Despite all this, market forces may drive one or the other coin up or down over the next days and months depending on how important the differing features are to the community. It could also turn out that there is a market for both feature sets and they both do well.
Inside? First salvo in a massive political civil war between interests with different goals. There's this Bitcoin Cash implementation vs Segwit.
And really, there were lots of skirmishes before any of that even. This is a long, old battle, and the fork is more like a resolution (two sides peacefully going their separate ways) than a continuation of the war.
If it doesn't (and it's far too early to tell) then this schism isn't going to go away. It might end up moot but right now this isn't resolved, it's just a big push.
It's also the largest in a long while.
They have not been ignoring this issue, they have been firing salvos and censorship left and right. Fighting the original bitcoin with all they had.
It's just a strategy. Granted, it's a good one.
For years the market wanted to increase the arbitrary 1mb blocksize limit. They finally got fed up with the stalling/lies and forked off.
people were misled into thinking Hard forks and >1mb blocksize was "dangerous". Bitcoin cash proves these to be false.
>nothing bad happened
>"it's totally fine guys"
I mean, you can say the same about a lot of disasters
My take on this is this is partisans of big blocks saturating the original chain; as if to try to prove a point. It does cost them some little amount of money, though.
In particular this section:
> How to redeem my BCC?
> BCC wallets will require you to import your seed or your private keys, which can be exported from Electrum. Doing so will expose all your Bitcoin funds associated with that seed to the BCC wallet you decide to use.
> Therefore, after the BCC fork, but before you enter a seed or private key in a BCC wallet, you should move all your funds to a new Electrum wallet, with a new seed. You will still be able to use the old seed or private key with BCC, because BCC has replay protection. Wait until your funds are confirmed in your new Bitcoin wallet, before you enter the old private key in a BCC wallet. This will protect your BTC funds from rogue/untrusted software.
I would expect this relationship to hold -- that for every dollar BCH gains, BCT is prevented from gaining a dollar. Unless somebody has some good reason this wouldn't be the case.
At the same time ETH ran up from about $205 to $225.
I would expect the total value to decline if there's not one clear winner, since the value somewhat depends on network effects (e.g. Metcalf's Law)
Following your assumption that means that the split increased the total value by about $600!
Make of that what you will. :)
I did happen to write my comment around the top of the price chart, as the current price is $447.
Coinbase has not honored giveaways of these previous coins to their customers, so it sort of makes sense that they treat this one exactly the same. Otherwise they'd have to answer why they treated this one differently.
(Most other coins have just copied the UXTO set from a certain block height and not the entire historical blockchain. This saves a lot of space as you can start with megabytes of data instead of a hundred gigabytes. There are probably marketing reasons why it was made this way.)
Ironically, Coinbase holding onto the Bitcoin Cash (by not supporting it, and hence not letting their users sell it) is probably helping it, since Coinbase users cannot dump their BCC for a quick buck. As you say, it's kind of a giveaway..
You get all your tweets on the new site for free.
Same with BCC. They copied the Bitcoin database at block 478558. So if you have a coin in a BTC account before block 478558, you now have the same coin on the BTC chain, and a copy of that coin on the copied BCC chain.
To use it, you just need to use a BCC wallet, the same way you'd use a BTC wallet to use BTC.
But if you don't know your private key (usually because your coin was on an exchange) then you are out of luck. Google if your exchange will credit you BCC.
There are technical differences that may make one or the other succeed.
Some fun facts:
Forked should have name XBC as per ISO bt thats already taken so they named BCH
1st BCH block 478559 & BTC Block no 478559 where mined by ViaBTC
ViaBTC dedicated BCH block to her daughter by adding comment on 1st Block of BCH
"�_M�*/ViaBTC/Welcome to the world, Shuya Yang!/�q���3�0c"
People will use whatever fits their use case and there will be well-oiled exchanges arbitraging the valuations.
I'm probably neglecting some of the short term effects of a splitting chain here.
And Bitcoin Cash with increased block size limit.