[ANN] Bitcoin Cash - Pro on-chain scaling - Cheaper fees

[Savik]

Hello everyone!

I have been following this thread a long while now. I have a question which makes me very very very confused. The John McAfee prediction of $500000 per coin, did he refer to "BTC (Bitcoin)" or "BCH/BCC (Bitcoin Cash)"? Can someone please shed light on this? I see that some people keep asking him in his Twitter but he does not reply to those questions at all, which is very strange.

Please, I am not asking for speculation or a flame war coin vs coin, I just need to know specifically which coin John was talking about? Because he said bitcoin but also he said he is with Jihan Wu... so that's why I'm confused. WHICH ONE OF THESE TWO COINS DID HE TALK ABOUT?

Greatly appreciate some insight into this issue,

Thank you.

He was referring to Bitcoin Cash, and said it was the only true Bitcoin. Even if it doesn't hit $500k per coin it will continue to climb.

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[tomkat]

At the rate this is going there will be another difficulty adjust in a few days making this unprofitable again but dont worry Jihan will call his miners off to force it down again just keep repeating that winning formula

Look at the chart, if this keeps up, the hash will spend more time in the BCC pools over time no?

It will yes and will cause the BTC difficulty to slowly drop too and providing the value stays around the current ratio means that BCH needs to drop lower and lower until it will get to the point it can be easily attacked

Wishful Fud , LOL.

You think they will eat the Golden Goose, doubtful.

Segwitcoin Unconfirmed Transactions and Fees will keep increasing with every miners switch to Bitcoin Cash.

Difference is Bitcoin Cash can let fly a few 8 Megabyte blocks and totally wipe out all unconfirmed transactions,

your sad little limited segwitcoin has no such ability and its users will suffer because segwitcore devs are incompetent.

True Story.  Get the popcorn ready as it unfolds before your eyes.  


╥Aztek

Yeah, several diffculty swings, and upcoming November S2X's HF-related mess still to come...
Next year will hopefully be peaceful and quiet :-)

[tomkat]

Rick Falkvinge actually has some good points.

As I said from the start, BCash is actually a good thing in my opinion:

• It allows grassroots, all-on-chain Bitcoiners to preserve "their" coin with the same blockchain technology that has been running Bitcoin from the start, without Segwit and/or Lightning/sidechains kicking in
  
  
• It allows more institutional, industry big players to carry on with their expansion/extension plan for Bitcoin (Core). Segwit, Lightning and side chains in general are a good thing IMO, they put Bitcoin on par with Ethereum and help solve many parts of the blockchain scalability issues: no one could argue that raising the block size forever is a fix to the quadratic problem of tx verification costs, etc.

Again, and one more time, what bothers me is the name (and logo) Bitcoin Cash that I find confusing. I totally get the idea of claiming the name Bitcoin, as in "genuine" Bitcoin, for legacy and/or continuity. But for everyone that was not involved in the crypto world before August 1, the ambiguity of the names "Bitcoin (Core)" and "Bitcoin Cash" will undoubtedly be confusing at best. Both will claim to be the "original", with both being right to some extent when arguing from different perspectives.

Anyone else thinks Bitcoin Cash needs rebranding? I mean name and logo here.

Or perhaps, Core should stop using Bitcoin, and rebrand to Bitcoin Core?
Why do you think Cash should rebrand? The community around Cash has its reasons to think they are saving so called Satoshi's vision.

[Mrpumperitis]

 Eric Lombrozo, Bitcoin Core contributor and CEO of Ciphrex Corp, told IBT.
Lombrozo "thinks" SegWit will allow for exponential scaling. Plus, even without nifty new features, he said all the bitcoin wallets updated with SegWit will immediately be able to handle twice the number of transactions, so from between 5 to 7 transactions per second now to 10 or 12 transactions tomorrow, depending on the transaction type. More important than the incremental boost is the myriad of new doors this technology opens.

In the early days of the internet, there were only a few university computers connected to one network. Similarly, bitcoin developers who were first chained to the mainframe can now add new network layers, new features, new portals, all without needing permission from that godfather network’s consensus.






they can now do what they want...lol 3rd party coin is not trustless, its just another alt-coin

bitcoin cash should have the ticker BTC

the other segwitcoin should be called something else, that indicates it uses  2nd layers and isnt pure bitcoin.

[tomkat]

Lombrozo thinks SegWit will allow for exponential scaling. Plus, even without nifty new features, he said all the bitcoin wallets updated with SegWit will immediately be able to handle twice the number of transactions, so from between 5 to 7 transactions per second now to 10 or 12 transactions tomorrow, depending on the transaction type. More important than the incremental boost is the myriad of new doors this technology opens.

In the early days of the internet, there were only a few university computers connected to one network. Similarly, bitcoin developers who were first chained to the mainframe can now add new network layers, new features, new portals, all without needing permission from that godfather network’s consensus.






they can now do what they want...lol 3rd party coin is not trustless, its just another alt-coin

bitcoin cash should have the ticker BTC

the other segwitcoin should be called something else, that indicates it uses  2nd layers and isnt pure bitcoin.

Additionally, I'm not so sure if they (Core) know what they're doing - see here
https://www.reddit.com/r/btc/comments/6vhxn3/the_lightning_network_actually_seems_awesome_but/dm0qmrp/

luke-jr:

In the short term, Lightning should reduce on-chain fees significantly.
Essentially they become subscription fees to use Bitcoin, rather than per-transaction fees.

[IDrankThePotion]

Selective 3rd party arguments much

[Mrpumperitis]

http://veekyforums.com/thread/3186191/business/the-lighting-network-requires-a-subscription-fee.html

 

woa tomkat...tells me more 

[roeks]

If BCH users can not even read twitter then there is no hope for them and BCH. John clearly tweeted about BTC and note BCH was never at $1 800 and never will be. Bitcoin will be $500 000 in 2020 but remember that discounts FIAT devaluation also. Things are not just about mining hash power shifting between BCH and BCT for profitibility, that us just a short term miners option. BTC has network effect and BCH not. BCH will never have. BCH might co-exist with BTC but will never come close to BTC in the long run. BCH might reach $3 000 in 2030 when BTC pushes $1mil.

See John's tweet below including his miss spelt Bitcoin (corrective text is a bugger) and also watch his interview on youtube about bitcoin not BCH. 

John McAfee‏ Verified account @officialmcafee
Bitcoub's low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?
11:14 am - 17 Jul 2017

[x2666]

No taxation without representation, fuck core, throw their hardware-wallets in the ocean.

Look at how out of hand taxation has gotten around the world. Most countries have never had a time in their history where taxation could even possibly be conceived as emanating from the public's collective willingness to contribute in order to reap a collective gain. America is possibly the only true example we have to point to. At one point the tax dollars were well appropriated but now we are all painfully aware of the sheer tyranny this taxation has become.

Nobody feels true representation from the current American government.

Do we really want to go down this path again? First they block upgrades so that they can maintain their tax, then they implement selective upgrades which further their capacity to tax people. While it may seem nominal now it will one day be a flatly unacceptable tax for a service which was supposed to be a force acting to free the masses from domineering bureaucracies.

They deride BCH while joking about adding increased tax fees in twitter polls, they accuse BCH of being an illegitimate cash cow for miners when in reality they openly want to modify the code to fill their pockets beyond the block reward.

[x2666]

See John's tweet below including his miss spelt Bitcoin (corrective text is a bugger) and also watch his interview on youtube about bitcoin not BCH. 

BCH IS Bitcoin. SegwitCoin is a fork from Bitcoin which has won the title of BTC through political attrition.

John McAfee posted this tweet on July 17th before the hard fork occurred.

[tomkat]

If BCH users can not even read twitter then there is no hope for them and BCH. John clearly tweeted about BTC and note BCH was never at $1 800 and never will be. Bitcoin will be $500 000 in 2020 but remember that discounts FIAT devaluation also. Things are not just about mining hash power shifting between BCH and BCT for profitibility, that us just a short term miners option. BTC has network effect and BCH not. BCH will never have. BCH might co-exist with BTC but will never come close to BTC in the long run. BCH might reach $3 000 in 2030 when BTC pushes $1mil.

See John's tweet below including his miss spelt Bitcoin (corrective text is a bugger) and also watch  

John McAfee‏ Verified account @officialmcafee
Bitcoub's low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?
11:14 am - 17 Jul 2017

I always try to avoid the word "never" just because obviously nobody knows what's gonna happen.
The key event for the next months is November (potential) HF.

[2012]

Hello everyone!

I have been following this thread a long while now. I have a question which makes me very very very confused. The John McAfee prediction of $500000 per coin, did he refer to "BTC (Bitcoin)" or "BCH/BCC (Bitcoin Cash)"? Can someone please shed light on this? I see that some people keep asking him in his Twitter but he does not reply to those questions at all, which is very strange.

Please, I am not asking for speculation or a flame war coin vs coin, I just need to know specifically which coin John was talking about? Because he said bitcoin but also he said he is with Jihan Wu... so that's why I'm confused. WHICH ONE OF THESE TWO COINS DID HE TALK ABOUT?

Greatly appreciate some insight into this issue,

Thank you.

Don't get confused that is prediction is only about Bitcoin the original one BCH has fate just to stay as an altcoin so nothing more than that. BCH is just using the name of Bitcoin without that this coin has no value you will see in future this will lose more value and Bitcoin will remain in top position like it is.

[Mrpumperitis]

https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800

[Zerotosixty]

Hello everyone!

I have been following this thread a long while now. I have a question which makes me very very very confused. The John McAfee prediction of $500000 per coin, did he refer to "BTC (Bitcoin)" or "BCH/BCC (Bitcoin Cash)"? Can someone please shed light on this? I see that some people keep asking him in his Twitter but he does not reply to those questions at all, which is very strange.

Please, I am not asking for speculation or a flame war coin vs coin, I just need to know specifically which coin John was talking about? Because he said bitcoin but also he said he is with Jihan Wu... so that's why I'm confused. WHICH ONE OF THESE TWO COINS DID HE TALK ABOUT?

Greatly appreciate some insight into this issue,

Thank you.

Don't get confused that is prediction is only about Bitcoin the original one BCH has fate just to stay as an altcoin so nothing more than that. BCH is just using the name of Bitcoin without that this coin has no value you will see in future this will lose more value and Bitcoin will remain in top position like it is.

Yes, McAfee was of course talking about bitcoin (BTC).  In the article below, at one point he uses the "BC' abbreviation for bitcoin.  "BC" does not mean Bitcoin Cash.

https://www.cryptocoinsnews.com/john-mcafee-claims-bitcoin-will-worth-500000-three-years/

[TrumpBump]

Hello everyone!

I have been following this thread a long while now. I have a question which makes me very very very confused. The John McAfee prediction of $500000 per coin, did he refer to "BTC (Bitcoin)" or "BCH/BCC (Bitcoin Cash)"? Can someone please shed light on this? I see that some people keep asking him in his Twitter but he does not reply to those questions at all, which is very strange.

Please, I am not asking for speculation or a flame war coin vs coin, I just need to know specifically which coin John was talking about? Because he said bitcoin but also he said he is with Jihan Wu... so that's why I'm confused. WHICH ONE OF THESE TWO COINS DID HE TALK ABOUT?

Greatly appreciate some insight into this issue,

Thank you.

Don't get confused that is prediction is only about Bitcoin the original one BCH has fate just to stay as an altcoin so nothing more than that. BCH is just using the name of Bitcoin without that this coin has no value you will see in future this will lose more value and Bitcoin will remain in top position like it is.

Yes, McAfee was of course talking about bitcoin (BTC).  In the article below, at one point he uses the "BC' abbreviation for bitcoin.  "BC" does not mean Bitcoin Cash.

https://www.cryptocoinsnews.com/john-mcafee-claims-bitcoin-will-worth-500000-three-years/

He clarifies the statement in the comments. Smart money is with Jihan or something to that effect. Valiant effort though.

[x2666]

Yes, McAfee was of course talking about bitcoin (BTC).  In the article below, at one point he uses the "BC' abbreviation for bitcoin.  "BC" does not mean Bitcoin Cash.

https://www.cryptocoinsnews.com/john-mcafee-claims-bitcoin-will-worth-500000-three-years/

Again, you have NO proof of that, and the fact that he included neither T or H means one could not conclusively state one way or the other. To claim you know for certain, that is pure dishonesty.

That article merely discusses the same tweets which were sent on the 17th of july, before the hardfork.

And finally, what one considers Bitcoin is now open to interpretation and simply because one fork managed to politically keep the ticker BTC does not mean that it is in some way more or less inherently entitled to the name of the main chain.

Watch this play out over the coming months. McAfee also said that BTC will remain frozen in the $4000 range for quite some time. It's going to be a long process.

[x2666]

Exactly. That is the part I don't understand. Why does he say "BTC (Bitcoin)" then he says smart money is with Jihan?!? Jihan is obviously with "BCH (Bitcoin Cash)" and not "BTC". What the hell is going on?

It feels as though with this statement you are intentionally obfuscating the facts. He didn't say BTC, he said BC.

BCH is Bitcoin

BTC is Bitcoin

If a tree has two branches, you do not consider the two branches to be separate from the tree. At the time of the split, there was no "correct" main chain, just the one which was perceived to be the main chain because they used their political positioning to maintain the original ticker of btc. The valuation of these two forks is in flux, people are still struggling to grasp the technological, political, and economic concepts at play here. There is no clear winner yet, this will take months to settle.

[serby10101010001100010]

you ask yourselves too many questions, as previously stated BTC will probably range in the 4ks price level for quite some time. That's all I need to know.

[x2666]

you ask yourselves too many questions, as previously stated BTC will probably range in the 4ks price level for quite some time. That's all I need to know.

+/-  Quite some time could be 7 days, 14, 21, 30, 40, but on that 42nd day at the such and such hour, where will it break? Down or up?

Stagnation is not a good sign for an asset which has seen such a monstrous climb if you ask me. BTC valuation depends on inflows of new capital and if things get tense that is one precipitous peak on the 1, 2 year chart. Crypto investors have a tendency to adapt tunnel vision and only conceive of rises, they don't consider other sectors of investment which might present great opportunities for larger players to shuffle their capital allocations.

[roeks]

No reason to be confused, just watch the youtube video, John refers to BTC. Then remember that BTC comes from years ago, so if there is a fork BTC remains the main chain and BCH can not be perceived by the BCH noobs as the real bitcoin but only real Bitcoin (notice the uppercase B for the confused) Remember BCH split from the chain, BTC did not split from the chain. So BTC will remain for ever bitcoin.