61–70 of 241 posts
Bit tangential, but I read an interesting theory this morning: Because there is greatly reduced liquidity of BCH (most exchanges don't support, hard/slow to deposit into exchanges that do), supply of BCH is artificially limited at the moment. Proponents of BCH can trade their BTC for BCH at a rate greater than they believe it is worth to easily pump the value and 'market cap' (most market cap stats have no measure of…
Great 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 advant…
Published by another guy worth reading
> As one trader puts it Short 1 btc. Buy 1 btc. Get 1 bcc free :).
Yeah if you were paying attention to the short vs long interest for BTC on Bitfinex right before the hard fork, BTC shorts went up like crazy and everyone thought ppl were hyper bearish on BCH. It was actually because ppl were pulling this funny business to get free BCH from Bitfinex.
Hedging against a clearly inflated asset is "funny business"?
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did you have it on a wallet online or in a wallet you created with a software locally? if its locally created, then good news. you should download Electron Cash and import the existing wallet and you shall see your BCCs.
Should I sell my BCC so I can collect the cash in case it fails? And then assume I will still have my BTC..
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Matt sums it up well in a footnote: Imagine if I announced tomorrow that I had created a new blockchain, called Bitcoin Matt, and that everyone who owned a BTC today will tomorrow own both a BTC and a BCM. Fine, great, you all own BCMs, congratulations. But also anyone short a BTC today will be short a BCM tomorrow, and will be forced to go buy in those BCM shorts. Even with no economic support for BCM -- with nobody…
Except your clone doesn't have miner support, community support, and get listed by major exchanges. I hate that people are acting like anyone can just go and make a fork for free money.
It is hilarious watching people try to reinvent financial institutions without any knowledge of or respect for history.
I 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 is pretty funny though - it turns out that you don't need to control 50% of the mining pool to mess with it - you only need enough to start a half-credible fork that presents BTC holders with enough paper-losses to make them angry and potentially expose exchanges to lawsuits.
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Matt sums it up well in a footnote: Imagine if I announced tomorrow that I had created a new blockchain, called Bitcoin Matt, and that everyone who owned a BTC today will tomorrow own both a BTC and a BCM. Fine, great, you all own BCMs, congratulations. But also anyone short a BTC today will be short a BCM tomorrow, and will be forced to go buy in those BCM shorts. Even with no economic support for BCM -- with nobody…
I hate to be That Guy [tm] but can you please not indent quotes like that? It's a PITA to read on mobile.
Earlier quoted context omitted.
Matt sums it up well in a footnote: Imagine if I announced tomorrow that I had created a new blockchain, called Bitcoin Matt, and that everyone who owned a BTC today will tomorrow own both a BTC and a BCM. Fine, great, you all own BCMs, congratulations. But also anyone short a BTC today will be short a BCM tomorrow, and will be forced to go buy in those BCM shorts. Even with no economic support for BCM -- with nobody…
Except your clone doesn't have miner support, community support, and get listed by major exchanges. I hate that people are acting like anyone can just go and make a fork for free money.