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That helped but I do not understand the economic compatibility of a fork. How do they not wreak havoc and chaos on that coin's economy? Do I get coins for each of the new coins or do I have to pick? It all feels really risky and that risk feels foisted upon me. Can I cash out before the fork?
That helped but I do not understand the economic compatibility of a fork. How do they not wreak havoc and chaos on that coin's economy? Do I get coins for each of the new coins or do I have to pick? It all feels really risky and that risk feels foisted upon me. Can I cash out before the fork?
"The only winning move is not to play" is always great advice.
That helped but I do not understand the economic compatibility of a fork. How do they not wreak havoc and chaos on that coin's economy? Do I get coins for each of the new coins or do I have to pick? It all feels really risky and that risk feels foisted upon me. Can I cash out before the fork?
I guess the closest comparison to bitcoin is; oil price is at $60 / barrel today and speculators believe there is a 30% chance that they mis-estimated the number of barrels by 100% - but you won't know for sure for another 3 months. What's should the price of oil be tomorrow?
Or so they can?
And who decides?
Because these forks can have considerably favourable or negative outcomes for specific stakeholders, it's nary impossible to make the decision 'fairly' and this rather undermines the whole thing, no? And yes, I do understand that 'value' may be the same after such 'forks' but different post-fork mechanisms will imply different outcomes, surely.
Would it be possible for nefarious actors to wedge themselves into this process? ... Because we were all looking for the 'technical fault' in the maths/encryption, we possibly missed this aspect of risk?
Earlier quoted context omitted.
This is flat out false. They have no plan to even support it at all, let alone default to it
"We are planning to have support for bitcoin cash by January 1, 2018" https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbd...
They do not have a plan to add it to the trading platform, which is the only thing that would drive any real value to the Bitcoin Cash market. The only reason they added it at all is to allow people to take their coin and sell it on another exchange, to avoid lawsuits.
If they had any plan to add it to add it to the exchange. It would make much more sense to release it at the same time, thereby profiting off of the trading fees
This is an interesting paradox because the whole point of the system was that it was decentralized, and once set in motion the rules could not be changed. Or so they can? And who decides? Because these forks can have considerably favourable or negative outcomes for specific stakeholders, it's nary impossible to make the decision 'fairly' and this rather undermines the whole thing, no? And yes, I do understand that 'v…
This was not the case, nor has it ever been. There have been many consensus changes in the past, and bitcoin has had forks that were reverted by the bitcoin community previously. (See the bitcoin 0.8 fork).
There have been multiple revisions of bitcoin which would have changed the rules. They haven't yet resulted in a hard fork permanently (except for bitcoin cash) because people have updated before the new consensus rules were activated.
That helped but I do not understand the economic compatibility of a fork. How do they not wreak havoc and chaos on that coin's economy? Do I get coins for each of the new coins or do I have to pick? It all feels really risky and that risk feels foisted upon me. Can I cash out before the fork?
I don't either. Fiat currencies don't fork - you can simply exchange one for another. Another close comparison is a traded equity having a 2:1 split, except shareholders technically lose nothing. Another case would be stock dilution - though, I have never heard of a public stock diluting to 50% value... that seems unlikely. If a specific commodity were to suddenly decide it had an unreported surplus on the order of 1…
When a cryptocurrency forks, you keep the same amount of coins on both sides but the 2 are wholly incompatible with one another.
A closer comparison is that you it's like 2 simultaneous futures, but with different consensus rules.
That helped but I do not understand the economic compatibility of a fork. How do they not wreak havoc and chaos on that coin's economy? Do I get coins for each of the new coins or do I have to pick? It all feels really risky and that risk feels foisted upon me. Can I cash out before the fork?
You can "cash out" whenever you like, obviously.
May be outdated now that 2X has been called off