Bitcoin Has Split in Two

Megalith

Megalith

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Bitcoin has been split in a technical maneuver called a “hard fork,” and now there’s a new currency to worry about: Bitcoin Cash. The point is to combat high transaction fees and a bitcoin size limit that made mining larger blocks invalid. Those who have a Bitcoin account may see a second account with the new currency as early as today, but skeptics say that "Cash" is going to increase confusion and become a hurdle to BTC's wider acceptance.

The bitcoin network can only support around seven transactions per second, compared with thousands per second piped through conventional financial networks such as Visa. Bitcoin Cash is a variation on bitcoin’s design incorporating much bigger blocks, allowing for more transactions in a given time. Supporters say their project is necessary because planned changes that could expand bitcoin’s capacity are not sufficient. “At this point, it seems that the differences are irreconcilable and a split is unavoidable,” says Amaury Séchet, an ex-Facebook engineer who has developed code to implement Bitcoin Cash.
 
You know what's going to bring down crypto currency?...not government's banning you spending real money on it, but all the competing standards which undermine the legitimacy of each.
 
serious said:
What capacity problem?
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Block chain was getting too large to process efficiently. Some transactions could take up to 2+ days to get verified by the network. The issue was only going to get worse.

There are two competing solutions to fix it. This is one of the solutions, but it's coming out of left field as there wasn't an agreed upon standard and this is another group that is hard forking it, hence why some exchanges are refusing to acknowledge BTCcash.

If I read correctly.
 
Great, another way to launder money and not loose a percentage.
 
On a different note kraken gave out one bch and one xbt for each bitcoin I leaving me with decent immediate gains.
 
Megalith said:
Bitcoin has been split in a technical maneuver called a “hard fork,” and now there’s a new currency to worry about: Bitcoin Cash. The point is to combat high transaction fees and a bitcoin size limit that made mining larger blocks invalid. Those who have a Bitcoin account may see a second account with the new currency as early as today, but skeptics say that "Cash" is going to increase confusion and become a hurdle to BTC's wider acceptance.

The bitcoin network can only support around seven transactions per second, compared with thousands per second piped through conventional financial networks such as Visa. Bitcoin Cash is a variation on bitcoin’s design incorporating much bigger blocks, allowing for more transactions in a given time. Supporters say their project is necessary because planned changes that could expand bitcoin’s capacity are not sufficient. “At this point, it seems that the differences are irreconcilable and a split is unavoidable,” says Amaury Séchet, an ex-Facebook engineer who has developed code to implement Bitcoin Cash.
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LMAO, new school payment system can only process 7 transactions per second/? HAHAHAHAHAHAHA
 
is it worth trying to mine the new fork or does it still support ASICS?
 
opfreak said:
LMAO, new school payment system can only process 7 transactions per second/? HAHAHAHAHAHAHA
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Legacy issue of the 1MB transaction record. SegWit/SegWit2X is no real solution as it just complicates the issue (basically, transactions ride on a "side ledger" but doesn't fix the core issue), and with the bullying and censoring of opponents to SegWit I would expect this to turn in to ETH vs. ETC on crystal meth. Expect even more Bitcoin based alts.

hlfbkd420 said:
is it worth trying to mine the new fork or does it still support ASICS?
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As Bitcoin Cash blockchain carries the ledger of Bitcoin pre-hard fork, the same issues with difficulty apply. Consider it ASIC only to get a whiff of any ROI/profit.
 
cdabc123 said:
On a different note kraken gave out one bch and one xbt for each bitcoin I leaving me with decent immediate gains.
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Uhhh, XBT is bitcoin and BCH is bitcoincash... if you had bitcoins prior to the fork, you had 1:1 of bitcoincash and bitcoin afterwards... now, not all exchanges supported the fork (like coinbase) but you got what you were entitled to.
 
Yeah! Free money for all Kinda feels sketchy when suddenly you have money you didn't have the day before...and for basically doing nothing at all.
 
DigitalGriffin said:
You know what's going to bring down crypto currency?...not government's banning you spending real money on it, but all the competing standards which undermine the legitimacy of each.
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chart.png
 
Hate to burst anyone's bubble on Crypto-currencies after the bitcoin split, but this Zerohedge article is providing a rather interesting alternate perspective on the reason for Bitcoin's rise post Bitcoin Cash split.
If you have one or more un-identified high-rollers with access to lots of USD and lots of BTC, and that small person or group are able to substantially manipulate the market valuation of BTC or other crypto-currencies, then I would recommend those that are not said high-roller influencing the price might want to be wary that their interests and investment goals are probably not the same goals as the deep-pocket investor who is manipulating said crypto-currency. In other words, sooner or later, the BTC and/or ETCBTC manipulator will make a positional move that will otherwise damage the value of your small BTC short / long position on any given exchange.

Oh well, good luck to all you BTC/ETC/ other crypto currency speculators and say hello to Spoofy for me (if you happen to meet him of course).
 
CVNet1 said:
Hate to burst anyone's bubble on Crypto-currencies after the bitcoin split, but this Zerohedge article is providing a rather interesting alternate perspective on the reason for Bitcoin's rise post Bitcoin Cash split.
If you have one or more un-identified high-rollers with access to lots of USD and lots of BTC, and that small person or group are able to substantially manipulate the market valuation of BTC or other crypto-currencies, then I would recommend those that are not said high-roller influencing the price might want to be wary that their interests and investment goals are probably not the same goals as the deep-pocket investor who is manipulating said crypto-currency. In other words, sooner or later, the BTC and/or ETCBTC manipulator will make a positional move that will otherwise damage the value of your small BTC short / long position on any given exchange.

Oh well, good luck to all you BTC/ETC/ other crypto currency speculators and say hello to Spoofy for me (if you happen to meet him of course).
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Spoffy or no, Bitcoin would have climbed to this price eventually anyway...and even if it crashes it will most likely again climb back up to this price and beyond. But nice to be aware of this rumor. Thanks for sharing.
 
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