Daily: What the Fork?? (Bitcoin Gold, Segwit 2x)
Bitcoin Gold has successfully forked and is now actively being traded on the markets. In this episode, we look at the results of this fork and also the upcoming fork: Segwit2x.
0:42 Market Recap
1:35 Bitcoin Gold Launched
4:57 Segwit2x Fork
Bitcoin Gold Information: http://boxmining.com/bitcoin-gold-nutshell
Segwit2x Overview: https://medium.com/@jimmysong/segwit2x-what-you-need-to-know-about-the-2mb-hard-fork-27749e1544ce
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Ethereum and steem usually the coins i have and support but are not moving in price...is this because of bitcoin next fork happening in a few weeks? Do you think nothing is going to happen for ethereum till next fork? Looks like everyone is dumping everything to bitcoin but will this continue for 2 or more weeks?
In case we run out of Fork we should call the subsequent splits Spoon!
I like Bitcoin classic, the BTC. I bought Bitcoin in June 2017 for the first time. I also joined Steemit then. I traded around in other cryptos. BTC started in 2009. A 2nd version of Bitcoin came in August 2017. Now, the Bitcoin Gold seems to be the second fork of Bitcoin. Ethereum had a split, too. I like gold historically. I'm going to try to do more research on Bitcoin Gold. The name itself is interesting. Historically, gold withstands the test of time unlike the Zimbabwe money or maybe Rome money. In the future, the dollar and others may die. The dollar is declining. Bitcoin classic will continue to rise maybe to a million dollars before 2025. But at the same time, the actual value of the dollar will probably be a lot less in the future which is part of how the Bitcoin can do that and probably will do that.
One thing I don't get is why people oppose block size increases irrespective of the 2x fork. Whining about control over the network is one thing but I see too many people opposing the idea altogether, seemingly without understanding that block size increases will be required in the future (why the "muh decentralization" mouth-breathers are clueless) or Bitcoin will max out its capacity (again).
As for who controls the network, it's already the miners. It's always been the miners. Coinbank, surprisingly, is exactly right: the Bitcoin that gets the most hash power will be the "real Bitcoin" and the other one will be relegated to a name change. (Yes, I know it's actually Coinbase. Coinbank is more accurate.)
I would be surprised if Segwit Bitcoin survives at all. Miners have an incentive to support it: more transactions, more fees collected. Lower fees, but as the blocks become strained again it will result in a net gain in mining revenue. Users have an incentive to support it: with increased capacity comes lower fees, so it could actually start to be used in real life instead of just between wallets and exchanges.
Transaction capacity is everything for a payment network; a currency's market cap is directly limited by it. It's too bad it's not Segwit 8x, then Bitcoin might actually stand a chance against 2nd generation innovators ¯_(ツ)_/¯
Thanks Michael for your continuing explanations concerning alt.BTCs.
I will be hodling BTGold, as it is free I have nothing to lose.
I may even try Mining it in the future.
Whilst there is a lot be taken on trust, I quite liked the terms of the announcement for BTGold, specifically: ASIC resistant; Short Difficulty adjustment period; Equihash PoW and the general sentiment of the founders to be supportive towards BTC Core.
It has been very helpful of some exchanges to allow trade of BTGold whilst it still worth anything, after all, 100,000 coins at zero value is zero funds for development.
re B2X: a larger blocksize is a temporary advantage for ASIC miners, as they feel the next Halving get closer and things become even more difficult for them. A larger blocksize will have to keep getting larger to satiate the ASIC miners quest for profit.
To me, BTC with Segwit (and maybe Lightning) was already enough of a compromise. BTC doesn't need rapid transactions or general population uptake to be powerful - like we don't access the B.I.S. or the FEDs via an ATM cash machine.
If B2X comes out on top then it will be bye-bye Bitcoin, impossible to decentralise again because of control by majority miners and completely against the political and social reasons why I got into BTC.
Thanks Michael for your continuing explanations concerning alt.BTCs.
I will be hodling BTGold, as it is free I have nothing to lose.
I may even try Mining it in the future.
Whilst there is a lot be taken on trust, I quite liked the terms of the announcement for BTGold, specifically: ASIC resistant; Short Difficulty adjustment period; Equihash PoW and the general sentiment of the founders to be supportive towards BTC Core.
It has been very helpful of some exchanges to allow trade of BTGold whilst it still worth anything, after all, 100,000 coins at zero value is zero funds for development.
re B2X: a larger blocksize is a temporary advantage for ASIC miners, as they feel the next Halving get closer and things become even more difficult for them. A larger blocksize will have to keep getting larger to satiate the ASIC miners quest for profit.
To me, BTC with Segwit (and maybe Lightning) was already enough of a compromise. BTC doesn't need rapid transactions or general population uptake to be powerful - like we don't access the B.I.S. or the FEDs via an ATM cash machine.
If B2X comes out on top then it will be bye-bye Bitcoin, impossible to decentralise again because of control by majority miners and completely against the political and social reasons why I got into BTC.
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Hi boxmining,
Thanks for the great content