Confusion about BCH hard fork and clear statement for newbie.

[The Cryptovator]

There is some confusion about BCH hard fork. I think mostly people's already clear about it except new people's. Thats why I just want to clear my opinion. There will happen 2 thing.

1. Upgrade existing BCH blockchain.
2. Hard fork of BCHSV or BSV.

Upgrading existing BCH blockchain means there will split blockchain with new upgrade called BitcoinABC. So BCH will no exist anymore if upgrade happen. I just want to clear by simple language. But nothing to worry about it because you balance will remain on Bitcoin ABC. Most of wallet and exchanger supporting this upgrade you can move you fund there or you can hold with private key wallet. For us (genaral user ) we can say just exchanger will rename BCH to BCHABC.


About Hard fork of BCHSV, It will be another coin split from BCH blockchain with new features. You will get airdrop 1:1 those exchange and wallet supporting BCHSV.

So if you hold 1 BCH currently. Then you will have 1 BCHABC and 1 BCHSV. Old BCH will not exist.

My suggestion move your fund those wallet and exchange supporting both upgrade and hard fork. So you will get free BCHSV. Although you will get free coin from private key wallet but there will be hard for newbie.

If you need more details then read poloniex announcement or others exchange announcement.

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[TheCountOfMonteCristo]

Its a comlete shitshow. Have you seen the candle on Bitmex ?
IMO the market is so full of manipulation now, its disgusting. A message to newbies stay the F away from Bitmex.
Just HODL dont trade short term if you dont know what you are doing because it will cost you your money.

PS. I know that this was not the purpose of your topic. Just wanted to warn them as I think its neccescary.

PS 2. Is there an option to put the image in a spoiler ? So its not huge and only appears when people click the spoiler.

[Ceo_BitcoinFor]

thank good information

[BrewMaster]

wow i never realized that BCH is also changing! i only thought that they are forking the SV thing as a new protocol but with a little search it seems like they are also changing BCH. so technically speaking they can end up with 3 new chains for 3 different coins!
1. the old BCH
2. the new BCH with new rules
3. the SV fork
of course i doubt that #1 is going to exist but i am only mentioning possibilities.

ps. SV is increasing block size to 128 MB

PS 2. Is there an option to put the image in a spoiler ? So its not huge and only appears when people click the spoiler.

sadly this forum doesn't have any option for spoilers

[volcom009]

pools Listed yet for BTCSV?

[TryNinja]

pools Listed yet for BTCSV?

According to this article[1], the supporting pools are: SVPool, Coingeek, BMG, okminer (~60% of hash rate as of November 14th, 2018)

[1] https://medium.com/@jcliff/bitcoin-cashs-november-2018-fork-804596268771

[TheCountOfMonteCristo]

wow i never realized that BCH is also changing! i only thought that they are forking the SV thing as a new protocol but with a little search it seems like they are also changing BCH. so technically speaking they can end up with 3 new chains for 3 different coins!
1. the old BCH
2. the new BCH with new rules
3. the SV fork
of course i doubt that #1 is going to exist but i am only mentioning possibilities.

ps. SV is increasing block size to 128 MB

sadly this forum doesn't have any option for spoilers

Sadly, thanks for the answer brewmaster. Exciting times. Excuse me for asking a newbie question but is there any other reason besides trying to make more money of another coin to fork BCH ? Doesnt make any sense to me.

[Zayn_Nazy]

Thank you, OP. But if they split BCH to BSV and BCHABC then what will happen with BSV and BCHABC price? I don't know clearly why they need to split it. Can anyone tell me? Thank you in advance.

[TryNinja]

Thank you, OP. But if they split BCH to BSV and BCHABC then what will happen with BSV and BCHABC price? I don't know clearly why they need to split it. Can anyone tell me? Thank you in advance.

A group wants to change the protocol, the other doesn’t want to. Since the BCH network isn’t owned by anyone, any group of people with enough hash power can “fork” the network and coexist with the previous chain.

No one can say what will be the price.

[Cryptovert]

I still have BCC on Binance. Anyone knows when it will give 2 new coins?

[TryNinja]

I still have BCC on Binance. Anyone knows when it will give 2 new coins?

After (and if) the chain successfully forks.

From their website:

Scenario 2: The Bitcoin Cash hard fork results in a second coin being created

In this scenario, Binance will replace all Bitcoin Cash (BCC) balances with BCHABC and BCHSV, distributing each at a 1:1 ratio based on the aforementioned snapshot taken of Bitcoin Cash (BCC) balances. We will make a separate announcement to notify users what the exact trading times will be for both BCHABC and BCHSV. All BCC trading pairs will also be removed from the exchange.

Please note: Deposits and withdrawals will remain closed until we deem the forked blockchains and wallets to be usable and stable.

https://support.binance.com/hc/en-us/articles/360019790191-Further-Information-Regarding-the-Upcoming-Bitcoin-Cash-Hard-Fork

[OgNasty]

Missing hashrate. Secret chains. Double spends. You’d have to be nuts to go anywhere near BCH right now.

[Dilireba]

I heard some people said that Bitman turn part of their mining hardware from Bitcoin to support BitcoinABC, is it the truth?

[Kakmakr]

I heard some people said that Bitman turn part of their mining hardware from Bitcoin to support BitcoinABC, is it the truth?

https://ethereumworldnews.com/bitcoin-cash-bch-usd-price-analysis-bitmain-bitcoin-hash-bitcoin-cash-abc-survival/

https://cointelegraph.com/news/opposing-bitcoin-abc-and-bitcoin-sv-factions-debates-grow-heated-as-the-bitcoin-cash-hard-fork-draws-closer

https://cryptoslate.com/explained-bitcoin-cash-hash-wars-where-the-factions-stand-on-the-issues/

https://cointelegraph.com/news/mining-giant-bitmain-hurries-to-deploy-90-000-s9-antminers-ahead-of-bitcoin-cash-hard-fork

Yes, it is going to happen and I doubt if this was just FUD that was spread in mainstream media. The war is definitely going to be a bloody one. 

[Cryptovert]

I still have BCC on Binance. Anyone knows when it will give 2 new coins?

After (and if) the chain successfully forks.

From their website:

Scenario 2: The Bitcoin Cash hard fork results in a second coin being created

In this scenario, Binance will replace all Bitcoin Cash (BCC) balances with BCHABC and BCHSV, distributing each at a 1:1 ratio based on the aforementioned snapshot taken of Bitcoin Cash (BCC) balances. We will make a separate announcement to notify users what the exact trading times will be for both BCHABC and BCHSV. All BCC trading pairs will also be removed from the exchange.

Please note: Deposits and withdrawals will remain closed until we deem the forked blockchains and wallets to be usable and stable.

https://support.binance.com/hc/en-us/articles/360019790191-Further-Information-Regarding-the-Upcoming-Bitcoin-Cash-Hard-Fork

Thanks for your reply. I have also received a notification from the exchange about this.
"Binance will open trading for new BCHABC/BTC, BCHABC/USDT, BCHSV/BTC and BCHSV/USDT trading pairs at 2018/11/16 8:00 AM (UTC). "

[TryNinja]

Does anyone have BCC on Bittrex? They said that they will support the hard fork at ratio 1:1 but untill now, they still open the pair BCC for trading, so weird  

From their blog:

The "BCH" ticker will remain the Bitcoin ABC chain before the hard fork block. Bittrex will observe the Bitcoin Cash network for a period of 24 to 48 hours to determine if a chain split has occurred and the outcome.

Source: https://bittrex.zendesk.com/hc/en-us/articles/360001447466-Statement-on-the-Bitcoin-Cash-BCH-network-protocol-upgrade-and-the-proposed-Bitcoin-SV-BSV-fork

P.S: Let's call it BCH and not BCC. BCC was the ticker for Bitconnect (a scam coin).

[Zayn_Nazy]

A group wants to change the protocol, the other doesn’t want to. Since the BCH network isn’t owned by anyone, any group of people with enough hash power can “fork” the network and coexist with the previous chain.

No one can say what will be the price.

Thank you for your explanation. "A group" here means people runs BCH nodes and mines BCH?

[BrewMaster]

A group wants to change the protocol, the other doesn’t want to. Since the BCH network isn’t owned by anyone, any group of people with enough hash power can “fork” the network and coexist with the previous chain.

No one can say what will be the price.

Thank you for your explanation. "A group" here means people runs BCH nodes and mines BCH?

basically a fork is a change of rules in a cryptocurrency system. so the other reason that you asked above about forking BCH is to change consensus rules.

now to do that you need the network to accept the change and upgrade to the new software that implements that change. the network consists of miners (providing hashing power) and nodes (the backbones of the network enforcing the rules) so you need them to upgrade.

such changes however will require a high amount of support. so a "group" in this context can not be a couple of miners who have 1% of the total hashrate. which is also why "bitcoin" defines these hashrate support thresholds for each fork (>95%).

[Hexah]

I guess they (some) miss the lesson during the class, even exchanges that support it has always give an update, Binance is one example of it.

[alani123]

It's important to emphasize that most exchanges have paused deposits and withdrawals at the moment. Trading for BCHABC and BCHSV is happening with snapshot balances and some exchanges regard them as futures at the moment.

There's no universal price. Also worth noting is that some exchanges still trade under the BCH label. But that shouldn't mean that BCHABC should be compared to prices of those listings. Whoever is intending to participate in trading those coins should look into how each exchange is handling the fork to make informed decisions based upon that.

[Zayn_Nazy]

"A group" here means people runs BCH nodes and mines BCH?

such changes however will require a high amount of support. so a "group" in this context can not be a couple of miners who have 1% of the total hashrate. which is also why "bitcoin" defines these hashrate support thresholds for each fork (>95%).

Thanks for the answer. But you said "these hashrate support thresholds for each fork (>95%)". BCH splitted into BSV and BCHABC, I think it's impossible to reach 95% for each fork. Right? If BCH fork only BSV or BCHABC, hashrate support thresholds should be over 95%. this I can understand. But there are 2 forks. I think hashrate of 2 new forks will be keep at a value as long as 51% attack cannot happen. Correct for me if Im wrong.

[stoxalpha]

Novices don't buy any coins from the BCH hard fork, which seems like an opportunity, but it is also full of danger. Novices should learn, don't invest blindly, you can buy other coins, but don't buy any coins related to BCH now.

[BrewMaster]

"A group" here means people runs BCH nodes and mines BCH?

such changes however will require a high amount of support. so a "group" in this context can not be a couple of miners who have 1% of the total hashrate. which is also why "bitcoin" defines these hashrate support thresholds for each fork (>95%).

Thanks for the answer. But you said "these hashrate support thresholds for each fork (>95%)". BCH splitted into BSV and BCHABC, I think it's impossible to reach 95% for each fork. Right? If BCH fork only BSV or BCHABC, hashrate support thresholds should be over 95%. this I can understand. But there are 2 forks. I think hashrate of 2 new forks will be keep at a value as long as 51% attack cannot happen. Correct for me if Im wrong.

the 95% that i mentioned is for when you want to improve the system with a hard fork to to create a useless altcoin that nobody wants.  bitcoin is designed to be  decentralized and that means the whole network or at least the majority (95%) has to agree with the rules that we call "consensus rules". when you fork with less than that, it means you don't have the majority's support. for example bitcoin had forks before. a hard fork in early days to fix an overflow bug, another fork a couple of years later to add P2SH scripts and the soft fork of last year to add Segregated Witness. all done with that high support which is why bitcoin is working well and decentralized.

technically you can create a fork with your own PC, you don't even need any ASICs, you just use your CPU to mine a block but you have to change the difficulty and how it works for the fork to work. then build on top of it to have a new blockchain. but that blockchain (that new coin) will be only used by you alone.

that is what happened with bitcoin cash fork last year in August and it happened now with a fork of this fork again to create a copy of copy coin!
as for their hashrate, there is currently a war between these altcoins over it and there may even be some 51% attacks on each other. because they lack that support i talked about and they started this trend themselves when they forked from bitcoin last year with that little support they had!

[Zayn_Nazy]

~Snip~

I understood but not completely. It seems that I have to learn more by myself. Thanks alot. I appreciate for your help.