Whoever came up with bcash was a genius! - page 2.

noictib

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Quote from: FiendCoin on August 21, 2017, 07:36:32 PM

Bcash solves all the miner’s problems (mostly):

1.   Maximizes miner’s profits by switching hash between Bitcoin & bcash
2.   Lowers the difficulty of Bitcoin by moving hash temporary away from Bitcoin
3.   Maximizes miner’s profits by extending the usefulness of mining equipment
4.   Proves bigger blocks are feasible and hard forks safe (so far)
5.   Puts pressure on the opposition to get the changes they want
6.   Maximizes miner’s profits (did I say this already?)

Did I miss anything?

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

I think you got forgot that if any person can start mining for another Altcoin thens still will.mine in much amount but still due to lack of demand the low prices are reason for not to mine the coins .
Here bitcoin cash is a better option like bitcoin was in very starting , so here I didn't see any new factor that we can say is different first time .
And also here whatever the people ( mostly miners ) mine but still bitcoin will remain king and bitcoin cash remain altcoin .
Here the best point for us about the bitcoin cash is that we have a better option for the investment in bitcoin cash for short and also for long term investment .
Here for the mining i seen that only confirmation speed is fast but in my opinion the future again we will see the bitcoin cash have difficulty like bitcoin have for the mine of new coins because of the limit .

FiendCoin

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The devil is in the detail.

Quote from: romani245 on August 21, 2017, 11:17:58 PM

Quote from: stupid_seb on August 21, 2017, 11:08:48 PM

7. Creating $10B out of thin air (genius!!!)

Only a small portion of the market can cash out at these prices. The whole plan depends on the vast majority of supply not being sent to exchanges (actually not a bad assumption, based on BTC).

Bigger issue: $10B created now could = $10B lost by both network's market caps if there is a real, prolonged split and no single one emerges as "the real Bitcoin."

Like I said earlier, genius and it takes balls to try and pull off.

romani245

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Quote from: stupid_seb on August 21, 2017, 11:08:48 PM

7. Creating $10B out of thin air (genius!!!)

Only a small portion of the market can cash out at these prices. The whole plan depends on the vast majority of supply not being sent to exchanges (actually not a bad assumption, based on BTC).

Bigger issue: $10B created now could = $10B lost by both network's market caps if there is a real, prolonged split and no single one emerges as "the real Bitcoin."

stupid_seb

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Activity: 336

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Quote from: FiendCoin on August 21, 2017, 07:36:32 PM

Bcash solves all the miner’s problems (mostly):

1.   Maximizes miner’s profits by switching hash between Bitcoin & bcash
2.   Lowers the difficulty of Bitcoin by moving hash temporary away from Bitcoin
3.   Maximizes miner’s profits by extending the usefulness of mining equipment
4.   Proves bigger blocks are feasible and hard forks safe (so far)
5.   Puts pressure on the opposition to get the changes they want
6.   Maximizes miner’s profits (did I say this already?)

Did I miss anything?

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

7. Creating $10B out of thin air (genius!!!)

illinest

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Activity: 454

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Quote from: anon4250158 on August 21, 2017, 10:21:32 PM

Sorry, I haven't heard about the POW upgrade idea. What BIP is it and what POW algorithm is being considered? How would changing affect difficulty? I would assume there would be a massive drop in hash power for a while.

I don't think there was an official BIP. I think Luke Jr. submitted a pull request for it at some point, though, and he's been pushing a narrative for years now that a majority of miners are attacking Bitcoin.

Here is a quote from him during the BIP148 debacle:

Quote

If Bitcoin doesn't work at all as-is (meaning the BIP148 chain), then consensus for a PoW change can be safely assumed.

https://www.reddit.com/r/Bitcoin/comments/6l1a5d/bip148_momentum_is_gaining_speed_keep_pushing/djsrzro/

anon4250158

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Sorry, I haven't heard about the POW upgrade idea. What BIP is it and what POW algorithm is being considered? How would changing affect difficulty? I would assume there would be a massive drop in hash power for a while.

squatter

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STOP SNITCHIN'

Quote from: Wind_FURY on August 21, 2017, 08:31:54 PM

OP, not only that. By creating BitcoinCash, Bitmain has protected their interests in the manufacture of ASIC chips because there is a Bitcoin developer who was been proposing a POW upgrade.

It also has increased the demand for their hardware since there are now 2 SHA256 chains.

After finding its own network stability BitcoinCash will then start their fight for merchant adoption.

Great point. Wow, this hadn't occurred to me. The BIP148 + POW algorithm change threat from small blockers and Segwit supporters definitely could have played into this. If a stable network and market with decent liquidity can be created around Bitcoin Cash, then Bitmain has indeed shielded themselves from the Luke Dash Jr. contingent of bitcoiners who have been pushing for a POW change.

When you add this to the matter of Asic-Boost and the interests of companies like Bitpay, all of this makes sense.

HasHe

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Quote from: FiendCoin on August 21, 2017, 07:36:32 PM

Bcash solves all the miner’s problems (mostly):

1.   Maximizes miner’s profits by switching hash between Bitcoin & bcash
2.   Lowers the difficulty of Bitcoin by moving hash temporary away from Bitcoin
3.   Maximizes miner’s profits by extending the usefulness of mining equipment
4.   Proves bigger blocks are feasible and hard forks safe (so far)
5.   Puts pressure on the opposition to get the changes they want
6.   Maximizes miner’s profits (did I say this already?)

Did I miss anything?

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

I don't know how many times op would repeat the words miner's profits.By this way,he clearly admits that BCC is profitable for miners only.So,it is in no way a potentil coin and it was created just when trying to create a clone of bitcoin.Thats the only reason for it having a huge marketcap.otherwise,its just another altcoin.

But BCC is very much useful for big whales.Instead of searching for altcoins to pump and dump,now their ultimate choice is BCC to pump and dump and get some quick profits.

FiendCoin

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The devil is in the detail.

Quote from: Wind_FURY on August 21, 2017, 08:31:54 PM

OP, not only that. By creating BitcoinCash, Bitmain has protected their interests in the manufacture of ASIC chips because there is a Bitcoin developer who was been proposing a POW upgrade.

It also has increased the demand for their hardware since there are now 2 SHA256 chains.

After finding its own network stability BitcoinCash will then start their fight for merchant adoption.

Someone at bitmain deserves a raise, that's for sure!

HasHe

hero member

Activity: 952

Merit: 500

Quote from: ?? on ??

Quote from: bitcoinmaniac52 on August 21, 2017, 07:47:31 PM

Bitcoin Cash is an altcoin. Most altcoins have some variety to them as to their technology. Some are faster, others are more anonymous. It all depends. Bitcoin Cash is just that - an altcoin. I suspect it will dwindle down over time just as the rest until it is worthless.

Wishful Thinking ,

Bitcoin Cash is the Real Bitcoin

Segwitcoin is the Pretender.

╥Aztek

Ha ha.The best joke of this year.I couldn't control myself.Any way,thanks a lot for entertaining us.

squatter

legendary

Activity: 1666

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STOP SNITCHIN'

Quote from: maku on August 21, 2017, 08:25:36 PM

There is one major downside I can think of it know - Bitcoin Cash was created out of thin air, it is nothing more than a copy of Bitcoin blockchain.
Apart from obvious confusion it created, this move also brings an interesting question.
If split happened once - then what will prevent bitcoin network to split again in the future, for example during another scaling upgrade?

Nothing. A hard fork guarantees that the network will split -- to what extent is unknown and can only be determined after the fact. A soft fork is miner-enforced, so a network split can be prevented as long as a majority of miners support the upgrade. No amount of hash power nor user support can prevent a split from occurring in a hard fork, though.

This experience is sure making the November hard fork look a bit more complicated now...

Wind_FURY

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OP, not only that. By creating BitcoinCash, Bitmain has protected their interests in the manufacture of ASIC chips because there is a Bitcoin developer who was been proposing a POW upgrade.

It also has increased the demand for their hardware since there are now 2 SHA256 chains.

After finding its own network stability BitcoinCash will then start their fight for merchant adoption.

maku

legendary

Activity: 1288

Merit: 1000

There is one major downside I can think of it know - Bitcoin Cash was created out of thin air, it is nothing more than a copy of Bitcoin blockchain.
Apart from obvious confusion it created, this move also brings an interesting question.
If split happened once - then what will prevent bitcoin network to split again in the future, for example during another scaling upgrade?

FiendCoin

sr. member

Activity: 462

Merit: 263

The devil is in the detail.

Quote from: illinest on August 21, 2017, 08:04:16 PM

Quote from: BitcoinerXX on August 21, 2017, 08:00:31 PM

Quote from: manchester93 on August 21, 2017, 07:55:44 PM

Quote from: FiendCoin on August 21, 2017, 07:36:32 PM

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

Here's the problem: Doesn't this threaten to significantly deteriorate Bitcoin's network value? If both coins remain viable long term, that means that BCH is cannibalizing BTC's network. That means the combined value of both networks should be considerably less than if we had remained one, cohesive network. Now, new investors need to choose one network over the other (or split their investments between each). That means less growth for both networks.

maybe, but most of the volume is coming from asia with 60% from south korea alone. seems like its one big scam by bitmain.

Even if it's all a manipulated scam by Bitmain, real organic support for BCH can develop over time (and will be reflected in the markets) if BCH can continue to hold its value (and/or grow against BTC). It's all about supply and demand. If Bitmain, John Mcafee, Roger Ver, etc. have pockets deep enough to soak up the liquid supply available on the exchanges, they can drive the price up and give the appearance of strong demand.

Yep, this is exactly what they are doing, its brilliant! Jihan Wu could indeed be an evil genius.

I guess we'll soon see if regular people will buy into their manipulation.

Jihan be like:

illinest

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Quote from: BitcoinerXX on August 21, 2017, 08:00:31 PM

Quote from: manchester93 on August 21, 2017, 07:55:44 PM

Quote from: FiendCoin on August 21, 2017, 07:36:32 PM

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

Here's the problem: Doesn't this threaten to significantly deteriorate Bitcoin's network value? If both coins remain viable long term, that means that BCH is cannibalizing BTC's network. That means the combined value of both networks should be considerably less than if we had remained one, cohesive network. Now, new investors need to choose one network over the other (or split their investments between each). That means less growth for both networks.

maybe, but most of the volume is coming from asia with 60% from south korea alone. seems like its one big scam by bitmain.

Even if it's all a manipulated scam by Bitmain, real organic support for BCH can develop over time (and will be reflected in the markets) if BCH can continue to hold its value (and/or grow against BTC). It's all about supply and demand. If Bitmain, John Mcafee, Roger Ver, etc. have pockets deep enough to soak up the liquid supply available on the exchanges, they can drive the price up and give the appearance of strong demand.

BitcoinerXX

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Activity: 94

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Quote from: manchester93 on August 21, 2017, 07:55:44 PM

Quote from: FiendCoin on August 21, 2017, 07:36:32 PM

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

Here's the problem: Doesn't this threaten to significantly deteriorate Bitcoin's network value? If both coins remain viable long term, that means that BCH is cannibalizing BTC's network. That means the combined value of both networks should be considerably less than if we had remained one, cohesive network. Now, new investors need to choose one network over the other (or split their investments between each). That means less growth for both networks.

maybe, but most of the volume is coming from asia with 60% from south korea alone. seems like its one big scam by bitmain.

manchester93

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Activity: 251

Merit: 257

Quote from: FiendCoin on August 21, 2017, 07:36:32 PM

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

Here's the problem: Doesn't this threaten to significantly deteriorate Bitcoin's network value? If both coins remain viable long term, that means that BCH is cannibalizing BTC's network. That means the combined value of both networks should be considerably less than if we had remained one, cohesive network. Now, new investors need to choose one network over the other (or split their investments between each). That means less growth for both networks.

diagla

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Just like Litecoin and all the other forks and all the other altcoins. It was just marketed well and supported by the big miners and big names in crypto. That's what made it successful, not anything else.

bitcoinmaniac52

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Presale is live!

Bitcoin Cash is an altcoin. Most altcoins have some variety to them as to their technology. Some are faster, others are more anonymous. It all depends. Bitcoin Cash is just that - an altcoin. I suspect it will dwindle down over time just as the rest until it is worthless.

FiendCoin

sr. member

Activity: 462

Merit: 263

The devil is in the detail.

Bcash solves all the miner’s problems (mostly):

1.   Maximizes miner’s profits by switching hash between Bitcoin & bcash
2.   Lowers the difficulty of Bitcoin by moving hash temporary away from Bitcoin
3.   Maximizes miner’s profits by extending the usefulness of mining equipment
4.   Proves bigger blocks are feasible and hard forks safe (so far)
5.   Puts pressure on the opposition to get the changes they want
6.   Maximizes miner’s profits (did I say this already?)

Did I miss anything?

As long as the Bitmain cartel can keep the price propped up on bcash, they created a perfect way to manipulate the system to get what they want while making record profits. We all have to give them credit, it’s brilliant!

Bitmain has got some smart people working for them and they got some balls. As much as I detest them, give credit where its due.

Topic: Whoever came up with bcash was a genius! - page 2. (Read 1503 times)