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

[bones261]

If ive worked it out correctly (probably not but lets see how close I am) its gonna be about 6% difficulty of the BTC chain

Just a tad under that. But BTC difficulty due to drop a bit in the next couple of days. Not sure that will matter much though.

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[TheMuppet]

 I think a lot of people are making a big mistake betting against bitcoin cash.

I believe they're going to implement some anonymous features that will give them a big edge   

Jihan and Roger Ver have  tremendous power and influence.

I'm definitely going long.

[naska21]

I have seen news that there will be a breakup in the bitcoin. The name of the new coin is said to be bitcoin gold. Is the news real? Or is it fake? Can you inform me?

Thank you in advance.

yep, it even has its own site that manifests  the date of that hardfork i.e. October, 25th.  This means that all btc holders will get new free coins and no one  knows how far Bitcoin Gold will  go.

[25hashcoin]

I think a lot of people are making a big mistake betting against bitcoin cash.

I believe they're going to implement some anonymous features that will give them a big edge   

Jihan and Roger Ver have  tremendous power and influence.

I'm definitely going long.

Privacy features are coming for Bitcoin Cash, yes, but also smart contracts. Both of these have already been discussed as being worked on.

[tekmobile]

It is currently 71.2% more profitable to mine on the Bitcoin Cash blockchain.



╥Aztek

That's the spirit celebrate because Bcash had for force 5 difficulty reductions pure incompetence all they had to do was come back a bit earlier and keep it stable but nope couldn't manage that and f##ked it up and overshot by a huge amount and now averaging 2.5min blocks

By the time this period is over the Bcash chain will probably be a whole month infront not bad for only being 2 month old just a shame the reward will halve twice as fast and the miners will need to rely more heavily on fees which are non existent due to the blocks being way too big for the intended purpose

[tekmobile]

It is currently 71.2% more profitable to mine on the Bitcoin Cash blockchain.



╥Aztek

That's the spirit celebrate because Bcash had for force 5 difficulty reductions pure incompetence all they had to do was come back a bit earlier and keep it stable but nope couldn't manage that and f##ked it up and overshot by a huge amount and now averaging 2.5min blocks

By the time this period is over the Bcash chain will probably be a whole month infront not bad for only being 2 month old just a shame the reward will halve twice as fast and the miners will need to rely more heavily on fees which are non existent due to the blocks being way too big for the intended purpose

You got to admit , that is one cute puppy.

Bitcoin Cash will be fine, halving is a long ways away, and at least with it 8MB the miners will be able to survive off of transaction fees,
when all of the money flows into segshit, how do you think the old 1 mb bitcrap miners are going to survive.
There are going to leave the old 1 mb bitcrap in a death spiral if LN ever takes off once their mining rewards drop.

╥Aztek

The miners get 100% of segwit transactions and if Roger Ver is to believed then Bcash is also getting a side chain

Plus LN is not designed for big transactions it's for the small ones that are not feasible to be done on chain

It's all about having a good balance

[tekmobile]

Honestly, there is too many "what if" and "if" and "will be" and "maybe will be" in this scene. Both for BTC and BCH. I don't think "ordinary" people will use and take these stuff seriously any time soon unless something changes drastically and all this fighting and cloning and altcoining and forking needs to stop.

 

And you support the one that started it all

There will be a lot of if this and if that's because nobody knows what will happen it's all speculation all we can do is go on the past to predict the present

[johnsmithx]

https://blog.xapo.com/time-to-convert-your-bitcoin-cash-bch/

Now back to what you can do with the BCH generated in your BCH Wallet. We have made it easy and convenient for our users to convert BCH to BTC. This means you can NOW convert the total balance of your BCH Wallet to your BTC Wallet with only one transaction and one click away. Keep in mind that the company will not support BCH after December 14th and you will only be able to convert the total balance of your BCH to BTC before that date.

It is interesting wording that one "convert to BTC". I wonder what it actually means? They will keep the BCH themselves and buy BTC on the market and give to users?

The more important questionis, will they be selling the BCH or keep it for themselves for the future when BCH becomes "Bitcoin"?

Or will they just use Shapeshift or something similar and sell the BCH on the market, the instant user "converts" it to BTC?

Hm... hm... any guesses?

It means that the users have until that deadline to either trade for BTC or withdraw their BCH if not done by the deadline then it will be auto sold and credited to their account in BTC

In their announcement they don't say anything about any auto-selling and btc-crediting after the deadline. The only thing they actually say is:

Whether you convert now and keep your BCH in Xapo as BTC or you withdraw them, December 14th would be the deadline.

[tekmobile]

https://blog.xapo.com/time-to-convert-your-bitcoin-cash-bch/

Now back to what you can do with the BCH generated in your BCH Wallet. We have made it easy and convenient for our users to convert BCH to BTC. This means you can NOW convert the total balance of your BCH Wallet to your BTC Wallet with only one transaction and one click away. Keep in mind that the company will not support BCH after December 14th and you will only be able to convert the total balance of your BCH to BTC before that date.

It is interesting wording that one "convert to BTC". I wonder what it actually means? They will keep the BCH themselves and buy BTC on the market and give to users?

The more important questionis, will they be selling the BCH or keep it for themselves for the future when BCH becomes "Bitcoin"?

Or will they just use Shapeshift or something similar and sell the BCH on the market, the instant user "converts" it to BTC?

Hm... hm... any guesses?

It means that the users have until that deadline to either trade for BTC or withdraw their BCH if not done by the deadline then it will be auto sold and credited to their account in BTC

In their announcement they don't say anything about any auto-selling and btc-crediting after the deadline. The only thing they actually say is:

Whether you convert now and keep your BCH in Xapo as BTC or you withdraw them, December 14th would be the deadline.

It's under the FAQ page neat the bottom
https://support.xapo.com/about-bitcoin-cash

What will happen if I don’t withdraw or sell my Bitcoin Cash by December 14th, 2017?
You will not lose your coins and Xapo will not keep unsold Bitcoin Cash for itself.
 
If we receive no further action from you before this date, your Bitcoin Cash balance will automatically be sold and the value will be added to your Bitcoin wallet.
 
Please note the amount received will reflect the market rate at the time the sale is executed.

[sesiah]

if xapo will convert my bitcoin cash to bitcoin and add them to my wallet then this is going to be good, i will not have to rush to withdraw after that assurance,  but bitcoin cash is growing strong in value, i will make a decision before  14th dec.

[johnsmithx]

Honestly, there is too many "what if" and "if" and "will be" and "maybe will be" in this scene. Both for BTC and BCH. I don't think "ordinary" people will use and take these stuff seriously any time soon unless something changes drastically and all this fighting and cloning and altcoining and forking needs to stop.

 

Well, I think ordinary people most definitely will use LNs because they will want instant confirmations. Stores and merchants will probably use LNs as well for the same reason. For jeans or dinner worth amounts I suppose it's fine, as long as you keep the rest of your bitcoins safely stored on the (main) blockchain. Which I am afraid is not what most of the ordinary people will be doing - they will move more than necessary to the side channels for convenience reasons and that may or may not turn out to be a problem.

In their announcement they don't say anything about any auto-selling and btc-crediting after the deadline. The only thing they actually say is:

Whether you convert now and keep your BCH in Xapo as BTC or you withdraw them, December 14th would be the deadline.

It's under the FAQ page neat the bottom
https://support.xapo.com/about-bitcoin-cash

What will happen if I don’t withdraw or sell my Bitcoin Cash by December 14th, 2017?
You will not lose your coins and Xapo will not keep unsold Bitcoin Cash for itself.
 
If we receive no further action from you before this date, your Bitcoin Cash balance will automatically be sold and the value will be added to your Bitcoin wallet.
 
Please note the amount received will reflect the market rate at the time the sale is executed.

That's great, so they will not try to rob people and then say "your bad, you should have withdrawn by the deadline".

[cointerstrike]

I have seen news that there will be a breakup in the bitcoin. The name of the new coin is said to be bitcoin gold. Is the news real? Or is it fake? Can you inform me?

Thank you in advance.

Its just another alt coin nothing to worry about no threat its cot competing against any bitcoin

Is that a new alt coin project ? Then it is not related with bitcoin like bitcoin cash. Is it just a name resemblance or a work that is in the bitcoin team? I'm curious about that

[tekmobile]

I have seen news that there will be a breakup in the bitcoin. The name of the new coin is said to be bitcoin gold. Is the news real? Or is it fake? Can you inform me?

Thank you in advance.

Its just another alt coin nothing to worry about no threat its cot competing against any bitcoin

Is that a new alt coin project ? Then it is not related with bitcoin like bitcoin cash. Is it just a name resemblance or a work that is in the bitcoin team? I'm curious about that

It's pretty much a copy of the core code with a different hashing algorithm and a revised difficulty adjust the only thing linking them is that they are forking from the bitcoin chain

So
Hashing: SHA256 > Equihash (same as Zcash uses)
Difficulty: 2016 Blocks > Every Block

That's pretty much it I think there is something about allowing blocksize to increase if nessesary but starting with the normal 1MB

It's nothing to do with core and does not affect either core or Bcash hashing due to algorithm change and is supposed to have full replay protection

[bones261]

I wish that I had a miner. I rented some hash on MMR for 72 hours and some for 48 hours because I thought the hyper blocks would last at least 3 days. Looks like it may only last a little over 2 days. They need to change the retarget to something better. So many improved retarget algos out there to chose from. This EDA coupled with regular retarget at 2016 blocks just is not cutting it.

[Zocadas]

Maybe technical advantages could be improved at BCH, what I doubt, but supporters weren't enough to beat Bitcoin/to become the "orignal Bitcoin". Now I think, even a second fork wouldn't stop the main stream of Bitcoin.

[Mrpumperitis]

https://coingeek.com/blockstream-the-coordinated-effort-to-undermine-bitcoin/

[johnsmithx]

They will care when segwit & LN are shown to be sending counterfeit transactions.
Don't forget the miners are profit motivated only, and there is a group with ~70% control ,
they can time lock coins with LN, and then rewrite the chain to move their bitcoins before they were even locked.
And Viola , LN is now making transactions with counterfeit coins that no one will know until they try and redeem them.
Sidechains & Time Locking are vulnerable to counterfeiting and outright theft.
The uninformed just don't know it yet, because they listen to Bitcoin's Satan.
1st News Article and that segwit house of cards crumbles and it is not an if, but a how soon.


╥Aztek

If people use something that hasn't proven itself yet for anything more than small amounts then it's their own stupidity and they ought to be robbed, it's the only way they will (maybe) learn. The only point of using superfast transactions is when you are not willing to wait. That makes sense to me when standing in a queue and paying for an ice cream, maybe jeans, not even dinner really fits here. But if it's anything more expensive ($100+) how can you not be willing to wait 10 minutes? That just isn't rational. And even for those small amounts it might be safer/simpler to just use something like a Xapo card and a good old ATM.

But I am pretty sure that in time those potential issues you mentioned will be dealt with, one way or another. However if someone doesn't wanna wait for the test of time then they should be robbed and (however cruel and extreme this sounds) possibly killed because stupid people are danger to themselves and everybody else. Most of the harm in the whole history of human kind was caused by human stupidity.

[tekmobile]

They will care when segwit & LN are shown to be sending counterfeit transactions.
Don't forget the miners are profit motivated only, and there is a group with ~70% control ,
they can time lock coins with LN, and then rewrite the chain to move their bitcoins before they were even locked.
And Viola , LN is now making transactions with counterfeit coins that no one will know until they try and redeem them.
Sidechains & Time Locking are vulnerable to counterfeiting and outright theft.
The uninformed just don't know it yet, because they listen to Bitcoin's Satan.
1st News Article and that segwit house of cards crumbles and it is not an if, but a how soon.


╥Aztek

If people use something that hasn't proven itself yet for anything more than small amounts then it's their own stupidity and they ought to be robbed, it's the only way they will (maybe) learn. The only point of using superfast transactions is when you are not willing to wait. That makes sense to me when standing in a queue and paying for an ice cream, maybe jeans, not even dinner really fits here. But if it's anything more expensive ($100+) how can you not be willing to wait 10 minutes? That just isn't rational. And even for those small amounts it might be safer/simpler to just use something like a Xapo card and a good old ATM.

But I am pretty sure that in time those potential issues you mentioned will be dealt with, one way or another. However if someone doesn't wanna wait for the test of time then they should be robbed and (however cruel and extreme this sounds) possibly killed because stupid people are danger to themselves and everybody else. Most of the harm in the whole history of human kind was caused by human stupidity.

Its not even finished its still in active development its like getting a pre alpha version of some software and writing about how its full of bugs even though these will be fixed through the revisions until its ready for release

[classicsucks]

(puppy pic)

Bitcoin Cash will be fine, halving is a long ways away, and at least with it 8MB the miners will be able to survive off of transaction fees,
when all of the money flows into segshit, how do you think the old 1 mb bitcrap miners are going to survive.
There are going to leave the old 1 mb bitcrap in a death spiral if LN ever takes off once their mining rewards drop.

╥Aztek

Bingo.  And BCH has proven 8MB blocks work fine. At the moment many are still selling BCH for BTC, but when more direct BCH->fiat exchanges become more mainstream (read: Bitstamp), the BCH price will rocket. Combine that with the November 2x drama and Kore doods ragequitting and we could well see a flippening. When BTC hashpower takes a shit and confirmations take as long as a month, what coin do you think people will run to?


Oh and LN is shit, I won't even bother discussing the million reasons it won't work and won't see mass adoption.

[tekmobile]

Bingo.  And BCH has proven 8MB blocks work fine. At the moment many are still selling BCH for BTC, but when more direct BCH->fiat exchanges become more mainstream (read: Bitstamp), the BCH price will rocket. Combine that with the November 2x drama and Kore doods ragequitting and we could well see a flippening. When BTC hashpower takes a shit and confirmations take as long as a month, what coin do you think people will run to?


Oh and LN is shit, I won't even bother discussing the million reasons it won't work and won't see mass adoption.

Ive not seen any proof of 8MB blocks working, 1 block is not proof the majority are well under 100k this is not proof of 8MB Blocks working