Gold collapsing. Bitcoin UP.

[lunar]

This sort of thing has me concerned.

https://www.reddit.com/r/Bitcoin/comments/6s4dii/i_am_now_the_proud_owner_of_one_whole_btc/

"I don't know anyone that shares my excitement in this fact. I now own 1 of 21m possible coins. There could only ever be 21000000 like me out of a population of 7 billion. I managed to go over the 1 btc buying a little here and there every month.

I't feels good having part of my savings in money that only I control no matter what happens to the world or my government or my banks. No one can take this away from me.

Anyway, good day to you and may the bitcoin ecosystem grow prosperous.

Made throwaway since connecting your identity to any kind of "wealth" online is a bad idea."

Almost certainly, thousands of new people buying right now, have no idea of of the extra hidden risks involved, they are buying on one half of a fork that could easily not exist in a few months time. Responsible exchanges should have big red warning flags, for any new investors.
[doublepost=1502121585][/doublepost]Release the Kraken

 

[AdrianX]

OMG the Kraken is out ! This is good news.

 

[Norway]

@lunar
Agree, this is a huge newbie-trap. Bitcoin can get enemies for life because of this. One way to give neutral advice to firsttimers is this:

Assume that the market has priced in the risk of one of the forks to fail. Buy the same amount of each coin. (Like 3 BTC and 3 BCC),

(PS: I don't think the market has priced in the risks correctly, and Bitcoin Cash is cheap as fuck.)

 

[adamstgbit]

Almost certainly, thousands of new people buying right now, have no idea of of the extra hidden risks involved, they are buying on one half of a fork that could easily not exist in a few months time.

i think you overstate the risks.
the way i see it buying BTC has the same risks as always "one day an altcoin could become bigger and better then bitcoin", BTC will always view BCC as an alt, even if this alt becomes bigger then itself.

in anycase, it will be possible for the new BTC investors to buy BCC with there BTC.

 

[Norway]

It will be weired to see this familiar graph go to zero if Bitcoin Cash takes over the show. An everyday friend over many years giving hope for the future.

But I don't give a shit because I'm loaded with Bitcoin Cash

 

[Epilido]

Haven't seen anyone talking about taxes...

With the inception of bitcoin cash on Aug 1 hodlers we're gifted a new balance.

My guess, in the USA, is that these should be treated as a gift with Aug 1 as the gift date and a 0 cost basis. If this is the appropriate treatment it may have something to do with whales not dumping. Any whales that dump would have to lock in short term capital gains. If they sold 5000 BCC at 200 they would have a million dollar tax liability. Since it's short term gains, if you had no other income, money chimp gains calculator states at an effective rate of 37% so 370k. That's a huge tax burden and may have caused many to hold for longer term... I wonder.

 

[Christoph Bergmann]

This brillant question of Bitcointalk user versprichnix points out the whole tragedy of Lightning ...

https://bitcointalk.org/index.php?topic=1682183.msg20523305#msg20523305

That is even better for decentralized off-chain, because the Nash-Equilibrium for a 2way payment channel is trivial.
2 parties
cheat/try to gain an advantage = loose everything

Could my grandma cheat accidentally?

Did someone ever discuss this whole class of attacks on LN, or was it wishy-washed away because of "we have the best devs"?

Can some bug in a root service, like a 2yk or a big number bug, make someone accidently send an old channel tx? I guess it is possible.

Can someone write a malware tricking a LN client into releasing an old tx? I guess it is possible. With LN you store signed transactions, ready to go, which could later empty your whole channel.

And, something else: Does a LN client need to keep its private keys in memory to serve as a hub for other payments? If not, he must manually approve every transaction made through his channel.

## About BCC

I really, really like to know who the miner is. One entity made 91 percent of blocks in last 144 hours. Looking at the last 60 blocks, he made even 58.

This is a significant portion of the hashrate of Bitcoin as a whole. He mines at loss, but maybe he is accumulating a massive portion of BCC ...

But I don't feel comfortable with it. Whoever this miner is, the BCC network belongs to him.

The most puzzling thing is that the BTC hashrate did not go down with the same amount. So it is new hardware mining.

Who is it? nChain? McAffee? Bitmain? Blockstream?

 

[Norway]

@Christoph Bergmann
The secret miner is not hostile, as a hostile miner would try to keep hashrate as low as possible, but over 6 blocks/12 hours. So I guess Blockstream is out of the question, lol.

It certainly is a pissed off miner, mining at a loss to upgrade bitcoin the right way. Could be several different pools (Antpool, BW etc) sending some hashpower in this direction.

I'm not worried about 51% attacks now, this is a special phase where the difficulty is pushed down to make mining Bitcoin Cash profitable compared to the other chain.

The miners could easily switch their hashpower to the other chain for a few hours to get a cheap and quick difficulty adjustment, and they have done this a few times. But I think they want the transactions to flow to keep the chain with good reputation. This should be better for price.

EDIT: I would be very suprised if not Bitmain/Antpool is at least a part of this mining.

 

[albin]

Which of the dragon's den luminaries are we talking about? Surely not the Ginger Wizard?

It's paranoid witch-hunting BashCo, the reason I know is because he went off on me in a reddit PM for participating here.

On that note, what's up dickbags? I hope people are generating lots of content to keep you busy over in your douchebag astroturfing troll club! Tell Samson Mow I love his 90's lesbian haircut.

 

[lunar]

buying BTC has the same risks as always "one day an altcoin could become bigger and better then bitcoin"

Except this is not the same thing. Sure, If for example ETH became more popular overtime and eventually MySpaced Bitcoin, that I could understand. It would be a relatively slow process over months or years, and even then the Bitcoin Blockchain would still have value - just much less.

The current scenario is much different, newbies and even people who have done a fair amount of research, are currently buying in, on a brand recognition, of 7+ years of trusted, safe functioning blockchain, built up in Bitcoin's name. This state, is simply, no longer true. Since the 1st, it's not Bitcoin S.S, It's two chains competing for the title of Bitcoin. I see a very real risk, the current main chain can collapse to zero, and it could happen almost overnight. Best described as a massive economic re-org. Where miners and value flood from a stationary Segwit chain to a hypermobile big block chain. Any newbie that bought in the eye of the storm, is going to get slaughtered. The BCC chain is currently lucky enough, to have a significant economic actors, who sees the value potential in unlocking bigger blocks. Can you say the same for the SegWit chain? Would there be value in unlocking 1MB Segwit, if it had to be mined at a loss for a month?

In fact more than a red flag, I'm thinking some services eg Coinbase or Xapo, that have simple buy/sell custodial wallets, should currently be keeping equal coins for new users (buys post 1st august) as a kind of cover. So as a newbie right now if I bought 0.1 Bitcoin they'd keep 0.1 BCC behind the scenes as an insurance policy.

This is currently, a very unique situation.

 

[solex]

Starting to see a few people writing up this scenario...
https://steemit.com/bitcoin/@belerophon/the-black-swan-that-could-turn-bitcoin-upside-down

 

[8up]

It will be weired to see this familiar graph go to zero if Bitcoin Cash takes over the show. An everyday friend over many years giving hope for the future.

But I don't give a shit because I'm loaded with Bitcoin Cash

Better be loaded with some good alts as well.

 

[freetrader]

Which of the dragon's den luminaries are we talking about? Surely not the Ginger Wizard?

I prefer 'The Gingerbeard man'

 

[solex]

The Core Project mouthpiece has spoken

So, it's 1MB4EVA for Legacy Bitcoin and the NYA signatories will have three options:
1) Forge yet another fork with SegWit plus 2MB
2) Support Bitcoin Cash
3) Come to BS-Core's heel (this time muzzled and on a short leash).

 

[freetrader]

This image is clickable for your continued enjoyment.
The picture is on imgur here.

 

[8up]

If TPTB want to establish Bitcoin Core as the main chain they have to pour in a lot of fiat money in order to keep Bitcoin Core more profitable than Bitcoin Cash. Bitcoin Cash, as well as other major alts will enforce at least a minimum of integrity for the legacy chain. That's good.

For a long time TPTB didn't have to take risks. That's bad for society. Due to the advent of Bitcoin, alt-coins and now Bitcoin Cash (all potential candidates for the next world reserve currency) it's time to have skin in the game again. Their plan to undermine Bitcoin has failed as from now on there is always the risk to lose it all if solely betting on Bitcoin Core (read asynchronous difficulty reduction risk). I guess they are not prepared yet for losing (the illusion) of control and power, yet. We might see some very interesting moves in the near future - price wise and in geo politics as well.

 

[Dusty]

Before activating segwit the narrative was "the fees are high, let us activate segwit to lower them!" and now that is active blockstream warns users that they have to take for granted a great increase in fees:

https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054

I can't understand how people still fall for them.

 

[Bagatell]

"It is currently -100% more profitable to mine on the original chain."

https://cash.coin.dance/blocks

Are their numbers right?

 

[satoshis_sockpuppet]

If they got the 17 % difficulty share right, 77 % is correct (coinmarketcap price).

I'm very surprised by so much hashing power. Anybody expected 10-20 % hashing power on BCC so early? TBH, I still see BTC to eat BCC **if** we get a majority 2 MB HF. If not, I'm fairly confident, that BCC will win this year and become Bitcoin. Actually core is currently making the situation clearer with their current banning of SW2X clients. The signees of the NYA have to call the bluff. Imho core can't win this one. They'll either fork off from the SW2X chain or BCC will overtake. Some people will suddenly see, that nobody gives a fuck about their precious Raspberry Pi node.

 

[Zarathustra]

"It is currently -100% more profitable to mine on the original chain."

https://cash.coin.dance/blocks

Are their numbers right?

"Minus 100% more" ...; I guess that's not right.;-)