Earlier quoted context omitted.
Tell that to my 8000% returns.
https://en.wikipedia.org/wiki/Survivorship_bias
Fully aware of that, it was meant in jest.
What is a Bitcoin fork?
111–119 of 119 posts
Re: What is a Bitcoin fork?
#112Earlier quoted context omitted.
And why would this translate to something like cryptocurrency?
I honestly don't understand the point you're trying to make.
It's the same value argument that was made when bch was created. Didn't work out. Value didn't automatically transfer. Market attributed arbitrary value instantly.
Re: What is a Bitcoin fork?
#113Informative post
Re: What is a Bitcoin fork?
#114Earlier quoted context omitted.
That's the moral of the story - but a lot of people don't I still haven't convinced my own brother that he needs to move his coins off-market - he said he'll "get around to it at some point" Also have tech friends who keep coins in Coinbase/Coinbase Vault
It's hard to ignore how handy it is when someone else holds your money. When my bank holds my money I can send it to anywhere from any place. Using a crypto wallet I now have this file I have to somehow keep safe and with me at all times. What happens when or if it gets stolen? Like cash it's gone. So I understand why people do it. Ease of use typically outshines most security issues. Someone needs to figure out how…
Keep a paper or electronic backup at home and/or another safe place.
Also your should protect mobile/app wallet with a passphrase so it is safe if you lose it.
Re: What is a Bitcoin fork?
#115Physically a BitCoin is, when you look at it with your own eyes, nothing, not even air. And probably everyone knows what a fork is (metal thingy for eating stuff) ... so here is your answer. Everyone else who says otherwise, is probably employed by Bitcoin ;)
I'm sorry what was your answer??
Re: What is a Bitcoin fork?
#116Earlier quoted context omitted.
Saying the rules can be changed is like saying that your eyes changed color if you have a child with different color eyes. A fork is not the same chain as the original.
All of the comments above lead me to understand that basically anything can happen with BTC and this kind of undermines it's value as a 'hard currency'. The whole point of decentralization was that nobody could control it, and devaluation was based on some algorithm, limited by tech. If these rules can change, then the intrinsic value of BTC is truly up in the air. What business would invest in using BTC as a currenc…
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Re: What is a Bitcoin fork?
#117Earlier quoted context omitted.
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…
A lot of European currencies changed to Euro in 2002. A "fork" would've been if e.g. Deutschmarks were still accepted as legal tender, indeed some nostalgia shops/events like a "90's party" would accept this currency, but not the general economy. And indeed Deutschmarks can still be traded to Euros, but at a fixed rate. If a Bitcoin fork had happened and neither currency crashed, you can still trade each other like D…
For the analogy to hold, wouldn’t each holder of a Deutschmark also need to be given a (portion of a) Euro? That wouldn’t be easy to do with physical currency, since there’s no easy way to mark each Deutschmark currency as having been awarded.
Re: What is a Bitcoin fork?
#118Earlier quoted context omitted.
It is much too early to judge Bitcoin Gold. The launch has not even taken place yet. They forked a few weeks ago, the developers are currently mining privately, and the public launch will take place in a few days. People criticize the pre-mine, but it's only 0.6% of the total supply of coins. Perfectly reasonable IMHO.
Most people don't think that pre-mines are reasonable at all. That's a good way to know which coins are scams. Why do they deserve 0.6% of a total market that could be worth billions of dollars, exactly? Because they changed a hash algorithm and released a marketing website?
That used to be the prevailing opinion. Pre-mined coins were generally regarded as scams or pump-and-dumps. But after Ethereum which is almost all pre-mined sharply rose in value, there seems to have been a change in public perception. This is what opened the gates for the new generation of altcoins, also known as ICOs. They don't pretend that they're anything else than pre-mined. In fact, the huge sums that the pre-mined coins are sold for is used for marketing as a measure of interest in their coin. It's a strange new world.
Re: What is a Bitcoin fork?
#119Earlier quoted context omitted.
> Note that the current bitcoin devs are mostly a new generation that got later in the game. this is 100% false, see this post: https://www.reddit.com/r/Bitcoin/comments/72lwzv/if_bitcoin_...
citing reddit? I'm guessing you'd like to point out the commit history table. Nice. You might notice that the table (conveniently) starts from 2010, after a good chunk of coins already has been mined. 2011-2012 is when a lot of the new devs came in which is the new generation, but it was getting much more difficult to mine then. There's also so many problems with git commit history, so let's be honest here, ie. How m…
There were very few people involved in Bitcoin before 2010. Probably guys like Finney and theymos. The software was more like a proof of concept back then, I believe. I think we have to count even people getting involved after it became mainstream in 2013 as early adopters in the larger scope of things.