Topic: Random thoughts on the recent and upcoming hardforks. - page 2. (Read 1058 times)

I don't think that there will be another hard fork at the debate this November. I mean bitcoin cash is out and as far as I know, November is the real date when bitcoin cash will be officially forked. So again, there will be no hardforks that will happen.

Then that means a lot of hard forks, that also means there will be a lot of times where the bitcoin cannot be transacted because we will be always waiting for the time to finish the fork.

Just imagine the fork that just happened, before it takes place the bitcoin price dumps, also the bitcoin cannot be transacted, right? Now think of it if that happens every month, there will be no users that can take that all.




Not all the crypto currency, but this will be happening exactly.

I think two lessons from the bitcoin cash for are:
1. Have at least some hash power behind you that is committed
2. Pick a name that includes bitcoin: bitcoin2x, bitcoin adavanced etc

This is the reason they make a debate for the solution, also there are stuffs like the BIP or the Bitcoin Improvement proposals. They can't just fork out every digital currencies that they think, they are forking bitcoin uselessly if they will be doing it like that.

This doesn't address the basis for network valuation. While price can remain disconnected from fundamentals for quite a long time, the fundamental value derived from Bitcoin and other cryptocurrency networks are the networks. Each fork is "splitting" from the original network.

In other words, with each fork, the legacy network is being cannibalized. Some users will stay on the original network, and some will start using the new network. In both cases, supporters of each respective network may dump the coins of the network they don't use. According to Metcalfe's Law, these types of network splits should significantly damage the value of both the original and forked networks, if the splits are considerable in size.

If things get to that extent,, I guarantee you that many normal people will flee Cryptocurrency.

I think if bitcoin gets getting hard forks and getting new coins every day, will make those new coins value nothing or almost nothing.  I guess this was the first hard fork so we gained a bit, but I dont think it will be always like that. And for bitcoin to gain more value it has to be stable and not get daily hard forks.

Why do you think the collective value would be higher?
It's maybe true just in the short-term...

BTC is strong cause many people use it and believe it has value. Many forks can change that

Personally, I welcome every damn fork the developers want to create. Why? Because that'll be one more coin I will own. Simple as that. Eventually, the value of the collective will be more than the value of one. So...bring them on!

The aftermath of the BTC/BCH split means that the market is less afraid of hard forks.

On the day of the hardfork I facetiously asked on reddit:

what is the limit then? Why don't we do a fork every day? Fuck it, lets continuously compound the shit outta this, and all go buy Maserati's
I meant that as a reductio ad absurdum but if the upcoming 2x split has a similar positive(ish) outcome, we may see the flood gates open as everyone with a half-baked idea on how to improve the network comes out with their own hard-fork.

This raises the question about the so called 21mm hard cap on the number of bitcoins. If the chain can simply be copied to infinity, doesn't that compromise the inflation-resistant properties that made bitcoin so popular amoung people concerned about the inflationary nature of the current financial system?

I do not believe so, space on each particular network will still be limited, and tokens belonging to those networks will thus be valued. But which network will be valued? And who gets to claim the bitcoin 'title'.

People mostly are looking at hash rates and price differences between BTC and BCH and probably plan to do the same thing during the hardfork in November.

These metrics are interesting and important but may I propose another way of measuring who gets the crown; the chain that spawns the most new valuable hardforks. If I esiewert, decided to create a new hardfork years down the road, I would have to choose which chain to split from. I could bcash, bseg or bseg2x. By then the ownership on each chain could be radically different. I will choose whichever one I feel has the most support behind it and / or would be most responsive to whatever changes I propose. Eventually the market will decide on a particular chain as the 'base' from which other forks happen. Speculators will pile into this everytime a fork occurs that has any value, and this chain will have massive value.

Unless I am mistaken the upcoming fork will be from the BTC / core / segwit / bitcoin chain.

HODL on gentlemen, HODL on.