I see people saying that Bitcoin Cash is a "fake" coin or a "clone" of Bitcoin that is worthless. Nothing can be further from the truth. These people don't understand what a hard fork is or its nature. Let me ask you a question, is Ethereum a fake coin? Of course not, but Ethreum is the result of a hard fork that turned the original into "Ethereum Classic." "Ethereum Classic" became called so only after the hard fork, before that it was just "Ethereum." Think about that for a moment.
I think the same will happen with Bitcoin and "Bitcoin Classic." The new version of Ethereum was the much better coin compared to its original in the hard fork, Bitcoin Cash is the much better coin in it's hard fork. Have you tried sending Bitcoin Cash? It's much faster than even Segwit/Lightning Network crutch Litecoin. It's lightning fast and with it's bigger block size will continue to be fast for some time to come, also the fees for transactions are miniscule. I believe soon, Bitcoin Cash will be called just Bitcoin.... while Bitcoin Core will be called something else maybe "Bitcoin Classic" or "Bitcoin Legacy," I also believe it will drop in value a great deal much like Ethereum Classic is dropping in value and being discarded almost as a relic or novelty.
The people that are speaking against Bitcoin Cash are afraid, they are the long time "hodlers" and don't want to start over, but they are holding on to a relic at their own detriment. Technology advances, do you want to hold on to cell phones from 10 years ago? Or even 5 years ago? Cryptos are the same exact thing, they need to adapt to the times in order to survive. The size of Bitcoin Cash's blocks will make it viable for a long time to come and it's technology can be easily adaptable as time progresses. It is a superior coin to it's predecessor. It is the real Bitcoin the way it's founder intended it to be. It's DNA is "Bitcoin" unlike other forks in the past.... Bitcoin Cash has the transaction history that goes back to it's inception. It is the real deal. The only difference is it has some slight improvements from it's former self.
We have seen Bitcoin Cash move up in value recently, with naysayers dismissing it as pump and dump.... guess what, it's holding, there was only a pump but no dump, in fact the coin that dropped a great deal is Bitcoin Classic. As more and more people start to realize that Bitcoin Cash is the new and improved Bitcoin and the more they realize that Bitcoin Classic will fork yet again into a Segwit 2x crutch hybrid, the more they will realize that Bitcoin Cash is the most pure of the 3.
Digital gold.
I am very excited to be a part of Bitcoin Cash's beginning and look forward to the future.
)
Most people seem to of instantly considered Bitcoin Cash as useless, when in reality it is closer to what Shatoshi wanted then the segwit direction. In Nov BTC will be hard forking again which will further complex the BTC path as segwit2x is launched. Which one of the 3 will be the big dog is hard to say but I personally am not counting Bitcoin Cash out of this race as it could easily surprise a lot of people and end up on top.
That being said with all this Bitcoin hard fork crap, I think in the somewhat near future Ethereum (ETH) may overtake all 3 and become the #1 market cap crypto (at least for a while).
Anyways, just my 2 Satoshi's... Should be interesting!
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Keep it up man! Here's another great chart to keep an eye on hashpower:
http://fork.lol/pow/hashrate
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@anarchrysalis, BCC is now at roughly half of BTC's hash rate! BTC = 67.54% BCC = 32.49%
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66.54 to 33.46, we are there now! I can't believe how quickly it's happening. I just checked about two hours ago, and when I checked again, it told me that 90 some blocks had been mined on the BCH chain and only like 15 on the BTC.
BCH should be the longer chain very soon, like Wednesday or something. I'm probably going to move my last bit of BTC to an exchange to make sure it's somewhere where I can move it quickly if everyone becomes aware of the spiral all at once. So grateful for the time I put in researching this and for discovering that awesome blog, Bitcoin and the Blockchain that you've linked to.
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bitcoin cash is only 124 blocks behind bitcoin and finding an average of almost 40 more blocks an hour. this should happen by noon!
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Excellent post and those were my thoughts as well... I've said several times on this platform that if Bitcoin is gold, Bitcoin cash will be silver and effectively it will become the crypto that will be paid with collectively. People laughed at what I said.
I still believe Bitcoin Cash will be massively adopted as the payment coin in so many stores that we never seen before.
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I think Bitcoin Cash will completely overtake Bitcoin, not become its silver but become its gold. Bitcoin will have little to no value as the miners will abandon it and there is a thing called chain death spiral, look it up. What happens when miners begin switching to Bitcoin Cash because as of now it's over 150% more profitable..... Bitcoin Core's chain will grind to a slow death.
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@Valderrama this is important to know about Bitcoin Classic, right now the profitability to mine is on Bitcoin Cash's side. Read this http://bitcoinandtheblockchain.blogspot.com/2017/08/chain-death-spiral-fatal-bitcoin.html
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That link goes to an incredible blog. I've been loving that guy's stuff and it is so informative and even
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Nice post WVM. All very possible, exciting times head.
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Chain death spiral is something very real, right now it's more profitable to mine Bitcoin Cash.... what happens next could be a slow chain death for Bitcoin Legacy.
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Read this @corvo http://bitcoinandtheblockchain.blogspot.com/2017/08/chain-death-spiral-fatal-bitcoin.html
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No dump? Better check the prices ;)
My opinion - it was pumped by miners because of the drop in difficulty. But guess what - the diff will rise 3 times in about 4 days. If the price don't follow I can't see it being mined by too many miners...
Also - BCH has 70 transactions per block - for the entire network! No one is using it. The blocks are 50kb, why did they need 8mb cap?:D
But that's just my opinion, no intend to be hostile. Market will tell :)
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All opinions are welcome... we just disagree. That's what makes all of this exciting.... it will be interesting to see what happens in the year to come. And definitely continue giving your opinion and insight, differences in opinion are what makes any idea or group of ideas strong.
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As far as a dump it went from 300 to 900 to 700... it's a normal fluctuation in fact I expect to go as low as 600 until it makes a move upwards again. How many times has Bitcoin legacy fluctuated the same way? In fact Bitcoin Classic just lost $500 or so dollars in the last few days.... that's what these coins do.... fluctuate. I would consider it a dump if it went back to $300, I predict the price will steadily increase in the weeks to come.
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I think there's a serious consolidation going on right now....volume super low and things are tightening up. So now which way is it going to move??? Methinks we are looking at another blastoff pretty soon.
Another consideration is that in a little over ten days, the BCH chain will likely be longer than the BTC legacy chain. What will people say then?
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I expected this post to end with: "I was holding X bitcoin at the time of the fork and I sold off Y% of it on the BTC network as soon as I could. Now I hold 2X BCH!"
It is time to show your cards. Maybe that is too harsh and confrontational, but I am curious about how you handled the fork.
I only had about 1.1 BTC at the time of the fork, so I'm just holding both BTC and BCH. Just enough skin in the game to keep it interesting.
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I'm all in on BCC or BCH (Actually should be BTC) I don't hold any Bitcoin Core coins. I think those coins will die off soon.
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Money where your mouth is -- I respect that.
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It's BCH. BCC is BitConnect, and that's also in the top 10 for cryptocurrencies.
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I'm about 90/10 BCC/BTC. Just kinda hanging onto a little BTC for posterity.
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Yeah it could be a like a momento type of thing....
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Wish I had one of those actual coins.... Your point about people hanging on to old technology is really great. This is the evolution of the space and for whatever this tech is, there is a hyperevolution taking place, out of necessity. If you are unwilling to adapt, you will not be left behind, because I believe that this technology is going to lift us all. But, you might lose a chance to have as big of an impact as you could have otherwise.
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A 90/10 split still qualifies you as a true believer. I've never been a true believer in anything. Except science. I believe in science.
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Thanks Professor. Just looked at your description and the "Recovering University Professor" part made me laugh. I checked out your profile and you've got a new follower here. Looking forward to more of your contributions.
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bitcoin cash is going up while bitcoin is still at 4000$
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