Bitcoin Cash: A fork is coming after all

[shade_wrath]

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.

Remember crowd goes after quick profit ... thinking they can get some BCC super cheap and as its split from BTC, people will expect it has potential of reaching atleast 50-70% of BTC value ...
This will lead to huge pump in BCC as everyone will be willing to get chunk of that unforeseen profit.

[Bitforking]

but there are very few bcc exchanges around

i doubt any main exchange will be ready for bcc anytime soon.

it is beneficial for exchanges too, as they can keep the bcc themselives without needing ti pass on online btc holders

[Odetas]

So, a new altcoin based on SHA-256 is going to be birthed by this fork?  Sounds like that group wants to cash in on the ETH, LTC boom.

From a miner's perspective, does this mean that there's going to be an Altcoin BCC that our old hardware will be able to mine at lower difficulty?

[solarrobot]

So, a new altcoin based on SHA-256 is going to be birthed by this fork?  Sounds like that group wants to cash in on the ETH, LTC boom.

From a miner's perspective, does this mean that there's going to be an Altcoin BCC that our old hardware will be able to mine at lower difficulty?

I imagine there will be something similar to the  ETH <-> ETC split, but on a different scale.
There will be a mining tug-of-war which is connected to a price tug-of-war.  There are some miners which will move no matter what. If the price:hashrate on BCC floats above the ratio on segwit bitcoin, there will naturally be some miners which switch to BCC.  This will push the price up as it has more hash power, simultaneously people will be dumping their BCC as many see it only as selling opportunity.  The price will go down, causing the ratio to go down and miners will switch back to bitcoin.   This is likely to fluctuate indefinitely, but the first few weeks will be most interesting, after which it will smooth out and slowly the two networks will seperate more and more in development and community and everything will be fine.

[keithers]

Is this 100% confirmed, I have read so many conflicting reports on whether or not there is still going to be a fork.   I was hoping that there was not going to be a fork.

I guess if we have to have a fork, then 2 forms of bitcoin I guess could be ok, but any more than that would make the entry point so much more confusing for the common investor.

People already have a hard enough time grasping what bitcoin is and how it works.  To add another layer and have 3-4 different bitcoins would be no bueno for bitcoin.

[solarrobot]

Is this 100% confirmed, I have read so many conflicting reports on whether or not there is still going to be a fork.   I was hoping that there was not going to be a fork.

I guess if we have to have a fork, then 2 forms of bitcoin I guess could be ok, but any more than that would make the entry point so much more confusing for the common investor.

People already have a hard enough time grasping what bitcoin is and how it works.  To add another layer and have 3-4 different bitcoins would be no bueno for bitcoin.

BITCOINABC or bitcoin cash is definitely happening august 1st.  Most miners have no interest in it, but a lot more miners (and users) will interested in it if Segwit2x fails (the 2x part). There is a lot of uncertainty whether segwit2x is being used as a bait and switch to get segwit activated and then not following through on the 2mb increase. Roger Ver and Bitmain (two of the biggest proponents of blocksize increase) have both stated they are for segwit2x, but have made it clear that if the 2x part doesn't go through they will put energies into the bitcoin cash fork.

[sevenx70]

Blah, blah, blah, blah

I'll enjoy watching this circus from a distant place as I continue to hold the one and only true bitcoin.

Hey Satoshi, your creation will live on forever.

"Bitcoin will find a way"

[Odetas]

It is interesting that we are at the intersection of Bitcoin mining and bleeding edge microprocessor lithography.  Bitmain T9 isn't going to offer any more hash rate, and the microprocessor gods have to come up with better chip lithography to get more hash rate.  If Bitmain can't sell more newer sexier hardware, does the fork then split miners and difficulty drops making current hardware sellable and relevant?

[nethan1btc]

Is this 100% confirmed, I have read so many conflicting reports on whether or not there is still going to be a fork.   I was hoping that there was not going to be a fork.

I guess if we have to have a fork, then 2 forms of bitcoin I guess could be ok, but any more than that would make the entry point so much more confusing for the common investor.

People already have a hard enough time grasping what bitcoin is and how it works.  To add another layer and have 3-4 different bitcoins would be no bueno for bitcoin.

Bitcoin works will be so promising for so many years and converting it into cash by exchanging it to fiat. The fork will really be advantage to the users as the development is really been growing time to time as you really push through your investments. Although it will create some confusions but I don't think it will bring negative effects to the blockchain networks in the future, traffic will be improved in the network so that transactions will not be into hard fork like previous histories of bitcoin usual transactions.

[salmanahmedone]

I going to take this opportunity, to try to slip their software out there.. most of the established websites, like the big exchanges have the experience and the knowledge that they're going to get through this with one fork or the other. But somebody that is running something like Bitcoin core on their personal computer, and has a balance in there, needs to know how to follow each of the two options. In other words, we need to have two links, clearly show here on the Forum, sticky, and maybe in the news Banner, for the two software options.

[Qunenin]

Two weeks after the fork, and consensus has fully settled on each Fork, and there enough people in miners using the two options, scammer is never going to get consensus on a third Fork. But but in the first few minutes, with a great deal of luck it would be possible. The odds of this happening are extremely low, because they would literally be pitting software wallet users against the pools, exchanges, and sites that have already taken steps to make sure that they're on the right software version.

[posternat]

Anyone new to bitcoin at that point, or anyone that wants to Simply update their software, should only use one of those two links. I have already seen a half-dozen or more links to websites, linjs to file sharing and even a few short links then assure you that they are at the new software version. If there is any moment of time, when someone could slide a different software version in there,, it would be at a point like that.

[BCCrubbish]

BCC and forking will bring disaster to bitcoin

[solarrobot]

BCC and forking will bring disaster to bitcoin

No dude, it will be fine. It will barely matter. As long as both parts of segwit2x go through, people will stick with segwit2x. It will be more problematic if bitcoin doesn't increase to 2mb, then many more miners will move to BCC.

[gginn]

Bitmex and Exodus exchanges will not support the split or distribution of Bitcoin Cash

[South Park]

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

To me this does not seem like a real attempt to fork but as a way to try to grab more money by using this maneuver, bitcoin cash is destined to fail but that does not mean that speculators, traders and miners will not try to make money out of this experiment destined to failure.

[Bitcoin Guy]

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

One thing I am afraid is that, the 900 would be deducted from Bitcoin and leaving Bitcoin with only 1600.  Since Coinbase will not support BCC, their customers would be big losers if that happened.

[iluvpie60]

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

To me this does not seem like a real attempt to fork but as a way to try to grab more money by using this maneuver, bitcoin cash is destined to fail but that does not mean that speculators, traders and miners will not try to make money out of this experiment destined to failure.

It is basically just like CLAMS, BCC will be an airdrop as you will, and everyone who owns BTC in a walleet they can access the private keys can claim this BCC at some point.

It probably gives more people an incentive to actually buy and hold BTC right now. Once the BCC is claimed Iexpect a huge dump to happen on BCC and BTC. Everyone will be getting out for the short term, then long term price go up on BTC again(BCC unknown),

[rickadone]

Is this 100% confirmed, I have read so many conflicting reports on whether or not there is still going to be a fork.   I was hoping that there was not going to be a fork.

I guess if we have to have a fork, then 2 forms of bitcoin I guess could be ok, but any more than that would make the entry point so much more confusing for the common investor.

People already have a hard enough time grasping what bitcoin is and how it works.  To add another layer and have 3-4 different bitcoins would be no bueno for bitcoin.

Bitcoin works will be so promising for so many years and converting it into cash by exchanging it to fiat. The fork will really be advantage to the users as the development is really been growing time to time as you really push through your investments. Although it will create some confusions but I don't think it will bring negative effects to the blockchain networks in the future, traffic will be improved in the network so that transactions will not be into hard fork like previous histories of bitcoin usual transactions.

It is right that fork may be proved useful for entire system. May be the fork would not be so hard and with passage of time it become into control to overcome this changes successfully and make bitcoin able to start moving on smooth track. May be fork create some confusion and I hope bitcoin will keep continue its journey towards its own destination of succession.

[Croin]

What is the percentage for the Bitcoin fork from the miners who are supporting the UASF.