From the last Bitcoin hard fork, Bitcoin Bash (BCH) was born.
I was convinced BCH would die quickly. Man, was I wrong.
It's still trading at around $300 dollars each today.
Now a new fork is coming. It's called Bitcoin gold.
Bitcoin Gold will use an algorithm called Equihash for mining, which is “ASIC resistant”.
This means it is designed to discourage the use of ASICs for mining. Instead, Equihash is written so that graphics cards offer the most efficient way to mine coins based on it.
All these forks remind me a little bit of the time I got into Bitcoin in 2013. There were so many coins back then all derived from the Bitcoin protocol with a few tweaked parameters. (faster block time, more coins per block, more total of coins).
I mined some of them. I remember names like Leafcoin and Marscoin. I still have them but now they are useless and valueless. I will be surprised if I can even sync the chain on these coins.
These new Bitcoin forks are more 'advanced' I guess but to me, they feel similar.
The success of Bitcoin Cash I don't think many foresaw. But if this Bitcoin gold proves to be successful, I'm sure it will open a floodgate of new Bitcoin XYZ coins.
I have Bitcoin so I get all these new coins which is nice. It is free money after all.
But I rather would have one stable Bitcoin.
I talk about more in my vlog and also talk a little about STEEM.
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If this continues Bitcoin to fork then eventually the value will affected. It will lose trust and that is a disaster.
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Forking is the new business model, it creates value out of thin air, taking advantage from BTC that has value and reputation.
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I think i am interested in Bitcoin Gold as they are ASIC resistant, which may have fair distribution of mining coins.
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@exyle I don't know what the long term will be with all the coins created by the Bitcoin Forks, but I do know that the real WINNER for us is STEEMIT...........
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you know it ;)
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I knew you would agree @exyle
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too many forks will destroy cryptocurrencies.
and the idea will die if coins are not even stable and only try to fork to get some extra cash. its like floating the market with extra coins so where is the often discussed limitation of coins?
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Bitcoin is rising in value because people are selling their altcoins in other to get more bitcoin in the hope that they will profit from the fork. Hope that makes sense :)
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You are right, at one time I also thought that BCH will not last long, but he is still alive. I wonder what happens with the new plug, I hope we will have a few new coins, from this fork! Well, if Bitco's gold is successful, then all will win. Thank you @exyle
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The last time I got free coins (BCH), I immediately sold them a little cheaper than they are now. If they give away free money now, I'll probably hold them. Though I do not know what to expect.
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The proliferation of crypto-currencies is certainly not good for the system. It is now worsened by the fact of the proliferation of bitcoin itself through these numerous forks coming out of bitcoin.
In the long term interest of the system, bitcoin should steer clear of the crypto-currencies proliferation. It is no good at all, in my humble opinion.
Thanks @exyle for this great post. In a matter of days, we shall see how the Bitcoin Gold turns out.
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It seems like we will see more and more of this forks due to the basic incentive of Free money - hard to resist. Your analogy to the older days of altcoins, Leafcoin and the like, is useful to hear... I wasn't around the crypto world back then, but it confirms my suspicions: We'll see a bunch of bitcoin forks, then it'll revert back towards a smaller, more usable system. Maybe we end up with Bitcoin, Bitcoin Cash, and maybe Bitcoin Gold... but it's hard to imagine many more forks than that retaining value.
Who knows at this point though. Anything is possible haha
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how many forks are in the line up i get confused due to this people run behind the free money and they dump the market later
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Thanks for educating on it. You're the primary source for a lot of people to learn more about crypto.
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I've been in internet marketing since 2009. I'm new to crypto world. All these Bitcoin forks seems like Google SEO updates like Panda and Penguin that Google used to penalize many website even some big names were in the list. Bitcoin. The hardforks specially the recent one has benefited Bitcoin but rest of the top coins are suffering with every passing day as Bitcoin Gold hardfork has announced some lucrative rewards for Bitcoiners. Dear @exyle, I agree with you on this point:
But I would like to add one more point:
Very good post and analysis.
Keep posting, sharing and inspiring more.
Steem On!
P.S: Please explain this:
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I guess you would be right. If all these forks produce $400-$500 Bitcoin 'XYZ' coins you will find a lot of them back in the top 10. Which would not be a great development in my opinion. But the free market decides not me.
The banner I run for another Steemian. It's a business deal. The link doesn't work at the moment I just noticed. I think they are upgrading the servers.
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@exyle,
You are absolutely correct friend! But personally I don't think BTC Gold will not be a successful crypto after all!
Cheers~
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I think Bitcoin Gold is a sham, but I understand their intention of moving away from the chinese mine farms. But there really is just too much speculation in this one, everyone is on board for the free coins.
Please, no more forks; my alts are dying. Haha
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I've read that Bitcoin Gold is meant for holding/hodling in the long term. That's where it gets its name, from'Gold'.
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I'm already holding my original BTC for long term :)
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I agree with you that I also rather would have one stable Bitcoin than all these forks. But then again, I feel like Bitcoin is getting stronger, every time there is a fork. It's like an opportunity for people to renew their oath of allegiance to Bitcoin ^^
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Many Bitcoin (or altcoin) forks will dilute spectrum, will make the crypto-sphere even harder to understand than it already is, there will be failures among some forks so:
(yes 4k€ for a BTC is still cheap I think)
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nice post and another fantastic video @exyle, i totally agree with you these forks are not help bitcoin neither it helps us by any means, it is no doubt far far better for us that we all have only one bitcoin, now you tell about another bitcoin named as bitcoin gold, i think it's also get rejected by majority just like BCC or BCH whatever it's called, in my opinion it is another phishing attempt on bitcoin this time, just like we have on steemit, now if we keep getting these forks, i think that will do more hard to bitcoin in the long term then just allowing the segwit chain to prevail. Stay blessed my friend and thanks for sharing.
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nice work @exyle, wonderful informations and updates about Bitcoin compare to Bitcoin Cash And Bitcoin gold, but i think any improvement on tthem are temporary, no one can beat Bitcoins and full hope on its stability. thanks for sharing such important topic.
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@exyle - Sir, I'm fully confused with this new fork & can't understand why BTC price increasing sharply. I smell a big drop soon Sir. Nice review you made.... Therefore, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
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the forks keep coming and this is not stopping i wonder what the prices of the main btc will lead to due to this
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Sure, free money, but it makes the Bitcoin not really trustworthy. This is not something people think of stable and it gets too complex. I would guess that a lot of people will never use their Bitcoin Cash since they do not know about it (free from fork).
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What's Bitcoin Bash :P I feel like this fork is just another way to sustain both BTC and make a quick buck. I love Bitcoin, but its technology is getting outdated...
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Btc cash went off to a flying start now not that much worth what was initially but it was good to get some extra money hahah :D
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Hi @exyle, hope you're doing good. Most of the writers from around the globe are writing about cryptocurrency, and give thier feefback on it specially regarding future of bitcoin. Everyone has his own opinion. I read some stories on it written by famous writers, but honestly speaking your way of delivering the point is totally unique and simple. Even a common man can understand what are you saying. Please keep updating with your amazing writing skills. Stay Blessed!
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Thank you so much!
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to be honest this is more like free money now you can see the market today all the alt's are in red zone steem prices nearly towards a dollar
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Forks like these are good if we want free money, but in the long run they do not look good to the masses because by just forking and forking they still to behave like fiat - uncontrolled printing. Credibility will be loss and people will lose faith as the alternative. Granted, the market is "free" and the the laws of the jungle applies where it is the survival of the fittest.
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That is true. It's a free market. It will be interesting to see how this will pan out.
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Good point, I rather see one stable bitcoin that a lot of bitcoin bitches!!! however who will say n for free money? lets hope for a faster and chaper fee (exchange) bitcoin ...thanks for sharing
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Glad you brought up BTC Gold. I see this BTC rally as a money grab to get the free BTC Gold with people selling off alt coins to get in on it. It really looks like a false rally and not healthy for the market. It's akin to central bank money printing with creating cash out of thin air and lessens the value of the currency/asset. I see why people love the "free money" aspect, but we all know there is no such thing in this life as free money. I really hope this doesn't continue in the future b/c if you look far enough down the road it doesn't look to end well for BTC and the crypto market as a whole. I think most of us love crypto for the fact it's decentralized and free from the corruption and games of the financial institutions that run our world, all the HF's creating value out of thin air dampens the value of BTC and eventually will lead to just another gamed system of monetary smoke and mirrors.
Great vlog brother and have a great day!
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hello, @exyle
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In today's video we talk about the upcoming Bitcoin hard fork that is coming on October 25th. This bitcoin hard fork is known as Bitcoin Gold and it is another User Activated Hard Fork, similar to how Bitcoin Cash was conceived. If you wish to get your free Bitcoin Gold make sure you are holding Bitcoin on the Bitcoin Gold release date, October 25th. I'm interested to see what price Bitcoin Gold opens at as it will determine whether or not I decide to hold my Bitcoin Gold for a bit or sell it immediately for more bitcoin. If you enjoy the video and you enjoy cryptocurrency content such as cryptocurrency news, cryptocurrency trading, altcoin trading, price predictions, and discussions on cryptocurrencies such as bitcoin, ethereum, litecoin, lisk, dash and many more please make to subscribe! Drop and a like and comment if you enjoyed as well! Hope you enjoy and thanks for watching!
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As a newbie to crypto, I find things like this mind-boggling.
From an economic point of view, the established cryptos make sense because the masses have assigned values to them and they are tradeable.
However, these new spawning coins via either fork or ICO make no sense to me. It's all just speculation that "this one will be the next Bitcoin" or whatever.
What's the point in it all when you have established cryptos that you can already use?
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i trust in bitcoin because the world of other cryptocurrency is very uncertain.
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that is damn true..
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thanks for sharing keep it up
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As another hard fork is on the way so kind of helpful insight to it , thank you @exyle
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Interesting.
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Another fork i was not even aware about this one how many btc exists ??
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i am interested
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Forks forks forks lol ! if it really works there would be many more forks Seriously !
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Will we ever see a Bitcoin Spoon?
Just wondering. Thanks for sharing!
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Mine as much you can.
At the cost of electricity , card and you.
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Excellent post thanks you
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amazing post...,
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Stable is good. I can't lie though and I do slightly think wayhay when I hear about a new fork
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Yes it's gold of king....
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Don't know about new forks but if it get's it way who knows it might get a new turn in the market .Be safe than sorry though .
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