Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[tikay]

Busy night that

Gains for some

Losses for the unaware

Can you elaborate on that please Trevor?

I had a look & saw that - at one point - it had dropped to just over $13,000, but it then bounced back.

Is that correct? Profit-taking, or something else?

[DropTheHammer]

Everything seems to have tanked about 30-40% over the last 24 hours.

Great time to buy some cheap coins! Bitcoin is due to fork tomorrow so I will be going into that for the free fork coin.

[tikay]

Everything seems to have tanked about 30-40% over the last 24 hours.

Great time to buy some cheap coins! Bitcoin is due to fork tomorrow so I will be going into that for the free fork coin.

I suppose in the context of the gains seen in 2017, a 30% drop is nothing. In traditional markets, such a drop would be catastrophic, but I guess crypto currencies are resetting the parameters.

[TightEnd]

The Long Island Iced Tea company said it's pivoting to blockchain — and its stock is soaring http://read.bi/2BKfO2s

Quite a chart

Click to see full-size image.

[SuperJez]

This is nothing new, it's dropped 30% several times already this year and a lot more at various points in the past.  Bitcoin gonna bitcoin.  You can't get the massive gains without also taking on huge risk.

[typhoon13]

Busy night that

Gains for some

Losses for the unaware

Can you elaborate on that please Trevor?f

I had a look & saw that - at one point - it had dropped to just over $13,000, but it then bounced back.

Is that correct? Profit-taking, or something else?

Busy night trading for me

Nice gains getting a short on

Losses for those asleep with stops on

Gone long Alts

[Doobs]

Everything seems to have tanked about 30-40% over the last 24 hours.

Great time to buy some cheap coins! Bitcoin is due to fork tomorrow so I will be going into that for the free fork coin.

By what definition, are these things cheap? 

Surely forking can't create value.  If my company has 100 shares and tomorrow I decide to issue 100 new ones, I have not got a cent richer. 

[lucky_scrote]

Busy night that

Gains for some

Losses for the unaware

Can you elaborate on that please Trevor?

I had a look & saw that - at one point - it had dropped to just over $13,000, but it then bounced back.

Is that correct? Profit-taking, or something else?

The market is very illiquid compared to stock markets so such swings will be happening for a while and especially so far into a bull market. I'm sure it's a snowball effect in which it gets to a point where there is very little buying pressure.

[lucky_scrote]

Surely forking can't create value.  If my company has 100 shares and tomorrow I decide to issue 100 new ones, I have not got a cent richer. 

Forking is another entity saying they are going to copy the code/ledger and so forth to create their own coin. Since everything up to the point of the fork is going to be on the new chain, existing holders on the original chain own both. The value of forked chains is actually very low in comparison to the original chain normally and prices often rise before the moment of a fork, and drop dramatically at the moment of the forked block.

It is sometimes legit, bitcoin is going to be getting attacked from all angles and that is what you're seeing. It actually hurts the value in terms of $$ in the mid term but in the long run, providing bitcoin can withstand these forks, will have stronger tech and hopefully better value.

I think when we have a real bear market and we see pullbacks like never before, so many of these shit coins and forked coins are just going to go to zero. Bitcoin gold? zero. Bitcoinnect? zero.

[tikay]

Everything seems to have tanked about 30-40% over the last 24 hours.

Great time to buy some cheap coins! Bitcoin is due to fork tomorrow so I will be going into that for the free fork coin.

By what definition, are these things cheap? 

Surely forking can't create value.  If my company has 100 shares and tomorrow I decide to issue 100 new ones, I have not got a cent richer. 

Not as such - it's no different to a Scrip Issue. The total shares held increases, but their overall value remains unchanged.

I suppose it creates an illusion of value, at a time when the world & his wife wants to jump on board the Crypto Express.

[lucky_scrote]

Everything seems to have tanked about 30-40% over the last 24 hours.

Great time to buy some cheap coins! Bitcoin is due to fork tomorrow so I will be going into that for the free fork coin.

By what definition, are these things cheap? 

Surely forking can't create value.  If my company has 100 shares and tomorrow I decide to issue 100 new ones, I have not got a cent richer. 

Not as such - it's no different to a Scrip Issue. The total shares held increases, but their overall value remains unchanged.

I suppose it creates an illusion of value, at a time when the world & his wife wants to jump on board the Crypto Express.

A bit of both I believe. It's positive in the fact that another entity is coming along to have a crack at improve the tech of that particular coin, whilst some of the original value comes from the original coin itself (which often snap dumps at the block it forks). I will be honest, I don't completely understand a lot past this, but the whole forking business as a whole is supposed to be positive for the tech, but a lot of money grabbing is going on. Crypto is trying to rumble a multi trillion dollar business, so there is always going to be drama and attacks at every angle.

[EvilPie]

Everything seems to have tanked about 30-40% over the last 24 hours.

Great time to buy some cheap coins! Bitcoin is due to fork tomorrow so I will be going into that for the free fork coin.

By what definition, are these things cheap? 

Surely forking can't create value.  If my company has 100 shares and tomorrow I decide to issue 100 new ones, I have not got a cent richer. 

Not as such - it's no different to a Scrip Issue. The total shares held increases, but their overall value remains unchanged.

I suppose it creates an illusion of value, at a time when the world & his wife wants to jump on board the Crypto Express.

A bit of both I believe. It's positive in the fact that another entity is coming along to have a crack at improve the tech of that particular coin, whilst some of the original value comes from the original coin itself (which often snap dumps at the block it forks). I will be honest, I don't completely understand a lot past this, but the whole forking business as a whole is supposed to be positive for the tech, but a lot of money grabbing is going on. Crypto is trying to rumble a multi trillion dollar business, so there is always going to be drama and attacks at every angle.

I thought there was a finite supply of BTC? Surely if they can just create a fork out of nowhere that's blowing that out of the water?

Isn't it like a gold tree suddenly sprouting a few little gold branches? Does it create more gold or is it a different product altogether?

It seems to be getting a bit silly now especially as more greedy money people are getting involved. They're creating things to gamble on to give themselves something to do now they can't f**k about as much with the mortgage market. They must be loving it.

[rfgqqabc]

Everything seems to have tanked about 30-40% over the last 24 hours.

Great time to buy some cheap coins! Bitcoin is due to fork tomorrow so I will be going into that for the free fork coin.

By what definition, are these things cheap? 

Surely forking can't create value.  If my company has 100 shares and tomorrow I decide to issue 100 new ones, I have not got a cent richer. 

They aren't shares in the same company though, they are shares in a slightly different company. Forks allow for competing technological ideals to emerge from the same blockchain, which is cool because the market can then decide which protocol they value higher. I think theoretically the sum of the two network values is always lower than the original network, but because of human psychology, it feels like a discount to buy one bitcoin and receive Bitcoin and Bcash. Furthermore, Bitcoin Cash was a contentious fork, meaning that after this happens, a weight has been lifted from the community who are now free to choose which protocol they would like to support or they can just hold both.  Bitcoin price hasn't really moved because of the forks since bitcoin cash/gold. Most of the newer forks are shitty knockoffs with little to no dev team designed to steal peoples private keys and therefore actual bitcoin.

The latest price surge came after the Segwit 2x fork was called off. Price on November 8th ~7300. Market let people anticipating the fork as a good thing sell off and then started this latest charge to 20k. Segwit is a second layer scaling solution that allows more transactions per each bitcoin block by reducing the data each transaction requires.

In theory forks are bad because the network security is reduced as the hashing power leaves to go to the new network. In reality, the forks often have little value to miners because the chains are a shitty knock off. The only real Fork of value (BCash) has significant miner support because the people behind it control a significant amount of hashing power. They are against Segwit as it removes their exploit called ASIC Boost. Also, large blocks favour miners like themselves as they are more difficult to mine providing an advantage to the bigger mining operations who can take advantage by mining a block and not broadcasting it to the network immediately, allowing themselves to work on the next block. This increases miner centralization which is bad in the long term, as it would prove to be an easy avenue of attack for governments or other bad actors in the space.

The large block argument comes from previous years where Bitcoin blocks were not full. This meant people could send money for extremely low fees, and the bitcoin miners were happy with the rewards of more bitcoin. Now blocks are full, we are seeing fees rapidly increasing which is where the scaling debate comes from. I believe Bcash will run into problems as their blockchain is moving faster, which means they will reach the next Halfening, the block where bitcoin rewards for mining a block are reduced. You cannot have low fee transactions forever, especially as at some point there will be no rewards for mining a block.

Someone recently made this; https://forkgen.tech A DIY bitcoin fork generator! My favorite option is the angle of the logo.

Just to explain a bit more about why people who are involved in bitcoin typically hate Bcash, apart from things like Asic Boost. Roger Ver, one of the other people behind it, whose been sent to jail for selling bomb making materials in the US previously owns bitcoin.com. Bitcoin.com has a wallet that includes Bitcoin Cash prominently, leading to many noobs mistakenly losing their coins. Many of the companies involved in the space have refused to use scaling solutions like SegWit, whilst continuing to moan about high fees/slow transactions. They also fail to group transactions correctly, increasing fees their consumers pay. BCash has pumped wildly several times, and often in strange circumstances, see the Coinbase addition this week as well as BitHumb going down on the 14th of November at the peak. If this wasn't enough Craig Wright is also on the BCash team, a man who previously claimed to be Satoshi Nakamoto the creator of Bitcoin, who couldn't provide any proof, which should be easy as many of the early bitcoin mined we know belong to Satoshi. Roger Ver also allows people to refer to him as Bitcoin Jesus, if that didn't give you enough of an idea what a bellend this guy is.


Links: https://medium.com/@WhalePanda/asicboost-the-reason-why-bitmain-blocked-segwit-901fd346ee9f

https://fork.lol

https://www.investopedia.com/terms/s/segwit-segregated-witness.asp

[Longines]

One of the great things about crypto is it cannot currently be hacked.

fyp. Google quantum computing and Shor's algorithm. If there is a sudden non-linear advance then Bitcoins will be trivial to steal. A few blockchains are already researching hash-based rather than elliptical curve cryptography.

[RED-DOG]

One of the great things about crypto is it cannot currently be hacked.

fyp. Google quantum computing and Shor's algorithm. If there is a sudden non-linear advance then Bitcoins will be trivial to steal. A few blockchains are already researching hash-based rather than elliptical curve cryptography.

This.