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New Cryptocurrency: Bitcoin Cash

Discussion in 'CryptoCurrency' started by iKirito, Aug 1, 2017.

  1. iKirito

    iKirito Registered Member

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    "Bitcoin is dividing in two. Disagreements about how to operate the cryptocurrency have led to a new strand called Bitcoin Cash, which is breaking off from the bitcoin system.

    Bitcoin Cash launches Tuesday in what is known as a "hard fork" from bitcoin, a virtual currency based on peer-to-peer transactions without any central authority or bank behind it.

    The new offshoot is a response to the increasing popularity of bitcoin, which is struggling to deal with massive numbers of transactions with its underpinning technology. The main bitcoin currency is adopting a system called Segwit2x that moves transactions out of the current blockchain, while bitcoin Cash will use bigger blocks within the blockchain.

    Only some bitcoin exchanges will support the new cryptocurrency, but some bitcoin owners will find their stash automatically cloned into both types. It remains to be seen what the schism will do to market values."

    Source: https://www.cnet.com/news/bitcoin-cash-splits-in-two-in-blockchain-feud/

    ----------------------

    Now I've gotten into cryptocurrency in the past but it's been awhile. However, I find this very interesting. Your thoughts?
     
  2. Reaver

    Reaver Jr. VIP Jr. VIP

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    So if we don't agree with the way a cryptocurrency is being run, we can just split off and form our own?

    This is the future: inventing our own currencies after internal disagreements.

    Btw, teenage girls do this all the time. When they don't agree they just rip stuff in half and go their separate ways.

    Many prom dresses have died horrible deaths as a result.
     
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  3. mickyfu

    mickyfu Jr. VIP Jr. VIP

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    There are plenty of people here, who when don't agree with you, smash their toys.

    Like I could give a fuck if your action man has burnt hair and his arms missing.
     
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  4. Sherbert Hoover

    Sherbert Hoover Jr. Executive VIP Jr. VIP

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    It's almost as if cryptocurrency as a whole is incredibly unstable.

    But hey, let's all just close our eyes and keep chucking money into the fake money system.
     
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  5. mickyfu

    mickyfu Jr. VIP Jr. VIP

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    And what would you know no-coiner. Bet you ain't even got a pair of skinny jeans, never mind a Bitcoin.
     
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  6. JV1999

    JV1999 Jr. VIP Jr. VIP

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    Money appeared out of thin air.

    I had btc, then a few hours ago I automagically got an equal amount if bch. Sold that sinking ship for 220 each.

    In economics u can't just randomly create cash. But in crypto you can! And that's how I was just handed free money for almost no reason except that I had btc, . .
     
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  7. Fragmaster

    Fragmaster Jr. VIP Jr. VIP

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    Most fascinating subject. It doesn't have to be real. All you need is others to believe in it. I actually see it as sophisticated game of skill. US media talking about evil Russia all the time, scaring people with terrorism? Is that real? No. Is it profitable? Yes.

    Same as fake CPA offers. Not real but profitable.

    Anyway, crypto could make revolution when it is simplified enough for average Joe to use it. Once it becomes common app that scans QR code to transfer BTC( or who knows which coin) from phone to phone, then it can become mainstream. Other than that, fees are smaller, but governments will make regulations to take their piece of pie.
     
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    Last edited: Aug 1, 2017
  8. Reaver

    Reaver Jr. VIP Jr. VIP

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    Imagine people not agreeing with gov't currency, so they invent their own.

    Wtf kind of shit is this? Seriously. This is literal bullshit. We can just invent currencies now. We can just invent ways to pay people and there is nothing backing it up except people believe this stuff is valuable.

    Oh, but paper money is based on a belief system too, right? There's nothing backing it up, except the fact that people believe it's valuable.

    In fact, it's so valuable every company in the world accepts paper money - even cryptocurrencies. That's how you buy it.

    As a species, we are doomed.
     
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  9. Fragmaster

    Fragmaster Jr. VIP Jr. VIP

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    There are similar things on the internet, like cryptocurrency :
    torrent, p2p for example.
    Torrent has no mediators, same as crypto.
    It can't be shut down, same as crypto.
    You can only go after torrent sites, or in case of crypto, governments will go after exchanges and proclaim them illegal.
    Both torrent and crypto are benefiting 99% of users, while taking away from 1% of the elite.

    I do believe crypto has great practical value, its not just hype. But it is impossible to predict what will happen.
     
  10. Reaver

    Reaver Jr. VIP Jr. VIP

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    You make a good point, but this is what stuck out.

    I think it's got potential. I really do. Just like torrents and p2p, you can use this stuff for practical reasons.

    I don't think crypto is going anywhere either. I think it's going to stay because there's a group of people that insist on screwing the gov'ts of the world every chance they get, and so they will just make crypto work.

    But I don't think that 99% of it is good. Like this - splitting off into another currency bc you had a disagreement. That is just crazy.

    It's stuff like this that makes me stay far away from it. It's just too volatile, and there are no rules surrounding how it works or how it's run. It's mass anarchy in the form of money, and I don't care what anyone says, that is never a good thing.
     
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  11. mickyfu

    mickyfu Jr. VIP Jr. VIP

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    And the fact that people actually buy and sell things using real money. Whereas crypto tends to have to be converted into real money to buy, unless you are trying to score meth.
    Yeah, it's great for buying drugs, illegal gambling, money laundering, scamming, anything illegal in general.

    However I'm having difficulty explaining the value of my Bitcoin to the bar tender that wants paying.

    I told him I had left my wallet at home, but fear not, I have an imaginary wallet with imaginary money in it, on the inter webz.
     
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  12. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    Where did you sell your Bitcoin cash?
     
  13. Reaver

    Reaver Jr. VIP Jr. VIP

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    Mmhmm.

    When I can start paying my bills with it I'll look into it. For now it's just something to play with, and not even seriously. I can waste my money eating candy or buying my cat a couch (they actually have pet couches). I don't need to throw it down a hole.
     
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  14. mickyfu

    mickyfu Jr. VIP Jr. VIP

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    I know. I bought my cats a large cat tree, and they just all went and sat in the box it came in. I have bought them beds, but they prefer pizza boxes.
     
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  15. Fragmaster

    Fragmaster Jr. VIP Jr. VIP

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    I agree, a lot of people associate it with illegal stuff. Some think that crypto exists only to support ransomware. On the other hand, sometimes other payment processors are too strict. I don't like paypal deciding if i can or can't do business.
    I'll give real life example. I'm involved in gaming industries, and i sell accounts each worth 300-500 euro. So i sell my account, and buyer receives account, and attempts to scam me with chargebacks. PP thinks buyer is right, and i lose money.
    I don't want PP deciding my fate. You see, while your examples are extreme, mine business can't be called 100% legit. Accounts, according to TOS belong to game owners, not me. Am i a drug lord, or making world a shitty place? No. Customers happy,
    nobody is going to OD.
    With PP i have to wait 30 days and pay ~5%-10% fee ( shitty country policy).
    With crypto, everything is instant with almost no fee.

    Story with bartender i agree 100%, and it is exactly what i said earlier :

    Once you can use it everywhere, if that happens, it will be really powerful.
     
  16. Cryptojunky

    Cryptojunky BANNED BANNED

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    Why ?Banks are doing it for decades creating virtual money by a single button

    You call the biggest military in the world nothing ?
     
    Last edited: Aug 1, 2017
  17. mickyfu

    mickyfu Jr. VIP Jr. VIP

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    Yes I see your point. But what about doing a job for $xx and you wake up in the morning, and your job is now worth $x?
     
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  18. Cryptojunky

    Cryptojunky BANNED BANNED

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    Ask people in Zimbabwe or venezuela
     
  19. Fragmaster

    Fragmaster Jr. VIP Jr. VIP

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    Volatility is a problem. For now. Some coins have limited supply, and they are being awarded to miners slower and slower. There are many problems. For example, poloniex is helding hostage my coins for 12 days, due to their bug, and i am leaving that exchange for good as soon as they pay me back. But when everything is perfect, and in full working order, price will be much higher. It won't be investment opportunity anymore. I can see trivial everyday stuff sold for 100-200 satoshi in near future.
     
  20. CyberHour

    CyberHour Jr. VIP Jr. VIP

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    On which military you are refering ? USA?
    USA have NOTHING to backup their dollars, the National debt of United States is over $19 TRILLIONs ! They don't have the gold nor the diamonds/petrol to cover it!
    China control USD and BTC , like it or not!

    We accept BTC from day one, do we sell drugs and anything illegal? NO! Do we scam our customers? NO! Do we respect our customers' privacy rights? Yes, we do! Are we against illegal activity? Yes, we are!

    [​IMG]
    (nice one :D)

    BTW : https://news.bitcoin.com/report-financing-terrorism-bitcoin-exaggerated/
     
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    Last edited: Aug 1, 2017