Bitcoin Cash: A fork is coming after all

[B1tUnl0ck3r]

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.

when 1mb block is at sustain over 80% full move to 10mb, when 10mb is sustain over 80% full move to 100mb.

[tiggytomb]

Well this was unexpected, not sure what will happen now.  Almost in time for the Mayweather vs McGregor fight which measures up pretty similar to Mayweather being BTC and Conor being BCC. 

[Bitforking]

(1) so it is pretty easy to create a bitcoin alike. which means bitcoin is not unique rare, the idea and software is not the precious.
(2) it is not decentralised/outlaw/fair to everyone, as those developers can just fork it anytime they like and as many times as they like.
(3) the whole crypto coins is like a VR Ponzi scheme

[TravelMug]

Well this was unexpected, not sure what will happen now.  Almost in time for the Mayweather vs McGregor fight which measures up pretty similar to Mayweather being BTC and Conor being BCC. 

LOL. Nice analogy. So Mayweather(BTC) wins over Conor(BCC) any time of the day.

Well if a split happened, I think more people would still remain with bitcoin(BTC). Only few will jump and think that BCC has a future. Bitcoin has already established itself and I don't think that even a split would stop bitcoin. Yeah, I hope that BCC will just die a natural dead lost in oblivion. Sometimes this drama is so frustrating, however I already made a moved to secure my bitcoins though. I'll just wait till this drama is over.

[haroldtee]

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

Bitcoin cash

How redundant.

... the name really sounds like just a wannabe scam coin (no offense to BCC guys). I wasn't actually expecting anything like this anymore but well, that is life... anything can absolutely change. Only time will tell if BCC would stay relevant or not.

[VeneVici]

This is bad news for me. Not only hard to understand (took me days of reading through articles and pages to do so), but also a bad future for Bitcoin. Why split it? This is so wrong from many perspectives, and will be bad especially for those who will be sending money to the address that another chain will not consider valid. Money will vanish, or "burn" and, in my opinion, they will split Bitcoin in 3. Three chains, three communities, tripled risk of losing your funds. This is VERY bad news for all of us and could also mean the quick death of Bitcoin caused mostly by panic. Although you had very slow confirmations, Bitcoin should have never been changed. These forks are a mistake in my opinion.. I expect a price under $1000 soon enough..

[Sweetbtc]

Here is some information that that can save people a lot of trouble. This Fork is going to be resulting in two core software units. Hackers, scammers, and just general people that have something against Bitcoin.

[Seville]

how is a fork comming? doesnt segwit have majority support?

[nakata90]

Haha, if have fork split Bitcoin to Bitcoin Core and Bitcoin Cash, I still believe Bitcoin and holding my bit in wallet. Why not hold it and receive new Bitcoin Cash from HardFork? This is good time for receive free money

[Bitforking]

yeah, bcc is usd900, btc is usd 2500, do yr math

[Raja_MBZ]

Bitcoin might get down for a while after the fork, but it'd definitely recover, however the fork would get useless with little to no support.

At the end, this fork would prove to be only a drama.

[keithers]

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.

Which one was it Coinbase said the would or wouldn't support the User Activated Soft Fork?   All the talk has been advising everyone to move their Coinbase coins to a hardware wallet such as a trezor or something like that.

I was really hoping that there wouldn't be a fork and that we would just have one version of bitcoin.  I feel like multiple versions makes the entry barrier for new people much more confusing.   I have been using bitcoin since somewhere in 2013 and I still don't fully grasp all the things going on with the scaling debate

[Bitforking]

Bitcoin might get down for a while after the fork, but it'd definitely recover, however the fork would get useless with little to no support.

At the end, this fork would prove to be only a drama.

people said btc was a joke several years ago, what has changed?

bcc might be the future

[kokojie]

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.

Which one was it Coinbase said the would or wouldn't support the User Activated Soft Fork?   All the talk has been advising everyone to move their Coinbase coins to a hardware wallet such as a trezor or something like that.

I was really hoping that there wouldn't be a fork and that we would just have one version of bitcoin.  I feel like multiple versions makes the entry barrier for new people much more confusing.   I have been using bitcoin since somewhere in 2013 and I still don't fully grasp all the things going on with the scaling debate

Coinbase will be forced to honor BCC balance if BCC gets any traction/value at all, just like they were forced to honor ETC balance even when they previously said they won't support ETC.

Scaling debate in a nutshell:
1. CORE/Small blockers likes segwit, dislikes bigger blocks
2. Big miners likes bigger blocks, dislikes segwit
3. Rogue dev/Big blockers likes bigger blocks, dislikes segwit

Current status: CORE and Big miners compromised to activate segwit AND activate bigger blocks. Rogue dev/Big blockers dislike the compromise due to inclusion of segwit, and want pure Bitcoin with just bigger blocks, the result is BCC

[Proton2233]

A week before the black day, talk intensified about the topic. It seems to me that the whales just activated his bots to increase panic and buy up cheap bitcoins. It makes no sense to discuss about this. We can only wait and hope for the best.

[JUPITYR]

(1) so it is pretty easy to create a bitcoin alike. which means bitcoin is not unique rare, the idea and software is not the precious.
(2) it is not decentralised/outlaw/fair to everyone, as those developers can just fork it anytime they like and as many times as they like.
(3) the whole crypto coins is like a VR Ponzi scheme

To your point (1), this has always been my biggest concern in the crypto space.  With so many altcoins popping up now, it's hard to reconcile how any of them could really be valuable since so little is required to create one, relatively speaking. 

What this all comes down to is people's perceptions of what is valuable (both individuals and larger groups of people) and user adoption.  This is true of any medium of exchange, currency or commodity on planet Earth, not just cryptos.  Meaning, if enough people say that Bitcoin (or another crypto) has value, then it has value.  If people are "using" the technology, then it has value.  It's really that simple.

For another example:  Think about an ounce of gold.  What does it really "do", in the sense of action?  Not much.  It is primarily a store of value, because enough people say it is a store of value, among other uses such as in electrical wiring and jewelry.  Its store of wealth function is simply a mass-perception use-case.  Bitcoin is really no different.   

[sparkgap]

(1) so it is pretty easy to create a bitcoin alike. which means bitcoin is not unique rare, the idea and software is not the precious.
(2) it is not decentralised/outlaw/fair to everyone, as those developers can just fork it anytime they like and as many times as they like.
(3) the whole crypto coins is like a VR Ponzi scheme

To your point (1), this has always been my biggest concern in the crypto space.  With so many altcoins popping up now, it's hard to reconcile how any of them could really be valuable since so little is required to create one, relatively speaking. 

What this all comes down to is people's perceptions of what is valuable (both individuals and larger groups of people) and user adoption.  This is true of any medium of exchange, currency or commodity on planet Earth, not just cryptos.  Meaning, if enough people say that Bitcoin (or another crypto) has value, then it has value.  If people are "using" the technology, then it has value.  It's really that simple.

For another example:  Think about an ounce of gold.  What does it really "do", in the sense of action?  Not much.  It is primarily a store of value, because enough people say it is a store of value, among other uses such as in electrical wiring and jewelry.  Its store of wealth function is simply a mass-perception use-case.  Bitcoin is really no different.   

The things that makes people believe bitcoin is valuable is not that the idea (nowadays) or the software are precious, because they can and are cloned relatively easy. What makes bitcoin specifically valuable (makes people believe they're valuable), apart from the obvious usage factor (it can be used to transfer money from one place to another, especially among different countries, and people and merchants accept it as payment), is that people trust the network that runs it's blockchain (i.e.: miners and full nodes). As both said, basically anyone can create an altcoin. But in order for it to gain value, first people need to trust the network. If BTC "forks" to BCC, BCC will only have value if others accept it (give "money", goods or services in exchange for it), and for that they need to trust the network that validates the transactions. Who would trust a network run by a rogue team, a handful of miners with old equipment, and, since the hashing power will be low, that can be easily attacked?

[ClownSpider]

Nobody gives a flip about alt crypto currency's Koinye, or Litecoin..or other less know alt coins.
Bitpay, overstock, gyft, purse, Lamboghini, McLaren, Richard Branson,,, all accept BITCOIN.. not litecoin.. not etherm and not whatever new bullcrap Fork Fags make.

Only Bitcoin has wide acceptance.
Only Bitcoin has the payment processors accepting it.
Not even Etherum is accepted at coffee shops and car dealers.

[25hashcoin]

BCC will win out if BTC refuses to scale. Simple as that.

[Grrizz]

1) Secure your coins
2) Dump BCC first sign of it being on an exchange
3) Buy more BTC
4) ? ? ?
5) Profit