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[XiaNaphryz]

https://www.cnet.com/news/bitcoin-cash-splits-in-two-in-blockchain-feud/

Bitcoin splits in two amid feud

by Richard Trenholm
August 1, 2017 5:01 AM PDT

Bitcoin is dividing in two. Disagreements about how to operate the cryptocurrency have led to a new strand called Bitcoin Cash, which is breaking off from the bitcoin system.

Bitcoin Cash launches Tuesday in what is known as a "hard fork" from bitcoin, a virtual currency based on peer-to-peer transactions without any central authority or bank behind it.

The new offshoot is a response to the increasing popularity of bitcoin, which is struggling to deal with massive numbers of transactions with its underpinning technology. The main bitcoin currency is adopting a system called Segwit2x that moves transactions out of the current blockchain, while bitcoin Cash will use bigger blocks within the blockchain.

Only some bitcoin exchanges will support the new cryptocurrency, but some bitcoin owners will find their stash automatically cloned into both types. It remains to be seen what the schism will do to market values.

 

[The Technomancer]

Boy I sure do love my new currency derived from eternal math and not subject to the political whims of man

 

[Neptonic]

I have no idea what any of that means
Sounds bad tho

 

[What did he mean by this?]

Sell!!!
Or buy
do something

 

[Blam]

Boy I sure do love my new currency derived from eternal math and not subject to the political whims of man

free money

 

[Geist-]

What's the starting price for a new bitcoin?

 

[amar212]

It is parallel universe.

I know economy professors on pHD studies that can't explain bitcoin.

 

[michaelius]

I have a feeling that fortunes will be made and normal people will just lose on that split.

 

[ClosingADoor]

That does not sound like an ideal situation. More cryptocurrencies, jeej...

 

[Steel]

I have no idea what any of that means
Sounds bad tho

Two solutions were come up with to solve a problem, but a blockchain can't be changed without changing everything about it. So, the people mining bitcoin chose to do both solutions and split off on mining in the programming universe with each change in place. This creates a new currency. Of course, now people that owned 1 old bitcoin on the old chain own 1 bitcoin on each chain, so their coins essentially doubled.

Sell!!!
Or buy
do something

This is a sell time. Supply has increased greatly, so price will have to decrease.

 

[backflip10019]

Bitcoin blockchain data modification transaction automation cryptography.

 

[hydrophilic attack]

Boy I sure do love my new currency derived from eternal math and not subject to the political whims of man

lol

 

[SwordStruck]

some bitcoin owners will find their stash automatically cloned into both types

Wait what?

 

[adj_noun]

Bitcoin blockchain data modification transaction automation cryptography.

Decentralized full node hash rate wallet transaction.

 

[ClosingADoor]

Two solutions were come up with to solve a problem, but a blockchain can't be changed without changing everything about it. So, the people mining bitcoin chose to do both solutions and split off on mining in the programming universe with each change in place. This creates a new currency. Of course, now people that owned 1 old bitcoin on the old chain own 1 bitcoin on each chain, so their coins essentially doubled.



This is a sell time. Supply has increased greatly, so price will have to decrease.

So the value of a bitcoin will drop by half, since everyone now has double, just two different ones?

 

[davepoobond]

new currencies spawning and duplicating your money sounds great

So the value of a bitcoin will drop by half, since everyone now has double, just two different ones?

one of them might be useless though?

my guess is that they will recombine at some point and the value will drop by half.

 

[Steel]

Wait what?

That's what happened with Ethereum.

So the value of a bitcoin will drop by half, since everyone now has double, just two different ones?

Probably more than half considering the miners are now split between both coins.

 

[Kalor]

The value dropped earlier so I'm curious where it will settle.

 

[Brashnir]

Boy I sure do love my new currency derived from eternal math and not subject to the political whims of man

 

[Chumley]

I've dabbled in crypto, my understanding is that this means Bitcoins value will drop but by exactly how much is unknown atm.

 

[Enduin]

Sounds like a clusterfuck.

 

[Ravensmash]

Seems like a stable form of currency...

 

[cubicle47b]

Bitcoin is still sitting around 2750. The split to Bitcoin Cash is sitting at 250. It's definitely weird.

 

[Somnid]

my guess is that they will recombine at some point and the value will drop by half.

I'm pretty sure that's not possible because blocks on one chain will not be recognized on the other and the entire design of block chains is to prevent insertions.

 

[Randomizer]

Is they like some form of crypto-inflation?

 

[hydrophilic attack]

Is they like some form of crypto-inflation?

crypto-debasement

 

[The Greek Freak]

My biggest regret in life is not buying bitcoins for under $50 and really believed it would be a good idea.

Makes me sick to think about.

 

[DarkKyo]

This is a sell time. Supply has increased greatly, so price will have to decrease.

I'm no economics major but if the price has decreased it sounds like a buy time to me?

 

[Karsticles]

It is parallel universe.

I know economy professors on pHD studies that can't explain bitcoin.

Really? It's like any other hobby economy. Instead of buying beanie babies, people are buying bitcoins.

 

[Netherscourge]

Boy I sure do love my new currency derived from eternal math and not subject to the political whims of man

Let's split it in three - just to watch the world burn.

 

[davepoobond]

I'm pretty sure that's not possible because blocks on one chain will not be recognized on the other and the entire design of block chains is to prevent insertions.

So they can't make a new system and both migrate to it?

 

[excelsiorlef]

The Bitstein Coin

 

[5taquitos]

My biggest regret in life is not buying bitcoins for under $50 and really believed it would be a good idea.

Makes me sick to think about.

You could say the same thing about so many opportunities. I should have bought Amazon stock back in the day, etc.

Best not to get hung up on it.

 

[molnizzle]

Boy I sure do love my new currency derived from eternal math and not subject to the political whims of man

Seriously WTF?

How is this even possible?

I though the entire point of Bitcoin was to avoid situations like this one.

 

[CrazyHorse]

https://www.cnet.com/news/bitcoin-cash-splits-in-two-in-blockchain-feud/

This guy tries to explain what Bitcoin is to noobs which using technical language too?

 

[Art Teitlebaum]

What currency will be next? US$? EURO??

 

[Enduin]

What currency will be next? US$? EURO??

Get ready from Trump Bucks.

 

[Angry Grimace]

This sounds like something that would precipitate a huge crash.

 

[Tacitus_]

This is good for bitcoin.

Or not. But everything is good for bitcoin until it isn't.

 

[Starviper]

So wait.. Is it now worthwhile to mine Bitcoin (cash)?

 

[JWiLL]

This is good for bitcoin.

Or not. But everything is good for bitcoin until it isn't.

I can't argue with any of that.

 

[Trojita]

My biggest regret in life is not buying bitcoins for under $50 and really believed it would be a good idea.

Makes me sick to think about.

Imagine if you had the chance to buy then for fractions of a dollar or penny, or even just a buck or two.

 

[Luschient]

Hoping some uncertainty around Bitcoin will inflate ETH and possibly LTC to levels where I can sell for a big-ass profit.

 

[enzo_gt]

I can't help but think that Nakamoto is sitting in some lavish penthouse right now just laughing at how successful he/she was at creating this currency, but laughing even harder at people continuing to put value into something that has taken him from being a millionaire to a billionaire, and beyond.

 

[NimbusD]

I'm very confused. I thought the whole point of bitcoin was that no person could decide what do do with it but now this is converting coins? how is something like this decided if no one controls it?

 

[Walter White Walker]

I know some of these words .gif

 

[zeemumu]

I guess now might be a good time to buy in out of caution and then sit on it forever

 

[Kieli]

Really? It's like any other hobby economy. Instead of buying beanie babies, people are buying bitcoins.

Didn't know beanie babies were, at some point, recognized as legal currency by the Japanese government.

 

[Deleted member 13876]

Didn't know beanie babies were, at some point, recognized as legal currency by the Japanese government.

It's a little known fact.

 

[Steel]

I'm no economics major but if the price has decreased it sounds like a buy time to me?

It hasn't decreased on the main branch yet.