Hacker News Reader

Hacker News

Comment by robinj6 | Hacker News Reader

Full thread

robinj6

Dumb question:

Supposing BCC eventually becomes of comparable value to BTC, does this mean everyone's fortune was just doubled?

View on HN

Only if you believe BTC would've been at that same value without the fork.

Right. It's like a stock split, except the company actually splits into two essentially identical competitors.

No matter which competitor "wins", your assets should keep the same total value they had before.

Unless the competitors increase the whole market (increasing total value) or—as is plausible with a cryptocurrency with netomwork effects—the lack of a single clear choice reduces the overall value of the market compared to a don't clear choice that everyone uses.

Yep. It might not be zero-sum.

Not quite like a stock split. In stock splits its almost guaranteed that the total valuation is similar.

This is wild, wild cryptoland. At the moment both Bitcoin and Bitcoin Cash are rising - so a lot of "free" money (at least in the short term.).

For now, two coins is better than one :p

EDIT: allright, Bitcoin Cash has been declining for a few days now. However, it still has quite a bit of value that has not disappeared from Bitcoin's value.

Rationally, though, the increase should have happened anyway. Fair point about crytoland though :)

Haven't we just had something like that happen though?

Bitcoin cash, at the time of writing, looks to be around the 300 USD mark, without BTC having moved much.

That's correct. If you had one btc before the fork, you now have one btc and one bch.

I wonder what implications this has to the global economy. If we continue to fork will there be a global hyperinflation?

So people who had 10 million in BTC just made about 2.5 million dollars?

Paper winnings. It's near impossible to trade BCC right now, so any USD value you see is questionable.

By that point BTC would most likely go down in value. The more people who use BCC, the more likely it is to overtake BTC. If less people use BTC, there won't be enough demand for it to maintain its current price.

Why would BCC be valued that high? Because of the protocol redesign? Why bother with the fork when you could start a new network and announce the Genesis block start time?

Ah yes, keeping the sha hash vulnerability open for ASIC mining attacks is not a priority? Empty block exploits not a priority? Thousands of coins have been minted to worthless "proof of work" exploits and early adopters.

Surprised it's lasted this long.

Reply on news.ycombinator.com