Topic: FREE money in the form of BCC? (Read 1671 times)

If split happens then in short term the BTC rate might drop by the amount of BCC due to the drop of the demand (also some panic selling may affect the market). You might have to benefit by performing some extra speculations but it definetely won't be free money. In long term i still belive that BTC will grow but can't predict its growth without BCC (ofc in case of bitcoin split).

If there is a network split and if the competing currency have some value then it is free money for sure and i do not mind getting hold of it,but that does not mean that the price of bitcoin will go down,i am really waiting for another rally after the fork and i am sure those who purchased when the price went down will make a good profit after the fork.

But this assumes that BCC actually carries a price that can actually affect the BTC price. That assumes that there are also people who value BCC, and may also be dumping their BTC for BCC.

I think all of this is highly unpredictable. We can't predict future demand for BCC. I'm frankly surprised that exchanges have gotten so much interest from users that Kraken and Bitfinex are paying them out (and opening markets for them?), and Coinbase increased their withdrawal limits to allow people to move their coins off exchange. If there is truly a lot of demand for BCC, things could get messy. I just think it's impossible to predict at this point, and we will see the market price things in over time.

If you believe in efficient markets, bitcoin would be at $100K right now, because if you could get
double your money for doing absolutely nothing, people would be buying bitcoin like
there's no tomorrow.  Do you really think that's going to happen?  Somehow I don't...but it sure
would be nice, no?

This really isn't what's going to happen, right?

I was also think about that if the price of BCC is lower than the original BTC still a lot of people will dump there BCC and buy BTC simply because more and more people already know about BTC maybe they will just simply think that BCC is just another altcoin that all free airdrop no ICO

It is not free money. The current market cap of Bitcoin can be considered as the combined cap of BTC+BCC. After August 1, BCC is going to split off from the BTC, and therefore the BTC exchange rates may dip.

so Kraken and Bitfinex will give free money how deposit btc on there trading platform ?

This is probably the only realistic thing that will happen; there will likely be a huge dump from a majority of users because, let's be honest, there is next to zero hype for Bitcoin Cash and the only realistic outcome, when someone gets their money (effectively) doubled into a stronger and weaker asset, is they will sell the less valuable portion and opt to purchase more of whatever has value. In this case, BCC has next to no value as very few exchanges and services are willing to host it. My plan is to probably take whatever BCC I have, liquidate it on an exchange and buy whatever BTC I can within a reasonable time. That's assuming I give a damn about the BCC.

The thought of "free money" is absurd. Yet promoted by shills and the youngsters adding to confusion.

For now I think the split will be like a mirror one side BTC other BCC. I expect a lot of problems until the mirror breaks and only one remains.

Hope I'm wrong

Oh nice, here s greed talking. Yes, sure, u ll get thousands of $$$ completely free. There s just one small catch. The moment BCC becomes tradable, it ll get dumped to oblivion which means it ll be worth next to nothing.

Do you really think there s enough money in crypto to double Bitcoin market cap of 45 BILLIONS USD so that you could get your free doubling.

Dude, control your greed, dump your BCC and use your head a bit.

I do not expect BTC price going down cause nobody will transfer their money into BCC, people will just dump it. I know I ll sell mine the moment I get them.

maybe the calculation is like that as we are read statement like 1:1, so if you have that amount, you can get the same amount of btc you have. yes its a free money but we don't know how much the price later and i hope the price will expensive so if we sell, we are make nice profit. but i hope there is no any requirement to get free bcc.

Yes that was right bitcoin holders will be credited (BCC) with the same amount of bitcoins  they have in their wallet , basically it was a free money given that the price of Bitcoins will not decreased , well it depend if many people will invest to BCC but upon receiving BCC I think most of the people including me of course will dump BCC and convert it to BTC right away and Bitcoin price most likely will increased.

To summarize,( I have about 0.02 BTC on Kraken), on 1st of August, when the fork happens, I will also get 0.02 BCC, right?
Then, I can simply sell my 0.02 BCC and use them to buy BTC which is basically free money.

By what logic are people predicting that Bitcoin will take a hit once the fork takes place?  The consensus here seems that most people will simply sell their BCC.  At least some of this money will go into BTC, which would cause the price to increase.

In order for there to be a decrease in BTC people would have to do the opposite.  They'd have to decide to start selling their BTC and go into BCC.

What I'm trying to determine is the following, please tell me what I'm missing:

Kraken is going to be depositing BCC in those accounts that hold BTC or who are long BTC with a margin position.  If someone were to take a margin position for 10 coins (~$27,000) prior to the deadline they would be given a free $27,000 in BCC.

If they sold bitcoin immediately they'd close their position without a gain or loss on the trade, but they'd have that free $27,000.  Even if BCC lost 50% they would end up with a free $13,500.   They'd take the risks that come with margin trades, but they would skip other risks related to having bitcoin on exchanges, etc, etc..   If they just bought BTC without the margin the math would workout the same way.

The only scenario I see for this backfiring is if Bitcoin were to take a major hit, which I think is unlikely due to a few reasons:
1. It's still bitcoin and the true believers are going to fight to keep it strong.
2. At least some of the free money will be going into BTC which should prop it up.
3. At least one exchange, Kraken, will be debiting accounts that are short bitcoin at the fork deadline
   ---- If you're short 1 bitcoin you will have an equal amount deducted from your account as BCC.
  ---This will force all Kraken users to close their shorts, which will essentially amount to a short squeeze.

It seems too good to be true, but I only have a rudimentary grip on this situation so far.  What am I missing?

Yes .. if we deposit 1 btc we will be given 1 bcc free.
I do not know if btc will go down or up after there BCC. But that does not affect the btc price because that thing often happens at btc.Maybe the btc price will be normal and stable will even rise.
see and wait 1 Aug.
 

That is the intention of this discussion, some people do want to take advantage of free or bcc.The next act of course many who sell coins free and led make prices fall.But whether it would affect to price bitcoin itself?

Everyone is seeing this as free money and will sell BCC as soon as it lists. I heard the futures for this are currently around $200-400, so this is approximately what the market thinks it will be worth when the fork happens.

But bitcoin price seems stable over $2700 right now, you can sell and hope it decline, but what if it won't?
On the other hand, bcc will be dumped as soon as it launched and there is some chance it will rise again, whether people sell right away or wait another pump, in the end bcc will lose too much value because people wants profits by sell free bcc.

Email from Bitstamp July 27 2017
eWe would like to take this opportunity to let you know our plans for the upcoming weeks as we navigate any potential disruptions on the Bitcoin (BTC) network. As always, our focus will continue to be on the safety of your funds. In the event of a User Activated Hard Fork (UAHF) on 1 August or thereafter, it is important to clarify that Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal. In Bitstamp's view, BCC is an alt-coin and the decision to list BCC tokens remains at our sole discretion at all times.

If Bitstamp chooses to list BCC, we would decide at our own discretion on what course of action to take with balances deriving from the hard fork. BCC would also be subject to the same due diligence processes as for any other alt-coin, which requires time and careful planning. For these reason, Bitstamp is not in a position to support BCC, nor will Bitstamp be liable for any BCC sent to Bitstamp.

As always, the safety of your funds remains our number one priority. To this end, as a security precaution, we will be disabling bitcoin deposits and withdrawals on 31 July 2017 at 23:00 hrs UTC to ensure that all BTC funds stored at Bitstamp remain secure. Trading will remain unaffected throughout. Deposits and withdrawals will be resumed only when we deem it safe and prudent to do so.

We will leave it to you to decide whether to withdraw your BTC funds from Bitstamp prior to this cut-off date if you would like to access BCC or any other hard fork, and Bitstamp shall not be held liable for any consequences of that decision, from neither a financial, operational nor regulatory standpoint.

To be clear, Bitstamp has no favoured outcome to the resolution of the bitcoin scaling issue. Our sole focus is on you and your best interests. As such, we are continuing to monitor developments closely. Please check our Twitter feed, Facebook page and website for the latest news, updates and developments.

Best,

The Bitstamp team
Email from Bitstamp July 27 2017

Someone made a mistake and got a hole, I did not do anything wrong.
BCC is free to convert from BTC to BCC and BTC_Frozen2, BCC trade, BTC_Frozen2 frozen until 01/08 to defrost back to BTC. Convert here https://www.viabtc.com/convert/bcc
You make the wrong process and arbitrarily enter the trade BTC / BCC to buy BCC, free stuff to buy and then just tell me
Update new: Anyone who has Bitcoin on Bittrex will automatically receive BCC and do nothing, please read the manual carefully and understand the problem before making a decision, do not fault anyone when you make a mistake.
http://Https://support.bittrex.com/hc/en-us/articles/115000808991