Last chance to get free bitcoin this weekend. If you snooze you lose. The split is happening

mrees999
By mrees999 on Fri, Jul 28, 2017 - 10:48am

The split will be August first.  BTC Cash is coming futures are trading for it already and in the several hundreds of dollars.  This is essentially free money as the chain will fork and there will essentially be two bitcoins from now on (unless one chain dies).  With the network and opinions about evenly split, I see two healthy eco systems. That means rather than just 21 million bitcoins to ever exist, we will have 42 million, although they will not be intermixing after the point of the fork and one is technically an 'alt coin' after that but still maintains the characteristics of the other.

But the miners that make the network so powerful will be mining and protecting one network (chain) or the other. Still, the computing power of even half the miners is far more powerful than all the world's supercomputers combined by orders.

BTC Cash network will feature up to an eight meg memory pool - up from just one meg now. It should ease up the bottleneck significantly and will align with Satoshi's vision for the network. The core BTC just recently made approval of significant code changes as well but will act more like our current banking with most transactions happening off-chain through nodes that can run tens of thousands of transactions per second and then just run the blockchain as a net-net settlement layer, this is also not necessarily a bad thing but not the vision of a peer to peer cash system as was the original goal. They eventually will bump to 2 meg memory pool to ease the expensive bottleneck that has seen fees charged for transactions that have inflated into the three dollar range on occasion with the popularity. 

I see benefits for both networks and wish them both well.  In the meantime, I'm going to invest in both by getting as much btc as I can before August first so I can have coins on both networks during this split. THis is why you are seeing the price of bitcoin fly. This is a bit of a surprise as I figured the uncertainty would make people run for cover. But there are too many smart people that know what I"ve just told you and are gobbling it up far faster.  Demand is going through the roof and buying up the 'dumb money' people that don't understand this!

With this knowledge, you are now on the 'smart money' side. Are you going to turn down free money?  Just rememeber to store it on your own hard wallet NOT AN EXCHANGE. Coinbase in particular will screw you as they stated that they won't support two chains and tell their customers to move their btc off the exchange and wallets asap if they don't want to get screwed.

BTW, I ordered a bunch of Ledger Nanos and have them on hand if you want to buy one - send me a PM.  I can only sell a handful, and you won't likely get it in time to store your btc before August 1.  There are other ways to get it in your own hands temporarily and off the exchanges - also PM if you need to understand this as well.

 

Good luck!  Historic event!

 

 

 

 

 

 

17 Comments

JohnH123's picture
JohnH123
Status: Bronze Member (Offline)
Joined: Apr 14 2010
Posts: 48
Newbie guidance

Great post. I don't own any cryptocurrencies, can you guide me to where I can learn how to best get set up? I've read a lot of articles, but haven't pulled the trigger yet.

Thanks,

John

nw-reader's picture
nw-reader
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Joined: May 13 2017
Posts: 5
Long BTC transfer time

Anticipating the 8/1/2017 deadline, I initiated a transfer of my BTC from Coinbase to my hardware wallet yesterday, 7/29/17.  It took over 1 1/4 days for the transfer to be completed.  So I'd suggest not waiting until the last minute for those who are considering such a transfer.  

Coinbase reports that they are working through a backlog of transfer orders, and that the BTC network is congested.

mrees999's picture
mrees999
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Joined: Aug 16 2013
Posts: 431
Where to learn?

There is a lot of tribal knowledge but it is inconsistent, some is very good but become outdated quickly. Much is plain wrong. Almost everything is biased in some way as there is understandably politics involved as it's a paradigm change.  Understanding it is an art rather than science as you must see many sides of a moving target and decern the truth between many divergent views. 

Even my own views are biased by you can read through my posts here for some help. I've also posted a few  of my classroom videos for courses I've taught to help. I'll have other more formal announcements at some point.  The topic of crypto is too big to answer easily any longer. An entirely new asset class has been born, a brand new mode of communication, value transfer, networking, file systems, money, property, and governments. There are no easy answers any longer.

 

Good luck!

 

 

 

JohnH123's picture
JohnH123
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Posts: 48
Best Exchange?

Thanks, which exchange do you recommend I open an account at?

JohnH123's picture
JohnH123
Status: Bronze Member (Offline)
Joined: Apr 14 2010
Posts: 48
Reputable website

Is there a reputable website you can recommend to help get started? Also, for hardware storage do you prefer the Ledger Nanos to others? I looked at the KeepKey website, they look very nice and wondering which is the best hardware wallet?

Thanks!

MJB's picture
MJB
Status: Silver Member (Offline)
Joined: Jan 5 2016
Posts: 117
John

I use coinbase. You are able to convert fiat into Bitcoin Ethereum or litecoin. 

The initial process is fairly intrusive. They need your bank account for obvious reasons. That used to give you access up to $2,500 per week. I say used to because now I think they require a valid drivers license or similar form of ID.

There are others but I've only ever used coinbase for fiat conversions. Never failed.

There are several old posts about this topic in the Bitcoin interest group. I started the "how to store Bitcoin" discussion. Mark and many others posted their experiences. 

 

Good luck!

 

 

JohnH123's picture
JohnH123
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Posts: 48
Thanks!

Thanks!

TAMsharp's picture
TAMsharp
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Joined: May 10 2017
Posts: 4
Bitcoin rabbit hole

       This is in response to Mrees post  in "KIND OF"  support for r/btc vs r/bitcoin.  When I read your latest post it made me curious and I found the real bitcoin "rabbit hole".  Holy COW.  HOLY COW!!!  So this whole "civil war" is about whether the Bildeberg group is financing Blockstream to control Bitcoin Core Devs to block "bigger blocks" and instead support software that can be controlled by Blocksteam through Segwit patenting?  Holy shit.  The more I delve the more I know and don't know.  Mrees....I need help.  Im also curious then if you are part of r/btc or r/bitcoin reddit.  Just curious and since I follow you heavily, Id like to know which "camp" you follow.  Thanks.

An actual "chick" in the club

PS: This would answer the question as to why TPTB have allowed btc to keep existing.  Per Chris et al. who wonder why the central banks have let this continue.  They are studying it, trying to control it behind the scenes, and possibly destroy or just plain take over bitcoin/blockchain protocol.

mrees999's picture
mrees999
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Joined: Aug 16 2013
Posts: 431
Hardware wallets

l own all three. The form factor and size of the keepkey is nice but they don't support any of the ethereum based coins (called ERC20 tokens).  They might in the future but they are very slow about upgrades and even then they are copying the trezor as its software is open source. 

I don't see a lot of chatter in the bitcoin community for the Keepkey for whatever reason so it's not very popular. The most popular tend to be the Nano which sells out quickly and often. I like it the best and is the fastest to handle and support new changes. It was several months before the Trezor caught up to supporting ERC 20 tokens but they are slow about adding support for new ones as they are issued. (This format are how most of the ICOs are done now).

The Keepkey does have the nicest display if they could get everything else up to par it would be nice - but now it's too far behind.

 

mrees999's picture
mrees999
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Joined: Aug 16 2013
Posts: 431
Whose flag do I fly?

Although I like bitcoin and respect that it lead the way, I found the entire bitcoin camps to be 'circle jerks' of people that just stay in their own bubbles. There is no allowance given for differed opinions. They will also censor or kick you out if you protest too much so they suffer from dangerous 'group think'.  I suspect there is also 'plants' placed there to steer opinion and muck things up. 

So I check in once in a while for a laugh but still see it's people that live in a bubble and still think any blockchain effort that isn't bitcoin is a scam. They believe their own garbage.  Most of the original thinkers and creative types have long left and all you have left are 'fan boys' who just degrade any outside thought.

So which is more important?  The free market. Social consensus is much more important than the technology or the miners, or the code itself.  You can rest assured that every major government agency around the world is monitoring the blockchain and have several security companies using supercomputers  and Artificial intelligence to determine identities. They could have tried to kill bitcoin back in the senate hearing in the fall of 2013 but found the technology so promising that they decided to let it live (although it would have continued underground). Now it's the next revolution in computing and countries that try to ban it or limit it are scrambling to embrace less they are left in the dust (see Russia),

So now we have Etherum, and hundreds of other alternatives if one gets compromised people will shift to others.  The big banks are already trying their own blockchain - see EOS and TEZOS. I'm staying away from those.   Those networks that they can control and influence is where they are likely to spend their time. I doubt any of them will overcome all of Ethereum's network effects though.

To me, in the big scheme of things, this bitcoin drama is a bit of a side show to pull out the popcorn. It's interesting and I'm happy I made a few bucks from the new calved coin, but I enjoy the science - both technical a political kinds that come out of it. 

We have a front row seat to history in the making.

 

 

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2391
Bitcoin cash...

Appears to be trading at > $600 as per cryptocurrency market compare... another good call by MRees.. looks like the split was in fact free money for those who held their BTC outside of the likes of Coinbase.  Bravo MRees!

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 431
Bitcoin cash continues to rise

More exchanges are going to add 'bitcoin cash' token for trading. With the price comes profitability for the miners as it has much less competition for the reward. I suspect many miners will set aside politics when there is real money involved. Some of the old school mining cartels seem to be sending DDOS attacks to the pro BTC-Cash mining pools to disrupt them in the war but those attacks usually can't last long.  I suspect btc-cash price could rise up to 1/3 to 1/2 the value of "Bitcoin Core" eventually. - Provided no major bugs are found.

If \ when people conduct transfers and don't get bogged down and with expensive fees, it might be possible to displace the majority version of bitcoin at some point.  Very interesting to watch this play out.

 

 

davefairtex's picture
davefairtex
Status: Diamond Member (Online)
Joined: Sep 3 2008
Posts: 5685
agree

I agree, if the money flows to "the better mousetrap" that's a very interesting outcome.

Perhaps charting the ratio would be the way to go to track the progress of that move.

Just looking at the bitcoin chart, it appears to have double-topped.  BTC forecaster has just gone bearish, although forecaster does less well when there is a lot of chop - as has been the case for the past two months.  Yesterday's candle print was somewhat bearish - a ~40% chance of a top.

Looking at the chart, I suspect bitcoin cash has sucked the oxygen out of the room.

We may end up with more than just "free money" here.

 

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2391
Annnnnnnnd it's gone..

Bitcoin cash now down to $322...

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 431
And.... it's back. - Wild ride coming for the next few months

For a while last night,  there was an arbitrage difference of $150 price between Bittrex and Kraken.I doubt the bots had been programmed to look for BTC Cash opportunities. 

Before the bots get up to speed and other exchanges begin to list it, we may see some awesome trading opportunities that catch people sleeping in the next few weeks. 

 

Current price avg $412

 

skipr's picture
skipr
Status: Silver Member (Offline)
Joined: Jan 9 2016
Posts: 168
ICO 101

OK, it's time for me to delve into ICOs.  Where do I start?  My initial Google searches didn't produce much.

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 431
ICO basics class I presented
Here's a link to an ICO class I taught a few months back.
 
It should give you some basic principals to work from.
 

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