Bitcoin really getting KILLED by FORKS?

[SeriousSnake]

Hi everyone,

I am not an expert in Bitcoin or Blockchain, but I have read some information about the upcoming forks, and would appreciate your input.

***I do not intending to offend anyone, just want to discuss the future of Bitcoin***

Surely if the upcoming forks are smooth and successful, Bitcoin will survive the forks and continue to lead the market cap in cryptocurrency.

However based on what I have viewed online:

1. Bitcoin Gold fork is very badly prepared and (was referred as) is a joke. Information about the fork is lacking. no replay protection.

2. Segwit 2x fork has no replay protection, which will cause double spending to a certain degree. This fundamentally challenges Bitcoin's principles....which is to prevent double spending utilizing Blockchain technology.

3. possible Bitcoin Unlimited fork (sorry I have yet to read more about it) may cause chaos to the Bitcoin network and there may be many versions of the bitcoin blockchain....

Due to the above reasons, are the fundamentals of Bitcoin indeed challenged by the upcoming forks?
Many people have said that "Oh, we have survived the Bitcoin Cash fork, it will be the same this time, just HODL"
but it may seem that this time the value of Bitcoin could be really challenged?
 

[Coin-Keeper]

Of course we could argue or debate about any of one or more features that users want to change in the process.  From my viewpoint its UNCERTAINTY that seems to create most of the "up and down cycles" in the short term.  I have ridden some extreme cycles over the BTC years but the trend for me has been so upward when viewed over any 18 month period.

[Youghoor]

It went from $2000 to $3000 because of the firsk fork on August, so you can make your own conclusions about it, the first fork made bitcoin grow a lot, because there were a lot of good news after this one and everybody wanted to buy more bitcoins because the free bitcoin cash.
The same is happening with bitcoin gold, everybody wants to buy, because they want those new tokens for free.
And it makes the price grow, it is worth for us.

[e-coinomist]

The challenge is elsewhere and features the potential to kill Bitcoin.

Imagine these forks to be ongoing, every some weeks another fork. People act like "cool, free coinz!" and want them all. Buy one Bitcoin, get one Amazon voucher for free additionally, special offer weeks.

In the backend each fork has its own blockchain. Dozens of blockchains. One more blockchain every some weeks, by the size of X Mb on disk.
Several people voiced concerns about data space, blocks getting to big. Now we get complete blockchain which arent exactly smaller than a block. Soon there will be nobody left who syncs them all.

[Swoshinima]

The price might go down for a short period of time, but on long term bitcoin always wins.
BCC established as an expensive altcoin, but this coin or any other btc hardfork coins won't have more succes than btc itself.

[Exister]

Even without thinking about it, you know it feels wrong that free coins appear out of nowhere.

The coins arent even really free of course because of the external costs to the ecosystem.

People will begin to see the market valuation on each subsequent hostile fork decline.

and the forks will soon cease to be relevant to bitcoin and more of a threat to one another.

The fork craze will probably expand to include some altcoins but i doubt it will continue to be popular for long.

[squatter]

1. Bitcoin Gold fork is very badly prepared and (was referred as) is a joke. Information about the fork is lacking. no replay protection.

This is why it almost seems to function as an advertisement against hard forks. It makes them look like altcoins. It's even possible that Bitcoin Gold is a joke. Supposedly there will be replay protection, but it is not present in the code yet.

2. Segwit 2x fork has no replay protection, which will cause double spending to a certain degree. This fundamentally challenges Bitcoin's principles....which is to prevent double spending utilizing Blockchain technology.

It won't cause double spending, because that phenomenon refers to a single protocol/blockchain. It doesn't apply here because no BTC is actually being double spent in a replay attack. Coins on another chain are being spent in a "replay attack." The lack of replay protection in Segwit2x will make such attacks possible. Basically, if you try to spend B2X, you may spend BTC at the same time. If you try to spend BTC, you may spend B2X at the same time.

3. possible Bitcoin Unlimited fork (sorry I have yet to read more about it) may cause chaos to the Bitcoin network and there may be many versions of the bitcoin blockchain....

Bitcoin Unlimited is irrelevant now. Nobody will be following any BU chain. Their supporters all seem to be supporting the Bitcoin Cash altcoin or the Segwit2x fork.

Due to the above reasons, are the fundamentals of Bitcoin indeed challenged by the upcoming forks?
Many people have said that "Oh, we have survived the Bitcoin Cash fork, it will be the same this time, just HODL"
but it may seem that this time the value of Bitcoin could be really challenged?
 

I would say that the fundamentals are certainly challenged by the forks, but not for the reasons you mention. The biggest concern for me is that there is no network agreement around Segwit2x, so it is sure to cause a split. If the companies backing it are successful in co-opting Bitcoin and overtaking the name/brand/ticker in the face of widespread opposition from users, Bitcoin's "decentralization" will surely be questioned. And the prospect of a real, permanent network split between the legacy chain and the Segwit2x chain could damage the price, too.

[Fireblade]

The price might go down for a short period of time, but on long term bitcoin always wins.
BCC established as an expensive altcoin, but this coin or any other btc hardfork coins won't have more succes than btc itself.

Before the  first hard fork people were worry confuses and worried about the future of bitcoin specially after first hardfork, but they really do not  feel as such change but the price even increase more and more. so we can expect the same result form the secon fork.

[ahmedjamal1998]

In short no bitcoin is not killed by forks
Hard forks of bitcoin is simply creating other new altcoins which totally have nothing to do with bitcoins.
They do have the word "bitcoin" in their name but have their own blockchain and value.

But they don't and won't have any actual use in real life. They're just as any other altcoin. Just traded on exchanges and get pumped and dumped from time to time.

But do these hard forks do any HARM to bitcoin ? Well since these forks can be considered free money distributed, I can see a lot of people buy more and more bitcoins to benefit from them.
And price wise, it's clear and vivid that the price has been in an up trend since the beginning of August when the Bitcoin Cash drama started.

Additionally, Bitcoin Cash had a lot of support and it actually had a community where the upcoming Bitcoin Gold has literally nothing.
I have a feeling that it will be exactly like those ERC-20 tokens.
Gain value for a week or two and then start going down until it totally dies.

[squatz1]

It went from $2000 to $3000 because of the firsk fork on August, so you can make your own conclusions about it, the first fork made bitcoin grow a lot, because there were a lot of good news after this one and everybody wanted to buy more bitcoins because the free bitcoin cash.
The same is happening with bitcoin gold, everybody wants to buy, because they want those new tokens for free.
And it makes the price grow, it is worth for us.

Well the notion that people just bought Bitcoin to be able to get free Bitcoin cash is just false, that's not true in the least. People thought that during this time, they'd be able to grab Bitcoin during the dip and then make some good money off of it when the fork failed. Which is the reality of what actually ended up happening.

Back to the point here, Bitcoin isn't being killed by forks that's not true. Bitcoin is weirdly thriving due to forks, at least IMO.

The only way a fork could kill bitcoin is if the community supported it, which would just be the community saying Bitcoin isn't doing well and needs changes.

[pixie85]

The forks are happening in the background. The real deal is Bitcoin being upgraded. Each time there's an upgrade there will be some people who won't accept it or use it as an opportunity to pursue other things. Most people don't support and don't use forked coins. The only coin that is actually being used and accepted is LTC. BCC and BG aren't going to achieve anything.

[lazygin001]

In terms of long run forks are good for Bitcoin, but you might see a drop in price in the near future. So hold on to your bitcoins and don't panic sell and should get your rewards after that.

[dothebeats]

Due to the reasons you stated above, it is clear that the creators of these forks are ill-prepared and cannot compete with bitcoin. They have their right and freedom to create alternate versions of bitcoin, but in the end, all they do is just add money to bitcoin after they have pumped and dumped the coin. Last August after the fork, we have seen a boom in price and influx of interest from.the common Joe and other countries about the coin. IMO, forks don't cause confusion, but it only adds up to the market capitalization of bitcoin in the long run since the money is then poured to bitcoin after it has been milked for profit.

[lighpulsar07]

Hi everyone,

I am not an expert in Bitcoin or Blockchain, but I have read some information about the upcoming forks, and would appreciate your input.

***I do not intending to offend anyone, just want to discuss the future of Bitcoin***

Surely if the upcoming forks are smooth and successful, Bitcoin will survive the forks and continue to lead the market cap in cryptocurrency.

However based on what I have viewed online:

1. Bitcoin Gold fork is very badly prepared and (was referred as) is a joke. Information about the fork is lacking. no replay protection.

2. Segwit 2x fork has no replay protection, which will cause double spending to a certain degree. This fundamentally challenges Bitcoin's principles....which is to prevent double spending utilizing Blockchain technology.

3. possible Bitcoin Unlimited fork (sorry I have yet to read more about it) may cause chaos to the Bitcoin network and there may be many versions of the bitcoin blockchain....

Due to the above reasons, are the fundamentals of Bitcoin indeed challenged by the upcoming forks?
Many people have said that "Oh, we have survived the Bitcoin Cash fork, it will be the same this time, just HODL"
but it may seem that this time the value of Bitcoin could be really challenged?
 

1. Bitcoin Gold is really a joke they don't have a code yet even though they already have the code now the problem is the code it is rushed so, there will be bugs and cause some problems once it release on  oct 25.
2. Segwit2x is really the real threat fork in bitcoin. they didn't have the replay protection which is very important so the segwit2x is prone replay attacks so, the network is they are putting us in danger of losing funds and that's why the devs are against in segwit2x
3. bitcoin unlimited is irrelevant now the BU supporters are more likely supporting the bitcoin cash or segwit2x

[Indrawan77]

I agree that this fork is really  unprepare and to be honest I don't know why bitcoin need another fork,  no one is interested in bitcoingold and it caused instability,  until now I still confused which exchanger or wallet is going to accept bitcoingold, if the forking keep on continue it can bring doom to bitcoin as the trust of the users will keep on decreasing

[Razick]

I do not personally see the point of this thread. If Bitcoin is getting "killed" by forks, then why is the price way higher than it was back when Bitcoin Cash was released? If it was getting "killed", then the price surely would have dropped significantly. But instead, it continued rising over $2,000 more. I think this alone is proof that forks do not have much effect on the Bitcoin price.

[pooya87]

1. Bitcoin Gold fork is very badly prepared and (was referred as) is a joke. Information about the fork is lacking. no replay protection.

they say they have replay protection and on their website it has a check mark but they really don't. there is also an open issue for it but i don't see anything indicating them implementing it!
https://github.com/BTCGPU/BTCGPU/issues/18

this is not the reason for being a joke though. replay protection can be implemented easily like BTH did. fast and clean. the reason for being a joke is the 16000 premine blocks!

2. Segwit 2x fork has no replay protection, which will cause double spending to a certain degree. This fundamentally challenges Bitcoin's principles....which is to prevent double spending utilizing Blockchain technology.

same here. implementing it is going to be easy, their view is that because they believe nobody will support the 1 MB chain anymore they don't need replay protection.
i say we have to wait and see what the real support is when the time comes. now it is all guesses. maybe by that time nobody supported the 2 MB blocks!

and replay attack is not double spending. it means if you spend coins on one chain, the same coins on another will be spent too.

3. possible Bitcoin Unlimited fork (sorry I have yet to read more about it) may cause chaos to the Bitcoin network and there may be many versions of the bitcoin blockchain....

didn't BU guys get merged with BCH guys?

in any case, the decentralized bitcoin has proven that they do not want the increase block size proposal of bitcoin unlimited. so if they go ahead with their fork it will be another BCH, not a "chaos"

Due to the above reasons, are the fundamentals of Bitcoin indeed challenged by the upcoming forks?
Many people have said that "Oh, we have survived the Bitcoin Cash fork, it will be the same this time, just HODL"
but it may seem that this time the value of Bitcoin could be really challenged?

price temporarily changing is just market reaction to a news. it can be "fork panic" or it can be "China panic" or it can be "bitfinex hack panic" or it can be "SEC denied ETF" or ..... it doesn't really matter.

as for "fundamental of bitcoin", as long as we stick to consensus and fork using that, meaning all the network agreeing to a change, any forks like BU, BCH, BTG, BXX will be altcoins like the previous 667 forks of bitcoin.

[Marry Finch]

If, as I have just read the information in another thread, bitcoin has already survived 667 plugs, then we will survive this plug. I think the criticism of the emerging bitcoin gold coin is not always well deserved. It is too early to talk about the drawbacks of this fork and a new coin. Before the fork is left a few days, then we'll see.

[g4pittyvoon]

From all the research I have done, the threat level these forks have on btc is minimal at best. It will most likely bring btc value up in the long run. I haven't stopped the HODL lifestyle over the last 2 years and I don't see any reason why I should now.