Recent discussion: https://news.ycombinator.com/item?id=15032360
Bitcoin Is Forking Again
31–40 of 51 posts
Re: Bitcoin Is Forking Again
#32Earlier quoted context omitted.
In particular, whether it can gain enough mining power to survive. Currently, SegWit2x (the fork discussed here) has 92% of miners signalling that they'll support it[1]. The question in this case is whether the original Bitcoin could survive after the fork if this support is maintained. [1] https://coin.dance/blocks
> The question in this case is whether the original Bitcoin could survive after the fork if this support is maintained. When I read this kind of statistic, I'm a bit confused about why not, unless the 92% are planning to use some of their resources to try to actively disrupt the original chain (by censoring 100% of transactions or something).
If the new chain gets, say, 1% of the hashing power, then blocks will be found on average 100 times less often, which extends the time to reaching a new adjustment period from two weeks to 200 weeks...enough to arguably kill it.
Re: Bitcoin Is Forking Again
#33Earlier quoted context omitted.
Market prices are propped up propaganda at this point. Universal what? Please, no.
Financial markets in general are propped up propaganda. We trade expectations. If the prices agree with the propaganda content, most market participants believe it to be true... until something unexpected shatters their belief.
What? No.
Re: Bitcoin Is Forking Again
#34Earlier quoted context omitted.
I think one day you'll look back and regret this post. Its still an early adopters phase. Recent transaction sent $160m, the fee was $0.70, it was confirmed within minutes. Not sure what to say if you can't see value there
I guess I'm not a multi millionaire who needs to transfer that kind of money? What exactly are people buying with bitcoin that cannot be done with standard currencies? Unless it offers some radical access to process or markets standard currencies do not, I just can't see the point.
Oh, well, if there is no perceived use case for you, then there must not be any use cases, even though someone just pointed out a very specific and valuable use case. That's logical.
Re: Bitcoin Is Forking Again
#35IMO these forks do a massive disservice to the mainstream perception of this technology. From the outside, it looks like technologists are making technical decisions that impact businesses that are taking financial risk by utilizing the cryptocurrency. Forks like this increase the risk, undercutting the efficacy of the technology.
On the contrary these forks have finally clarified for mainstream consumers the ridiculous insanity involved in placing speculation value like this on near-completely illiquid virtual securities. When the bubble pops, the fact that bitcoin cash was able to magically "invent" 10% of the value of the BTC market overnight will be seen as the jump-the-shark moment. If this were a rational security with a working market,…
Fair point! I've found such a wide spectrum of risk tolerance that I'm curious to hear what returns you normally associate with a market you'd advise everyone to "stay in".
For example, if I can invest But everyone's budget is different!
Re: Bitcoin Is Forking Again
#36what I dislike about crypto curencies beside forking is the size of the chain. Even latest software downloads over 1GB
Then use a light wallet that doesn't download the entire block chain.
Re: Bitcoin Is Forking Again
#37Earlier quoted context omitted.
I think one day you'll look back and regret this post. Its still an early adopters phase. Recent transaction sent $160m, the fee was $0.70, it was confirmed within minutes. Not sure what to say if you can't see value there
I guess I'm not a multi millionaire who needs to transfer that kind of money? What exactly are people buying with bitcoin that cannot be done with standard currencies? Unless it offers some radical access to process or markets standard currencies do not, I just can't see the point.
Have you used a bank lately? Tried moving money and buying some stocks? Tell me how long that takes from money leaving your account to settlement.
Re: Bitcoin Is Forking Again
#38Earlier quoted context omitted.
This is exactly why I think of bitcoin as a pyramid scheme. Early adopters buy some entrance into the system (via mining or currency purchase) and then focus on recruiting more people to drive up their purchased value.
I think one day you'll look back and regret this post. Its still an early adopters phase. Recent transaction sent $160m, the fee was $0.70, it was confirmed within minutes. Not sure what to say if you can't see value there
It would be more accurate to say, that a recent transaction sent $160M worth of Bitcoin. Tomorrow that might only be worth $150M, who knows?
Re: Bitcoin Is Forking Again
#39Earlier quoted context omitted.
I guess I'm not a multi millionaire who needs to transfer that kind of money? What exactly are people buying with bitcoin that cannot be done with standard currencies? Unless it offers some radical access to process or markets standard currencies do not, I just can't see the point.
Have you used a bank lately? Tried moving money and buying some stocks? Tell me how long that takes from money leaving your account to settlement.
Three days in Australia, and that's enforced by ASIC not the bank. Moving money is instant though, unless it's to a credit union which can take around 24 hours or so.
Re: Bitcoin Is Forking Again
#40Earlier quoted context omitted.
I think one day you'll look back and regret this post. Its still an early adopters phase. Recent transaction sent $160m, the fee was $0.70, it was confirmed within minutes. Not sure what to say if you can't see value there
I guess I'm not a multi millionaire who needs to transfer that kind of money? What exactly are people buying with bitcoin that cannot be done with standard currencies? Unless it offers some radical access to process or markets standard currencies do not, I just can't see the point.
I'm sure the parties involved in transferring $160M via an anonymous and untraceable currency had perfectly legitimate reasons for doing so /s.