Techblogger Special : Update on Bitcoin Diamond and How to Claim Your Free BCDs!

in bitcoin •  2 years ago  (edited)

Believe me, I like BTC forks about as much as getting teeth removed at the dentist. I think it is wreckless and although quite common, it may help Bitcoin and the ecosystem in the short run but in the long run it threatens the future of BTC which may or may not be bad...

A fresh new Bitcoin fork successfully debuted Friday, but its 4.2 bln coins are already raising questions.

I agree that 4.2 billion coins is a bit disturbing but on the other side, markets and investors will decide what value to assign these tokens. If they continue forking BTC they will need to have different properties so called the new cryptocurrencies Bitcoin is quite a marketing ploy however, proof-of-stake will revolutionize blockchain so I think the diamond dev team (which remains oddly anonomous) may be on to something here...

Bitcoin Diamond (BCD), which launched at block 495866, aims to switch from proof-of-work to proof-of-stake after mining is completed - after just 10,000 blocks.

A curiously complex introduction on Bitcointalk Nov. 22 paved the way for Bitcoin’s latest doppelganger, which unlike previous incarnations Bitcoin Cash (BCH) and Bitcoin Gold (BTG) has hardly anything in common with Bitcoin (BTC) at all.

Again, BTC has the longest track record, the most name recognition its well established as a settlement layer but it isn't a great model for small day to day transactions. Maybe Bitcoin diamond can fill in that gap?

Despite claiming a 28-exchange support figure, however, little is known about what BCD aims to achieve.

This is one thing I think will be the downfall of BCD. On one side there is a team that wants you to invest your hard earned money in their crypto asset but on the otherside they want to remove themselves of all responsibility. This is a huge red flag in my book...

An anonymous developer team, along with an anonymous ‘Bitcoin Diamond Foundation,’ appears to be in charge of the groundwork, yet user queries about accessing coins yield a standardized response.

The response that people received in regard to their questions looks like this 'Those wishing to unlock their BCD balances should ask wallet providers themselves, developers suggest, apparently hoping combined pressure will force the Bitcoin ecosystem to adapt to yet another hard fork.'

So what we have here is a trojan horse. If you want to get full co-operation you need to break a few eggs, send angry customers of exchanges hurling towards their CS ticket systems and see if they buckle under pressure. I've heard of worse approaches so I'd say this strategy will probably work!

In fact, I make that claim because right now at this very moment, it is slowly working for Bitcoin Gold, the previous fork of the network which as I write this is gaining momentum on markets.

Coinmarketcap shows that an all time high of $526 and may be broken at any point in the near future if current enthusiasm remains. Another interesting fact is that in the past 24 hours, BTG has gained more than 40 percent.

Techblogger Wrap Up

I'm not completely sold on all these forks. I love what it has done to my bitcoin holdings in the short term but feel ultimately this will be the downfall of BTC. However, I also feel that cryptocurrencies are here to stay but I'll be looking at moving towards more platform based blockchains with real proven use cases.... The day of cryptocurrencies may be coming to an end and it may just give rise to crypto-platforms which bring even more to the table!

Source:

Bitcoin Gold or Comedy Gold? Bitcoin Diamond Launches With 4.2 Bln Coins - The CoinTelegraph

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I just can't believe bitcoin is still surging so hard even after the hardforks are done for now. I thought there would have been a bigger correction and accumulation phase but a 1000 jump last night??? It's gone crazy!

Agreed! I know this is going to make people in the mainstream shocked and amazed... What are the banksters doing? Do they know something that the rest of us don't? Are we going to 15k or even 20k BTC?

What I find pathetic is that all of this forks use the Bitcoin brand and emotional feelings tied to it to have a chance in the market. Dash and LTC are born from BTC as well but they don’t pretend to overtake it, If your project is really worth something the market will decide but using Bitcoin name is just ridiculous, Bitcoin Cash included.

I respect your opinion and agree for the most part. I do think that Bitcoin Cash is something quite a bit different than Gold and Diamond but nonetheless it is a fork and even they could have re-branded instead of trying to exploit the 'Bitcoin' brand.

Nice comment!

Thanks for explaining this in a way that can I follow, I was finding this talk of BCD a bit baffling, great post.

Sure! Happy you found it useful. Thanks for dropping by and reading my work. It means a lot to me.

Can we buy this bitcoin diamond?

Yes there are a few exchanges already trading it as a placeholder for the real token when it's minted. One I know that is trading it for certain is YoBit.net but I can't recommend this exchange so use at your own risk!

time will tell, we ourselves choose what is valuable and what is not in the market. It's bad that the market is now very speculative.

All will be will... Just keep your finger on the trigger when it comes to altcoins or cryptocurrencies you don't have faith in.

There always will be new bitcoin forks, while we don't run out of precious gems and metal names. My suggestions for the next bitcoins:

Bitcoin Rhodium
Bitcoin Grandidierite
Bitcoin Californium 252
Bitcoin kryptonite 😄

I agree that 4.2 billion coins is a bit disturbing but on the other side, markets and investors will decide what value to assign these tokens. If they continue forking BTC they will need to have different properties so called the new cryptocurrencies Bitcoin is quite a marketing ploy however, proof-of-stake will revolutionize blockchain so I think the diamond dev team (which remains oddly anonomous) may be on to something here...

Too many coin just hitting the coinmarket daily.
What exactly do you think could be the repercussion in the long run.
Meamwhile I didn't see how to earn BCD as you captioned in your title.
Awesome article you've composed.

@techblogger, Your contributions to our common cause have enabled me to help you with this up-vote! I very well remember that you started feeding me 61 days ago. Together, we both become stronger every day.

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good post

Sangat bagus... Mantap

Thank you for sharing good info with us. Really Appreciate

Here is the effective way to earn free tokens.
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which sites to claim free BCD?

This is currently unclear but I have a feeling the community will rally behind getting their BCD and that means the major players like Bitfinex, Bittrex, Trezor and others that I haven't named will all be handing over freshly minted Bitcoin Diamonds...

How can I claim them?

Great Post ! Thanks for explaining !

Why is the article saying that the btс are expected to fall?

Good job bitcoin is rock

Great article. Thanks for the post.

nice post.

  ·  2 years ago (edited)

the stock market of many countries does not accept it. he said he would give the Hong Kong stock exchange, which I just heard.

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Very good post.. Thanks for laying it out like this.

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