What You Need to Know About Bitcoin Cash/ABC/UAHF ect. come August First
Despite thinking that we had avoided a hard fork with the addition of segwit2x, it seems that the geniuses over at r/btc decided they didn’t just want big blocks, but they want a complete removal of bitcoin core from the start. Essentially this entire time they were pushing a compromise that they didn’t even want and when it got accepted, they decided it wasn’t good enough and will be creating their own coin called Bitcoin Cash/ABC/UAHF whatever they want to call it moving forward. As you can see I am a bit upset with this call because over and over again for a year now they have been blocking advancements purely out of spite.
Thankfully not everyone of the big blockers are buying into the bullshit and are supporting core as long as they hard fork to 2MB. However those who aren’t are flooding subreddits with their attempted coup. Well heres what you need to know about Bitcoin Cash. If you have any bitcoin at the moment of the fork, you will have coins on both chains. This will likely trigger a large sell off of bitcoin cash the second an exchange lists it, but it will probably survive like we saw from the Ethereum fork.
The coin itself is mostly being pushed by bitmain, Roger Ver and Viabtc, who, surprise, have been the major advocates of stalling segwit. They have let personal problems get in the way of what is best for the future and now believe they can develop a coin better than the smartest people in the space who have been writing research papers on cryptocurrencies since the 90s. If they want to take a shot at it, by all means do it, I personally will be selling off my bitcoin cash the second they fork, not because I think it won’t raise in price, but because out of principle I find their actions in the last year have severely hurt the bitcoin user base.
At this point, I am honestly glad that they are leaving the main chain alone and going to create their own coin. None of the business like coinbase are going to support them, they will have to build from the ground up and I suspect have many bugged releases. Bitcoin cash is the equivalent of flipping the monopoly board after you lost the game and I am finally happy to have these people out of the bitcoin main chain. I say out of the main chain because many of them are claiming they will sell all their main chain coins the second the market hits, but lets see what actually happens. I think this is a situation where a fool and their money will soon part.
If you want to know how to claim your Bitcoin Cash, take your coins off any exchanges and look at the subreddits come August first. You will probably have to do some technical work, but many people will walk you through it. Make sure you have your own keys though and you don’t have coins on an exchange because many exchanges have already said they wont support it and wont even give people the coins. Well see what happens, but once more, it seems the first will be an eventful day.
Thanks to @Elyaque for the badges
Sneakily deceptive is a good summary of the way they played their hand.
If I get this right : There will be BITCOIN and BITCOIN CASH.
So coinbase and some other exchanges will not give you BITCOIN CASH.
My question : Will the value of BITCOIN split after the hard fork ?
Is it a good thing ?
Good post.
Keep on steemit.
I would have thought that at the exact moment of the split the value would half but then lets say for example everyone sold their BCC and bought BTC, bitcoin would then jump back up to it's former price (or close to) and BCC would crash to zero. Now obviously that won't happen it will be somewhere in the middle.
My advice is read about them both and go with the tech you believe in. If you don't know or understand find a few well known people you trust and see what they say.
Personally I'll be selling my BCC.
The value will probably split a bit in the short term, but not by much. I would wait until November to see if core follows through with the 2 MB hardfork to see what happens to the value. If they dont fork, many people who are not supporting bitcoin cash at the moment might leave to join them.
What prevents them from abandoning bitcoin cash a few weeks/months after the fork and coming back to annoying the main bitcoin chain?
absolutely nothing and I wouldnt be surprised if it happens.
True. Sort of... economically absolutely nothing, but when it comes to prestige and respect, they have everything to lose. It would be Jihan's political suicide. No one would ever take him seriously anymore and I am not sure he is the kind of man who would put himself in such position. He would be a fool. We will see, only time will tell.
I've already created a helpful guide to make sure every Bitcoin holder gets the coins that are coming to them right here on Steemit:
Next Week Bitcoin to FORK: How to Profit From The Bitcoin Cash Split
Great work @calaber24p for putting together more info on the subject.
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Oh man. I go on vacation with segwit2x locked in, and THIS happens?? Damn. Honestly who supports Roger Ver and bitmain? How could people be so apposed to the core team who as you said are some of the smartest people in the cryptosphere.
We seriously need a central hub for Bitcoin where people can get a rundown of all these shenanigans these guys have been pulling for months now... Show people their true nature and smite their credibility in the space.
Officially enraged
Agreed. Roger and Jihan just hate the other developers and instead of adding to the protocol ( they cant because they are both not programmers) they throw their money around like children.
I wonder which one will Bitcoin be if analogize like the case of Ethereum. Will it be the Ethereum classic that stuck with low but stable price or will they become Ethereum with price that's going to bust wildly after the hardfork? What do you think @calaber24p?
The world may never know. Until after 8/1
I honestly have no idea, well have to wait.
BitcoinCash is Ethereum Clasic in this case. And I must disagree @calaber24p . I think the core people are unfortunately the ones taking the coin in the wrong direction. I've been trying to chose sides for a long time as I didn't really like either proposal, but it seems to me the core side(includes everybody who is supporting SegWit and realted upgrades) doesn't have a clear vision of future, they argue among themselves and I fear there will be more drama before the end of the year, where they will disagree again and perhaps even further split the coin. Not to mention their constant censoring of anything that questions their proposals, manipulation of semi-informed supporters and aggressive behavior towards people who disagree with them. To me that is not a behavior of somebody who is "right" and who is trustworthy. I think it's superficial to say "they just hate other developers and instead of adding to the protocol they just throw their money around like children" -they are adding many upgrades and are trying to honor the original bitcoin idea and the whitepaper compared to the core side. Of course everybody is financially invested, it's about money, but IMO Jihan side dont seem to be in conflict with the interests of the users and bitcoin philosophy. Because I think there is one thing people are overlooking in this story and that is - JIhan has more power and money than they do, and he has no reason to go anywhere or to transform anything to be happy. But core folks want more of what they don't feel have enough (money and power) and will do just about anything to get it, even if it means selling bitcoin to 3rd parties that will soon have more and more say in the whole game (especially when the LN comes in and other such stuff). These new upgrades are not going to be so transparent and decentralized and we will be back where we have started - trapped in the system that we cannot trust, but have no other choice. I'd much rather chose a centrally managed decentralized technology than centralized technology managed in distributed fashion.
Don't hate on BitcoinCash - just trade it for more bitcoin if you're so sure it's not worth anything.
im not hating on the currency itself, its the developers and the people who put bitcoin at a standstill because they wanted their way and now decided they want more, that im angry at.
So you're angry at Blockstream? Because they have been the ones holding up a simple block size increase that raised fees and clogged the network so they could pressure for their Segwit poison pill instead of the p2p digital cash Bitcoin is meant to be.
And core doesn't want more? You should not look at any of the involved parties as somebody who doesn't have their own motives and "only think about others, there is no such thing happening here.
I am new in this space and a lot of this confuse me. So I've been reading a lot about it. This by far makes the most sense. I believe in the platform's future, but am also sure that it is not going to be a straight line. Exactly because of what you pointed out here. People oand firms with their own vested interest weighting in on the BTC's success.
When I first heard this I just thought that someone got way too greedy, especially considering that they don't control a majority share of computing power. Very cool post!
I also thought it was a bad idea to have a split... What do you think it will happen with the main chain?, will price raise or drop?
fall short term most likely.