Will BCH kill BTCSegWit while reinstating BTCSatoshi?

[thejaytiesto]

I've seen a lot of people that got liquidated badly during the past few hours:

https://twitter.com/bitmexrekt

Some lost $millions because they thought, "oh futures are up, just go to short this all the way down below $10k with my wall street buddies", instead massive liquidation ensues as we almost hit ATH. Now waiting to see where this ends. 6h candle keeps going from red to green.. still many hours to see what happens (double top then pullback or pop to new ATH)

Did you ever get around syncing a trb node? it must be so slow to do it from scratch, I think it could take a month. Does it have a wallet? what's the difference from using a regular node and just ignore segwit transactions?

[1713854234]

1713854234

[alyssa85]

Who cares about making transactions via cryptocurrencies, really?

Quite a lot of people, which is why silicon valley poured money into creating apps that interfaced with business checkouts.

The whole fee debacle caused Steam to stop bitcoi payment because of the fees:

http://www.bbc.co.uk/news/technology-42264622

The race is now on for Bitpay to enable BCH (and perhaps other alts) - and if they can then win Steam back as a customer, we are set for bitcoin being excluded in payments but alts being enabled. Which should boost alts a lot.

[CoinHoarder]

Who cares about making transactions via cryptocurrencies, really?

Quite a lot of people, which is why silicon valley poured money into creating apps that interfaced with business checkouts.

The whole fee debacle caused Steam to stop bitcoi payment because of the fees:

http://www.bbc.co.uk/news/technology-42264622

The race is now on for Bitpay to enable BCH (and perhaps other alts) - and if they can then win Steam back as a customer, we are set for bitcoin being excluded in payments but alts being enabled. Which should boost alts a lot.

My point was that people wanting to spend a highly appreciating asset are a large minority amongst people looking to hoard it.

Especially when 9 out of 10 times they can just use a depreciating asset like FIAT.

[aesma]

Well there are still advantages to using crypto for transactions, but yes I guess if you hoard BTC/BCH, then you need so keep some on an exchange so that you can convert to a more usable coin when you need to transact.

I sold some BTC during the ATH last week and had to pay incredibly high fees to get my coins moving (more than 200€ in fees). No regrets though as I really did sell at the top, and sold enough to recover 100% of the fiat I've ever invested into crypto (including fees).

[ohzeih5n]

segwit is only altcoin or fork of bitcoin : other solution because network fee is so high and take long time than normal.

we need solve about time problem

[CoinHoarder]

Well there are still advantages to using crypto for transactions, but yes I guess if you hoard BTC/BCH, then you need so keep some on an exchange so that you can convert to a more usable coin when you need to transact.

I sold some BTC during the ATH last week and had to pay incredibly high fees to get my coins moving (more than 200€ in fees). No regrets though as I really did sell at the top, and sold enough to recover 100% of the fiat I've ever invested into crypto (including fees).

I'm not saying high transaction fees aren't a problem (because they are... a problem that will be solved eventually), but if you spent 200 euros on transaction fees then you probably aren't using Bitcoin properly.

1. Use wallet/services that have implemented Segwit.
2. Use a wallet where you can specify what fee to use because most wallets currently suck at estimating fees.
3. Use https://estimatefee.com to estimate the fee you need
4. Try to plan ahead.. because the quicker you need your transactions confirmed the more you can expect to pay.

[CornCube]

If you really want to talk about the HERE and NOW....

Who cares about making transactions via cryptocurrencies, really? They are a speculation vehicle based on their future utility once major adoption occurs. No one wants to buy their coffee in a neutral-inflation (or deflationary) cryptocurrency when they can buy it with the inflationary capital they have.

Agreed. Which is why this entire scaling nonsense from Core has just been a power grab.

As I wrote upthread, I’m very grateful for the drama and trading opportunities.

Yet there’s one group that does care about making transactions with cryptocurrencies. Specifically those who are using tokens for something they want to participate in. They’re not in it for investment; yet maybe the investors also want in it.

And that’s why we’ll not quickly get significant adoption (other than speculation on the future) without onboarding to the masses onto some activity (which requires cryptocurrency) other than just speculation. Steem has been a very illuminating experiment and now a Top 1000 website, but the details are mucked up a bit.

Try to live off of cryptocurrency only for a while and tell me how that works out. Hint: using a debit card or other service that converts crypto to FIAT is not living off of only cryptocurrency.

The most significant potential use cases of tokenization aren’t to pay for things I normally pay for with fiat. Rather for new paradigms that fiat can’t be used to pay for. The ChangeTip Must Die argument is incorrect, because who wants to maintain 100s of subscriptions!

[...]

Only Bcash FUDsters want to buy their coffee with cryptocurrency.

Sorry incorrect. Many reasons needed to send crypto transactions. I need fast and reliable crypto transactions. When BTC transactions slow down to an hour or more for the first confirmation, there will be a mad rush into BCH. We’ll see the price spike, and so goes the life of taking candy from babies.

...

[...]

Bitcoin is a PRIVATIZED reserve currency, store-of-value asset, not a medium-of-exchange! As faith in PUBLIC institutions collapses, Bitcoin is the new gold, precisely as was written in the original Bitcoin whitepaper. Which correlates with Martin Armstrong's 51.6 year oscillating shift between PRIVATE assets (e.g. gold and now Bitcoin) and PUBLIC institution assets (e.g. sovereign bonds). Real estate isn't entirely a private asset, because taxes have to be paid to the government, no one has an allodial title, and the government can seize the land for emminent domain.

[CornCube]

I told you so. Exactly what I predicted yet again.

[thatbluedude]

Are the goals for BCH and LTC still 0.(0)3-0.(0)5? Then cash out because segwit theft risk?

[SuperPandaBear]

A much needed correction, nothing out of ordinary price action.

BCH is another scamcoin, wouldn't hold it for long!

[CornCube]

Btw, I tried to send my son $100 for Xmas and I told him to give me a Bitcoin Cash address because I didn't have any BTC right now and because the transaction fees are too high. And I told him to be careful because BTC and BCH addresses are not distinguishable algorithmically. He said he had Coinbase and then I remembered Coinbase had recently suspended BCH because of some insider trading investigation (presuming that their acceptance of BCH is what lead to the recent pump to $4000). He opted for me to have a check mailed from my Wells Fargo bank even though it would be 5 days delayed.

Crypto is still not ready for prime time. It's too difficult to use, too many caveats and snafus, and too many centralized large players with too much dominance over the market. But probably these are just growing pains, not catastrophic, because some project will deliver on decentralization at sufficient scale.

[cryptodontus]

Btw, I tried to send my son $100 for Xmas and I told him to give me a Bitcoin Cash address because I didn't have any BTC right now and because the transaction fees are too high. And I told him to be careful because BTC and BCH addresses are not distinguishable algorithmically. He said he had Coinbase and then I remembered Coinbase had recently suspended BCH because of some insider trading investigation (presuming that their acceptance of BCH is what lead to the recent pump to $4000). He opted for me to have a check mailed from my Wells Fargo bank even though it would be 5 days delayed.

Crypto is still not ready for prime time. It's too difficult to use, too many caveats and snafus, and too many centralized large players with too much dominance over the market. But probably these are just growing pains, not catastrophic, because some project will deliver on decentralization at sufficient scale.

[/quote
You would have been fine sending BCH, coinbase only suspended coinbase buys (maybe sells) deposit and withdrawal were not affected. regardless im pretty sure they've been turned back on for days.

i doubt there was any trading done by coinbase employees. I was watching on GDAX that night (I'm holding my bch, wasn't worth risking my stack trying to flip the fomo/dump) and the mayhem was caused by GDAX traders on the BCH/BTC sell book. Some hero offered 3 BTC for a single BCH, keeping the market price there. Maybe he thought it was 3 bch per btc, maybe he knew or gambled that the BCH/BTC book wouldn't open at first. Either way, because of this(imo) the starting market price on the BCH/USD book was significantly higher than other exchanges (I think it was around 4500, not 50,000 like it would have been at 3.0 btc). This caused other exchanges to pump before the USD book opened on coinbase, which surely amplified the FOMO from coinbase users.

Since coinbase is straight market buy, there was some crazy slippage as MILLIONS of USD flowed through in a couple minutes. This ate up the GDAX order book to 9k before the servers caught up enough for someone to notice.

Honestly the only manipulation done by Coinbase was to pause trading in order to stop the rise. They have no control over traders other than following TOS. Of course normies don't understand how trading engines work (that's why the Coinbase app even exists), so they assume Coinbase the company was fucking with them.

If you ask me Coinbase should have just left it alone.

[Whespers78]

SegWit is only solve for bitcoin problem and you can say it is bitcoin+.

bitcoin cash also is altcoin of bitcoin

[aesma]

Well there are still advantages to using crypto for transactions, but yes I guess if you hoard BTC/BCH, then you need so keep some on an exchange so that you can convert to a more usable coin when you need to transact.

I sold some BTC during the ATH last week and had to pay incredibly high fees to get my coins moving (more than 200€ in fees). No regrets though as I really did sell at the top, and sold enough to recover 100% of the fiat I've ever invested into crypto (including fees).

I'm not saying high transaction fees aren't a problem (because they are... a problem that will be solved eventually), but if you spent 200 euros on transaction fees then you probably aren't using Bitcoin properly.

1. Use wallet/services that have implemented Segwit.
2. Use a wallet where you can specify what fee to use because most wallets currently suck at estimating fees.
3. Use https://estimatefee.com to estimate the fee you need
4. Try to plan ahead.. because the quicker you need your transactions confirmed the more you can expect to pay.

1. I won't use segwit as long as it isn't even the default for Core. If they don't believe in it, I don't believe in it.
2. I did. I specified the fees needed to move my coins before the mempool got worse, then much worse, then insanely worse. I timed it quite well.
3. I use https://bitcoinfees.earn.com/ . Problem is the situation was deteriorating so fast that people who used average fees recommended by such sites actually got stuck transactions.
4. I was still only realizing that Bitcoin has a massive problem and the price was right to hedge my bets, it wasn't planned at all.

Overall I'm satisfied with what I've done, I still hold BTC, but I'm no longer a strong BTC believer, I'm diversifying.

[CRED.me]

and bch is crashing too cant believe you are even considering the shitcoin as an hedge for bitcoin for some reason

Buying BCH at $300 (as stated in this thread) and selling it at $2500+ proved to be yet another very prescient and lucrative trade (that was after selling the freebies for $800 on the first ramp). That was a 20 bagger compounded on top of gains already attained in BTC and LTC at the time of the airdrop fork.

Ditto buying LTC at $6 and selling at $80, repurchasing in the $40s and selling at $300. Another 50 bagger in less than a year.

We’re in a severe correction now.

[MarketMagic]

and bch is crashing too cant believe you are even considering the shitcoin as an hedge for bitcoin for some reason

Buying BCH at $300 (as stated in this thread) and selling it at $2500+ proved to be yet another very prescient and lucrative trade (that was after selling the freebies for $800 on the first ramp). That was a 20 bagger compounded on top of gains already attained in BTC and LTC at the time of the airdrop fork.

Ditto buying LTC at $6 and selling at $80, repurchasing in the $40s and selling at $300. Another 50 bagger in less than a year.

We’re in a severe correction now.

Any more tips for us plebs?

[CRED.me]

Any more tips for us plebs?

I’m limiting my posting so please don’t expect any follow-up.

I don’t have free time to study all the altcoin charts at this time (in INTJ “head in sand” mode as a developer, not my dominant ENTP personality trait). My thought is that BTC may lead out of this dip as difficulty resets much lower and much more profitable to mine (although I haven’t looked lately at the transaction delays factor, yet that may not matter). Also BTC tends to lead on moves up. So we (not me) traded BCH back to BTC at $2500+ (not expecting the SegWit theft yet).

If BTC gets far ahead of the alts, we will trade back into alts. I still think LTC may go to $500 for example. And BCH probably $10+K. All the alts eventually catch up, even Steem recently breached $6 (which I traded for BTC).

Note that for those in the USA, you can’t trade any more without short-term capital gains (unless you relocate to Puerto Rico and avail of Act 22):

Also you may or may not want to keep your eye out on this potential development of mine.

[MarketMagic]

^^ A gentleman and a scholar.

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