Bitcoin splits in two amid disagreement - Bitcoin Cash launches as a hard fork

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XiaNaphryz

LATIN, MATRIPEDICABUS, DO YOU SPEAK IT
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.
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Neptonic said:
I have no idea what any of that means
Sounds bad tho
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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.

What did he mean by this? said:
Sell!!!
Or buy
do something
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This is a sell time. Supply has increased greatly, so price will have to decrease.
 
Steel said:
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.
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So the value of a bitcoin will drop by half, since everyone now has double, just two different ones?
 
new currencies spawning and duplicating your money sounds great

ClosingADoor said:
So the value of a bitcoin will drop by half, since everyone now has double, just two different ones?
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one of them might be useless though?

my guess is that they will recombine at some point and the value will drop by half.
 
The Technomancer said:
Boy I sure do love my new currency derived from eternal math and not subject to the political whims of man
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D6l8fu1.gif
 
I've dabbled in crypto, my understanding is that this means Bitcoins value will drop but by exactly how much is unknown atm.
 
davepoobond said:
my guess is that they will recombine at some point and the value will drop by half.
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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.
 
Somnid said:
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.
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So they can't make a new system and both migrate to it?
 
The Greek Freak said:
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.
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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.
 
This sounds like something that would precipitate a huge crash.
 
The Greek Freak said:
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.
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Imagine if you had the chance to buy then for fractions of a dollar or penny, or even just a buck or two.
 
Hoping some uncertainty around Bitcoin will inflate ETH and possibly LTC to levels where I can sell for a big-ass profit.
 
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.
 
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?
 
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