Bitcoin Exchange Had Too Many Bitcoins
bloomberg.com
Bitcoin Exchange Had Too Many Bitcoins
1–10 of 241 posts
Re: Bitcoin Exchange Had Too Many Bitcoins
#2I really don't see how this fork is going to go down as anything other than a boondoggle. Right now the value of BCC is being propped up by having almost no way to actually sell it, but once an actual market opens I fully expect its price to crash hard.
Re: Bitcoin Exchange Had Too Many Bitcoins
#3I always really enjoy Matt Levine's columns in Bloomberg. Very detailed and technical but always very carefully explained and readable.
Re: Bitcoin Exchange Had Too Many Bitcoins
#4Great writeup. Almost anything written by Matt Levine is worth reading.
This is a concise and accurate description of the fun that occurred with Bitfinex's handling of the BCH fork.
At least, it's fun if you weren't involved. If you naively held BTC on Bitfinex and were hoping to receive an equal amount of BCH you probably didn't think it was fun. If you carefully read Bitfinex's statements and decided to take advantage of their policy to acquire risk-free BCH, you probably think it's even less fun. But for the rest of us, it's fun.
Re: Bitcoin Exchange Had Too Many Bitcoins
#5I really don't see how this fork is going to go down as anything other than a boondoggle. Right now the value of BCC is being propped up by having almost no way to actually sell it, but once an actual market opens I fully expect its price to crash hard.
This line of argument makes little sense. In the markets that do offer a way to buy and sell it, there's still a market setting the price. This idea that there will be totally different market forces at work once more people have access to the market is silly. I would not buy a $400 BCH today if I wasn't also willing to buy a $400 BCH when transaction volume is 1000x what it is now. If anything the fact that there's not an insane selling frenzy from those "lucky enough" to have access to their BCH on an exchange shows that there's a real demand for BCH as a currency.
There seems to be a lot of propaganda out there trying to marginalize and minimize Bitcoin Cash. The belief that literally everyone will instantly sell their BCH as soon as they can seems to be one of the messages of that propaganda rather than a reflection of reality.
Re: Bitcoin Exchange Had Too Many Bitcoins
#6I always really enjoy Matt Levine's columns in Bloomberg. Very detailed and technical but always very carefully explained and readable.
You're probably subscribed to his newsletter then, it's the only newsletter in my inbox.
Re: Bitcoin Exchange Had Too Many Bitcoins
#7So I had some bitcoins at time of the fork. Do I have the other new coins as well? How can I spend, sell or buy them? Is there a multibit for bitcoin cash?
Re: Bitcoin Exchange Had Too Many Bitcoins
#8I really don't see how this fork is going to go down as anything other than a boondoggle. Right now the value of BCC is being propped up by having almost no way to actually sell it, but once an actual market opens I fully expect its price to crash hard.
This line of argument makes little sense. In the markets that do offer a way to buy and sell it, there's still a market setting the price. This idea that there will be totally different market forces at work once more people have access to the market is silly. I would not buy a $400 BCH today if I wasn't also willing to buy a $400 BCH when transaction volume is 1000x what it is now. If anything the fact that there's…
So I'm not a bitcoin nor market expert but jandrese laid down his opinion, which sounded like it made sense to me. I was hoping for a well informed response but your comment just reads like you wanted to call names versus explain your reasoning why you think jandrese's argument doesn't make sense.
Perhaps's that's not what you intended but if you had an explanation for why parent's response doesn't work I'd love to read it.
Re: Bitcoin Exchange Had Too Many Bitcoins
#9I really don't see how this fork is going to go down as anything other than a boondoggle. Right now the value of BCC is being propped up by having almost no way to actually sell it, but once an actual market opens I fully expect its price to crash hard.
This line of argument makes little sense. In the markets that do offer a way to buy and sell it, there's still a market setting the price. This idea that there will be totally different market forces at work once more people have access to the market is silly. I would not buy a $400 BCH today if I wasn't also willing to buy a $400 BCH when transaction volume is 1000x what it is now. If anything the fact that there's…
People who want to buy BCH have relatively unrestricted access to the market since most of the exchanges have reopened BTC deposits. (Of course, whether they can withdraw that BCH is another story entirely.) Most people who want to sell do not have access since BCH deposits are either not available or require multiple days worth of confirmations. Can you see the problem here?
Re: Bitcoin Exchange Had Too Many Bitcoins
#10So I had some bitcoins at time of the fork. Do I have the other new coins as well? How can I spend, sell or buy them? Is there a multibit for bitcoin cash?
IT depends. If you own your keys, then yes, you have an equal number of BCH now. If you don't it's up to your exchange to decide if they will support the fork, and therefore, weather or not you now have an equal number of BCH.