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13 comments
Created by mumble 4 months, 2 weeks ago
[ 2.00 | 0.00 ] [#2353]

https://news.slashdot.org/story/17/08/02/216225/why-the-bitcoin-network-just-split-in-half-and-why-it-matters


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Created by anonymous 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11232]

Procrasti here.

Firstly, I'm mostly upset that I spent the majority of my coins... If I had all the coins I did two years ago, I could afford a reasonable yacht by now. Serves me right for buying into the self sufficiency meme... I should have been on the dole for the last five years now, not just the last 8 months or so!

The next thing I wonder is that most of my coins are actually off chain... Are those providers going to allow withdrawal to both chains? If I sell coins on localbitcoins, are they worth the combined value of both chains, or just the classic chain? It's complicated the situation for sure.

The truth is that this split took me by surprise, given my lifetime ban from reddit (the NWO lying scum propaganda site for those that don't know it), I miss this kind of stuff now!... So, I don't know if I missed the boat on this one!

Long term, I don't know... small blocks have been killing bitcoin, so a large block fork seems like a good idea... But the new bitcoin cash fork has only a tiny bit of hash power in comparison to the classic chain, so it will be easy to 51% attack, given that the hashing algo's are the same... Probably one will win out over the other in the long term... or both will coexist at different valuations... who knows? It's a shame it has come to this, but there is clearly a big push by users for larger blocks, but the miners (mostly chinese and conformist) have stuck with the core on small blocks... stalemate for too long, something had to give I guess.

That's about all I know at this point.


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Created by anonymous 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11237]

Small block problems are being addressed by the Sept 1 update. That's going to put the new fork at a disadvantage. The forked coin increased the size of the block but it still is fixed so eventually the new coin will have the same problems clearing transactions in a timely manner as the original while simultaneously being less secure. After the update 1 we'll see. So the fork was good if for no other reason than to shake up those miners to finally address the problems with Bitcoin.


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Created by badvogato 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11235]

ok. today another price jump over $3000... I'll have to sell 1BTC and pay myself for laboring on translation publishing, 1st time in the last 3 years... Is that sounding reasonable expense?


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Created by anonymous 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11231]

I'm not Crasti either. Don't know where he/she has been. Lifting rocks fighting dropbears and snakes to get the rocks from one barn to another.

Bitcoin, looks like John McAfee will have to eat his own dick on TV. Value is going down because a lot of Bitcoin miners had their GPUs blown out because they had shitty power supplies. So they sell the used GPUs asis on eBay and buy 750 watt power supplies for $500 or more to get back into Bitcoining.

A shit ton of people in Russia, Russian Hackers, steal electricity to run GPU mining rigs for the Russian Mafia and making $80M USD a month on them. Comrade Ivan needs more vodka and hookers, so they better get those rigs up really quick!

GPU Bitcoin mining is basically over, back to ASIC USB SHA-256 hash solving bricks that can outperform the GPU mining. I hear these new Rysen CPUs from AMD have a GPU built in and they are working to make the SHA-256 hash solving built into them in the future,.

Ask Trane, Bitcoin may be virtual but it still has a value to it based on sacristy and economics of scale. The more people mining bitcoins the higher the value, if the miners quit or break down a lot, Bitcoin value goes down. So they have to find ways for the Miners to earn more money or else they won't Mine any more. . BASIC INCOME can be founded by giving each person a Bitcoin Mining Rig in their house and electricity is included in rent and shit utilities. Let them mine enough Bitcoins to pay for the rent, food, Internet, etc and tax them 10% to pay for the people who can't afford Bitcoin rigs.


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Created by anonymous 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11236]

Not Crasti either, apparently she is dead. Thank Eris we have kr5dit still running the place. So MSN (Main Stream News) is reporting that Miners are hiring out 747's filled with the new AMD GPU's because they can't get them and set them up fast enough.


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Created by anonymous 4 months, 2 weeks ago
[ 0.00 | 0.00 ] [#11219]

I'm not crasti but I tell ya, you better latch on that. You know if you had bought Bitcoin when you first learned of it you might be rich enough today to make a bid for president of the usa.
A small investment today could pay off BIG tomorrow. Yeah it may also come to nothing. But say in five to ten years you wake up, you might not even remember you gambled and lost your money. But if it does like this other and you wake up that future morning you'll be all pissed off thinking if only, . . . man I could be balls deep in hookers and blow right now.


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Created by mumble 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11226]

Oh, you were trying to be humorous.


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Created by mumble 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11225]

Yeah, but the point of the linked article is that there are now two bitcoins.
Which one will win, and which will become worthless??


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Created by anonymous 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11228]

It's not two bitcoins. It's the same old bitcoin and then there is bitcoin cash. And there is nothing, no law either natural or manmade that prevents them both from succeeding. Even if one is vastly more popular than the other they could both be viable. We have MasterCard and Visa. But we still have other instruments as well. Which one is most used is due to many factors like accessibility, merchant preference, incentives, etc. And many people use a combination. There was a reason for the fork. Original Bitcoin by design had a feature that some people thought too restrictive. BTCash doesn't have that restriction. However, it trades that for less robust security. Seldom is there a one size fits all solution.

After any fork, the behavior of the new coins that arise from the split will be difficult to predict. Although holders of bitcoin who now also hold bitcoin cash have come out ahead, future forks could even precipitate a collapse in bitcoin and the rise of a rival, such as ether, which is already nipping at bitcoin’s heels in terms of market capitalization. Speculators who are considering entering bitcoin should watch the news carefully for information about disruptive events surrounding potential forks.

One thing's for certain, as Bloomberg's Matt Levine noted earlier this week, "you should not expect bitcoin markets to operate sensibly."


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Created by United_Fools 4 months, 2 weeks ago
[ 0.00 | 0.00 ] [#11220]

bitcoin is fake! it has no physical weight at all! it has no mass! it does not exist!


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Created by anonymous 4 months, 1 week ago
[ 1.00 | 0.00 ] [#11230]

The perfect currency for our fake (WHITER TEETH) society reading fake news and spending our fake currency to buy fake products from fake merchants in a fake universe.

You know, I know this steak doesn't exist. I know that when I put it in my mouth, the Matrix is telling my brain that it is juicy and delicious. After nine years, you know what I realize? [Takes a bite of steak] Ignorance is bliss.
  • Cypher

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Created by anonymous 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11227]

it's got a shorter fuse than fake news, no?


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Created by United_Fools 4 months, 1 week ago
[ 0.00 | 0.00 ] [#11229]

shorter by 1.2 inches at least


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