Topic: Confusion about BCH hard fork and clear statement for newbie. (Read 397 times)

I understood but not completely. It seems that I have to learn more by myself. Thanks alot. I appreciate for your help.

the 95% that i mentioned is for when you want to improve the system with a hard fork to to create a useless altcoin that nobody wants.  bitcoin is designed to be  decentralized and that means the whole network or at least the majority (95%) has to agree with the rules that we call "consensus rules". when you fork with less than that, it means you don't have the majority's support. for example bitcoin had forks before. a hard fork in early days to fix an overflow bug, another fork a couple of years later to add P2SH scripts and the soft fork of last year to add Segregated Witness. all done with that high support which is why bitcoin is working well and decentralized.

technically you can create a fork with your own PC, you don't even need any ASICs, you just use your CPU to mine a block but you have to change the difficulty and how it works for the fork to work. then build on top of it to have a new blockchain. but that blockchain (that new coin) will be only used by you alone.

that is what happened with bitcoin cash fork last year in August and it happened now with a fork of this fork again to create a copy of copy coin!
as for their hashrate, there is currently a war between these altcoins over it and there may even be some 51% attacks on each other. because they lack that support i talked about and they started this trend themselves when they forked from bitcoin last year with that little support they had!

Novices don't buy any coins from the BCH hard fork, which seems like an opportunity, but it is also full of danger. Novices should learn, don't invest blindly, you can buy other coins, but don't buy any coins related to BCH now.

Thanks for the answer. But you said "these hashrate support thresholds for each fork (>95%)". BCH splitted into BSV and BCHABC, I think it's impossible to reach 95% for each fork. Right? If BCH fork only BSV or BCHABC, hashrate support thresholds should be over 95%. this I can understand. But there are 2 forks. I think hashrate of 2 new forks will be keep at a value as long as 51% attack cannot happen. Correct for me if Im wrong.

It's important to emphasize that most exchanges have paused deposits and withdrawals at the moment. Trading for BCHABC and BCHSV is happening with snapshot balances and some exchanges regard them as futures at the moment.

There's no universal price. Also worth noting is that some exchanges still trade under the BCH label. But that shouldn't mean that BCHABC should be compared to prices of those listings. Whoever is intending to participate in trading those coins should look into how each exchange is handling the fork to make informed decisions based upon that.

I guess they (some) miss the lesson during the class, even exchanges that support it has always give an update, Binance is one example of it.

basically a fork is a change of rules in a cryptocurrency system. so the other reason that you asked above about forking BCH is to change consensus rules.

now to do that you need the network to accept the change and upgrade to the new software that implements that change. the network consists of miners (providing hashing power) and nodes (the backbones of the network enforcing the rules) so you need them to upgrade.

such changes however will require a high amount of support. so a "group" in this context can not be a couple of miners who have 1% of the total hashrate. which is also why "bitcoin" defines these hashrate support thresholds for each fork (>95%).

Thank you for your explanation. "A group" here means people runs BCH nodes and mines BCH?

From their blog:
Source: https://bittrex.zendesk.com/hc/en-us/articles/360001447466-Statement-on-the-Bitcoin-Cash-BCH-network-protocol-upgrade-and-the-proposed-Bitcoin-SV-BSV-fork

P.S: Let's call it BCH and not BCC. BCC was the ticker for Bitconnect (a scam coin).

Thanks for your reply. I have also received a notification from the exchange about this.
"Binance will open trading for new BCHABC/BTC, BCHABC/USDT, BCHSV/BTC and BCHSV/USDT trading pairs at 2018/11/16 8:00 AM (UTC). "

https://ethereumworldnews.com/bitcoin-cash-bch-usd-price-analysis-bitmain-bitcoin-hash-bitcoin-cash-abc-survival/

https://cointelegraph.com/news/opposing-bitcoin-abc-and-bitcoin-sv-factions-debates-grow-heated-as-the-bitcoin-cash-hard-fork-draws-closer

https://cryptoslate.com/explained-bitcoin-cash-hash-wars-where-the-factions-stand-on-the-issues/

https://cointelegraph.com/news/mining-giant-bitmain-hurries-to-deploy-90-000-s9-antminers-ahead-of-bitcoin-cash-hard-fork

Yes, it is going to happen and I doubt if this was just FUD that was spread in mainstream media. The war is definitely going to be a bloody one. 

I heard some people said that Bitman turn part of their mining hardware from Bitcoin to support BitcoinABC, is it the truth?

Missing hashrate. Secret chains. Double spends. You’d have to be nuts to go anywhere near BCH right now.

After (and if) the chain successfully forks.

From their website:

https://support.binance.com/hc/en-us/articles/360019790191-Further-Information-Regarding-the-Upcoming-Bitcoin-Cash-Hard-Fork

I still have BCC on Binance. Anyone knows when it will give 2 new coins?

A group wants to change the protocol, the other doesn’t want to. Since the BCH network isn’t owned by anyone, any group of people with enough hash power can “fork” the network and coexist with the previous chain.

No one can say what will be the price.

Thank you, OP. But if they split BCH to BSV and BCHABC then what will happen with BSV and BCHABC price? I don't know clearly why they need to split it. Can anyone tell me? Thank you in advance.

Sadly, thanks for the answer brewmaster. Exciting times. Excuse me for asking a newbie question but is there any other reason besides trying to make more money of another coin to fork BCH ? Doesnt make any sense to me.

According to this article[1], the supporting pools are: SVPool, Coingeek, BMG, okminer (~60% of hash rate as of November 14th, 2018)

[1] https://medium.com/@jcliff/bitcoin-cashs-november-2018-fork-804596268771

pools Listed yet for BTCSV?