Gold collapsing. Bitcoin UP.

[ChironRegera]

Did exchanges such as Bistamp, Kraken, Bitfine, Poloniex... make any public announcement regarding their attitude and policy towards Bitcoin Cash?

Haven't seen anything as of yet.

 

[Bagatell]

@ChironRegera

you must have missed this https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-1004#post-41523

 

[Peter R]

I presented at our local meet-up in Vancouver last night on "Scaling Bitcoin to a Billion Users." The talk focussed on how Bitcoin's SPV design facilities massive scaling with each user retaining the ability to "be their own bank" and verify their own transactions. Here are the slides if anyone is interested:

https://www.slideshare.net/peter_r/scaling-bitcoin-to-a-billion-users

And here is the video:


(As seems to be typical for these types of events, the audio sucks. BU even bought a wireless lapel microphone so I could record my voice and my slides on my laptop, but then we couldn't get my laptop to connect to their projector. They didn't have PowerPoint on any of their machines to play my slides, and by the time we figured out how to get my slides up, we were already starting late, and so...yeah...the audio sucks and the slides aren't fully in sync either.)

What I learned from giving this talk, is that most people don't actually understand how SPV works. Once they "get it" they also understand how Bitcoin's design already permits massive scaling. SPV is like built in pruning so that users can disregard all the data except for their transactions and the Merkle path to the block headers. I think an education campaign aimed at explaining SPV to the community would be quite helpful.

Two other data points:

1. I met my first rabid small blocker in person. He came up to me after the talk, and aggressively asked "so why bigger blocks" to which I answered "I just gave a 25 minute presentation explaining why." He then said that he came late and so he missed it. He raved about BU trying to take over Bitcoin and install a "president" until another gentleman had to pull him aside and ask him to tone it down and be more polite. It was an odd experience of him telling me to "fork off," and me saying yeah we're forking to bigger blocks around November 23, and watching him become even more aggravated. Anyways, I had suspected that rabid small blockerism was a purely on-line phenomenon but now I know there's at least one specimen on the loose in Vancouver.

2. After the talk I grabbed a drink at a nearby bar. The bar tender saw my computer case and asked if I had just got off work, to which I replied that I just gave a talk down the street. She asked what the talk was about and I said "Bitcoin." To which she asked if we were discussing segwit and the scaling debate! I was like OMG it's happening!

 

[sickpig]

Greg Maxwell has proven several times that he doesn't know freshman calculus, but now I'm wondering if it's a disease with small-blockers in general:

If

P = M V,
then

dP = dM V + M dV

https://en.m.wikipedia.org/wiki/Product_rule

 

[ChironRegera]

@ChironRegera

you must have missed this https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-1004#post-41523

@Bagatell Thanks. Saw that but when I clicked on it the date said 3/17 so I didn't read it any further ..

 

[Norway]

I think we have a great opportunity to make money while we punish the smallblockers.

I want to buy BCC now, so I challenge the smallblockers I know to sell me their future "China-coin", "Jihan-coin" or whatever they call it. Hopefully, I'll land a big deal tomorrow. I think the perfect victims are people like the guy @Peter R met at his local meetup. They consider BCC to be worthless, and represent a great buying opportunity when they sell their worthless shitcoins.

It's also a good idea to just ask market price, and refer to ViaBTC's token trades. One important thing to remember is that if you send 1 bitcoin to ViaBTC, it's split in two tokens: One "frozen" bitcoin, and one BCC. So if you trade that "frozen" bitcoin against BCC, you get, let's say 6 BCC. This is the relationship in Yuan. BUT: You actually get 7 BCC, because you allready got 1 BCC. So the market price is a little skewed compared to reality.

I think the best time to buy BCC is now, before they "get real" on 1st of august. If you wait to "see how it's developing", you're gonna miss the moon-train.

EDIT: By "skewed compared to reality" I mean that you should not apply the relationship (Bitcoin price in Yuan / BCC price in Yuan) if you make a private deal like this:

You send a bitcoin today to the smallblocker, and he promise to send you X BCC after the fork.

 

[adamstgbit]

promise to send

what could go wrong

 

[ChironRegera]

I think we have a great opportunity to make money while we punish the smallblockers.

I want to buy BCC now, so I challenge the smallblockers I know to sell me their future "China-coin", "Jihan-coin" or whatever they call it. Hopefully, I'll land a big deal tomorrow. I think the perfect victims are people like the guy @Peter R met at his local meetup. They consider BCC to be worthless, and represent a great buying opportunity when they sell their worthless shitcoins.

It's also a good idea to just ask market price, and refer to ViaBTC's token trades. One important thing to remember is that if you send 1 bitcoin to ViaBTC, it's split in two tokens: One "frozen" bitcoin, and one BCC. So if you trade that "frozen" bitcoin against BCC, you get, let's say 6 BCC. This is the relationship in Yuan. BUT: You actually get 7 BCC, because you allready got 1 BCC. So the market price is a little skewed compared to reality.

I think the best time to buy BCC is now, before they "get real" on 1st of august. If you wait to "see how it's developing", you're gonna miss the moon-train.

EDIT: By "skewed compared to reality" I mean that you should not apply the relationship (Bitcoin price in Yuan / BCC price in Yuan) if you make a private deal like this:

You send a bitcoin today to the smallblocker, and he promise to send you X BCC after the fork.

Maybe I'm missing something but ... what's the incentive of trading in 1 bitcoin to ViaBTC right now if all you get in return is 1 BCC? Wouldn't you get the same return by just keeping your bitcoin and then claiming your BCC on Aug 1? Once you send them your BTC, you're at their mercy to return it back to you.

I also would never act on someone's promise to send me BCC because we all know humans are the most trustworthy species out there ....

 

[adamstgbit]

@ChironRegera

the idea is to send your BTC to ViaBTC so that you get 1BTC and 1BCC, you then go trade your BTC for ~6BCC getting you a grand total of 7BCC. which IMHO is a bad deal ( at least this early in the game. )

 

[ChironRegera]

Thanks @adamstgbit ... If you trade in your BTC to viaBTC, my understanding is that BTC is then "frozen" until Aug 1. How then would you be able to use that same BTC to get the additional 6 BCC during this time period before Aug 1?

 

[adamstgbit]

https://www.reddit.com/r/Bitcoin/comments/6p579e/offering_bcc_put_options_to_sell_bcc_at_100/

lmao

let's see if i get any bites.
[doublepost=1500858939][/doublepost]

Thanks @adamstgbit ... If you trade in your BTC to viaBTC, my understanding is that BTC is then "frozen" until Aug 1. How then would you be able to use that same BTC to get the additional 6 BCC during this time period before Aug 1?

I think you can trade the BTC frozen but you cant withdraw it?

idk, i havent done it myself (but others on /r/btc have), i'm waiting for the other exchanges to fallow suit after the 1st, and for the price of BCC to fall.

 

[Norway]

what could go wrong

I would only do this with people I know and trust. If I know them, but not trust them, I would use a person both parties trust as escrow.

 

[adamstgbit]

satoshi is pissssssssed!
" if you can't spend a little bit of money to help this network, and you've been in it since 2009, FUCK OFF!"
this video is full of golden quotes like that one.

 

[Bagatell]

I think you can trade the BTC frozen but you cant withdraw it?

Correct.

https://www.viabtc.com/quot/realtime?currency=btc&dest=bcc&chart=simple

 

[Bagatell]

Re @Peter R and CSW on selfish mining - rip him a new one Peter, LOL

 

[AdrianX]

certainly wouldn't be worried anymore about having a mallfix in BCC as it will have a clear, definite on-chain scaling future. I wonder what others such as @AdrianX , @hodl think about this.
And so I guess I agree, it might be a good selling point, given that core prepared the ground, so to say, for marketing this. "Look here, all the sweetness of SegWit with just a minor fix."

I'm not going to be trading anything until I get a handle on "velocity" of BTCC. I see it much like @adamstgbit but I'm long on the time frame, I don't think the big sellers are going to dump in a week (I think the hate sellers are fiew) I think the flip could take years, and BTCC needs to survive the big dumps.

All in all I am bullish it will, it'll mean greater distribution, an opportunity for marginalized miners, it could become the silver to bitcoins gold. I think the "new world" are going to adopt it, and Gresham's law is going to be a catalyst that eats Segcoin out from the inside over time with a growing network, and friction free transacting between users.

There is lots of risk, Coinbase with some 46,000 Businesses using their merchant services and some 8.8 million customers is putting a huge dent in the distribution of BTCC, potentially removing coins form the total but defiantly removing users from the bitcoin cash network.

I'm going to support the viability of the Bitcoin Cash network, I am not sure about supporting the price. I'd like to see it survive past the Hard Fork to segwit 2MB and there after I think we will see a more accurate market demand. My opinions were largely solidified when discussing the spin-offs on bitcointalk.org I think this is a great opportunity to test that idea.

 

[Zarathustra]

I think we have a great opportunity to make money while we punish the smallblockers.

I want to buy BCC now, so I challenge the smallblockers I know to sell me their future "China-coin", "Jihan-coin" or whatever they call it. Hopefully, I'll land a big deal tomorrow. I think the perfect victims are people like the guy @Peter R met at his local meetup.

Yes, Tone Vays and alikes.

I think the best time to buy BCC is now, before they "get real" on 1st of august. If you wait to "see how it's developing", you're gonna miss the moon-train.

All in all I agree, but I think the price today reflects a bit irrational exuberance. I guess Bitcoin Cash will start with 3 percent hashing power and a ridiculous low price of 6% of the segregated Bitcoin (Witcoin). That means, the difficulty will be adjusted accordingly and mining Bitcoin Cash will be very profitable for the early adopters.

Will a segregated 'anyone-can-spend' witcoin be able to compete with Bitcoin Cash? I don't think so.

 

[Norway]

Finished my Bitcoin Cash(BCC)-buying from a small-blocker!

If BCC crash to zero, I have lost 16.6% of my bitcoins.
If BCC becomes the main chain, I have doubled up.

 

[Windowly]

@Norway Did you use Viabtc?

 

[adamstgbit]

https://www.reddit.com/r/Bitcoin/comments/6p99gv/request_for_clarification_from_exchanges/

up vote this. thanks.