Author Topic: Bitcoin fork futures  (Read 1033 times)

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Offline nmywn

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Bitcoin fork futures
« on: June 09, 2016, 03:41:31 pm »
Ok guys, here is a story:
https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-621#post-22017

Quote
That's exactly what I've meant. Maybe I am getting the terminology a little off and that is throwing some people. Unless I'm forgetting some details, all I mean by "fork futures" is that, say, Huobi says something like:

NOTICE: On September 1st a spinoff of Bitcoin will go live, meaning your balance (currently 8 BTC) held on Huobi will entitle you to withdraw that amount in both sides of the spinoff. If you would like to adjust the ratios, we have set up a market for you to trade the 'rights to withdraw BTC' (in one or the other side of the spinoff) with other users. Note that any amount of BTC not entered into trading on this market can be withdrawn at any time, but the amounts entered into trading on this market won't be withdrawable until September 1st."
‚Äč
It is like Openledger ICO sells, just easier i think.
Can be done?

Offline nmywn

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Re: Bitcoin fork futures
« Reply #1 on: June 11, 2016, 05:11:28 pm »
I'll try explain my point of view (forigive me my language).

  Imagine event like this:
 
 Bitcoin chain will split and create 2 new coins.
 One developed by Bitcoin Core team (CORE.btc formely known as bitcoin) and second one, let's say PIZZA.btc (maybe different
 algo, maybe thinblocks, maybe unlimited block size -  it doesn't really matter right now). Since both coins have same root, i can be sure that if i keept 1 BTC at my own key in moment of fork creation,  i will be granted with 1 PIZZA and 1 CORE (Old bitcoin is quantum animal from now) at new blockchains.

   What is your price for PIZZA?
   What is your price for CORE?

 Isn't better sell alts, move BTCs from exchanges and wait for profits from every future splits? This is actually my strategy*.

What if Openledger create  asset in day of fork ANNouncment and send them to all OPEN.BTC holders so they can be traded but withdrawed only when fork comes live?

Also what with bitBTC? Should blockchain issue fork asset to every bitBTC holder?

I feel this is great chance for Bitshares.
It must be done or volume goes to zero.

 Not possible?
 Just wait.

*  I have also  1 BTC worth (actually lot less now :/) stake of  BTS  and other assets, which is... stupid but can't help it. I'm in love with Bitshares.

Edit:

Point is: if forks like this one:
https://bitco.in/forum/threads/announcement-bitcoin-project-to-full-fork-to-flexible-blocksizes.933/
...becomes real.
Traders will withdraw BTC's from exchanges to obtain their free coins (we will see if exchanges have backed all their BTC assets - i doubt it).

I figured out "simple"  defense mechanism for any bitshares based exchange (in this case openledger):

Before first fork (prediction market for bitco.in guys):

 1 OPEN.BTC = 1 OPEN.CORE + 1 OPEN.PIZZA

send 1 OPEN.BTC to SPLIT account you will receive: 1 OPEN.CORE and 1 OPEN.PIZZA => trade, hold, you can't witdraw.
send 1 PIZZA and 1 CORE to JOIN account you will receive: 1 OPEN.BTC => trade, hold or withdraw

After first fork:
OPEN.BTC  is "dead" => you can trade and hold but can't witdraw without spliting.
send 1 OPEN.BTC  to SPLIT account, you will receive : 1 OPEN.CORE and 1 OPEN.PIZZA => trade, hold,  WITHDRAW!!!

 
« Last Edit: June 13, 2016, 08:44:44 am by nmywn »