Why Forks are bad for Bitcoin? | Bitcointalksearch.org

Sachinist

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Quote from: jseverson on December 04, 2017, 02:12:31 AM

Very informative article. I had no idea that Bitcoin Cash as it currently stands already averages 50% of Bitcoin's transaction fee. Everyone who isn't well versed in Bitcoin forks should read this.

There are a few points I want to contest though. Can you even consider something a forgery if the original work was up for grabs anyway? These forks's developers aren't really stealing, but the moment they claim that their altcoin is the original, like what Bitcoin Cash does or what Segwitx2 was planning to do, then it becomes stealing.

Either way, I believe most of the forks are harmless. They get little to no miner support so they're not really stealing hashpower, and most people only claim them to dump them for even more Bitcoins. I don't like them, but I don't believe they cause any long term effects.

Forging is plagiarism. you think bcash will have any value without using bitcoin name?

Sachinist

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Basically, all forks are cheap ICOs. There's no other way to see it.

Bcash is minority miner fork. It's not even a decentralized network, therefore does not belong as a crypto in the first place. Ver made a comment that mining bitcoin is for select few, only using bitcoin is for everyone. We know he is dumb but what the actual **** dude?

Only legit and warranted fork was Ethereum after DAO which was majority fork. All other forked coins should simply be called kleptocurrency from now and lynched before launch.

jseverson

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Very informative article. I had no idea that Bitcoin Cash as it currently stands already averages 50% of Bitcoin's transaction fee. Everyone who isn't well versed in Bitcoin forks should read this.

There are a few points I want to contest though. Can you even consider something a forgery if the original work was up for grabs anyway? These forks's developers aren't really stealing, but the moment they claim that their altcoin is the original, like what Bitcoin Cash does or what Segwitx2 was planning to do, then it becomes stealing.

Either way, I believe most of the forks are harmless. They get little to no miner support so they're not really stealing hashpower, and most people only claim them to dump them for even more Bitcoins. I don't like them, but I don't believe they cause any long term effects.

kaizerblitz

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Not all forks are bad but so many people afraid to lose the faith of bitcoin they panic selling if they know that there are forks upcoming.

Shamie1002

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Forks are splitting of bitcoins. These forks intends to change for bigger blocks. I really can't understand why miners agreed to such conditions. I was thinking that maybe it is because everyday it gets harder to mine bitcoins, correct me if I am wrong.

I think bad for bitcoins. It does not only confuses the users , it also gives more reason to worry. The worst thing that I can think of is that with too much alts created, messy, some are treated and maybe used for scam purposes, cryptocurrency and bitcoins reputation will go down that could probably pushes governments to fight against it.

Irvinn

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I do not think that the plugs are too bad for the bitcoach. In addition to some confusion with the names, they do no harm to bitcoins. And a certain benefit from this crypto currency in general has. Forkogo's forks will make him improve, otherwise he may lose his place as a leader. I think that the competition between them will only benefit the development of all the Crypto currency.

Beerwizzard

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Quote from: ?? on ??

I think after 8-10 bitcoin forks, the coming ones will have a low mining power, exposing them to blockchain attacks. So it could happen that groups will rent hash power to kill coins to manipulate the market, get rid of competitors or simply out of fun.
Cryptowar is coming.

What do you think is happening now? A small group of people are promoting the BCH (which is basicaly a scamcoin) desperately trying to spread fake news during the attacks on the bitcoin network initiated by themselves. The war has already started but the other forks won't be able to gather so many douchebags as BCH did so there will be only 2 sides on this war.

audrey12

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I don't think forks are bad for bitcoin in fact the reason why it is made is because the demand of bitcoin continue to grow while the supply is limited, forks introduce alt to divert the market of bitcoin but what is always happening during fork is that the value drops this maybe the reason why some says fork are not good but if we realize after every drop the value of bitcoin grows even much higher

Etemind

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Quote from: filharvey on December 03, 2017, 06:35:18 PM

Quote from: EminenceGrise on December 03, 2017, 02:49:20 PM

Came across this. Very accurate analysis of forks. 'Kleptocurrency' is the perfect term for forked coins. hahaha love it!

https://bitcoinexchangeguide.com/bitcoin-forks/

Bitcoin network needs to find a way to at least stop random little exploitative groups stealing the bitcoin name. Imagine by next year if we had 100 different Bitcoins how ridiculous it would be.

Yes,it spoils the reputation of bitcoin totally.

In addition it also creates another altcoin which can compete with bitcoin. It divides the supporter and cause disagreements and conflicts among supporter. Though its an opportunity also since it will give you exact amount of coins from the original but exactly it spoils the name of bitcoin.

filharvey

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Quote from: EminenceGrise on December 03, 2017, 02:49:20 PM

Came across this. Very accurate analysis of forks. 'Kleptocurrency' is the perfect term for forked coins. hahaha love it!

https://bitcoinexchangeguide.com/bitcoin-forks/

Bitcoin network needs to find a way to at least stop random little exploitative groups stealing the bitcoin name. Imagine by next year if we had 100 different Bitcoins how ridiculous it would be.

Yes,it spoils the reputation of bitcoin totally.It has now become a trend now for few miners to form a group and do hard fork.They find it much easier than creating an altcoin.They just sell it and get immediate profits.At first,Roger ver was the first one to start this phenomenon by forking bitcoin to create BCH.He must be blamed for all these happenings.

Sagittariuas

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Because forks use bitcoin name to scam others like Bitcoin moon ,.... etc

other good forks like Bitcoin cash try to be better than bitcoin which is impossible

pixie85

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You can't stop forks since this is an open source software and an open market. Compare this to cars. One guy made a car and some other person decided to make his own version and then some other and other and people have a choice. They can buy this one or that one, it's their right. I'm not worried. As you can see most forks are coming and going without affecting the price of Bitcoin. You too can make your own fork but how will you make others buy it or better switch from Bitcoin to your coin?

bigmaster23

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WWW.BLOCKCHAIN021.COM

Why there's a forks anyway this could be a battling season for cryptoworld, community and investor might wait for the strongest one to have, but to me forks is also a good idea but the bad thing is bitcoin is getting upsurge that even a typical person could not afford to invest with.

rainbow169

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Some of the forks are clearly not for the development of the bitcoin technology, rather they might be an alternative way to ICO e.g. super bitcoin that's backed by one of the richest bitcoin holder in China. A lot of these forks are ignored by the exchanges and community anyway, they might help pump up price slightly but unlikely to leave a long term impact to bitcoin.

Fork like bitcoin cash however is different, it represents clearly a different way of evolution of bitcoin, together with the massive support, it splits the community. Are we seeing a split like shia vs sunni over a long term ? only time will tell.

Anonylz

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Forks have not been unhealthy all the time, when bitcoin cash appeared, bitcoin went up from $2300 to more than $3400 in just a few days, are you going to tell me that it was a bad thing?

And the same happened with bitcoin gold, it went up from $3700 to more than $5000 if i am not wrong, i do not remember it well because it was a long time ago, well, a few months ago.

But the one from segwitx2 and the whole collapse with that strategy about the segwitx2 team and bitcoin cash, was the real mess.

forks were not a bad idea, the real bad idea is that crap that some developers are trying to do, like bitcoin rupee, bitcoin cash gold, bitcoin X and bitcoin with ramdon names.

soy

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When I see the number of forks scheduled for the months of December and January, there's something to get nervous. It's going to make a hell of a mess in the alt market and will weaken the community a little more...

Xenrise

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Are forks bad for bitcoin? I was just thinking that all of these forks are just a competition between the forked one and bitcoin just like altcoin and bitcoins?

soy

legendary

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Totally agree. The accumulation of forks severely hampers the market and distributes funds to currencies that have no legitimacy. No technological benefits etc... People understood that there were several billions of dollars to be made by forking the btc...

Sachinist

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I would agree. Very true that Bcash is a centralized coin controlled by bitmain which should not even exist and bitcoin gold is just an outright scam.

For sure if exchanges refuse to list then all these forks will stop. Otherwise with open-source anyone can exploit the name of any coin so it will keep happening.

EminenceGrise

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Came across this. Very accurate analysis of forks. 'Kleptocurrency' is the perfect term for forked coins. hahaha love it!

https://bitcoinexchangeguide.com/bitcoin-forks/

Bitcoin network needs to find a way to at least stop random little exploitative groups stealing the bitcoin name. Imagine by next year if we had 100 different Bitcoins how ridiculous it would be.

Topic: Why Forks are bad for Bitcoin? (Read 416 times)