The Problem with Bitcoin Cash (BCC/BCH) hint:NO SUPPORT!

in #bitcoin7 years ago (edited)

BCCscam.jpg

O.K seriously, where are my coins?


I have had a BCC transaction sitting stagnant for over a day now just waiting for a miner to confirm my transactions. Isn't this the very issue that the hard fork was trying to resolve? At the moment, the blockchain is nearly non-functional and support is barely coming in from exchanges, with bittrex barely adding deposits at 9:00 am PST yesterday. Well, with any new coin there are to be some bumps in the road expected, but there is a reason why miner support for Bitcoin cash just isn't there.

The difficulty of mining a block is roughly the same as Bitcoin

As a small time miner, I know that difficulty level plays a large part in deciding what to mine. The hash rate on Bitcoin Cash is currently lower than the difficulty, therefore blocks are not running at their expected 10 minute intervals. Bitcoin cash has implemented a system where it calculates the time in between blocks mined and adjusts difficulty if the blocks are too far apart.
Rules are as follows:

  • Median Time Past (MTP) of the current block and the MTP of 6 blocks has to be greater than 12 hours.
  • When this happens, it becomes 20% easier to mine via POW. Miners can thus find blocks 20% faster.

At it's inception there were massive gaps of more than 10 hours between blocks mined. If the rewards for finding a Bitcoin cash were only realized after 10 hours and the difficulty is similar to Bitcoin, you would be getting a fraction of a coin that is worth a fraction of the value of bitcoin at larger time intervals.

Simple math and this is a no brainer, miners are not going to mine until the difficulty is WAY lower

There has at least been an update on Coinbase's Bitcoin cash policy, likely in response to pending litigation threats. They have decided to integrage Bitcoin cash into their network by the beginning of 2008. By that time, we may see Bitcoin cash crash into oblivion. Mighty thoughtful of you Coinbase.

I am just trying to get rid of this worthless coin and trade it for something that is likely to have more value in the near future. Unfortunately I am unable to even get it out of my damn wallet!


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"I am just trying to get rid of this worthless coin and trade it for something that is likely to have more value in the near future. Unfortunately I am unable to even get it out of my damn wallet!"

Yep, that sucks.

I'm thinking since it was free? I'll hold it and damn near forget about it, then see what happens down the line.

Upvoted and resteemed!

Yeah, I think the whole "free" aspect of it, is what is causing the major crash...If my transaction ever goes through, I am probably still going to get rid of the damn thing and wait for a low entry if I'm going to get back in

Good point! There are probably a lot of people saying; "Oh free money!" and then just selling it.

Think I'll stick to the "HODL" and see what happens. :-)

Buying some more if it gets cheaper could be a good move too.

it was not free. It leeches the real bitcoin price down.

nice post! i upvoted you!

for all steemians on this post......... follow me and i follow you bros! :D
Follow Me : https://steemit.com/@cryptonews24

DQmcGTgE9ztQ7QmWESyE7uVqLrUqfbAa1fsTCod6dmsFYjP.gif

Thanks for the vote, if you have great content I may follow u

this whole BCH thing is a shitstorm! Do you really think it will drop out completely with no support over the next few months?

I think the miners will show up once it is profitable..Who knows what the price will be by then though

Hoping it will climb back up, I took my Bitcoin off exchanged and into my own keys so I missed the early sell opportunity... :(

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