Bitcoin split just happened. Now we have Bitcoin and "Bitcoin

>>61677921
What's Bitcoin split?

>>61677921
If you mine a new bitcoin.

You get both a real bitcoin and a BCC, correct?

>>61677941
If I understand correct you now have two blockchains per bitcoin.

Each maintained by a different network.
So you can spend each bitcoin twice.

I think anyone can set up their own bitcoin blockchain easily.
But until now only the original was ever accepted for payments.
Maybe in future we'll have dozens of blockchains per bitcoin.

I'm going to go check /biz/. I bet they're having a meltdown.

>>61678027

I think biz banned cryptcurrencies

>>61679309
nigga that's all they talk about

>>61679309
That WAS the entire purpose of /biz/

>>61677921
I'm more interested in BBC

>>61679309
/biz/ was literally created because of cryptocurrency.

>>61677960
Nope

>>61677921
what is the point of this split?

>>61677960
no, if you have old coins (before the split) then now you have both coins

after the split each fork just creates their own coin

So this is just an attempt at trying to sabotage bitcoin, right?

Current state of /g/: this thread.

This is good for bitcoin because...?

>>61681062
To double the income! It's all speculation. There wasn't enough speculation so they decided to double the money!

>>61681062
A conflict between pragmatists who want to speed up the network by adopting SegWit and idealists who want to increase capacity by quadrupling the maximum block size. SegWit would make the blockchain as a whole less decentralized, but reduce the influence of large mining operations, while a block size increase to 8MB improves capacity while maintaining decentralization (in theory) but makes the blockchain excessively large over time.

>>61681300
So basically both approaches are shit to regular users?

>>61681347
It's two approaches to the same problem, that being the network's inability to process more than about ten transactions per second. Both solutions are sort of hacky and bad, but it comes down to what you want to compromise. SegWit doesn't deploy the whole blockchain to every client (I think, not clear on it), saving resources but also seemingly going against the whole decentralized philosophy of Bitcoin. The max block size (that's the BCC fork I believe) meanwhile improves capacity and retains the integrity of the blockchain on every client, but eventually requires an entire dedicated hard drive to run a full node.

IMO this is part of crypto growing pains, and if a crypto finds a better solution to the capacity issue then it will surpass Bitcoin as a payment mechanism, with BTC perhaps remaining around as a long-term store of value, like gold.

>>61681097
>now you have both coins
nigga, how is this fair? The value of every coin must go down 50%.

>>61677921
I think you just find someone alone at night at take it from them
GONNA BE RICH IN NO TIME

>>61681204
who decided?

I thought the whole point of bitcoin was it was headless, who got to "decide" this?

>>61677921
back to /biz/ nigger

MODS

>>61679309
nigga please

>>61677921
If you had any bitcoin before the fork, you now have btc and bcc. Just use the same private key on the new chain.

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>>61677921
>go back to /biz
this is not your thread

>>61682331
Probably Chinese.
They own the majority of Bitcoin. Enjoy your scam.

mfw i own bit coins before the split

lol at your lives.

>>61677991
Sounds like a clusterfuck, redpill me on multi-track buttcoins

>>61677991
actually it was a pretty jew thing to do. This miner was pissed with the size of each block (it is 1mb now next fork it will be resized to 2mb in november) and he forked the size of the block to 8mb. this dude is a huge miner, his fork of the bitcoin is using the same blockchain from the original bitcoin, so i am the owner of normal bitcoin and also this dude coin now, problem is i dont own any bitcoin cash wallet. Some exchanges already gave people that owned bitcoin a new wallet containing the same amount of bitcoin in bitcoin cash (bcc). I faced a very slow transaction that fucked up an atempt of buying a game. So indeed the size of the block is really a bitcoin problem, but using the same blockchain as bitcoin to try to steal its userbase is a very fucked up thing to do. i will not get this new bullshit. If i really change currency it will be probably ethereum with is a very interesting currency that runs a virtualmachine with smart contracts.

>>61684149
Sasuga, /v/, stupid as usual. Segwit makes bitcoin less secure and is a half-measure. If everyone decided they want to be less secure it could process 1.7x the transactions previous system could. Meanwhile the smallest proposed blocksize increase will make bitcoin able to handle 2x the transactions, without a best case scenario of everyone throwing safety away. Bitcoin split not because somebody wanted to steal it's userbase but because they didn't agree with changes being implemented, the "bitcoin" isn't the same one there was a week ago.

>>61682222
Not necessarily true.

Currencies don't have value until we attach value to them.

>>61684017
"Bitcoin" is just agreed-upon list of transactions (grouped in blocks formong a blockchain). Anyone can see what anyone has.

>>61684308
I won't buy shit from you knowing you got 100% coins more for free.
On the other hand, entire bitcoin scam works only because burgers are idiots.

>>61684308
Yea, but a cryptocurrency is stronger the stronger we percieve it to be, which can be related to eg. network's processing power

>>61684322
If you honestly think forking a block chain makes the original crypto currency worthless, feel free to crash the market and fork all crypto currencies.

You fucking twat.

>>61684333
What *exactly* are you saying? Oh I get it, see you're being meta. You forked the conversation. Well it makes no difference to the original one.

>>61684344
What I'm saying is that when a split happens the value will probably be distributed by each fork's processing power. If one has 20% and the other 80% of mining power then the 1st one is 4 times easier to 51%, making it 4 times less valuable.

>>61684344
>If you honestly think forking a block chain makes the original crypto currency worthless

Yes it does. Bitcoin was supposed to be stable and left to run out of new coins. Fucking with it destroys all trust in the currency. Nobody asked me if I wanted these changes. Fuck people who try to control the marked. You will get jewed sooner or later. You don't control the rules. Some anonymous fucks now decide what the rules are.

>>61681168
faster transactions, less fees

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>>61684417
>different currencies are worth different things

>>61684423
Helloooo dumbass, you're not changing the original. Nobody asked you because they don't need your goddamn permission. Here's an example. Ubuntu is a thing. Somebody bastardized it and made Lubuntu and Kubuntu, etc. It makes no fucking difference to the original.

>You don't control the rules
Neither do they.

>Some anonymous fucks now decide
No they don't.

>BCC
Big Cambodian Cock?

>>61684457
>It makes no fucking difference to the original.
It destroys the brand and faith in the product quality.
Nintendo knows that, freetards don't.

>>61684544
No it doesn't.

BCC fails to catch on: It is worth less, bitcoin is worth more.
Problem solved.

BCC succeeds to catch on: It is worth more, bitcoin is worth less.
Problem solved.

There is quite literally no issue.

>>61677921
looks like jews figured out a way to kill bitcoin.

>>61684457
More like
>upon a cryptocurrency split each forks value will be roughly the value of the clin before split times new miners' power divided by old miners' power

>>61684563
Which one uses the original bitcoin logo?
If they change the logo they are both fucked. If both of them use the same logo they are also fucked.

>>61684593
That makes no fucking sense. Show your work.

>>61684544
More like enhances it.
>I'm a consumer and I have no fucking idea how bitcoin works and what it is about, but I still got my buttcoins and nobody can take them away

>coinbase doesn't offer it
That's how you know it's gonna take off

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>>61684622

>>61684643
>>>/pol/

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>>61684657

>>61684621
Can't tell if trolling or genuinely retarded....

Look into BlockNet and Decred
Study these 2 crypto projects, what they do exactly and why it is important at this juncture

I just made you a million dollars if you're not an idiot.

OK tough guys. Explain to the females in the room how or why whales who are hedging bitcoin would switch to BCC.

>transaction time/block size
Irrelavent. Mining will never be profitable without subsidized power and the big players are already dug in. Transaction time in cut from ~45 minutes to ~35 minutes means nothing in the long run. If you're in a situation where transaction time is an issue there are 15 other cryptos that have infrastructure optimized for speed that will ALWAYS be faster than bitcoin.

>>61684753
Transaction time

>>61684753
>Mining will never be profitable without subsidized power and the big players are already dug in.

meet solar power/wind turbine mining rig :
https://www.youtube.com/watch?v=5Ssfz_lm9lM

>>61682222
If I understand correctly, it's not like a stock split where you're literally halving the equity of each stock. People aren't getting a second bitcoin, they're getting a new cryptocurrency called Bitcoin Cash. The number of actual bitcoins stays the same.

>>61679309
>got so out of hand it had to be b& from it"s own containment board
lel

>>61687770
It is like stock split. If you have your keys they work for both bitcoins now. It was predicted that each coin will be worth the percentage of miners that switched to it of the OG coin. Unfortunately since both coins use same keys and signatures if you pay something on one somebody can repeat it on another, but this should be fixable by moving coins on 1st to one new wallet and coins on second to another one.

Instead, one should invest in Ether.

>>61681167
God damn /g/ has really suffered since we got /biz/. Are you actually allowed crypto currency threads here?

>>61688461
there aren't actually rules on /g/. there was a loli thread up last night for like 6 hours.

>>61677960
Not anymore

>>61684708
They're both interesting concepts certainly