This will not work how the creators' had planned

[Wind_FURY]

Can transaction fees also be payable in BTC2 tokens? I believe that might cause some trouble in their network.

Ask yourself which transactions would the miners mine first. Fees paid in BTC2, or fees paid in BCH?

https://twitter.com/bitcoin/status/1139616916819943424

BTC2 is a token on the #BitcoinCash blockchain (using SLP tech) that is 1:1 backed by on-chain BTC.

BTC2 is like USDT. As USDT is an IOU for USD where Tether holds the actual USD in their bank, @sideshiftai is the custodian of the on-chain BTC and issues BTC2 tokens in return.

[1713987285]

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[1713987285]

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[pawel7777]

BTC2 = ~ $1.70
BTC = ~$9,000

"BTC2 is 1:1 backed by on-chain BTC"

[NeuroticFish]

Yet some more people sensed that the real profit doesn't come from actual coins, it comes from IOU "tokens", which may or may not be backed by something valuable.
Let's see, how many "bcash is the real Bitcoin" people will fall for this new scheme... I pity them...

[no.1simplified]

Can transaction fees also be payable in BTC2 tokens? I believe that might cause some trouble in their network.

Ask yourself which transactions would the miners mine first. Fees paid in BTC2, or fees paid in BCH?

https://twitter.com/bitcoin/status/1139616916819943424

BTC2 is a token on the #BitcoinCash blockchain (using SLP tech) that is 1:1 backed by on-chain BTC.

BTC2 is like USDT. As USDT is an IOU for USD where Tether holds the actual USD in their bank, @sideshiftai is the custodian of the on-chain BTC and issues BTC2 tokens in return.

Maybe they will still need to pay BCH... Haha

[fiulpro]

I think as long as its being done for the welfare of people , as long as we don't have to pay ridiculous amount of money for doing even small transactions I think it is worth paying in any way that they want.

But most wallets actually already cut the fee in the thing that are transferring but also I will be weird to keep some other crypto for just paying for the transaction fee

But if that's helpful for us then it's good , but I don't get why would they cut the fee to this point.

[hatshepsut93]

I'm so confused right now, they are saying that Bcash is Bitcoin, yet they release a token on Bcash network that is supposedly backed by Bitcoin that they think is centralized, outdated and is going to die. What's the point of that, is this capitulation? Are they acknowledging that Bitcoin is superior to Bcash?

Also, I still don't get how anyone can use Bcash seriously, if you need cheaper transactions, there are better alternatives like Litecoin, which aren't run by con artists.

[mk4]

BTC2 = ~ $1.70
BTC = ~$9,000

"BTC2 is 1:1 backed by on-chain BTC"

https://i.kym-cdn.com/photos/images/newsfeed/001/354/591/17c.png

Hah! To be fair, it says backed 1:1, meaning 1 BTC = 1 BTC2; not that it has the same value market-wise. +1 for the meme though.

[mindrust]

I don't understand this, BTC2 coins backed by BTC 1:1 according to who? Who's guaranteeing this? Roger? Jihan? Who?

You can't compare it to USDT neither, USDT is 1:1 USD because Tether Corp/Bitfinex guarantees it. It is a centralized company. As a company they said that they have the actual USD to back Tether up.

Who's behind BTC2? Do they have the BTC to back BTC2 up?

[pawel7777]

...

Hah! To be fair, it says backed 1:1, meaning 1 BTC = 1 BTC2; not that it has the same value market-wise. +1 for the meme though.

If it truly was 1 BTC = 1 BTC2 then one would expect the price to reflect that (ie as USDT's price is about $1)
Clearly 1 BTC2 =/= 1 BTC

Disclaimer: I haven't even heard about BTC2 until I came across this thread.

[mk4]

If it truly was 1 BTC = 1 BTC2 then one would expect the price to reflect that (ie as USDT's price is about $1)
Clearly 1 BTC2 =/= 1 BTC

Disclaimer: I haven't even heard about BTC2 until I came across this thread.

Yea, it should be though it isn't; and I think that's simply because that no one uses this token at all. I took a look at the exchanges that allows trading of this "BTC2" thing, and as expected, it has little to no market volume(sub 50k)[1].

[1] https://coinmarketcap.com/currencies/bitcoin2/#markets

[squatter]

I don't understand this, BTC2 coins backed by BTC 1:1 according to who? Who's guaranteeing this? Roger? Jihan? Who?

It's backed by a company called SideShift AI.

You can't compare it to USDT neither, USDT is 1:1 USD because Tether Corp/Bitfinex guarantees it. It is a centralized company. As a company they said that they have the actual USD to back Tether up.

Same thing here. SideShift AI is a centralized company holding custody of Bitcoin deposits. This is the same thing as Bitgo issuing WBTC on Ethereum or Tether issuing USDT on Bitcoin. These are just tokens backed by a centralized custodian. You need to trust that they're actually redeemable.

[serjent05]

Maybe they will still need to pay BCH... Haha

Nope they need to swap BTC for this BTC2 1:1

If someone wants to purchase BTC2 they need to use Sideshift AI and exchange their BTC for the token. The price of BTC2, of course, fluctuates with the price of BTC and Sideshift AI will redeem BTC2 for BTC at any time. The new token also has a website called Corecash.org which has a slogan that says “Core Cash: Where Store-of-Value meets Medium-of-Exchange.” Core Cash (BTC2) lets you store and transact BTC on the Bitcoin Cash network, the website explains. This proposition gives BTC2 some value as it provides individuals with the means to transact with BTC for less than a penny per transaction.

Anyone falling for this?  I would stay away even if this project become successful.  All I can see here is money grab.

BTC2 = ~ $1.70
BTC = ~$9,000

"BTC2 is 1:1 backed by on-chain BTC"

https://i.kym-cdn.com/photos/images/newsfeed/001/354/591/17c.png

Hah! To be fair, it says backed 1:1, meaning 1 BTC = 1 BTC2; not that it has the same value market-wise. +1 for the meme though.

I think this is not the same BTC2 from coinmarketcap, anyone to verify this?

edit:  Nvm found it!

One asset recently introduced is an SLP-based token called BTC2. The BTC2 token (not to be confused with the BTC fork of the same name) is basically an SLP token built on Bitcoin Cash that’s backed 1:1 with BTC.

[Yakamoto]

Yet some more people sensed that the real profit doesn't come from actual coins, it comes from IOU "tokens", which may or may not be backed by something valuable.
Let's see, how many "bcash is the real Bitcoin" people will fall for this new scheme... I pity them...

IOU tokens have been creeping into crypto for a while now, it just depended on what the scheme for backing them was. USDT still somehow maintains their supposed 1:1 backing ratio, which I don't think is 1:1 but I digress. Trying to make this random BTC2 token be backed 1:1 by Bitcoin is definitely a pipe dream, or at least it's a pipe dream for anyone who's expecting to get anything out of the token. The creators are going to get all of the cryptos which are actually worth something and probably run off with the money, just like what we saw with almost every single ICO over the past couple of years.

BCash is still considered a meme from what I can tell. I don't think that there are any fervent supporters for it, but you never know. I thought it was petering out and on its way out the door, but maybe I've underestimated the support BCash has. Hopefully, they wisen up and stop trying to bring jokes to fruition.

[BlockchainBoyyy]

These scams are getting out of hand, for real satoshi can you nuke every single one of these shit coins man.

[jak3]

I have some personal opinions about this, I think if transaction fees options can be fixed or completely removed then it will be best. but as we know that is not possible with the existing system, but that can be improved with new altcoins as they are built with complete scratch and their source code is much more reliable with modern practices.

[kryptqnick]

A Bitcoin cash token called BTC2 and backed up by BTC - this sounds confusing enough. And after reasonable Tether scepsis, it's funny that there's still someone who wants to compare themselves to them. pawel7777 brought up a fair argument that it does not look right that the prices are so different. After all, Tether is not a good coin, but it maintains the $1 price. The account that posted the info has 943k followers and looks decent, though. I will not use this coin anyway, too shady with the price differences and I generally think that stable coins are not worth the risks.

[pixie85]

Why complicate things. You want to send BTC you send BTC. Isn't that what bitcoin was made for? We already have many second layer options like the LN and you are proposing an option to use a shitcoin for BTC transactions? It costs only 1 dollar to send any amount of bitcoins around the world and you'd prefer to pay nothing and risk sending it through a less secure network of some shitcoin.

It's too expensive to send that gold bar in a cardboard box let's wrap it in toilet paper and hope for the best.  

[mk4]

These scams are getting out of hand, for real satoshi can you nuke every single one of these shit coins man.

You do realize that Satoshi has no power over these forks, right? Satoshi is not some CEO that can sort of ban coins/tokens.

[Wind_FURY]

BTC2 = ~ $1.70
BTC = ~$9,000

"BTC2 is 1:1 backed by on-chain BTC"

You must be confusing it with another BTC2 coin. That coin is POS, this new BTC2 token issued in the BitcoinCash blockchain is backed 1:1 by Andreas Brekken's exchange Sideshift AI, https://sideshift.ai

I don't understand this, BTC2 coins backed by BTC 1:1 according to who? Who's guaranteeing this? Roger? Jihan? Who?

Sideshift AI.

You can't compare it to USDT neither, USDT is 1:1 USD because Tether Corp/Bitfinex guarantees it. It is a centralized company. As a company they said that they have the actual USD to back Tether up.

Who's behind BTC2? Do they have the BTC to back BTC2 up?

Can't compare? What's the difference? Plus Tether is a fractional reserve.

[ashmodeus]

well, this token have a total supply based on circulating supply by BTC.
well its doesn't matter actually.
the problem is why on coinmarket data BTC2 have a huge ROI , did they have some ICO or IEO ?