

There were other Alt-Coins release with free airdrops and i don't think that any of them affected the value of BTC in anyway Wink

This is buried in the "all else equal" qualifier.  With this assumption I aim to compare current and near-future prices.

Every bitcoin today is effectively 1 BTC and 1 BCH stuck together.  The current bitcoin price is the value the market ascribes to this package.  I do not value 1 BTC more highly than 1 BTC and 1 BCH and I certainly do not expect the market to do so.  The same logic applies to airdrops.

Now, it may well be that 1 BTC next week will fetch more USD in the market than a bitcoin today, but this just typical market price volatility, volatility to which this noise and excitement will have contributed.
adaseb
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August 01, 2017, 12:28:12 AM
 #1205

Anyone here manage to secure a BTC loan on Poloniex? Seems there are no BTC to lend anymore

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bones261
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August 01, 2017, 12:32:39 AM
 #1206

Anyone here manage to secure a BTC loan on Poloniex? Seems there are no BTC to lend anymore
Just checked. There is 5 BTC available. Hurry!  Grin
BTC-BTC-BTC
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August 01, 2017, 12:36:48 AM
 #1207

Yobit is trading BCC at the moment around $343.
digiworld1
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August 01, 2017, 12:37:50 AM
 #1208

I'm ready to see nice bloodbath with this coin. 0.12BTC is too high still. 0.01 maybe but more like 0.001

Bitcoin Civil War!
Verdell
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August 01, 2017, 12:43:29 AM
 #1209

28 btc on polo available at 5 percent wow loan shark
digiworld1
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August 01, 2017, 12:47:54 AM
 #1210

safest plan right now is to transfer btc to different reliable altcoins. Tether, monero, litecoin, dash are all good options

but then you wont be credited Bitcoin Cash.
ReiMomo
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August 01, 2017, 12:49:12 AM
 #1211

If I have BTC on my local wallet (Bitcoin Core v0.14.2) what should I do?

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bones261
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August 01, 2017, 12:52:29 AM
 #1212

If I have BTC on my local wallet (Bitcoin Core v0.14.2) what should I do?

After the fork is confirmed to have happened, send your BTC to a different address, for security. Then import the private keys that had bitcoin into a BCC compatible wallet.
BTC-BTC-BTC
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August 01, 2017, 12:58:40 AM
 #1213

If I have BTC on my local wallet (Bitcoin Core v0.14.2) what should I do?

After the fork is confirmed to have happened, send your BTC to a different address, for security. Then import the private keys that had bitcoin into a BCC compatible wallet.


I agreed security is everything with cryto currencies. Always take precautions with your money.
Mr.Ease
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August 01, 2017, 12:59:56 AM
 #1214

As the difficulty will be changed to 1/6 of the current Bitcoin difficulty, I think that many miners with old asic will be able to mine this again.

"REQ-7 Difficulty adjustement in case of hashrate drop

In case the MTP of the tip of the chain is 12h or more after the MTP 6 block before the tip, the proof of work target is increased by a quarter, or 25%, which corresponds to a difficulty reduction of 20% .

RATIONALE: The hashrate supporting the chain is dependent on market price and hard to predict. In order to make sure the chain remains viable no matter what difficulty needs to adjust down in case of abrupt hashrate drop."

Any idea where I can mine this coin right away?
Any pools?

~ Too Many Scams, Schemes, and Shitcoins... ~
bones261
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August 01, 2017, 01:01:52 AM
 #1215

As the difficulty will be changed to 1/6 of the current Bitcoin difficulty, I think that many miners with old asic will be able to mine this again.

"REQ-7 Difficulty adjustement in case of hashrate drop

In case the MTP of the tip of the chain is 12h or more after the MTP 6 block before the tip, the proof of work target is increased by a quarter, or 25%, which corresponds to a difficulty reduction of 20% .

RATIONALE: The hashrate supporting the chain is dependent on market price and hard to predict. In order to make sure the chain remains viable no matter what difficulty needs to adjust down in case of abrupt hashrate drop."

Any idea where I can mine this coin right away?
Any pools?

VIABTC for sure.
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August 01, 2017, 01:11:47 AM
 #1216

Peercoin is safe haven heading into the bitcoin fork 10 billion dollars in mkt cap will be created at 1220"utc time this is unprecedented event peercoin is old proven coin that's undervalued I believe good place to be right now anything could happen with bitcoin and bitcoin cash good time look for stability
chinapeople
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August 01, 2017, 01:15:42 AM
 #1217

Going to be very scary few hours coming up. I hope everyone goes well. I might go out have beer to relax.
Verdell
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August 01, 2017, 01:23:17 AM
 #1218

Be difficult to log into exchanges around time of fork
Gizzard
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August 01, 2017, 01:27:59 AM
 #1219

BCC Pool @ https://pool.viabtc.com

Pool HashRate = 17 PH

Network HashRate = 6448 PH

Active Workers = 1483

Blocks Mined = 1

Coin Mined(BCC) = 13

Coin Price(USD) = 296.56



"Coin Mined(BCC) = 13" Why 13 ? Is there a 0.5BCC transaction included on top of the 12.5 coin reward ?

junan1
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August 01, 2017, 01:31:33 AM
 #1220

isn't he missing, or rather pissing all over, one of the other more important points - 1 cpu = 1 vote.
You are wrong.
You should go back and look again at the bitcoin.pdf: https://bitcoin.org/bitcoin.pdf
Nowhere you will find 1 CPU = 1 VOTE.
You will find instead 7 times: "CPU power"

Of the linked whitepaper, section 4 paragraph 3 begins:
Quote from: Satoshi Nakamoto
The proof-of-work also solves the problem of determining representation in majority decision making.  If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs.  Proof-of-work is essentially one-CPU-one-vote.  The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it.  If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains.

On introducing the concept, Satoshi did offer the simplified explanation of proof-of-work: "essentially one-CPU-one-vote".  He was pleased to observe that this method, unlike others he could conceive, required no special authority.

With this, Satoshi was able to replace thoughts like "If a privileged timeserver is honest" or "If the authority responsible for assigning IP addresses is honest" with "If a majority of the global hashrate is honest".

Both branches will continue to use proof-of-work in the way Satoshi described.  There is no deviation on the part of the Bitcoin Cash branch.
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