Bitcoin Is Forking Again

Megalith

Megalith

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Ready for a third version of bitcoin? A group of bitcoiners, which includes Bitmain (the largest bitcoin infrastructure company in the world) and legendary bitcoin developer Jeff Garzik, has scheduled yet another split for the network in November: the new fork is dubbed Segwit2x and allows for two-megabyte blocks with segregated witness (data, or more specifically, data related to signatures, are removed from bitcoin transactions making them smaller in size).

According to an announcement posted to the Segwit2x GitHub repository, a bitcoin block between one and two megabytes will be created at block 494,784. After that, anybody who wants to join the New York Agreement signatories on the Segwit2x chain can create bitcoin blocks on top of that one. Thus, a new blockchain with its own set of rules will be created. Bitcoin's timing works via blocks, which can come at unpredictable intervals (although usually around one every ten minutes), and so the exact timing of the hard fork isn't known, but it should occur in November.
 
I still haven't figured out how to get my coins out of the first fork. Foraging iceholes!
 
Well, now we know how Bitcoin will end.

Death by fragmentation.


Geeks and other enthusiasts often strive for perfection, but sometimes having a uniform standard is more important than but driving technical improvement, and through it, fragmentation.
 
Have they fixed the theft issues yet? Are they still incapable of invalidating stolen coins and issuing new ones?
 
niconx said:
Have they fixed the theft issues yet? Are they still incapable of invalidating stolen coins and issuing new ones?
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There is no such thing as theft in cryptocurrency. The "stealing" is just people that figured out bugs in the contracts and exploited them, basically, but intentions don't matter to cryptocurrency.

So no, there's no judges, no police, no nothing - that's the entire point.
 
On the subject of Bitcoin, I decided to check my wallets I stored back in early 2014.


....and I've completely National Treasured myself. I must have been extra paranoid back then, because I'm having to follow my own breadcrumbs (I don't remember this shit).

I hid encrypted copies of the wallets within PDF files and the passphrases in multiple locations that I have to retrace and discover. WTF past self, what .. the .. f***.
 
Spidey329 said:
I must have been extra paranoid back then, because I'm having to follow my own breadcrumbs (I don't remember this shit).

I hid encrypted copies of the wallets within PDF files and the passphrases in multiple locations that I have to retrace and discover. WTF past self, what .. the .. f***.
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Uh, drugs are bad, yo!!
 
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With the current high price I decided to dig out my old wallet since I knew I still had a partial bit coin.
Wasn't worth much a few years ago, but now it's over $400, so I have to decide if I want to spend it or wait & see if it will go up some more :confused:

Should have invested in some year ago when they where cheap..
 
nutzo said:
With the current high price I decided to dig out my old wallet since I knew I still had a partial bit coin.
Wasn't worth much a few years ago, but now it's over $400, so I have to decide if I want to spend it or wait & see if it will go up some more :confused:

Should have invested in some year ago when they where cheap..
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It's just getting started man.
 
This is a good way to kill bitcoins if they keep forking it. Or its an amazing way to make money if all the forks keep being worth a few $$$ a coin. It would kinda be like dividends from stocks
 
"kind of like dividends from stocks" only stocks are REAL. You have a paper you can hold in your hand (As of 2010, 94% of publicly traded companies still provide paper stock certificates on request). Gee, I wonder why? Haven't they heard about the virtual virtues of mining and fake, I mean Bit coins?
 
_l_ said:
"kind of like dividends from stocks" only stocks are REAL. You have a paper you can hold in your hand (As of 2010, 94% of publicly traded companies still provide paper stock certificates on request). Gee, I wonder why? Haven't they heard about the virtual virtues of mining and fake, I mean Bit coins?
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I just paid cash for a house form btc seems real to me. Also you can make a Bitcoin paper if you want it's just a string of numbers
 
I once thought Compuserv would be a major player in the internet services business. I made Netscape my primary browser. So, I'm no stranger to being wrong, but my guess is your mistakes have taken a much larger toll on my wallet than btc.
 
nutzo said:
With the current high price I decided to dig out my old wallet since I knew I still had a partial bit coin.
Wasn't worth much a few years ago, but now it's over $400, so I have to decide if I want to spend it or wait & see if it will go up some more :confused:

Should have invested in some year ago when they where cheap..
Click to expand...

I had some from a weekend in 2013. I decided it wasn't worth it (I didn't know enough about it at the time) so said fuck it. I got .01 BTC from it. Not a lot by any means, but it was such a short amount of time with what is now considered old hardware.

Now, I'm getting into it again and learning more about it. There are two things I've learned so far - to the moon and HODL. :)

It's fun, and I want to get more into it, but I want to continue to learn more about it as well. Not just some dude with a few GPU's earning a 1/100th of a BTC a week.
 
tunatime said:
This is a good way to kill bitcoins if they keep forking it. Or its an amazing way to make money if all the forks keep being worth a few $$$ a coin. It would kinda be like dividends from stocks
Click to expand...

GBTC will be giving owners disbursement from Bitcoin cash afaik. Wish I hadn't sold mine for regular old coins a long while ago.

But I'm up a few thousand just during my drive home from work. Good times.
 
_l_ said:
"kind of like dividends from stocks" only stocks are REAL
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Ha, I had to laugh at this. Yes, the value of stocks is real, so long as everyone else continues to accept them as valuable. Stocks have never been known to be worthless overnight or anything. Having it on paper is meaningless. There's a lot of old Zimbabwe currency on paper too. What pretty much all currency comes down to is the agreement of others that it has value. Without that, it's worthless. Bitcoin is as "real" as stock are, stocks of course just have far more history and much more widely established. Canned food is real. Chickens are real. Stacks of lumber are real. Both stocks and bitcoin are expressions of confidence in the current economic system.
 
tetris42 said:
Ha, I had to laugh at this. Yes, the value of stocks is real, so long as everyone else continues to accept them as valuable. Stocks have never been known to be worthless overnight or anything. Having it on paper is meaningless. There's a lot of old Zimbabwe currency on paper too. What pretty much all currency comes down to is the agreement of others that it has value. Without that, it's worthless. Bitcoin is as "real" as stock are, stocks of course just have far more history and much more widely established. Canned food is real. Chickens are real. Stacks of lumber are real. Both stocks and bitcoin are expressions of confidence in the current economic system.
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Except I can eat a chicken, I can't eat my bitcoins unless my pizza shop agrees to accept my virtual currency based on the current economic factors and its trade value relative to USD or what have you. The difference will always be the fact that bitcoins have no physical value because they are tied to nothing. It's like trying to sell hot air.
 
NickJames said:
Except I can eat a chicken, I can't eat my bitcoins unless my pizza shop agrees to accept my virtual currency based on the current economic factors and its trade value relative to USD or what have you. The difference will always be the fact that bitcoins have no physical value because they are tied to nothing. It's like trying to sell hot air.
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Or unless you can figure out how to use a simple mobile app.

You can convert btc to usd by tapping a few buttons.
 
tacohunter52 said:
No its not. Your pizza shop doesnt have to agree to anything, because you would be paying him in usd from btc you converted. It takes basically no effort to do so.
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This.
I think its the coinbase API or one of the others. But basically you pay in BTC and he gets USD and the conversion is all done behind the scenes. The shop will generate a QR code for the receiving address and you just scan it with your phone. Takes 5 seconds.
 
tacohunter52 said:
No its not. Your pizza shop doesnt have to agree to anything, because you would be paying him in usd from btc you converted. It takes basically no effort to do so.
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It really is the same thing I said. Semantics.
 
It's not, because your post implies difficulty exchanging bitcoin for material goods. In reality, it is not difficult.

You are right, it is semantics, because the meaning of your post is different from mine. :p
 
NickJames said:
Except I can eat a chicken, I can't eat my bitcoins unless my pizza shop agrees to accept my virtual currency based on the current economic factors and its trade value relative to USD or what have you. The difference will always be the fact that bitcoins have no physical value because they are tied to nothing. It's like trying to sell hot air.
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I'm confused what point you're arguing. I brought up chicken exactly because it is real. A simpler version:

Chicken = real
Bitcoin / stocks = only real so long as everyone else agrees they are.

I was saying stocks aren't any more "real" than bitcoin, they're just much bigger and have much more history. I doubt your pizza shop will accept stocks as payment anymore than they will bitcoin.
 
tetris42 said:
I'm confused what point you're arguing. I brought up chicken exactly because it is real. A simpler version:

Chicken = real
Bitcoin / stocks = only real so long as everyone else agrees they are.

I was saying stocks aren't any more "real" than bitcoin, they're just much bigger and have much more history. I doubt your pizza shop will accept stocks as payment anymore than they will bitcoin.
Click to expand...

The coins aren't real, that's what I am saying. Almost anything of value has a physical tie. Of course value is all subjective but as long as there's something physical tied to the currency it will always have more existential value than virtual currency. Stocks may work based on the theoretical value of a company based on its market makers and holders but a company that produces a product will always be a safer investment.
 
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