About BCC (Bitcoin's Cancer Cell)

[N12]

So, the thing we've been trying to avoid for years has actually happened: a contentious hard fork.

What are the ramifications?

Bitcoin Cancer Cell is the single crypto sharing SHA-256 with Bitcoin. Thus, miners are free to transition between the two as is more profitable. If Bitcoin Cancer increases in price, the market will subtract hashrate from Bitcoin and add it to the Cancer.

The Cancer is not only a direct threat to Bitcoin, but ultimately to itself since it is built on faulty fundamentals: The big block vision is one where blocks become so huge that only a few datacenters will be able to operate nodes, leading to a centralization level akin to PayPal and credit cards.

The Cancer comes from within us. It uses the same forums, chats and subreddits.

It is here to destroy.

The only solution? Excision before it metastazises and it's too late: Miners of the majority fork must band together and kill off the minority fork.

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[The Sceptical Chymist]

Oh, I don't think it's as bad as all that.  The way I see it, BCC is going to probably go the way most shitcoins go--extinction.  Like cancer cells that just start to get all apoptotic and die.  It's either that, or it's going to succeed--and it doesn't look like the latter is going to happen.  Too much negative sentiment, not enough advantage.  I say that not knowing the technical fundamentals, of course.  I'm just basing it on opinion on this forum.

[N12]

The problem is that 80% of the hashrate has signed on a 2 MB hard fork in 3 months. However, the community probably will not let such a hard fork happen. To save face, miners such as Bitmain have already announced supporting Bitcoin Cash should this happen.

[European Central Bank]

Oh, I don't think it's as bad as all that.  The way I see it, BCC is going to probably go the way most shitcoins go--extinction.  Like cancer cells that just start to get all apoptotic and die.  It's either that, or it's going to succeed--and it doesn't look like the latter is going to happen.  Too much negative sentiment, not enough advantage.  I say that not knowing the technical fundamentals, of course.  I'm just basing it on opinion on this forum.

it's the perfect vehicle for whales and hostile actors to screw with bitcoin. they can game the price and hash rates to scare people into buying or selling.

the unlimited, ec, xt etc signalling had enough of an effect on the market and it was never more than a mirage. this turns it up to 11.

this is bip 148 for the other side.

[Torque]

Gresham's Law states that "bad money circulates and drives out the good money".

Every long term Bitcoin holder has just been given an equal amount of BCH. The people that believe in the long term value of Bitcoin^TM far outweigh those that believe in BCH.

So if I am a true Bitcoin believer and I believe that Bitcoin^TM is a superior form of money (because of it's attributes and core principles) over Bitcoin Cash, guess over time which coin that I am going to spend first?  

[pitham1]

So, the thing we've been trying to avoid for years has actually happened: a contentious hard fork.

What are the ramifications?

Bitcoin Cancer Cell is the single crypto sharing SHA-256 with Bitcoin. Thus, miners are free to transition between the two as is more profitable. If Bitcoin Cancer increases in price, the market will subtract hashrate from Bitcoin and add it to the Cancer.

The Cancer is not only a direct threat to Bitcoin, but ultimately to itself since it is built on faulty fundamentals: The big block vision is one where blocks become so huge that only a few datacenters will be able to operate nodes, leading to a centralization level akin to PayPal and credit cards.

The Cancer comes from within us. It uses the same forums, chats and subreddits.

It is here to destroy.

The only solution? Excision before it metastazises and it's too late: Miners of the majority fork must band together and kill off the minority fork.

Miners are commercial organizations and would be worried about their immediate profits. Banding together and killing the minority fork is akin to sacrificing profits. What could they do? Mine empty blocks of BCH? That wouldn't mean that BCH totally dies, right?

[dashingriddler]

Well Nekrobios

if you liked that idea of it being absolute drivel
Then your going to just love this one.

Here is the live video of when the fellows doing a live video stream of the fork noticed the bitcoin cash miner signaling for segwit

https://www.youtube.com/watch?v=sZ_Y0Yj1mkw

They did get a kick out of it as I think you would too.

[BrewMaster]

bitcoin cash may die and disappear in a week but its cancer will continue to bite us in the ass for years to come.
it started a trend.

so far bitcoin has always been based on consensus. you change something or add a feature like P2SH for example. then you reach a high support and fork.
this cancer broke years of smooth forking and spat on the meaning of consensus. tomorrow anyone with a small hashrate is going to fork bitcoin and make bitcoin 2.0, 3.0, ....

[mikenz]

The Cancer is not only a direct threat to Bitcoin, but ultimately to itself since it is built on faulty fundamentals:

I believe its as much a "threat" to Bitcoin as ETC is to ETH. none.

[winterland]

The Cancer is not only a direct threat to Bitcoin, but ultimately to itself since it is built on faulty fundamentals:

I believe its as much a "threat" to Bitcoin as ETC is to ETH. none.

I hold this view as well, some people are worried about the price of BCC but that price is not going to last for long as people begin to dump the coin and it is eventually killed not by the miners but by the users.

[Kaller]

The Cancer is not only a direct threat to Bitcoin, but ultimately to itself since it is built on faulty fundamentals:

I believe its as much a "threat" to Bitcoin as ETC is to ETH. none.

+1

In a year from now, every newcomer to Bitcoin who hears/reads about Bitcoin Cash will not know what it is. We will say "it was this altcoin people talked about for a month... Don't worry about it". Hahaha

[micalith]

The Cancer is not only a direct threat to Bitcoin, but ultimately to itself since it is built on faulty fundamentals:

I believe its as much a "threat" to Bitcoin as ETC is to ETH. none.

I hold this view as well, some people are worried about the price of BCC but that price is not going to last for long as people begin to dump the coin and it is eventually killed not by the miners but by the users.

I think that it is more of a threat than ETC is to ETH. I worry about hashrate leaving BTC for BCC in November.

[krizniq]

if hashrate leaves difficulty will adjust and show will keep going .. what's the issue here?

[azguard]

The Cancer is not only a direct threat to Bitcoin, but ultimately to itself since it is built on faulty fundamentals:

I believe its as much a "threat" to Bitcoin as ETC is to ETH. none.

I hold this view as well, some people are worried about the price of BCC but that price is not going to last for long as people begin to dump the coin and it is eventually killed not by the miners but by the users.

I think that it is more of a threat than ETC is to ETH. I worry about hashrate leaving BTC for BCC in November.

Maybe this will happen in start but latter they will see that its nothing special. They all want to have fast income in exchange for this. Profit is all that all want not to store or keep them. This will end up to be dead sooner they it come to life from my point of view. Hope that who ever wanted to take some part in it will end up with some more coin not to end up with losing it at the end. This will all be over in a month or two maybe is rush for hopping it will be for November.

[HeRetiK]

Isn't Bitcoin all about freedom and financial evolution? Let the free market decide. Maybe those guys are onto something and big blocks work more reliably. Maybe it'll crash and burn in which case we'll finally have the proof that larger blocks just don't cut it. Either way we're going to learn something.

I personally believe that BTC's approach of using a second layer solution for scaling will be more fruitful than a linear scaling solution such as bigger blocks. But we'll only see it when we have it.

[mobnepal]

Actually bitcoin cash came out as big bubble and the one who have bought that shit at $1400+ have lost already 1/3rd of their investment. Actually the one who have kept their bitcoin in exchange platforms like bittrex got maximum out of it and the one who will now deposit their free BCC to dump on the market have to be happy with even 100$ per BCC.

I am expecting <$100 or even <$50 when all those millions of free BCC will hit market.

[Xanotick]

The Cancer is not only a direct threat to Bitcoin, but ultimately to itself since it is built on faulty fundamentals:

I believe its as much a "threat" to Bitcoin as ETC is to ETH. none.

I hold this view as well, some people are worried about the price of BCC but that price is not going to last for long as people begin to dump the coin and it is eventually killed not by the miners but by the users.

I think that it is more of a threat than ETC is to ETH. I worry about hashrate leaving BTC for BCC in November.

If there is 2MB implementation, most miners will still support the bitcoin. So there is no worry if the NY agreement is kept.

[pinkflower]

To anyone of you who think that BCC is over and will die are wrong. We havent seen the beginning of the real battle yet. There will be BCC pumpers coming to keep the price high to make some of the miners transfer to the BCC chain. To do this the price must be as high as 50% - 60% of BTC.

But can they do it?

[Herbert2020]

if hashrate leaves difficulty will adjust and show will keep going .. what's the issue here?

in a normal world there are 1 block every 10 minutes on average which makes 144 block each day. 144 * 12.5BTC = 1,800BTC
imagine you have 10% of the hashrate and lets say each day you get 10% of 1800BTC = 180BTC = $486,000

(assuming BCH reached equilibrium and is mining 1 block every 10 min on average) now in our fucked up world you can one day decide to switch your 10% hashrate on bitcoin to bitcoin cash. with it you can mine a lot more because first of all 10% on BCH is a lot more (nearly 80% of total there maybe more but lets take 80%) and also because of this big hashrate rise more blocks will be generate in 1 day. lets say 200 blocks
200 * 12.5 BCH * 80% * $500 = $1,000,000

right now ViaBTC that has 5% of bitcoin hashrate has mined 25% of bitcoin cash's blocks.

of course things aren't as simple as this and i am making big assumptions about numbers. for example a miner can not just sell the coins as he gets them. coinbase transaction (that 12.5) need to stay about 100 blocks IIRC or so before becomes spendable.

[squatter]

The only solution? Excision before it metastazises and it's too late: Miners of the majority fork must band together and kill off the minority fork.

Seems like majority miners don't care enough to attack the fork chain. So much for that plan. Difficulty has adjusted quite a bit (although I'm not sure whether it's actually profitable to mine yet).

In any case, the bigger threat seems to be the Segwit2x fork. That's got a lot more backing from miners, companies, etc....