Another Bitcoin Hard Fork?
It has only been a month or so when Bcash was introduced to the mix. There was some political motives behind the hard fork and also some staunch supporters of the legacy coin that pushed the split. So far, the split has been pretty calm other than the miners taking advantage of the fluctuations of difficulty. Bitcoin continues to grow as usual while Bcash stays volatile, not sure of its future. And this has only been a month and there is already a talk about an another Hard fork. Get ready, people.
The split at first was troubling because of its uncertainty; developers were shocked of its split and the public did not expect such a sudden change. Even some exchanges like coinbase, announced that they would not support Bcash that came out of the fork which stirred a lot of controversies. With major exchanges not accepting Bcash while others accepted, this whole situation was a fiasco. And another one is coming up.
This time, the hard fork product is Bitcoin GPU, also known as Bitcoin Gold or BGold, as a symbol of BTG. The point of this split is supposed to protect Bitcoin's key value of "decentralize." Through the BTG, they somehow want to keep Bitcoin from upgrading further into Segwit2X and possibly Lightning Network and stay in a route similar to Bcash. However, as the name explains, they implement their ideas through the restriction of ASIC and put in GPU back in the equation.
So without the powerful ASIC miners, BTG attempts to re decentralize the currency. On their site, it says, "For too long, Bitcoin has been held back by the centralize mining industry. GPU brings Bitcoin into the modern age with an exciting technological roadmap to enable massive on-chain scaling well into the future with decentalize."
I can understand how the limiting of ASIC miner would balance the power between the miners but I cannot understand their vision of fixing Bitcoin. Also, the BTG Site seems to be very suspicious through the eyes of cointelegraph and through mine as well. It is a skeletal site that has some information out with links that doesn't lead to anywhere and site looking bland. That said, I do not know if this is truly going to happen but it has been put out by a well known crypto influencer, worldcryptonetwork, and published on an article by cointelegraph. This seems to be something ready to take action and we are the first to experience the bizarre changes.
BGold Site: http://btcgpu.org/#
Cointelegraph Article: https://cointelegraph.com/news/suddenly-bitcoin-gpu-hard-fork-could-give-bitcoiners-more-free-money
I am not a financial/crypto expert so please do your own research before making your decisions. I am not responsible for any actions that you take.
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I have problems taking this seriously;
Still, upvoted since I never heard about it before. I guess I'll never hear about it again either, but who knows ... could be that I'm wrong on that count.
PS: there exists no cryptocurrency with the name "bcash"
Yeah. The article about this was only published yesterday so the news, whether it's true or not, is still fresh. The website seems to be unfinished and has plenty of errors so there is a chance it can be nothing more than a prank but I cannot tell right now. Take it with a grain of salt.
oh and I just call it Bcash so that I don't get confused typing Bitcoin cash and Bitcoin. Just for ease.
As long as there is some hashpower / mining pool that can support it during the initial fork date and beyond, it could work. They can learn alot from the Bitcoin Cash procedures. Then keep maintaining it.
The initial fork date was a month ago. Since they are free to specify the initial difficulty in the specifications they don't depend that much on hashpower. Any old computer or raspberry pi would do to "seed" the mining.
Hoping a more futuristic route instead of GPU. Perhaps a smartphone chip maker can come up with mining on their specific chip thus making it special and valuable. Of course then the algorithm may need some changes to suit it. But it will become viable since people need smartphones. Today almost all are very similar if you have a snapdragon highest chip. For example Xiaomi or Huawei just smaller chip maker but they could make it happen to their advantage. So users of their chip will be able to mine while other chips unable or maybe able if they cooperate . Then we have a truly distributed network since smartphones are everywhere, faraway places and more.
A coin that can only be mined on Samsung Galaxy, that would be "centralization" in my head ... then again, perhaps not worse than Bitcoin, which for almost all practical purposes are only mined on the AntMiner S9. Anyway, think of how disturbing that would be - tons of people always carrying lots of extra USB batteries with them, or never leaving home because they need to be tethered to the electricity network mining coins on their phones.
Also, the algorithm obviously has to be public - there is no way one can stop someone from making an ASIC - except by changing the PoW-algorithm by hardforks every second month or so.
True. I'm sure there will be some miners that will jump over and see if they can profit from it. Especially people with heavy GPU set-up is going to be a happy bunch. However, we still do not know who's behind it and if the community will follow like how some followed Bcash.
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STOPHow will this affect us (BTC holders) directly? is it going to benefit us or we loose money.
The short answer is that it will benefit BTC holders. Cointelegraph reports that if this Hard Fork goes through, it will give same amount of BGold as you have in BTC. But this is still in the open and not a sure fact, so be skeptical of the situation until the official announcements.
I believe the short answer is ... "meh". I don't see this as a initiative with a lot of momentum, maybe it's even a joke or a scam. If it's either insignificant or not even happening, then it won't affect BTC holders at all.
A coin split leading to two coins should in general not add value, rather the opposite, as some of the network effect is getting lost.
Well for the Hard Fork into Bitcoin and Bcash, the BTC holders got the same amount of BCC. I'm guessing if BTG were to exist, the same or similar thing would happen based on the information that I've read.
Yes, so coin holders will get some "free" BTG, but it's not necessary a good thing!
It's very likely that such a coin will be worthless anyway, and the btc-hodlers shouldn't need to bother about it. In such a sense, the news about a split is a neutral event; it could still be sort of a negative event as some btc-hodlers will waste time and energy to figure out if they own any BTG, if the BTG is valuable, how to extract and sell the BTG, etc.
At the other hand, if the coin does become valuable - the coin value has to come from somewhere, you can't sell the coin unless someone is willing to buy it. Those people buying it, do they buy it using bitcoins? If there is no extra flow of fiat into the ecosystem to buy BTG, the total market cap of BTC+BTG will be constant - if BTG gains value, BTC will drop (or grow less than what it otherwise would have grown).
Now why is BTC so valuable compared to altcoins? The network effect is the very most important thing, and if people "defect" from bitcoin and start using BTG instead, it will be bad for bitcoin.
So far, Bitcoin Cash has proved to be "free money" for BTC holders. BTC grew sharply after the split, and Bitcoin Cash has also been holding a strong value. I believe there has been a very strong covert marketing campaign behind Bitcoin Cash, including the inflow of fiat to pump the value artificially high. At one hand, Bitcoin Cash is sort of a threat to Bitcoin, but at the other hand I also think the split has been a bit of a relief - many bigblockers feel a renewed optimism now with Bitcoin Cash being "Bitcoin as it should be", and many smallblockers feel relieved to "get rid" of the most tocix hardblockers. With optimism, more fiat investments ...
Yes "Free" money in terms of just gaining currency but how it will affect Bitcoin and Bcash is a whole another problem. It might have an overall negative effect.
Everyone is free to fork Bitcoin. On the goals of this group:
If I read it correct, they have SegWit and they will start with 2MB block limit and later be growing the block size limit cautiously on demand. So, whatever scaling Bitcoin can do, so can Bitcoin Gold do, and in addition there will be more room in the blocks. But who cares, it's no need for any grand scaling plans for a ledger with only a handful of transactions.
Yes but this might be a Hard fork, not just a random fork. I said that their plan is skeletal at the moment so I cannot say for sure how they scale the Bitcoin onchain. As for the patented elements, that is something to watch out for.
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