What’s going to happen when bitcoin forks (again)?
https://medium.com/@michaelflaxman/whats-going-to-happen-when-bitcoin-forks-again-eef7a088a6d9
This shit even confuses me, a person that’s been in and out of Bitcoin since 2010. God forbid if you’re some normal person trying to understand what’s going on with this nerds vs. financial psychopaths war. It feels like perpetual conflict in Afghanistan.
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True but he does a great job here imo
I scanned it, and it looks like it makes pretty good sense to me, but you’re right—only tech types would understand it. There are nuances, but the real question is whether the miners signaling 2x will actually go 2x. Another question is whether lack of replay protection proves to be a big deal (because the odds are, one chain will die.) There was some partisan skew to the report, but it was minor. The best position seems to HODL.
I, for one, have been sick of the holding pattern, waiting for Bitcoin Cash and Dash to mature while B2X and Core play their games, as I believe crypto has to be used to be a store of value, in the long term, and believe that if the fees stay high, BTC turns into the dreaded tulips (and that will cost me a lot of money if it happens, as “cashing out” to fiat was never in my plans.)
@wtfk
What did you find that is w. partisan skew in the post?
People hodl and believe in its value thats why it continues to rise, I’m paying 35-70 cents on btc spends, even when its significant amount.
Hodl BTC is like holding gold, except a whole lot better…?!
Why not save yourself from depression, cash out to fiat or coins that are better suited for your plans.
Not the post—the link.
Bitcoin cash went out of their way to remove that code (as well as RBF).
This is incendiary. Retaining a fork of the blockchain without these was exactly the point. There was no “going out of their way.”
It’s worth noting that there have been some disagreements about the name “Bitcoin Cash” and “bcash”.
There’s no disagreement here. Bcash is a favored epithet. Bitcoin Cash is its undisputed name.
Except for cases of extreme ideology, miners point their hashpower wherever it is most profitable to do so.
So the only reason for the current Bitcoin Cash mining is “extreme ideology.” It can’t be because they support what they believe is the correct secure and scalable path?
While miners may signal for one thing, when push comes to shove they historically have always avoided being on the wrong side of a chain split.
Same miners are currently on the “wrong side” (incendiary in itself) of the chain split.
A common argument from B2X supporters is that the (largely unpaid) contributors to Bitcoin Core will start contributing to B2X after the fork. That’s pure fantasy (also incendiary.)
…because John Newbery says so. It may be debatable, but fantasy? If some things change, others may also change.
I could probably go on, but the language used betrays the writer, if not some of the claims. Still, as I said, they were minor compared to much of the hateful spew going on.
As for the reason for the rise: they believe it’s value. Do they know why they believe it’s value? Because the price keeps going up? I bought it at a small fraction because it had value as a decentralized cash payment system. That part is broken, in BTC, IMO. Without that value, I’m not sure it has the value people think it has. I certainly wouldn’t say holding it is better than holding gold, unless its utility returns.
As for “cashing out” I’m “married to it” for the time being, for reasons I will not discuss, as discussing it can only be harmful to my current financial position. If I did, what would you recommend I “cash out” to? I didn’t get into this to move back to fiat, and due to name recognition, altcoins are punished every time the market punishes Bitcoin. I have to ride this out.
It sucks how much capital gains makes your overall income tax go up if it knocks you into a higher bracket. Cash in some Bitcoin, and you’re easily paying 28% on it. And that’s just Federal…
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Interesting you brought that up. :-/
Thanks, I appreciate the explanation.
When there are miners losing millions a day mining BCH, what would you call it? A hedge? A risky bet?
Wrong chain meaning, Bitcoin Cash is an altcoin, not Bitcoin. That’s where I think a lot of these discussions lead to.
Bitcoin has so many things supporting it to give it that tremendous value. As time goes on the support grows larger and expands.
Some of these are:
- Immutable
- Finite coins
- Decentralized currency, exchange
- Mining power, Electricity, Equipment
- Free (Dark?) markets
- Fights drug war
- Hedge against corrupt governments and global banks control
- So much power in the hands of the people for first time ever in their lives
- Tech/blockchain Development, other related man hours
I’ll take these as support over financial institutionalized, gov backing any day. You would too. So how is price related to tulips? You’re having doubts, because I think you got in very early. Lucky! I wish I had this problem.
If its the attention and cost of selling bitcoins worrying you, there are other ways. OTA markets such as localbitcoins are mans best friend. If you have plenty you can scale it and do it over time. You can sell it at a discount if you want to sell it quicker.
Who says miners mining BCH are “losing money” besides Blockstreamers?
Bitcoin Cash is an altcoin
yes, more of that subterfuge.
so many supporting it to give it that tremendous value
Those are features of the “cash” that cannot be used as cash. If it sits there, it doesn’t do those things.
localbitcoins
Has attracted a lot of attention lately.
scale it and do it over time
Still draws attention to what’s still in deep storage
Not only ‘Blockstreamers’. For example:
And if you want posts from “Blockstreamers”:
https://www.coindesk.com/miners-mining-bitcoin-cash-losing-money/
‘If you no like it, why deal it out?’
Features are support. What is supporting your trust Bitcoin Cash?
Because its worked for years and years. Ideal solution. But you aren’t interested.
Ok fair enough. Leaves you to only wait for prices to crash, and its tech to fail.
Less profitable ≠ loss.
‘If you no like it, why deal it out?’
Oh, FFS! Can you be specific?
Features are support. Don’t even know what that means.
If it can’t be used, the “features” don’t exist.
What is supporting your trust Bitcoin Cash?
It’s “trustless.” It doesn’t work that way.
Because its worked for years and years. Ideal solution. But you aren’t interested.
It’s not about being interested. It’s about being a area of entrapment. 8-/
Leaves you to only wait for prices to crash, and its tech to fail.
Sadly so, or for other variables in my life to change so that other options open up.
I call it losing money and not operating at a loss. Not yet at least.
Going out of your way to make changes to entire warehouses of mining setups so you can mine a different coin, losing huge profits of millions a day. Thats losing money, and based on ideals.
If their books were open, you might find some of those (particular warehouses) operations are no longer profitable based on set ups against prior profits/expenses.
Now I can’t prove it, I’m going by what I see and hear.
If you can prove otherwise, fire away.
You’re right they’re not features but that didn’t stop you from calling the list features firstly. I should have corrected you the first time.
But instead of calling these things support, lets use the word backing instead. Things backing bitcoin.
Yes, yes yes… verify and not trust. Bad choice of words.
But for me, list whats backing bitcoin cash?
Are you even serious with your replies?
What isn’t risk for entrapment when you live in THE police state?
Localbitcoins is better than all other options currently available, but duh… do it as your freedom depends on it, because it does.
Good luck. I hope it works out for you and you make loads more profits, & continue to be happy.
And perhaps one day, come to realization Bitcoin was, is, (for now) will be the currency/asset above all other shitcoins 
Imagine the BTC ticker if it only follows the longest chain:
Hash power does not dictate what is Bitcoin. Can be easily manipulated as well we spam and empty block mining, as its been done in the past by some miners.
You can make up whatever you want to, but it won’t be the truth just because you make the claim. Less profit ≠ “losing money.” Again with the “losing” lies.
You’re right they’re not features but that didn’t stop you from calling the list features firstly.
I called them features of CASH. They’re not features of BTC if BTC does not have them, and the missing features aren’t “backing” anything either.
Yes, yes yes… verify and not trust. Bad choice of words. But for me, list whats backing bitcoin cash?
Bitcoin Cash is spendable as cash, for pretty much everything you use cash to buy. How is this concept difficult for you? This IS THE VALUE of the Peer-to-Peer Electronic Cash System, and it’s the value of Bitcoin Cash.
Are you even serious with your replies?
Obviously, you aren’t. Nice job ending with “shitcoins.”
