Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on [email protected] for help. Thanks :)
Private profiles - please note that profiles marked as private will soon be public. This will facilitate moderation so mods can view users' warning histories. All of your posts across the site will appear on your profile page (including PI, RI). Groups posts will remain private except to users who have access to the same Groups as you. Thread here
Some important site news, please read here. Thanks!

Bitcoin V bitcoin cash

  • 16-12-2017 1:13pm
    #1
    Registered Users Posts: 988 ✭✭✭ brendanwalsh
    Registered User


    Anyone able to shed some light on the history behind this split.

    I read a long article on reddit and the essence I got is that legacy bitcoin is not fit for purpose and will eventually die, while bitcoin cash is closer to the original vision.

    However other people on reddit say cash is a scam . Also seems to be a lot of censorship going on.

    Anyone able to provide an objective viewpoint or history


«13

Comments

  • Registered Users Posts: 1,915 ✭✭✭ dashcamdanny
    Registered User


    When do you think it will make it coinbase?


  • Registered Users Posts: 9,062 ✭✭✭ Kenny Logins
    Registered User


    Anyone able to shed some light on the history behind this split.

    I read a long article on reddit and the essence I got is that legacy bitcoin is not fit for purpose and will eventually die, while bitcoin cash is closer to the original vision.

    However other people on reddit say cash is a scam . Also seems to be a lot of censorship going on.

    Anyone able to provide an objective viewpoint or history

    Look up Roger Ver if it helps you decide.


  • Registered Users Posts: 2,875 ✭✭✭ KilOit
    Registered User


    Look up Roger Ver if it helps you decide.

    Also "**** your mother of you want ****"

    I'd stay clear op but that's just me. People have made a huge stack with it though


  • Registered Users Posts: 4,188 ✭✭✭ pH
    Registered User


    Bitcoin cash is a hardfork to try and control bitcoin by a group primarily run by miners. It's a dead end, that only has some legs now because of stupid people and the fact it has some mining power behind it.

    The fact that it doesn't have segwit, nor a competent dev team should tell you everything you need to know about it.


  • Closed Accounts Posts: 657 Shauny2010


    Bitcoin Cash follows the original Bitcoin whitepaper. The increased blocksize allows for next to zero cost transactions with no conjestion.
    The Dev team are growing rapidly. Their implementation of its new difficulty adjustment algorithm in October was a fantastic move, very competent.
    On Bitcoin, It doesn't have Segwit either. Segwit still isn't implemented. when it eventually gets there (if they can agree which looks unlikely thus many more forks) it will not reduce transaction costs, if anything it will add to them. The proposed lightning network to run off segwit is not decentralized so is not really Bitcoin anymore. It will be centrally controlled which is not good.

    Don't get me wrong, I hold both Bitcoin and Bitcoin cash but I see more problems ahead for Bitcoin while Bitcoin cash carves into its market share.
    The €1500 a coin for Bitcoin cash is a more attractive price too


  • Advertisement
  • Registered Users Posts: 1,480 ✭✭✭ Laviski
    Registered User


    https://futurism.com/co-founders-bitcoin-com-sold-all-bitcoin/

    BCC jumped by over 20 %
    expect a good pump more


  • Registered Users Posts: 1,223 pro_gnostic_8
    Registered User


    Bcash has jumped because BTC has had an upward difficulty adjustment. Miners have temporarily switched over to Bcash. This will not last.


  • Registered Users Posts: 1,223 pro_gnostic_8
    Registered User


    Oh Shauny, you've drank the Roger Ver Kool-Aid. :)
    Shauny2010 wrote: »
    Bitcoin Cash follows the original Bitcoin whitepaper. The increased blocksize allows for next to zero cost transactions with no conjestion.
    There are low-cost tx fees with Bcash because nobody is using it! If ever it did get usage on a par with BTC, it would crumble. The 8MB blocks would not be enough. It would have to scale higher to the extent that the network would be centralised and insecure. BTC, on the other hand, CAN scale via Segwit, Lightning Network, Schnorr signatures, etc. We ain't seen nuthin' yet. :)
    On Bitcoin, It doesn't have Segwit either. Segwit still isn't implemented. when it eventually gets there (if they can agree which looks unlikely thus many more forks) it will not reduce transaction costs, if anything it will add to them.
    Oh, come on. Segwit IS implemented, and it's working fine. And yes, it does reduce tx costs.

    Bcash is a sham, nothing more than an altcoin piggybacking off the Bitcoin name. It is backed by criminals like Roger Ver and Craig Wright, and pumped by a certain Chinese mining farm with a vested interest (Bitmain). It, on average, has 5% of the total network hashrate power making it very susceptible to attack and crash. All it will ever be is a pump-and-dump vehicle for whales.


  • Closed Accounts Posts: 870 ✭✭✭ scopper


    Anyone able to shed some light on the history behind this split.

    The split is on the surface about the scalability problem in Bitcoin, i.e. how to allow for more transactions and keep fees low.

    Bitcoin "Core" or the Bitcoin at the top of the list is the original chain and has most of the developers involved. They have a solution called SegWit and other fancy things, though they are not yet widely in use.

    Bitcoin Cash is smaller, with fewer devs and broke off from Bitcoin "Core" to form a new chain. They made a change that allowed for more transactions without Segwit. They tend to see themselves as the economic Bitcoiners, looking to make it cash again, rather than digital gold, as Bitcoin is now seen.


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    BTC, on the other hand, CAN scale via Segwit, Lightning Network, Schnorr signatures, etc. We ain't seen nuthin' yet. :)

    I admire your conviction.

    Whether Lightning allows some incredible amount of tx/sec or not, it still needs to settle to the BTC chain at some point.
    The main chain is still limited to (does maths) 2,830,464,000 transactions over the course of a generous 90 year lifetime.
    There are 2.7 people on the planet for every settlement on chain. How will that work?

    Tabs?

    The block size has to increase even with Lightning enabled. For Lightning to be used SegWit use has to rise dramatically, far beyond the 10% it's at now.

    Increasing block size in some form was seen as a necessity two years ago and most definitely preferred by the users at the time - what's happened that's made the small blocks so valuable to users?
    Why do they suddenly not care about having a usable system? A system scalable to billions of users was the point of it after all.


  • Advertisement
  • Registered Users Posts: 1,223 pro_gnostic_8
    Registered User


    grindle wrote: »

    Whether Lightning allows some incredible amount of tx/sec or not, it still needs to settle to the BTC chain at some point.
    It needs to settle only when a channel to a hub is opened and closed. All the micro-transactions in between are settled off-chain. Makes sense, there is absolutely no need for every Starbucks coffee you buy to be verified and listed to a blockchain and to reside on that blockchain forever.
    The main chain is still limited to (does maths) 2,830,464,000 transactions over the course of a generous 90 year lifetime.
    There is no size-limit to the Bitcoin blockchain.
    The block size has to increase even with Lightning enabled.
    Says who? :)
    Increasing block size in some form was seen as a necessity two years ago and most definitely preferred by the users at the time - what's happened that's made the small blocks so valuable to users?
    Why do they suddenly not care about having a usable system?
    Yes, and it is understood to be probably necessary at some time. However, the Bitcoin core developers concluded --correctly so, imo -- that that first would come Segwit and then Lightning before the block size could increase. This prevents bloat on the system, and also builds a more robust and secure ecosystem. The way Bcash has gone about it -- increasing blocksize only -- is a terminal game. What happens when the current 8MB blocks become choked? 16MB blocks; 32 MB blocks 1; Gig blocks? Where does it end?


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    It needs to settle only when a channel to a hub is opened and closed. All the micro-transactions in between are settled off-chain. Makes sense, there is absolutely no need for every Starbucks coffee you buy to be verified and listed to a blockchain and to reside on that blockchain forever.
    I know this - at the speed settlements are currently made (5-6 tx/s as of today) the blocksize has to increase to 8MB just to allow everybody on Earth a chance to open and close a single Lightning channel for themselves in their lifetime.
    There is no size-limit to the Bitcoin blockchain.
    ?
    There is a limit to the amount of "settlements" per second.
    Says who? :)
    I'm sorry, I must have gotten lost - I'm almost sure the purpose of BTC was to eventually become the de facto store of wealth and means of spending?

    So... The maths says so?

    If amount of people on Earth > amount of settlements on chain (and my god, that's spanning a 90 year lifetime), surely the blocksize should increase?
    What happens when the current 8MB blocks become choked? 16MB blocks; 32 MB blocks 1; Gig blocks? Where does it end?

    Nobody knows where it ends, but everybody knows that BTC is nigh unusable as it is.
    "Permissionless"/"Censorship-Resistant", "Fast", "Low Fees" - you don't see how these do not apply to BTC any more?

    How can this money have low fees and be permissionless if the fees are so high (oh so very high) that poor people AKA "the unbanked" could never dream of using it?
    "Oh hey, I earned 5 SwaziBux today, better put that into my fave permissionless, fast, censorship-resistant, low fees crypto-coin!"

    hours later

    "Oh cool, my money is now a transaction fee! Awesome!"

    It feels like the idealists have all died, tbh.


  • Closed Accounts Posts: 657 Shauny2010


    It needs to settle only when a channel to a hub is opened and closed. All the micro-transactions in between are settled off-chain. Makes sense, there is absolutely no need for every Starbucks coffee you buy to be verified and listed to a blockchain and to reside on that blockchain forever.

    There is no size-limit to the Bitcoin blockchain.

    Says who? :)


    Yes, and it is understood to be probably necessary at some time. However, the Bitcoin core developers concluded --correctly so, imo -- that that first would come Segwit and then Lightning before the block size could increase. This prevents bloat on the system, and also builds a more robust and secure ecosystem. The way Bcash has gone about it -- increasing blocksize only -- is a terminal game. What happens when the current 8MB blocks become choked? 16MB blocks; 32 MB blocks 1; Gig blocks? Where does it end?

    Transactions on the lightning network if it ever gets created and agreed upon (which is highly unlikely) is off chain, centralized and open to attack.
    Bottom line its not Blockchain Bitcoin anymore.

    Nothing wrong with Bitcoin Cash increasing block size, don't worry about increasing block size as long as it works which it is proven to. If we were afraid to increase the size of video files do you think we'd be able to watch HD films?
    Segwit has fixed nothing, just look at the transaction times and cost of transactions. I don't think anyone will use Bitcoin to buy a cup of coffee as it could take 10 hours to get confirmations and cost €20 in fees. And who would risk using off chain transactions, you'd be far better off with Visa
    Bitcoin has found its use case as a store of wealth but thats it. For micro transactions or everyday their are plenty alt coins out there.
    Bitcoin Cash has the lowest fees, no delays and a big following. Write it off at your perl. Me, I have both along with many Alt coins like Neo, Zcash, Omise etc

    I think you are this guy on stage

    Bitcoin is going to become bitcoin classic at the way things are going


  • Registered Users Posts: 1,480 ✭✭✭ Laviski
    Registered User


    BCC breached 3k
    $800 gain in 12 hours.


  • Registered Users Posts: 115 ✭✭ Paddy_B
    Registered User


    BCC on Coinbase! Aaaaaaaaand I can't buy any... typical Coinbase.


  • Registered Users Posts: 1,678 ✭✭✭ Selik
    Registered User


    It's rocketing, just hit 3,400 on Bitstamp. Everything else getting smashed.


  • Registered Users Posts: 1,480 ✭✭✭ Laviski
    Registered User


    4k on bittrex


  • Registered Users Posts: 691 ✭✭✭ Uncle Mclovin
    Registered User


    Everything else is being crippled. Sickened I don't have the funds available


  • Banned (with Prison Access) Posts: 1,648 Autochange
    Banned


    Paddy_B wrote: »
    BCC on Coinbase! Aaaaaaaaand I can't buy any... typical Coinbase.

    Currently disabled. Bull plop


  • Registered Users Posts: 1,678 ✭✭✭ Selik
    Registered User


    Could this be the start of massive bull run for Bitcoin Cash or is it just another classic bitcoin cash pump and dump (happened numerous times since it's inception) ?


  • Advertisement
  • Registered Users Posts: 1,480 ✭✭✭ Laviski
    Registered User


    with the long transaction times and high fees, its only a matter of time before BTC is challenged.
    BCC is looking to that fight - if successful, it would only be an interim holder imo.


  • Registered Users Posts: 1,480 ✭✭✭ Laviski
    Registered User


    The main question is whats going to happen once you are able to buy/sell on coinbase......


  • Closed Accounts Posts: 7,683 ✭✭✭ Subcomandante Marcos


    Laviski wrote: »
    with the long transaction times and high fees, its only a matter of time before BTC is challenged.
    BCC is looking to that fight - if successful, it would only be an interim holder imo.

    Iota is the future of the current blockchain tech.


  • Registered Users Posts: 2,903 ✭✭✭ Blacktie.
    Registered User


    Iota is the future of the current blockchain tech.

    IOTA isn't blockchain tech.


  • Registered Users Posts: 886 ✭✭✭ JonnyM
    Registered User


    Coinbase has bitcoin cash at $0.00 must of pulled it????


  • Registered Users Posts: 9,062 ✭✭✭ Kenny Logins
    Registered User


    JonnyM wrote: »
    Coinbase has bitcoin cash at $0.00 must of pulled it????

    Switched off until 9:00am PST (5pm here).


  • Registered Users Posts: 9,062 ✭✭✭ Kenny Logins
    Registered User


    Everything about bcash is shady, it just never stops. CNBC shilling is now added to the list (click link for full thread) -

    https://twitter.com/WhalePanda/status/943398560795627521


  • Moderators, Society & Culture Moderators Posts: 15,421 Mod ✭✭✭✭ smacl
    Moderator


    JonnyM wrote: »
    Coinbase has bitcoin cash at $0.00 must of pulled it????

    Not even zero, not a number at all in fact. I wonder whether CoinBase will crash out once it goes live.

    436660.JPG


  • Registered Users Posts: 4,188 ✭✭✭ pH
    Registered User


    I'm so glad that that I waited for a new nano wallet to dump my bcash. If someone is willing to give me that much money for a coin created solely so a big Chinese miner can continue to 'ASIC Boost' and control the development for their benefit then that's fine with me.
    If BTC drops a bit in the process so I can buy more real bitcoins with this bonus cash then even better as far as I'm concerned.


  • Advertisement
  • Registered Users Posts: 988 ✭✭✭ brendanwalsh
    Registered User


    Bitcoin cash back up for trade at 5pm today. Don't think this is over yet. Ver and the cartel are ready to pump their baby to the moon


Advertisement