When it seems like everything is all set and we are going to get Segwit on Bitcoin, a group comes out of left field and introduces Bitcoin Cash. Bitcoin Cash is a fork of Bitcoin that will activate on August 1st and will offer an alternative with a 8 MB blocksize (and no segwit!).
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I think the name is good, the biggest problem of a chainsplit is that people loose trust in bitcoin. Now we can say, this is bitcoin and this is bitcoin-cash :) Not sure, but at least it sounds explainable to outsiders
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We should still call it J
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Modifying the Bitcoin protocol to make it act and trade like cash, and still scale up "on blockchain", would best be served by forking DASH, and calling it Bitcoin CASH. These developers that want to just change the block size are missing the point. When Darkcoin forked the Bitcoin blockchain years ago, they went through all these growing pains, and determined the best route to 'on chain' scaling. After rebranding the name to DASH, their plan was set, and we now have the 'roadmap' letting us know how they will achieve 4000trans./sec by 2020.
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No, bitcoin cash will die a natural death :) Awesome video as usual. Thanks for sharing
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I would not be so sure. The big-blockers don't want segwit as it changes the rules and incentive structure of the system. The Chinese pools have enough hashpower among themselves to kick-start BCC, and if BCC stabilizes and gains some value, it's core's chain that will start to bleed miners.
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You made a good point, I think it may be, too early to speculate, let's see how it goes. I understand what BCC has going for it is the appeal it has for users of bitcoin who don't like Segwit.
Interesting time ahead.
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The biggest wildcard with BCC is Bitmain. If Bitmain's pool, Antpool, decided to support BCC and allows its miners to choose which chain to mine, BCC will pick up steam very quickly.
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Hash power really matters. The chain grinds to a halt, thus becoming unusable, without enough hash power.
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I haven't heard many people excited about Bitcoin Cash, but we'll see how the technology is.
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Free money ... not so sure, with the bad repercussion Bitcoin will have to endure because of these stupid people!
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Sure, you are right, it would be a waste to keep your bitcoin on exchanges when a fork it's going to happen (or even all the other time)
Coinbase even pronounced openly, that they will not offer the new coins to bitcoin owners.
However what is bitcoin cash?
In my eyes it is only a new shitcoin. There is technically no reason to keep to version of an obsolete first Generation crypto currency.
It might be like etherium classic, which has a quite big market cap with almost no technical advantage but only because it's name is related to etherium.
Therefore I fear something called bitcoin cash could remain a great market cap where it should not (especially for newcomers, who see the price of bitcoin, do not know what bitcoin plus us bur will buy it because it is a little cheaper and they hope for big money)
In my opinion it would be far better if a good 2. Gen coin (maybe Dash or IOTA?!) should gain value in order for businesses to get interested in it and accepting it for daily transactions.
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The naming confusion is so problematic
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I just love it how you get straight to the point in your videos and also don't waste our time with long introduction or ending.
I think I only saw one or two of your videos with the "see you next time" not cut off.
I think it is just genius ^o^
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It's alot of fear or fud in the market, people just need to relax & let this pass
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I think some developers of Bitcoin are beginning to see DASH as a real threat to take market share away from Bitcoin. There is no doubt that one or two of the crypto-currencies are going to take the role of fiat cash, allowing small rapid transactions to the mass population. The DASH roadmap has laid out their plan to adopt mass scaling "on blockchain" where every transaction will benefit from the security of the 'proof of work' mining network.
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HODLor!!
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meep!
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Nice Post. i thought since the Segwit is being implemented , fork is not in near future, This is true?
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Yep.
https://steemit.com/bitcoin/@cardboard/bitcoin-segwit2x-update-war-incoming
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This is for sure happening? Why i thought the whole segwit was going well?
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Segwit2X is going well. But, things like this BCC are inevitable because 1) The change is a holy war for some and their pet solution just lost 2) Bitcoin is changing too slowly for some 3) People are hearing about Bitcoin a lot so it's a good time to use the Bitcoin name for a new altcoin project to get some attention.
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I f I were you, just relaxe. The dust will surely settle.... then we can see clear
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Sorry if this is a noob question but where should I transfer my bitcoin before the potential split.. what wallet do you guys recommend? As always video was stupendous! :)
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How long after the fork will it be safe to move coins around again?
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Video's great 👍 thanks for sharing.
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In order to avoid confusion we need to call Bitcoin Cash what it is. An altcoin. They are using the FUD surrounding the now defunct UASF that was announced for August 1, 2017 to promote their new coin piggybacking off of Bitcoin's success while promoting misinformation.
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Thanks for that. As someone with a very limited understanding of Bitcoin I have been baffled by all the upcoming changes - softforks, hardforks, BIP148 ,segwit, segwit x2, BCC, BTU, BTC, WTF!
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yes you are right there's a lot of people are confuse about crytocurrency situation me one of them and now even bitcoin might becoming two as you mentioned btc and btc cash. If that happened look likes btc release it's own ICO hahaha because I noticed this month and couple months ago ICO evolution here and there too many of them. anyway as always Thank you @Boxmining for your post.
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Thank you for bringing this up.
Many people will want to trade there BCC for BTC as soon as they can. Right now I only heard of viaBTC listing BCC trading and for a wallet there is a copy of electrum still under development. Is viaBTC trustable? How do I know if enter my private key into this new 'electrum cash' wallet that they wont steal my BCC and BTC?
To me the organisation behind BCC looks kinda sketchy...
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Everyone is so confused about 1st August and they are panicking. No one really knows what's gonna happen,so just keep calm and let them get it over with.
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Maybe they want to scare people to get cheap coins.
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Excellent analysis, I won't be rushing out to buy BTC because of this, but if there is a good price swing towards LTC and ETH, I'll get some.
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Bitcoincash is a step and a suspicious act of china mining.
It is a rain water action. Creates market chaos with bitcoin segwit bias. Let the turbid water drop.
Does not address the issue of bitcoin's blockchain network expansion. Let's take another possible solution.
Bitcoincash is just altcoin eaten by bitcoin ecosystem.
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Anybody knows when Kraken will disable withdrawals of BTC?
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We will see how things go. My guess is that BCC might not even come to life, or quickly die after few months.
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too early to guess anything , lets wait for Aug 1
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very nice shearing your post..
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