Bitcoin could go to ZERO overnight. Better keep your Bitcoin Cash!!!
For the first time in Bitcoin history, if miners withdraw their mining power from mining BTC, transactions on the BTC chain will grind to a halt. However, Bitcoin Cash can survive any drop in mining rate.
Bitcoin Cash was built so that if it starts to take too long to mine blocks, it has an Emergency Difficulty Adjustment(EDA) to make it easier to mine blocks. For the first two weeks since the fork, there have been a few EDAs and it has dropped the Bitcoin Cash difficulty to 13% of the legacy Bitcoin's chain.
Bitcoin Cash was able to add this EDA code through a contentious hard fork - something that is really only possible with a large enough community coming together to update to new clients, get miners to mine it at a loss, exchanges to list it, and merchants to accept it. No easy task, but there were enough people fed up with Blockstream's takeover of Bitcoin Core development to make it happen. Legacy Bitcoin does not have this safety feature and cannot have one unless a hardfork is performed to include it, and with the current landscape that is not at all likely.
Up until now, there was no incentive for miners to leave the Bitcoin legacy chain. ASIC miners built specifically for Bitcoin's SHA256 mining algorithm needed to mine Bitcoin to be the most profitable, but now that can change with Bitcoin Cash. What happens if it becomes more profitable to mine Bitcoin Cash, and miners quit mining legacy bitcoin and make the switch to Bitcoin Cash?
A Chain Death Spiral occurs.
Less mining on the legacy Bitcoin chain will lower the hashrate, but it won't be able to adjust the difficulty down, causing miners to leave because it isn't as profitable. As more miners leave the problem gets worse and a feedback loop results in the dreaded Chain Death Spiral. The slower blocks are found the more miners leave until its impossible to get a transaction into a block at all. Even though Bitcoin has the default difficulty adjustment every 2016 blocks, without enough hashpower, it can never get through those blocks to reset it. All your BTC would become worthless overnight.
Bitcoin Cash to the Rescue!
Luckily, anyone who hasn't been paying attention will be fine in this event. They will have an equal amount of Bitcoin Cash that will takeover as THE "Bitcoin" since it will become the longest fork of the original chain. The value of legacy bitcoin will transfer over (more or less) to Bitcoin Cash, so its fiat value will remain relatively the same as well.
The biggest losers in the event of a Bitcoin Chain Death Spiral would be those who sold their Bitcoin Cash for Bitcoin after the fork - they would be left with nothing.
The biggest winners would be those who traded in their Bitcoin for Bitcoin Cash, especially if they did it at a 1:10 ratio. ;)
Bitcoin will not drop to zero over night, but eventually it could happen when fees rise too much and when the network gets congested again just like it happened before in the past.
Bitcoin Cash is the original 'Bitcoin' and the upcoming tension will be interesting.
It could fall 99% over a week. Going to zero overnight is bit of a stretch. There are way too many zealots in BTC community. Personally I think it is more likely to fall like Ancient Rome, British Empire or modern Sweden. BTC is more likely to end with a whimper but either way trash is trash, end is end. Some idiots loading up BTC because it's the talk of the media is going to keep prices high.
One think BTC wouldn't reach is a $100 billion market cap.
Network is congested right now. It already takes bigger fees to get a Bitcoin transaction through than it does with Bitcoin Cash.
BCash is an empty truck claiming to be faster
Even though we had a steep Bitcoin price drop after the Bitcoin Cash hard fork, I'm sure you're still right today! Bitcoin cannot go to zero because too many people believe in its value. Over the past year Bitcoin went down, sure, but it will stabilize in 2019. With more implementations for Bitcoin payments, more people will get involved and more people will buy and trade Bitcoins.
https://www.hardforking.com/can-bitcoin-go-to-zero/
Tonight is the night!
Loled :D bigblockers alternative reality...
Probably what the British thought of American colonies before 1776 (Just finished Sons of Liberty mini-series)
You can't have a future with poor fundamentals. Bubbles pop...... eventually.
Are you referring to BTC or BCH?:)
BTC=British
BCH=America
One will die before the other but neither has a bright future. I'm with Dash and several other great products. Dash is like Singapore. It came late. Some people don't even know it, but if you look at the fundamentals, you've got a winner. I make my picks based on technical facts.
Dash>BCH>BTC
You should check out the ZenCash project also. I've been a big fan of Dash for awhile but the 1000 Dash Masternode got prohibitive too quickly. ZenCash is instituting a secure node system where you only need 42 Zen to participate and it's currently trading between $5-$6, meaning $210-$252 for a node.
I think this BCH-BTC dance is so fascinating and I'm really excited to see what happens when mining BCH becomes more profitable.
I checked it out. I don't see why it would take off from #180 in coinmarketcap to top 50. If you want to get into a node on a low price, try Waves. It's big but still has lots of room to grow compared to ETH and NEO. You could lease any amount of Waves and cancel anytime. The waves don't even leave your wallet. Try the Waves Lite app. You can take part in a node for few dollars or even cents.
I'll look into it. I don't understand your statement about top 50 marketcap. I'm talking about the potential of a fully decentralized project here. I think it's starting to get some momentum, up 30% overnight as of right now
I don't see how it would become a top 50 coin. Monaco did 435% gains in the same period. Waves already have a fully decentralized project with its own decentralized exchange. NEO pays GAS just for holding, You don't have to even do anything. Just have 1 NEO and you get GAS.
Zencash has no unique selling point at all. Dash, NEM, Waves, NEO, Monaco, Sia, Maidsafe, BAT they all do the same but better. I wouldn't put a penny on Zencash not because it's bad but because others are already doing it far better.
still laughing?
Yep, 92% blocks mined by one miner -_-
Enjoy your pump and dump :) But don't worry, there will be more FUD from segwit2x so chinese can pump bcash even more.
Sorry, I don´t get your thinking, may I missed smth. Even if no new blocks are mined for BTC, who cares about it? It is all about demand and supply. As long as new people join in, hedgefonds, banksters, normal people, as long as there is interest, the price will go up. Especially due to the limited supply. Don´t forget that currently only 5Mio people hold BTCs, and the news is full about it and how profitable it is as asset class. Do the maths. What kind of death spiral you are talking about?
it's just his alternative reality where someone care about BCC altcoin. It's price is still below 0.1 BTC and I don't think it's gonna ever go higher. Check bitcoin unlimited, bitcoin classic, bitcoin XT and many more - some people believe that they can make their own version of BTC and that their version is more real and that someday people will believe in it. Not gonna happen, sorry.
Only the altcoin creators make money, sadly on naive people who believes their propaganda - like @ancap74. Hope you didn't change all your BTC to BCC.
If no blocks are mined - there is no Bitcoin. You can't send any if no blocks are mined.
People will always mine because they will be rewarded with transactions fees. When BTC is $1,000,000 even a tiny Satoshi reward will make it worth it. Many blockchains like Waves and Ripple operate just fine with no new blocks being mined.
If you like centralized systems like Ripple and Waves, why not just invest/use Visa or ApplePay?
Not sure how Waves is centralized. Either way the point is that you don't need to have a PoW system.
91% of last 1000 bcash blocks were mined by one miner - and you're talking about centralization in bitcoin?:D
I see, but seems very unlikely. It would hurt the miners too, wouldn´t it?
Miners would just switch to Bitcoin Cash, which half of them already want to do anyway.
There are whales out there who sit on 1000s of BTC. Do you think they will sit aside when miners won´t mine BTC anymore and let there wealth go down? They could afford building mining rigs by themselves easily. Maybe they did already and keep them as contingency plan, ready to mine if needed. OK pure speculation, but if I were a BTC millionaire, I would.
Those whales also have equal amounts of Bitcoin Cash.
The whales could simply buy BCH on a exchange and use their mining rigs on BCH. They will get richer; no need for contingency. I'm more concerned about the mining pools. Also there is the case of cloud mining contracts.
I personally expect more of slow and gradual death for Buttcoin like Valeant Pharmaceuticals or J. C. Penney but happening in a much faster pace.
Bitcoin unlimited, bitcoin XT, bitcoin classic... I don't see them taking place of bitcoin ;) bcash is just another attempt.
I used to think you were simply uninformed. But now I think you are some blind idiot. BCH briefly went over $1000 and I predicted few days ago that BCH will become stable over $1000 by the end of the year while BTC never going further than $5000 milestone(I should have given a lower number in hindsight).
BTC is destined to die. I predict below $5billion market cap by 2020. You are nothing but an idiot who doesn't look at fundamentals and facts. I suggest you put all your savings on BTC and HODL. That will teach you a lesson.
Its not at all possible.. If it happens then lots of people who are millionairs becuz of bitcoin ,will come to road😝
Not at all. If legacy Bitcoin dies tomorrow, the only people who will be broke are people who sold their Bitcoin Cash (or bought Bitcoin post-fork). Bitcoin Cash will just take the name of Bitcoin since it will be the surviving fork, and anyone who had Bitcoin pre-fork will still have it from their Bitcoin Cash coins.
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