
Bitcoin Cash has Surpassed Bitcoin in global hashrate [Nov 13 2017] - bwasti
https://bitinfocharts.com/bitcoin%20cash/hashrate-btc-bch.html#3m
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stale2002
For those who are unaware, Bitcoin Cash is a fork of the bitcoin network (NOT
an alt coin).

Over the years, there have been two conflicting visions for what Bitcoin
should be.

The Core development team what Bitcoin to be digital gold settlement layer. A
censorship resistent store of value for settling low volume, multi thousand
dollar transactions, that costs hundreds of dollars per transaction. This is
because the higher transaction fees are, the higher the "security" of the
network is.

The other, competing vision for Bitcoin, and Bitcoin Cash, is that it should
be a way for every day people to make every day transactions. They believe
that fees per transaction should be measured in cents, at most. This vision
sacrifices some amount of security, in order to allow mass adoption.

There are more complicated arguments, such as mythical "layer 2 and layer 3"
solutions, called the lightning network, that could be deployed on the
network, so as to help with scalability. But these solutions are perpetually
18 months away from completion.

Mostly recently, the settlement layer, high fees faction "won" by stopping one
of attempted upgrades to the network, and the other side responded by forking
the network and going its own way. That is Bitcoin Cash.

~~~
pierrebonbon
Bcash is just another altcoin.

The sole reason for the existence of Bitcoin Cash is pump and dump + (covert)
ASICBOOST by Bitmain (largest chinese ASIC manufacturer) leading to greater
centralization and an unfair advantage.

Please take some time to read: [https://medium.com/@WhalePanda/asicboost-the-
reason-why-bitm...](https://medium.com/@WhalePanda/asicboost-the-reason-why-
bitmain-blocked-segwit-901fd346ee9f)

Besides that, Lightning Network can be deployed much quicker. In fact, it
already runs on testnet e.g.: [https://github.com/LN-Zap/zap-
desktop](https://github.com/LN-Zap/zap-desktop) /
[https://www.youtube.com/watch?v=dhpg_8D2FPI](https://www.youtube.com/watch?v=dhpg_8D2FPI)

So how is bitcoin core going to scale ? Take a look at this:
[https://www.reddit.com/r/Bitcoin/comments/7cn5dj/so_how_is_b...](https://www.reddit.com/r/Bitcoin/comments/7cn5dj/so_how_is_bitcoin_going_to_scale/)
(Schnorr, RSK, Segwit, Lightning and more)

~~~
stale2002
Segwit has been active for 3 months, and average blocksize is around 1.05 MB.

So in 3 whole months, segwit has scaled the network by a measly 5%.

All the stuff you are talking about will likely end the same way.

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lend000
It was short lived, much like the battle between ETC and ETH.

You can see the updated hash-rates here:
[https://fork.lol/pow/hashrate](https://fork.lol/pow/hashrate)

This might equalize with BCH's fork today, which will give them a free
difficulty adjustment.

~~~
smokeyj
There really wasn't a ETC ETH battle. BCH is currently trading about 1/5 of
BTC and was briefly #2 in market cap.

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russelldc
That graph is many hours behind.
[https://fork.lol/pow/hashrate](https://fork.lol/pow/hashrate)

The hashrate quickly jumped back to Bitcoin after the difficulty changed.

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babaganoosh89
The difficulty rate fluctuates depending on how many people are mining it.
Sometimes BCC is more profitable to mine and everyone piles into it. Then the
difficulty goes up and all the miners go back to BTC. Doesn't really mean
much.

~~~
elif
Well, it means something since the BCH fork is capable of handling wild mining
fluctuations, but the BTC chain is crippled by them. It can't keep happening.

------
jettybrew
Here's a good article on the recent situation:

[https://fee.org/articles/a-beginner-s-guide-to-bitcoin-
chaos...](https://fee.org/articles/a-beginner-s-guide-to-bitcoin-chaos/)

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throw401
I hope this will eventually happen with bitcoingold. Bitcoin and bitcoincash
should have never been allowed to be mineable with ASIC's. For now it's still
Bitmain's game.

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tfha
This was achieved by paying miners substantially more. That payment gets
pulled out of the Bitcoin Cash market cap when the miners sell their coins.

This news is essentially equivalent to saying "On November 13th, Salesforce
outspent Apple in cyber security. This is one of just a few days in all of
history where the security spending for that day for Salesforce exceeded the
security spending of Apple for that day. Apple is expected to fall into a
death spiral soon."

~~~
elif
"During which time, apple was only able to spend 5% of their normal security
expenses"

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debacle
As someone out of the loop, why do the series have noted periods where the
rates have inverse extrema, starting with Oct 1?

~~~
dnadler
It's probably miners switching between the two depending on which is more
profitable at the time.

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sputknick
According to this site the average transaction fee for Bitcoin right now is
$19.20! I'm not sure what is going to happen long term, but it's interesting
to watch from the sidelines as this situation evolves.

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kirillseva
that's because it's more profitable to mine BCH now before the difficulty
adjustment kicks in. Didn't they recently hard fork to relax the difficulty
adjustment rules so this exact situation could happen?

Alternatively Bitmain has just plugged in a new batch of their ASICBoost

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cheeze
Isn't the difficulty the same? Why wouldn't you want to mine whichever coin
cost more?

~~~
detaro
No, it's not the same, since they are completely separate now and run the
difficulty adjustment independently.

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kjullien
yeah btc miners flooded with their hashrate to make profit off btc crash
because of seg2x

