You're forgetting about an important thing. Each of these forks is not only creating more worthless coins but increases the chances of your coins to be stolen. Many users were afraid of withdrawing their BCH early on as the wallets weren't really tested, there was that statement from Electrum that Electron cash has been created without their permission, warnings that you may be double spending your BTC and so on. BTG wallet got compromised and nobody knew about it for 3 or 4 days.
Personally, I haven't used my BTG yet as it's not worth playing with that coin if it could put my BTC at risk. I'm pretty sure someday someone will try to make a forked coin for the sole purpose of obtaining some original private keys from unsuspecting users.
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In a way, it seems that it is a PoS coin since these forks just nets you positive bitcoin over the months. It's a cool way to look at it, even though forks are somewhat scaring new investors, it still benefits the majority in the long run. What i am thinking about is what if the main chain is taking over by these forks in terms of network capacity? What would happen to the "PoS" bitcoin we're anticipating?
Now listen I'm not talking in the form of confirmating transactions but in the form of earning based on the amount held.
Bitcoin has been fork and fork planned on the main chain where you get x amount of the forked coin for the amount held at time of the snapshot.
You take these forks and sell them to increase your mainchain holdings, it's definitely a form of interest based on amount held we just don't know how much. Bitcoin cash gave us a 10% stake, Bitcoin gold I'm not sure how much and I'm hearing about a Bitcoin diamond. It seems this will be a more and more common thing that should be taken into account when investing long term.
So as we progress and forks are more common should we start to anticipate an interest earned by holding main chain and dumping forks?
Bitcoin has been fork and fork planned on the main chain where you get x amount of the forked coin for the amount held at time of the snapshot.
You take these forks and sell them to increase your mainchain holdings, it's definitely a form of interest based on amount held we just don't know how much. Bitcoin cash gave us a 10% stake, Bitcoin gold I'm not sure how much and I'm hearing about a Bitcoin diamond. It seems this will be a more and more common thing that should be taken into account when investing long term.
So as we progress and forks are more common should we start to anticipate an interest earned by holding main chain and dumping forks?
The mechanism at play is not interest, but rather a decentralized form of dividend. Traditional dividends are issued as fiat cash; this obviously isn't possible in a decentralized manner. So in the tradition of open source culture, "dividends" are "issued" as software forks. And since Bitcoin natively issues tokens within its software, so do its forks. It truly is magic internet money created out of thin air.
But just as that "value" was created out of thin air, it's likely built on hype and unrealistic expectations, unlike Bitcoin's strong fundamental foundation. Bgold and Bcash are worth talking about as dividends because of the asymmetry of market information. Long term, these dividends won't pay off nearly as much as today. In time, the market will begin to understand that Bitcoin's value is derived from its network reach and user base in the context of limited supply -- not its "brand" or "instant, cheap payments."
The thing is dividends are essentially guaranteed when we inest in stocks. They are normal and part of the fabric of that company and/or stock you invest in, whereas software forks of Bitcoin are not natural, wanted or whatever but while they do give free money if you sell off your free coins/tokens they are not encouraged because it takes away from Bitcoin's market share ultimately.
The mechanism at play is not interest, but rather a decentralized form of dividend. Traditional dividends are issued as fiat cash; this obviously isn't possible in a decentralized manner. So in the tradition of open source culture, "dividends" are "issued" as software forks. And since Bitcoin natively issues tokens within its software, so do its forks. It truly is magic internet money created out of thin air.
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Dividends imply that additional value has been created. Those hardforks are more like local stores giving away free coupons, hoping that people end up buying other stuff as well. Because in the end that's all it is -- devs giving away free coins, knowing that people otherwise wouldn't touch that alt with a ten foot pole.
Now listen I'm not talking in the form of confirmating transactions but in the form of earning based on the amount held.
Bitcoin has been fork and fork planned on the main chain where you get x amount of the forked coin for the amount held at time of the snapshot.
You take these forks and sell them to increase your mainchain holdings, it's definitely a form of interest based on amount held we just don't know how much. Bitcoin cash gave us a 10% stake, Bitcoin gold I'm not sure how much and I'm hearing about a Bitcoin diamond. It seems this will be a more and more common thing that should be taken into account when investing long term.
So as we progress and forks are more common should we start to anticipate an interest earned by holding main chain and dumping forks?
Bitcoin has been fork and fork planned on the main chain where you get x amount of the forked coin for the amount held at time of the snapshot.
You take these forks and sell them to increase your mainchain holdings, it's definitely a form of interest based on amount held we just don't know how much. Bitcoin cash gave us a 10% stake, Bitcoin gold I'm not sure how much and I'm hearing about a Bitcoin diamond. It seems this will be a more and more common thing that should be taken into account when investing long term.
So as we progress and forks are more common should we start to anticipate an interest earned by holding main chain and dumping forks?
The mechanism at play is not interest, but rather a decentralized form of dividend. Traditional dividends are issued as fiat cash; this obviously isn't possible in a decentralized manner. So in the tradition of open source culture, "dividends" are "issued" as software forks. And since Bitcoin natively issues tokens within its software, so do its forks. It truly is magic internet money created out of thin air.
But just as that "value" was created out of thin air, it's likely built on hype and unrealistic expectations, unlike Bitcoin's strong fundamental foundation. Bgold and Bcash are worth talking about as dividends because of the asymmetry of market information. Long term, these dividends won't pay off nearly as much as today. In time, the market will begin to understand that Bitcoin's value is derived from its network reach and user base in the context of limited supply -- not its "brand" or "instant, cheap payments."
Now listen I'm not talking in the form of confirmating transactions but in the form of earning based on the amount held.
Bitcoin has been fork and fork planned on the main chain where you get x amount of the forked coin for the amount held at time of the snapshot.
You take these forks and sell them to increase your mainchain holdings, it's definitely a form of interest based on amount held we just don't know how much. Bitcoin cash gave us a 10% stake, Bitcoin gold I'm not sure how much and I'm hearing about a Bitcoin diamond. It seems this will be a more and more common thing that should be taken into account when investing long term.
So as we progress and forks are more common should we start to anticipate an interest earned by holding main chain and dumping forks?
Dude, bitcoin diamond is a scam (seriously) ,stay away from it. Proof of stake or not, these forks aren't helping the community to be in a better place, rather some people are losing funds, getting scammed etc. There needs to be some sort of control over these forks otherwise they will get abused more and more. And people getting earning for free without any personal contribution is somewhat considered to be scammy, because from our point of view its free money, so we gladly accept it but from the scammers point of view it is a major advantage for them. I have lost hope in forks since the birth of bitcoin gold. Bitcoin has been fork and fork planned on the main chain where you get x amount of the forked coin for the amount held at time of the snapshot.
You take these forks and sell them to increase your mainchain holdings, it's definitely a form of interest based on amount held we just don't know how much. Bitcoin cash gave us a 10% stake, Bitcoin gold I'm not sure how much and I'm hearing about a Bitcoin diamond. It seems this will be a more and more common thing that should be taken into account when investing long term.
So as we progress and forks are more common should we start to anticipate an interest earned by holding main chain and dumping forks?
You already gained (or lost) money based on how much you held. That's how all assets and stocks work, of course.
With the forks - I don't think it matters because the value of the fork is determined by people who are usually involved in BTC in some way. There's no way to guarantee that an increase in price for a fork is anything like "free money" for Bitcoin holders.
Of course, PoW and PoS are to do with miners, not users, so I don't see your point there.
With the forks - I don't think it matters because the value of the fork is determined by people who are usually involved in BTC in some way. There's no way to guarantee that an increase in price for a fork is anything like "free money" for Bitcoin holders.
Of course, PoW and PoS are to do with miners, not users, so I don't see your point there.
I suppose so? But if you had any decent amount of your BTC in alts and didn't get out then you got completely rekt over the last few months. So for some yeah they profited a big chunk others got destroyed and some broke even I bet. But nonetheless very interesting concept and view of the forks way to think outside the box!
Seen from that point of view, I guess you are right. Many people told some times ago that the price increased because of Bitcoin Gold back in its time, with people buying bitcoins in prevision of the fork.
That's a very interesting way of looking at it.
I think where the comparison falls short though is that each subsequent hardfork was worth much less than the one before it. Assuming the dumpfork trend continues like that, the next ones won't even be worth the splitting effort.
I think where the comparison falls short though is that each subsequent hardfork was worth much less than the one before it. Assuming the dumpfork trend continues like that, the next ones won't even be worth the splitting effort.
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