Bitcoin forks: Money for nothing, sex for free

Pekelo

Pekelo

This thread is for discussing the different bitcoin forks' effects on their prices.

It looks like our fav crypto currency figured out how to copy the central banks and create value out of thin air: just do a new fork. Suddenly there will be 2 currencies, and the sum value of both currencies will be way more than the lonely crypto's previous value.

The previous fork happened back in mid-August. BTC was around 4K and the newly minted Bitcoin Cash (BCH) was worth suddenly $700 for a while. I will do the math for you, the sum value of both was worth 1/6 or 17% more than BTC before the fork. BCH dropped to half of that later on (currently around $320) but that is still an extra 8% without doing anything.

Now there is a new fork coming and BTC is on fire getting close to 6K. If you own your private keys, after the fork you will own BOTH currencies and that is my friends better than sex for free, that is money for nothing.

Mind you the claim of "bitcoin's supply is limited" is complete bullshit, after all having 2 forks in 5 months does seem to me tripling the supply.

More explanation from Reddit:

reddit.com/r/Bitcoin/comments/761ri4/bitcoin_breaks_5500_less_than_one_day_after_it/

"Whether there is a slight or large or no drop of BTC after the fork ignores the fact that you'll also own the other coin. So you should factor in their value in addition to BTC's value when considering "the price" after the fork.

This is what some people don't think about enough: as long as you hold all forks, you can't be harmed, and which particular one "succeeds" if in aggregate the sum total goes up in value makes the fear of forks irrational.

I think BTC will win out anyways, but as long as you own pre-fork and hold for a long time at least until the fork "winner" shakes out... you have nothing to worry about. Buying post-fork is another matter though of course in short term choosing BTC would be the logical choice over any fork. My point is... split chains mean you have to add them all up together. That is the price."

reddit.com/r/Bitcoin/comments/761ri4/bitcoin_breaks_5500_less_than_one_day_after_it/

TL;DR: Don't worry about the forks, just enjoy the sex for free...
 
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Finally Pekelo has learned something... :)

But this:
Pekelo said:
Mind you the claim of "bitcoin's supply is limited" is complete bullshit, after all having 2 forks in 5 months does seem to me tripling the supply.
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isn't true. The real-Bitcoin supply is still limited to 21mil. What you do get for free is an airdrop of a new free alt-coin with some additional/different features.

By the way: it has its costs as well. Which are so high that it will brake/halt an unlimited release of these forks. This is explained very well in this video (starts at minute 6):

[/QUOTE][/QUOTE]
 
Hoi said:
What you do get for free is an airdrop of a new free alt-coin with some additional/different features.
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Correct. But you have to agree that it is hard to say bitcoin is unique when you get a completely similar (kind of) replacement, that can be used just the same as bitcoin. Not to mention the new thing is less volatile, a major necessity for any kind of currency.
 
Pekelo said:
Correct. But you have to agree that it is hard to say bitcoin is unique when you get a completely similar (kind of) replacement, that can be used just the same as bitcoin. Not to mention the new thing is less volatile, a major necessity for any kind of currency.
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Yes, mixed feelings...
 
2 forks with some time in between, that's a bit more than 4 times original supply, though not of BTC, but total "crypto currency". So the math here is about 2^n, which doesn't seem very sustainable. However, what truly matters is wether there's any "real" value to BTC. Because of open specification, anyone can fork it at any time, so why doesn't it matter? It only matters when it matters (tm).

So what do you get, you get one hell of a ride, and I'm not complaining about the PA, but this is crowd behaviour that's scary as hell. Basically, may become something like Greece II, and what happened to those people and why britons voted Brexit? Really really scary shit that can topple empires.

Knowing the carefree generation growing up, their parents and egocentrism of corrupt cutthroat competition society, this has potential to end really really badly. However, it can be one hell of a ride if any virtual currency start overthrowing normal currency. Then again, it's not a store of value unless powered and prepared for any sort of crisis scenario. Stupidity mixed with greed is not a good recipe, but again nothing that can't be amended in time.

How much will you pay me for a papernote with a crypto currency hash key scribbled down with a pencil?
How much more if you can run the exact same hash key through a slightly different computer program?
 
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Simples said:
2 forks with some time in between, that's a bit more than 4 times original supply, though not of BTC, but total "crypto currency". So the math here is about 2^n,
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Nope, although that is an easy mistake to make, specially if you didn't pay attention in 3rd grade.

BTC 1 unit, was doubled by BCH in August, making it 1-1 units, or shall I say 2 units. Then in November BTC (but not BCH) will get doubled again by S2X, making another unit. So we will have 3 units, not 4.

But I like your idea of exponential free sex.
 
Pekelo said:
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But I like your idea of exponential free sex.
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As an aside, if you are referring to the Dire Straits song in the title, I'm pretty sure it is "Money for nothing, chicks for free."

I recall that being the first MTV video using computer animation of people.
 
Pekelo said:
Now there is a new fork coming and BTC is on fire getting close to 6K. If you own your private keys, after the fork you will own BOTH currencies and that is my friends better than sex for free, that is money for nothing.
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Hi, im just starting to investigate Cryptos and investing in them as part of my overall portfolio. Would you mind explaining how you own your private keys please?

I hold a couple of different CC's via Coinbase.. I assume i dont "own my own private key"

Thanks a lot
 
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