Forks: Is it better for bitcoin to loose value and split into unlimited supply?

Shamie1002

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Quote from: Paranuatu on November 08, 2017, 10:33:41 AM

If bitcoin wants to be a real digital currency, with low fees, affordability, possibility to enter, shoudl we not welcome all the forks?

*Being REAL doesn't mean it will go along with low fees, but possibilities are acceptable.
*Being too in demand causes high prices and it will cost more.
*Forks are just making crypto world too saturated which may cause more traffic and higher fees for different transactions.
*unlimited bitcoins is not possible unless satoshi breaks his own code and create more than the last bitcoin to be mined. It causes the volality. With unlimited bitcoin, it won't reach this high.
*we are more prone to scams. Splits does not mean it is all trusted.

fanbeila

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Quote from: Paranuatu on November 08, 2017, 10:33:41 AM

If bitcoin wants to be a real digital currency, with low fees, affordability, possibility to enter, shoudl we not welcome all the forks?

As you have said,if bitcoin wants to be real,then hard forks should not be encouraged.It would devalue the bitcoin brand itself.I don't encourage high fees,but since bitcoin price is increasing highly,it would not be an issue to have a moderate fee.Forks are done by some groups only for their benefits.Even segwt 2X activation was targeted to devalue the bitcoin brand itself.So,such hard forks are not good for bitcoin progress.

xdrpx

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Interesting question, I think the hard forks have led to supporters of those forks to migrate, but they too keep certain proportion of their Bitcoins and hold them just in case of uncertainties. This is because Bitcoin has a very high market value, market cap, price growth rate and good PoW hashrate stability.

Also, by hard forking Bitcoins into several forks, we're not creating unlimited supply for Bitcoin since whatever has been mined is already in circulation and the forked coin by itself becomes an alternate cryptocurrency. It's just that people who owned bitcoin also have equal number of those altcoins. This doesn't really improve fees or transaction speeds. Only if the greater percentage of the community agrees to hardfork and support the new fork, only then the new fork becomes Bitcoin.

Now for the transaction and fee debate, I believe Segwit along with off-chain lightning network (payment channels) will help support large scale transactions per second and at very low fee.

Variogam

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No matter how many forks, Bitcoin supply still going to be 21M coins only. Bitcoin just become speculative investment as the transaction fees are high for other uses. No wonder people look for alternatives Bitcoin cannot offer, thas why Bitcoin Cash can take part of the Bitcoin market where low transaction fees are necessary.

erre

legendary

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Unlimited supply is one of the few things that should make me cry "bitcoin is dead".

If you can't afford a whole bitcoin, just buy satoshis.

A forked coin IS NOT bitcoin.

ranggawulung

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Not every fork carries a serious change in the cost and value of bitcoin. BCC and BTG are common altcoyins. But B2X is the first and probably the only serious division of the chain of bitcoins. As a result, there will be only one bitcoin with the greatest support of the miners. Cool

talkbitcoin

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All I know is that I know nothing.

Quote from: Paranuatu on November 08, 2017, 10:33:41 AM

If bitcoin wants to be a real digital currency, with low fees, affordability, possibility to enter, shoudl we not welcome all the forks?

all these useless forks do none of these things!
look at bitcoin cash for example. it did nothing. they forked it to create a miners' playground not a real currency. and as you can see 90% of all the blocks that BCH mined are empty. they are not even 1 MB! let alone near 8.
yeah the fee is lower on an altcoin that nobody uses. check out pandacoin if you want a cheap fee in an altcoin that nobody uses Wink

gentlemand

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Welt Am Draht

Quote from: Paranuatu on November 08, 2017, 10:33:41 AM

If bitcoin wants to be a real digital currency, with low fees, affordability, possibility to enter, shoudl we not welcome all the forks?

No. Because if enough of them succeeded then the entire scene would become worthless. Bitcoin only has value because it has earned the trust of enough people. People aren't stupid enough to spread the value between countless forks because it would rapidly turn everything worthless.

layoutph

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Yup, we need to do something to stop the forking thing. I am afraid someday people might loss interest with bitcoin or totally leave the crypto currency. Nowadays scammers is using fork to develop bitcoin variants, and premining their coins at their advantage.

Quote from: Paranuatu on November 08, 2017, 10:33:41 AM

If bitcoin wants to be a real digital currency, with low fees, affordability, possibility to enter, shoudl we not welcome all the forks?

EugeneAS

newbie

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Forking is actually is a way for BTC to become a speedy real currency.

Forking happens because of upgrades need to be done via consensus, not centralised.

Also, BTC forks can, for example, be used for different options.
Some currency will be very secure, but slow.
Some will be very fast but for low amounts (like lightning network, etc)

fiulpro

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Quote from: mobnepal on November 08, 2017, 10:37:46 AM

What all this useless fork is doing?
- To lower down fee and time? If yes than segwit -> Implementation of lightening network is on its way in original chain why we need different chain.

Why we need bitcoin gold like pre-mined coin where developers are still mining on back stage before releasing any code in public. All this forks are just making more altcoin in the market which people can sell/buy for profit.

I completely agree,
Forks are genuinely very close to splitting bitcoins and converting them into alternate cryptocurrencies and.. thats not something that we should be supporting.
There are already so many cryptocurrencies in the market, if others..are added in that it.. Would directly decrease the profit that one is earning and also..that would ultimately lead to.. People choosing other option over bitcoins or over cryptocurrency as a whole.
They will invest in..other things.. and..soon the cryptocurrency will cease to exist and thats not a really nice scenario.
Unlimited suppy is never great, if the supply is limited for the future run .. one will be able to make more money by investing.. creating other cryptocurrencies will not only hamper the current economic state of bitcoins but it will give a fatal blow to bitcoins.

uobaaagrf

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I would like to correct it, I welcome the update, but I don't want to see an additional altcoin after every update.This is not a good thing for bitcoin, because it will overuse bitcoin's credibility.

OneSortieMan

newbie

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well with an unlimited supply then of what worth would the bitcoin have and what use would it be?

It would be like the tulip craze all over again, not to mention all those that were already holding on to bitcoin would be furious as such devaluation, along with the people who mine the coin and need those fees and the high price of bitcoin to sustain themselves.

Bitcoin is meant to have a limited supply and will be mined out one day, adding to that supply would destroy its value

mobnepal

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What all this useless fork is doing?
- To lower down fee and time? If yes than segwit -> Implementation of lightening network is on its way in original chain why we need different chain.

Why we need bitcoin gold like pre-mined coin where developers are still mining on back stage before releasing any code in public. All this forks are just making more altcoin in the market which people can sell/buy for profit.

Paranuatu

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Merit: 10

If bitcoin wants to be a real digital currency, with low fees, affordability, possibility to enter, shoudl we not welcome all the forks?

Topic: Forks: Is it better for bitcoin to loose value and split into unlimited supply? (Read 247 times)