Bitcoin Cash is Brilliant... For BitShares. - Another Billion Dollar Idea.
At the eleventh hour, a big, ugly black swan crash-lands in Lake-of-the-Crypt.
It lays a bunch of eggs and then takes off. We're left with 16.5 MILLION illegitimate little chicks.
Luckily those wild bird enthusiasts at Bitshares have stepped up to the plate and offered to take them in... ALL of them, if they so choose.
See, Bitcoin is going to split now, or rather, a copy will be made, and a significant part of the Bitcoin hashpower will be moving to the copy. The miners and developers supporting the copy want to improve Bitcoin further, so that it can be the digital currency that it always wanted to be. Anyone who currently owns Bitcoin can claim one of the new tokens, "Bitcoin Cash", and then they can try to use them in whatever way might be possible August 2nd.
Here's where it gets messy.
A whole lot of people use centralized exchanges, where they might not have immediate access to their Bitcoin key. A big, giant headache has just been dropped in the laps of these already saturated exchanges. Some of the exchanges can barely manage the customer service workload they have as it is, but now they will have to figure out how they can unravel all the claims to the Bitcoins that they control. For exchanges that don't re-hypothecate their bitcoins as derivatives, that might be pretty easy, but for all the others, it might prove to be very hard. They might have to take extreme measures, such as saying, "Sorry, we're not going to give you the Bitcoin-Cash for your Bitcoins." And we know that this will mean trouble for those exchanges. There might be massive withdrawals from them the minute this starts to look possible.
In any case, it will prove to people that centralized exchanges are antiquated, and there needs to be something better. For those successful in getting their new tokens out from the exchanges, they will have a hard time using them. Although there are already predictions on the future price, I don't think there is any way for them to gain traction in the way these Bitcoin-Cash people envision. None of the current infrastructure in place for Bitcoin will accept the new token, and new alliances will have to be forged. For world-wide acceptance, there needs to be a stable marketplace where people don't need to trust anyone, and I doubt people see the chinese miners and exchanges who back this as especially trustworthy. They are forking bitcoin here, with the promise of upgrading the network IN THE FUTURE.
The Future is Now.
The Bitshares Decentralized Exchange will be issuing a smartcoin called Bitcoin-United, and will be offering it in exchange for the the keys to the new Bitcoin-Cash tokens. This will provide an immediate, revolutionary improvement in technology, the same revolutionary improvement that has been occupying everyone's mind for the last few years. It can all be done overnight now, and this new Cash token might grow into something these folks never expected - A serious upgrade in Bitcoin. The world-wide exposure of Bitcoin with the industry-leading power and speed of Bitshares. This will get really interesting.
Resteem this, and find other ways to say the same thing. The Bitshares DEX is here, and it will be ready for August 1.
Great post!
Doc Brown explains it all in this three part series:
Doc Brown's Multiple Bitcoins Theory
Doc Brown's Lab Experiments with Multiple Bitcoins
[Doc Brown's Big Heroic Audacious Goal for Bitcoin] - Coming August 1
Thanks, @stan. I could hear Doc screaming some of those lines... Great posts
I've been brainstorming how to achieve greater adoption of Bitshares, and I really love the your use of BHAG... I'll use that term too now :)
My Billion Dollar Idea prt 1 - Thorium Mass Adoption
My Billion Dollar Idea prt 2 - Investment Frontend for Bitshares for the Common Man
In my limited exposure to the Bitshares DEX, (just over a month), I've seen such potential for the everyday investor. They need to have their hand held long enough to get their $Fiat into the system, and it takes a little while to figure out the UI, but once in, I'm sure that regular folks, like my brothers and sisters in the building trades, will love it. We need MOAR ideas, folks!!
I'm keeping my Bitcoin on a desktop wallet so that I have my private keys. Will trade all of the Bitcoin Cash for Bitcoin United on August 2nd. Don't let the oligarchs take advantage of you!
Wait a minute. Last time I read about this the BTS DEX was going to give everyone their inhouse smartcoin for free. Now they are taking your BCC tokens in exchange?
Your bitcoin keys at the snapshot date would give you the right to redeem your BTS BTC-U tokens. If you claim your BCC tokens first and move your BTC classic to a newly created post fork address before you claim BTC-U, you should be able to get all three post-split coins.
You would be advised to move your BTC post-split before giving your keys to bitshares to claim tokens anyway. It is good security protocol to prevent replays.
No doubt people will be posting tutorials on how to do things safely.
I dont understand what is meant by snapshot, is like a snippet from my PC. What if the scenario be if i already have my BTC on bitshares dex before August one. Will bitshares dex give me btc-united automatically or will i have to do anything? Also how do i get private keys for individual assets on bitshares dex, for instance, if i want private keys for my bitcoin purse from bts dex, where do i get that from, assuming i want to use it to claim btc cash on the bitcoin cash chain?
just get your Bitcoins offline, in your own wallet. Withdraw yourself from any exchanges which do not honor Bitcoin-Cash, because they are obviously Fractionally-Reserved. Hold tight for a week, and wait to see what happens with Bitshares' offer to this whole thing. There is no rush, as long as YOU control your BTCs before August 1.
this could get crazy if this doesnt go as planned, and like we need more crazy and drama,
Holy crap what a soap opera! With apologies to anyone adversely affected by this all, I am enjoying the intrigue of this developing story.
This is going to be good for bitcoin in the long run I believe... I have researched the upcoming fork which I believe will result in a split and its also my feeling that BCC is going to be the new bitcoin after people do their own research I think they will feel the same.
What do you mean? That is what a fork is... This is not good for Bitcoin, as their one niche is being crypto gold - they are now vacating that niche.
Great analogy! Some folks are likely to receive something more unpleasant from the magic swan instead of golden eggs ;)
One black egg each. They might be worth something, and they might be the harbingers of doom. Who knows? lol
Time will tell on this one.
its so going to flood the crypto market and we will see volatility like no other.
Yes. that volatility should man up and remove itself from the centralized exchanges. Be responsible and participate in the total upgrade of BTC-C by taking the offer to make them into BTC-U. Then the self-serving miners who dreamt this up can be left holding the short end of the stick, while everyone else moves on with a mature DEX, Bitshares.
The story of this fork reads like a teen drama / mystery novel. twists and turns at every corner.
Next week we will find out who's baby Judy is really having.
Thanks for helping make sense of it a bit
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