Crypto Currency Thread

Author
Discussion

Maxf

7,867 posts

177 months

Wednesday 2nd August 2017
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So, what are people's thoughts on Bitcoin Cash? I now have an equally small amount of BCH after the fork, and will likely hold onto it, rather than selling/converting it - more because I don't have a huge amount so it's not life changing.

A basic question though...

Are the new BCH coins still limited to a total production of 21m?

Edited to say, contrary to what I wrote I sold my BCH - I effectively got about 16% of the value of BTC. The logic behind this was that there seem to be a lot of people expecting to sell as soon as they have access to an exchange (mine was already on Kraken), which could push prices down. I can either sit on the cash, or buy BTC with the assumption that there will be a large scale conversion to BTC, rather than a cash out. That's a simpleton's view anyway wink


Edited by Maxf on Wednesday 2nd August 11:19

Bobajobbob

541 posts

32 months

Wednesday 2nd August 2017
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I keep my Bitcoin in the Blockchain wallet. Any ideas how to access my parallel Bitcoin cash holding?

The Spruce goose

16,450 posts

131 months

Wednesday 2nd August 2017
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Bobajobbob said:
I keep my Bitcoin in the Blockchain wallet. Any ideas how to access my parallel Bitcoin cash holding?
did you get your private key?

bloomen

1,861 posts

95 months

Wednesday 2nd August 2017
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I don't think you can with new wallets there. They're HD wallets so they'll have a seed instead.

Send your bitcoins out of that wallet first to a new one and then import the seed into a wallet that does do Bcash.

Coinomi does it. I'm not sure about the others.

If you want a raw private key or keys which would give you more wallet choices use this https://coinomi.com/recovery-phrase-tool.html to determine the private keys from the seed.

Do it offline.

Bobajobbob

541 posts

32 months

Wednesday 2nd August 2017
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The Spruce goose said:
Bobajobbob said:
I keep my Bitcoin in the Blockchain wallet. Any ideas how to access my parallel Bitcoin cash holding?
did you get your private key?
Hmm I’m not a total novice but I don’t know. What is the private key? The wallet address?

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The Spruce goose

16,450 posts

131 months

Wednesday 2nd August 2017
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Bobajobbob said:
Hmm I’m not a total novice but I don’t know. What is the private key? The wallet address?
the block chain has the addresses, to access them you have your private key. a lot of places like exchanges etc don't have this for various reasons, but with your key you can decide what you want to do with your btc, like move it etc. with a block chain wallet you have to request it, i just moved it to another address with private keys using the eletrum wallet.

this might explain it better than me, the principle of the Large Bitcoin Collider.

https://lbc.cryptoguru.org/about

Behemoth

1,898 posts

67 months

Wednesday 2nd August 2017
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Maxf said:
Are the new BCH coins still limited to a total production of 21m?
Yes. The fork means it's a new implementation of the same coin. They have shared histories (ie shared blockchain ledger) but as of the fork, different futures and thus different blockchains. There will be a max 21m BCH and 21m BTC mined.

bloomen

1,861 posts

95 months

Thursday 3rd August 2017
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Bobajobbob said:
Hmm I’m not a total novice but I don’t know. What is the private key? The wallet address?
The private key is what gives you control over your coins. If you have that you can send them and also import them into other wallets. If anyone else gets their hands on them then it's goodbye coins.

With Bitcoin Cash the most sensible thing is to separate your private keys. The way to do this is to send your bitcoins away to a new wallet first as the Bitcoin Cash is still linked to your old private keys as the chains separated a couple of days ago.

Make sure the wallet is completely new, not just the same address inside your blockchain.info account.

Blockchain.info doesn't give you direct access to your private keys any more. You derive them from the seed it gave you when you created the wallet.

https://bitcointalk.org/index.php?topic=2058417.0

Once your bitcoins are in a new account then you can import the old private keys into a new wallet. Coinomi is probably the simplest right now.

Bobajobbob

541 posts

32 months

Thursday 3rd August 2017
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Many thanks all. I’ll give this all a go today. I’ve been confused by all the different identifiers. Of all the codes mentioned; seeds, public and private codes and wallet address the only one I appear to have is my wallet address.

If I understand correctly I can’t extract the required info with my bog standard Blockchain wallet so will need to set up a new one supporting BCH and transfer my bitcoin to that wallet. Once I get there i’ll need to come back and double check what comes next.

alan-87

369 posts

141 months

Thursday 3rd August 2017
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Decided to get into some Verge yesterday. Cheap at 107sat and the dev team are pretty active. Could be a good long term hodl.

x5x3

2,142 posts

189 months

Thursday 3rd August 2017
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Behemoth said:
Maxf said:
Are the new BCH coins still limited to a total production of 21m?
Yes. The fork means it's a new implementation of the same coin. They have shared histories (ie shared blockchain ledger) but as of the fork, different futures and thus different blockchains. There will be a max 21m BCH and 21m BTC mined.
One thing to bear in mind is that it is extremely unlikely that all 21 million will be in circulation - there are a lot of people out there who have lost their keys and those coins will be lost forever.

Unless of course quantum computing arrives......

Behemoth

1,898 posts

67 months

Thursday 3rd August 2017
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alan-87 said:
Cheap at 107sat
The price of one unit is arbitrary and practically meaningless.

The Spruce goose

16,450 posts

131 months

Thursday 3rd August 2017
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Behemoth said:
The price of one unit is arbitrary and practically meaningless.
i remember one person writing on another forum that at 300 dollars a eth how cheap it was. Then it slowly dropped to 180 dollars and now about 226.

it is all arbitrary and generally most coins are at an all time high so still very risky.

Behemoth

1,898 posts

67 months

Thursday 3rd August 2017
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bloomen said:
Send your bitcoins out of that wallet first to a new one and then import the seed into a wallet that does do Bcash.

Coinomi does it.
Except it doesn't. It asks for a specific format for the seed and if you don't happen to have that on the origin wallet then afaict it won't work

The Spruce goose

16,450 posts

131 months

Saturday 5th August 2017
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As this thread was about trading, so far in a week i am 21% up on investment, after selling my mining rig.

Biggest gain Str which i think has good potential. poorest gain is Sib coin which i might get rid.

Ripple even though i hate everything about it still draws me in as an investment, it has some big backers.

% increase just over a week. i bought eth again as even though it has issues i think i can make a profit off it.

decred - 23.7296%
eth - 13.9175%
str 44.8889%
sib -0.8000%
ICN - not included as i bought ages ago.

i think zcoin has potential, and will buy a few on a dip.

Behemoth

1,898 posts

67 months

Saturday 5th August 2017
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The Spruce goose said:
As this thread was about trading, so far in a week i am 21% up on investment, after selling my mining rig.
Did you buy & sell your rig in one week? confused

The Spruce goose

16,450 posts

131 months

Saturday 5th August 2017
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Behemoth said:
Did you buy & sell your rig in one week? confused
No i sold my rig about 3 weeks ago, i converted some to bitcoin then usdt and held on an exchange. I then made my buys about a week ago. i had nearly liquidated before that so pretty much starting again.


Edited by The Spruce goose on Saturday 5th August 18:02

Behemoth

1,898 posts

67 months

Saturday 5th August 2017
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I'm up over 30% in a week by doing very little apart from picking up free Bitcoin Cash after the hard fork & trading about half immediately back into BTC.

The Spruce goose

16,450 posts

131 months

Saturday 5th August 2017
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Behemoth said:
I'm up over 30% in a week by doing very little apart from picking up free Bitcoin Cash after the hard fork & trading about half immediately back into BTC.
good times, i was going to get btc but decided against it until it calms down. the market is still strong it seems.

Behemoth

1,898 posts

67 months

Saturday 5th August 2017
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The Spruce goose said:
good times, i was going to get btc but decided against it until it calms down. the market is still strong it seems.
Oh well. You missed the tombola bonanza by switching it into pointless tether wink