What will all these forks do in the long run with Bitcoin?

[multinova]

There are more and more forks coming up of Bitcoin.
We had BCC, now BTG, then segwit, i've seen other bitcoin fork threads popping up today as well.. What will this eventually do to bitcoin? Keep driving the price up or marginalize bitcoin?

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[uncleduckerr]

I originally thought it wasnt good for bitcoin but now I am re thinking that because of how everybody functions when these forks come around. Everybody wants the free money but what they dont realize is the rest of the

industry gets hurt and the overall image gets damaged when this happens. If I had my way I would abolish these useless forks they are a big money grab by a small group of greedy people, at least thats how it seems to me

[niklasmato]

I originally thought it wasnt good for bitcoin but now I am re thinking that because of how everybody functions when these forks come around. Everybody wants the free money but what they dont realize is the rest of the

industry gets hurt and the overall image gets damaged when this happens. If I had my way I would abolish these useless forks they are a big money grab by a small group of greedy people, at least thats how it seems to me

I do agree with you on this statement. To me bitcoin will suffer eventually.. new people coming to bitcoin already have it very difficult and with all these forks they will only make it more difficult

[Squidoogeek]

I imagine that one of the forks will eventually come out as the dominant blockchain. It's a matter of how long it takes for major mining pools to agree on which Bitcoin fork is worth working on and how long it takes for the community in general to agree. Remember, consensus is important and it's becoming a matter of how important we think keeping a unified Bitcoin that can beat out a million zillion forks just through keeping some kind of coherent consensus is.

[rainbow169]

Out of all the forks, segwit2x is quite different, it doesn't intend to run as a separate coin rather to replace/upgrade the current Bitcoin. The impact of this huge and lasting. If there is not a clear winner and community split, I think the bitcoin price overall will fall in the long run

[maku]

I originally thought it wasnt good for bitcoin but now I am re thinking that because of how everybody functions when these forks come around. Everybody wants the free money but what they dont realize is the rest of the

industry gets hurt and the overall image gets damaged when this happens. If I had my way I would abolish these useless forks they are a big money grab by a small group of greedy people, at least thats how it seems to me

Creating free money out of thin air is kind of an issue here. But I think that these additional strains won't survive long, it will be alway pump&dump scenario.
I, too, think that there should be some kind of forkin law, for now, it seems that forking bitcoin is too easy, you can do it even if you have a dubious codebase, no real developers and no plan.
Like in the case of Bitcoin Gold - this coin is so amateurish that is is even painful to watch how people will be dumping it like crazy soon.

[hatshepsut93]

There are more and more forks coming up of Bitcoin.
We had BCC, now BTG, then segwit, i've seen other bitcoin fork threads popping up today as well.. What will this eventually do to bitcoin? Keep driving the price up or marginalize bitcoin?

Forks can only work (meaning they become the Bitcoin) if majority of users agree with them - without support from users any fork is just an altcoin, and usually a very weak one, with no real innovation that could have made it valuable on its own. Besides, the effect of every new fork should get lower, because people to some extent base their predictions on past outcomes, and so far no fork was able to seriously compete with Bitcoin.

[Youghoor]

Bitcoin cash was one of the best forks that bitcoin had, bitcoin gold and those who are comming later are going to be an entire shit, they are not offering anything to the community, they are useless and they are good for getting free extra money if you want to withdraw some profits or just want to invest more.
I never felt the dessesperation to have those coins, because we all know how does them work, they are only alive for the first ours or days, and then, they die.

[w5pn73]

Whether you're for or against forks, as long as the project gets enough development it will be supported.

[suzanne5223]

Firstly, the BCC, BTG and BTC2x(Segwit2x) are both altcoin and I think this is to create some sort of competition in the bitcoin market but bitcoin will ever take the number 1 spot. However, the cause of the forks was because Satoshi created the bitcoin protocol and software openly and any developer around the world can review the code or create their own modified type of bitcoin which is what we're experiencing now.

[Bolt Brownie]

Well I don't know. There are several position and I must say I'm quite divided right now. Some go even as far as saying that the forks put in jeopardy one of the most important factors of bitcoin, that is it's scarcity. They say that since you can fork and double the coin supply at any moment, by creating two chains, that bitcoin is not really scarce. I don't say I agree with it, because you actually get two different coins after the fork. But if you look to bgold, bcash, B2x, then you can see that they really didn't offered anything truly special, so it's king of just more coins on the market.

There are also those more optimistic, that say that this is a good way to evolve the coin and it's community. It's almost like survival of the fittest. Every time a fork happens, bitcoin gets stronger as it's users choose to stay with it. Some leave but the majority stays, and those leaving will stop bothering the ones that stayed, so BTC is getting more stronger and more united this way.

Like I said I'm a little divided. I agree that bitcoin is getting stronger as people choose to stay with the real BTC, but it does generate some confusion to the market, with all these new coins popping up, with just some small changes. If the "unity effect" does not take place, and people start getting divided after every fork, we will end up with a lot of similar coins, and it's value will drop, because it's almost like if the supply was increasing (because if all new chains survive, we are getting a lot of similar coins to choose from).

[xmario]

Bitcoin cash was one of the best forks that bitcoin had, bitcoin gold and those who are comming later are going to be an entire shit, they are not offering anything to the community, they are useless and they are good for getting free extra money if you want to withdraw some profits or just want to invest more.
I never felt the dessesperation to have those coins, because we all know how does them work, they are only alive for the first ours or days, and then, they die.

I agree with you!!

[Jovovich]

Firstly, the BCC, BTG and BTC2x(Segwit2x) are both altcoin and I think this is to create some sort of competition in the bitcoin market but bitcoin will ever take the number 1 spot. However, the cause of the forks was because Satoshi created the bitcoin protocol and software openly and any developer around the world can review the code or create their own modified type of bitcoin which is what we're experiencing now.

I dont think they are after competition because sometimes hardfork is an upgrade to the nodes of the blockchain. Their are also cases where old blocks can become invalid so if ever hardfork is coming, miners are usually the ones who is mostly affected. But as a said, it is also an upgrade so everytimg their is a fork, miners are forced to upgrade their mining tech to mine the new blocks.

[xys9ik0p]

i thinking to form a team to fork bitcoin hey is easy free money going to name it


Bitcoin Super Turbo Champion Edition

[Iranus]

The forks do nothing on their own.  They just happen and they exist.  What matters is how people react to them.

The problem with the way that forks are being doing right now is that groups (BTG just recently, but I wouldn't put SegWit2x or BCH in this category) often attempt to use a fork as a method of getting automatic publicity.

All that the fork has to do is get a clickbait media outlet or two to publish a story about their unnecessary fork, and then exchanges and online wallet services have people contacting them.  "How am I going to claim it?". The exchanges and wallets feel that they have an obligation to their users, so they give it out with a 1:1 ratio, and then all of a sudden everyone knows about the fork.

I don't trust the crypto markets, in which market manipulation and hype from newbies is very common, to form a fair valuation for every fork once they've reached that point with exchanges at which almost everyone is aware of the fork.

It could be a lot of effort for all that of the services and users involved and it would be quite inconvenient.

[Indrawan77]

Forking supposed to fix the bitcoin problem,  but all this forking seems like not useful,  if forking keep on happening,  it will bring bad result to bitcoin,  people will confused and then the investors will doubt about bitcoin potential in the future,  and for us the price will fall down and the market will be unstable

[Coldsnap4457]

These forking forks are a pain in the butt.

There are way too many wallets to contend with.

[Spendulus]

The forks do nothing on their own.  They just happen and they exist.  What matters is how people react to them.

The problem with the way that forks are being doing right now is that groups (BTG just recently, but I wouldn't put SegWit2x or BCH in this category) often attempt to use a fork as a method of getting automatic publicity.

All that the fork has to do is get a clickbait media outlet or two to publish a story about their unnecessary fork, and then exchanges and online wallet services have people contacting them.  "How am I going to claim it?". The exchanges and wallets feel that they have an obligation to their users, so they give it out with a 1:1 ratio, and then all of a sudden everyone knows about the fork.

I don't trust the crypto markets, in which market manipulation and hype from newbies is very common, to form a fair valuation for every fork once they've reached that point with exchanges at which almost everyone is aware of the fork.

It could be a lot of effort for all that of the services and users involved and it would be quite inconvenient.

I would like to believe that the soaring values of bitcoin are due to more and more people wanting to be freed of the chains of debt based national fiat currencies, but I know better. In fair part it is simple human greed. As far as "why the forks" do not toss out that enemies of bitcoin would like to "divide and conquer."

Enemies of bitcoin would like to create weakness and structural defects in the blockchain system and in bitcoin.

[tomahawk9]

There are more and more forks coming up of Bitcoin.
We had BCC, now BTG, then segwit, i've seen other bitcoin fork threads popping up today as well.. What will this eventually do to bitcoin? Keep driving the price up or marginalize bitcoin?

Forks don't do anything to Bitcoin unless the majority of the crypto community (miners, investors, users, etc) agree to follow a new blockchain created from a fork (BCC, and now BTG). I think in the long run bitcoin gold won't have the support required to even have a slight chance of becoming threat to Bitcoin. There's nothing to be worried about, I believe BTG will be just another alt coin fighting against other coins to see which one will be the next big cryptocurrency but ultimately no one will care.

[jseverson]

I don't think any of these forks will have a lasting effect on Bitcoin. Most people see them for what they are, which are basically altcoins plastered with the Bitcoin name. People are bound to be excited by them, as they could basically be free money, but for as long as people recognize which the main chain is, no fork can really threaten Bitcoin. That being said, it's entirely possible that a fork comes out in the future that can truly fracture the community, and that moment could be the end of Bitcoin as we know it.