Bitcoin Cash: A fork is coming after all

[iamTom123]

Bitcoin Cash announced last Saturday that they will go ahead with the form this coming August 1. Here is an excerpt of the announcement posted on their site:

On August 1st 2017, We the People will breathe new life into Bitcoin.

A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by the  User Activated Hard Fork (UAHF).

Those who do not want to follow our lead are free to use whichever chain they like.  Miners implementing the UAHF will safely split away, creating a new version of Bitcoin called "Bitcoin Cash".

All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split.
 
Bitcoin Cash brings sound money to the world.  Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.

These ideals can be achieved, but it depends on you to succeed.  We need the support of miners, investors, and users like you. Join us to help achieve Satoshi's original vision of Bitcoin as Peer-to-Peer Electronic Cash.

This announcement actually caught many by surprised because many were assuming that there would be no more need for a fork hence the dreaded split. On the positive note: "Bitcoin Cash provides much needed relief to users with an immediate increase of the block size limit to 8MB." Here is a good post on Bitcoin Cash and how we should be readying about it.

So we are really destined to follow the path threaded by Ethereum, after all. The question is: Will this development drastically affect the value of Bitcoin

[FiendCoin]

Bitcoin Cash announced last Saturday that they will go ahead with the form this coming August 1. Here is an excerpt of the announcement posted on their site:

On August 1st 2017, We the People will breathe new life into Bitcoin.

A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by the  User Activated Hard Fork (UAHF).

Those who do not want to follow our lead are free to use whichever chain they like.  Miners implementing the UAHF will safely split away, creating a new version of Bitcoin called "Bitcoin Cash".

All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split.
 
Bitcoin Cash brings sound money to the world.  Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.

These ideals can be achieved, but it depends on you to succeed.  We need the support of miners, investors, and users like you. Join us to help achieve Satoshi's original vision of Bitcoin as Peer-to-Peer Electronic Cash.

This announcement actually caught many by surprised because many were assuming that there would be no more need for a fork hence the dreaded split. On the positive note: "Bitcoin Cash provides much needed relief to users with an immediate increase of the block size limit to 8MB." Here is a good post on Bitcoin Cash and how we should be readying about it.

So we are really destined to follow the path threaded by Ethereum, after all. The question is: Will this development drastically affect the value of Bitcoin

What relief? The mempool is like empty. The spam attacks have ended. So much bullshit from big blockers 

[TheGodson]

I'm not entirely sure why, perhaps this makes me a dick for saying this, but I hope Bitcoin Cash fails horribly. Wasn't Satoshi's original vision for bitcoin to have only 1MB for the block size? I'm not saying that he is correct with this stance, but I don't think it is cool that they use Satoshi's name like that to market themselves when it isn't his "original vision" like they say it is.

"We the people will breath new life into bitcoin"?? What is this? Most of us people don't want a fork, right?

[BitWhale]

You'd think they'd come up with a better name at least.

Bitcoin cash

How redundant.

[muraqaba]

can anyone explain to me if i have my bitcoin on coinbase which wallet i should move it to so i can go through this split smoothly?

[TheGodson]

can anyone explain to me if i have my bitcoin on coinbase which wallet i should move it to so i can go through this split smoothly?

I'd move it into a paper wallet. They are the most secure. Don't lose It though. Another option is to move it to an offline wallet stored on your computer. I'm paranoid though and went with the safest which is the paper wallet route.

[Sweetbtc]

Bitcoin Cash announced last Saturday that they will go ahead with the form this coming August 1. Here is an excerpt of the announcement posted on their site:

On August 1st 2017, We the People will breathe new life into Bitcoin.

A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by the  User Activated Hard Fork (UAHF).

Those who do not want to follow our lead are free to use whichever chain they like.  Miners implementing the UAHF will safely split away, creating a new version of Bitcoin called "Bitcoin Cash".

All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split.
 
Bitcoin Cash brings sound money to the world.  Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.

These ideals can be achieved, but it depends on you to succeed.  We need the support of miners, investors, and users like you. Join us to help achieve Satoshi's original vision of Bitcoin as Peer-to-Peer Electronic Cash.

This announcement actually caught many by surprised because many were assuming that there would be no more need for a fork hence the dreaded split. On the positive note: "Bitcoin Cash provides much needed relief to users with an immediate increase of the block size limit to 8MB." Here is a good post on Bitcoin Cash and how we should be readying about it.

So we are really destined to follow the path threaded by Ethereum, after all. The question is: Will this development drastically affect the value of Bitcoin

Why are we still playing into the fears of a handful of people that don't understand anything? The fact is this is a soft for coming up with a couple of changes that may have an effect on the coin itself but really nothing negative and only positive things

[NeuroticFish]

Bitcoin Cash announced last Saturday that they will go ahead with the form this coming August 1. Here is an excerpt of the announcement posted on their site:

On August 1st 2017, We the People will breathe new life into Bitcoin.

A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by the  User Activated Hard Fork (UAHF).

Those who do not want to follow our lead are free to use whichever chain they like.  Miners implementing the UAHF will safely split away, creating a new version of Bitcoin called "Bitcoin Cash".

All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split.
 
Bitcoin Cash brings sound money to the world.  Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.

These ideals can be achieved, but it depends on you to succeed.  We need the support of miners, investors, and users like you. Join us to help achieve Satoshi's original vision of Bitcoin as Peer-to-Peer Electronic Cash.

This announcement actually caught many by surprised because many were assuming that there would be no more need for a fork hence the dreaded split. On the positive note: "Bitcoin Cash provides much needed relief to users with an immediate increase of the block size limit to 8MB." Here is a good post on Bitcoin Cash and how we should be readying about it.

So we are really destined to follow the path threaded by Ethereum, after all. The question is: Will this development drastically affect the value of Bitcoin

So they fork an altcoin with a silly name containing the name Bitcoin. I find it childish, but hey, it's a free world, I wish them good luck!
I see that they don't mention any exchange following their "wonderful' idea 

To answer the question: the effect on Bitcoin will be (zero).
The ones investing in Bitcoin have pumped it back from 1800 to 2600 in the moment they've seen it follows the right direction (SegWit). They will stay with Bitcoin, not with BitcoinCoinCashGoldWhateverValue altcoin.

[Bitforking]

just a thought

as Bitcoin and Litecoin are actually the same thing, the huge price difference is only caused by pumping by coin owners, the dumping will eventually arrive as Bitcoin is making this suicidal move, ie copying Litecoin in one chain, and open to attackers in another.

it is like the Pound Sterling down from worthing a pound of gold to toilet paper

[NeuroticFish]

just a thought

as Bitcoin and Litecoin are actually the same thing, the huge price difference is only caused by pumping by coin owners, the dumping will eventually arrive as Bitcoin is making this suicidal move, ie copying Litecoin in one chain, and open to attackers in another.

it is like the Pound Sterling down from worthing a pound of gold to toilet paper

While interesting, I find your idea incomplete.
I'd say it also counts what developers, what community and what miners are behind it. Else it would be like saying that there's no real difference between US dollar and Venezuela Bolivar (and yeah, both are just paper).

[Bitforking]

(1) to BTC the forking is one2two, so theoretically, each would worth half of its original.
(2) USD vs VEF: there is an exchange rate, and inflation rate ie one VEF become 10 VEF

there is also a exchange rate between USD and BTC, hope it doesn't reflect how inflated the USD is?

[NeuroticFish]

(1) to BTC the forking is one2two, so theoretically, each would worth half of its original.

No. It's about trust. People will pay more for the coin they'll trust into.
Then the community may split. And I expect the new altcoin get much smaller community and background, which could make it (nearly) worthless.
But the ones that dot he fork have nothing to lose, they'll have their Bitcoin too.

(2) USD vs VEF: there is an exchange rate, and inflation rate ie one VEF become 10 VEF

there is also a exchange rate between USD and BTC, hope it doesn't reflect how inflated the USD is?

I guess that people prefer to use USD, they have more trust in it than VEF...
Also their value reflect the condition of the country backing the currency (since there are no miners and such in this case)

[timerland]

Unlike the previous situation in Bitcoin, there is no one single development team for Bitcoin Cash.  There are now multiple independent teams of developers.

I find this quite hypocritical. Obviously even if there was to be multiple teams of devs working on the project they all have the same end goal anyways. Plus it is much more likely that they are just one big group of devs working together. Also, why not list all these groups?

This isn't even a hard fork imo, it's just an altcoin. Treat this like any other altcoin airdrop(stellar byteball etc.) people because that's exactly what it is. As soon as people get it they're going to get it.

Idk what bitmain is trying to achieve. They said on their site that actually segwit2x would be preferable but now they're doing this... If they think that this is going to gain traction at all, they are dead wrong.

[chohav]

Stupid idea for nothing more than another altcoin.
Bitcoin Cash?! Wow, really clever guys! How did you even come up with that?

Anyways, nothing unexpected from bitmain.

[Bitforking]

(1) to BTC the forking is one2two, so theoretically, each would worth half of its original.

No. It's about trust. People will pay more for the coin they'll trust into.
Then the community may split. And I expect the new altcoin get much smaller community and background, which could make it (nearly) worthless.
But the ones that dot he fork have nothing to lose, they'll have their Bitcoin too.

(2) USD vs VEF: there is an exchange rate, and inflation rate ie one VEF become 10 VEF

there is also a exchange rate between USD and BTC, hope it doesn't reflect how inflated the USD is?

I guess that people prefer to use USD, they have more trust in it than VEF...
Also their value reflect the condition of the country backing the currency (since there are no miners and such in this case)

this is only the first forking in Bitcoin, but how could people tell that this is the end of it?

you were saying about 'trust'

so would you prefer put your trust in USA government or Venezuela government
or a bunch of bigoted software developers, who thought they had created the government of god?

[NeuroticFish]

this is only the first forking in Bitcoin, but how could people tell that this is the end of it?

you were saying about 'trust'

so would you prefer put your trust in USA government or Venezuela government

Well, the governments have let us down. Maybe you don't understand and don't follow the way even USD value decreases constantly over time.

or a bunch of bigoted software developers, who thought they had created the government of god?

Actually we have to chose between some developers and some other developers.
From what I see you've made your choice. I made mine.
You seem to try to find more followers. I don't have to. These developers maintain some code that worth now $43B.

[LFC_Bitcoin]

Stupid idea for nothing more than another altcoin.
Bitcoin Cash?! Wow, really clever guys! How did you even come up with that?

Anyways, nothing unexpected from bitmain.

Hopefully it dies a painful death, a quick death though. Bitmain is a cancer.

[#BitcoinVegan]

I feel this is just Roger and his minons that can't accept the fact that
 A) your not Jesus or Satoshi
B) nor are you a core dev

This bitcoin cash shit is nothing more than an alt-coin just like bitcoin dark. These guys are just sore losers,  in a situation where we all won. Satoshi' s plan and principles on which he built bitcoin will always hold true, just my 2 cents.

[williamuk]

I'm not entirely sure why, perhaps this makes me a dick for saying this, but I hope Bitcoin Cash fails horribly. Wasn't Satoshi's original vision for bitcoin to have only 1MB for the block size? I'm not saying that he is correct with this stance, but I don't think it is cool that they use Satoshi's name like that to market themselves when it isn't his "original vision" like they say it is.

"We the people will breath new life into bitcoin"?? What is this? Most of us people don't want a fork, right?

Like so many you have been misinformed by those who wish to see bitcoin fail. The reality is the opposite of what you have been told, beware of the intense level of propaganda that prevails.

Satoshi's original design called for blocks to grow. The 1Mb limitation is currently imposed by a small and voiceful faction of the community who call themselves 'Core Developers' who don't want bitcoin to scale so they can implement an additional layer with their own technology on top of bitcoin.

So for all intents and purposes Bitcoin Cash is closest to Satoshi's vision.

Having said that, it doesn't mean the fork is a good idea. There is a community consensus to implement segwit on Aug 1st and then increase block sizes in November and this is what should be followed.

[pearlmen]

This is something I am even failing to understand regarding bitcoin and even I see this as a disadvantage to Fiat because in the case of Fiat when the Central Banks gives an order every other banks follow without any confusion but in this case, while some are saying there would be fork not even one but more than one, others are saying there is no need for fork and one does not even know which one to go with. I made a transfer yesterday and realise the transaction fee has reduced drastically while the waiting time has also reduced.