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RE: Bitcoin Unchained - The Platform Independence Movement
Hi @stan I am still slightly confused. Would BTC-U be considered a hard fork of bitcoin? What would happen the BTC that I exchange for BTC-U? Would my BTC-U be backed by BTC or BTS? Is this essentially a smart contract on the BTS blockchain called BTC-U?
Yes it would be a hard fork (actually a pitch fork since we pitch all of Bitcoin's old hardware and software and move to a new platform.) You still keep all your old Slow Bitcoin tokens and you get bright shiny new Fast Bitcoin tokens as well. Both are backed only by market demand.
Perhaps the phrase 'hard fork' is too negatively perceived currently in the Bitcoin space (especially in the /r/bitcoin sub), a hard fork sounds like BTC-U proposes to meddle in Bitcoin's currently established mining consensus mechanism, where as in fact it operates entirely outwith the traditional Bitcoin ecosystem in a secure and inexpensive manner.
How about a different/additional visualization for explaining the snapshot/sharedrop?
The Bitshares starship drops out of hyperspace in planet Bitcoin's orbit, the crust is collapsing into itself as the various militarized mining corporations have bored the planet hollow to the detriment of their species. We stretch our transporter to maximum capacity and make a backup of every Bitcoin inhabitant on our starship just as the planet is destroyed. The Bitcoin species will live on, riding the Bitshares starship off into the cosmos!
That IS good! Great story line! Somebody please make an animated 5 minute short based on this, and get it into the hands of Stan & FromZeroToHero NOW!
Also, BTC isn't technically a pitch-fork either, as the old chain isn't necessarily destroyed as it was in the case of BitSharesX-->BitShares2.0 Even then it wasn't a foregone conclusion but did turn out that way.
If anyone wants to go ahead and create a short video/animation with this idea go ahead, full permission granted.
LOVE it!
I see thanks.
So will my old BTC be held as collateral in a similar way to bts/heros?
Surely it could not be as easy as own bitcoin and you will get free BTC-U.
No, this BTC-U token isn't a proposed 'Market pegged asset' like hero is, BTC-U would be an 'user issued asset' which would be sharedropped against existing BTC holders.
Yep, it's as simple as holding your BTC in a wallet where you control the keys (during the snapshot period) then importing your keys into the Bitshares wallet at a later date when the sharedrop has been performed & you'll be able to access your BTC-U tokens.
Perfect response.
I am realizing more and more that this fork is actually a great thing for investors. Getting free alts out of thin air :)
BCC futures already trading at $400 with an ATH of $800 or so.
That's it. A free coin drop on all bitcoin holders (who have their keys locally, not on an exchange) or the exchange will get them.
Do you know, that real bitcoin is also backed by the cost of its creation - which is big? How does it compare to BTC-U?
That is a myth. BTC is backed ONLY by demand for it. If there is no demand, it has zero value no matter what it cost to create.
They are literally wasting hundreds of millions on electricity that could go into funding useful work. Think of that!
Miners won't sell at 0 value if the cost is much higher. Anyway, market will verify if BTC-U has anything to do with real Bitcoin.
By the way, other are also trying to make money on naming their alt-coin Bitcoin.
https://steemit.com/bitcoin/@cardboard/bitcoin-segwit2x-update-war-incoming
Precisely. We aren't going to offer this upgrade unless there are multiple candidates already. If there are multiple candidates, why not have the best be one of them?