So happy.. my BTC sell quote at MYR5730 was success!

To understand this, you need to have a basic understanding of the fundamental differences between Bitcoin Core, Unlimited and Classic.
This website gives a very basic explanation of the differences:

https://www.crushthestreet.com/articles/dig...hats-difference

If no consensus is reached in the near future, the whole bitcoin system could be choked to a point that makes transactions impractical/impossible, and then there could be no other choice than to implement a hard fork (complete split into two or more separate individual systems), which nobody really wants to happen.

Oh, meaning bitcoin will become something like ethereum and ethereum classic? What's the implication on the value of existing BTC, implication for current BTC holders and the future of BTC?

I guess we should follow the "upgraded" BTC rather than core BTC?

Congrats! You used Xbit Asia?

This post has been edited by kmarc: Mar 7 2017, 12:35 PM

Oh thx. Will read the link later on.

In very simplified terms, yes, it would become something like ETH and ETC.
But actually there were very specific sets of circumstances that allowed both ethereum forks to remain in existence in parallel to each other, which bitcoin *might* not experience (nobody really knows for sure).

For example, if enough percentage of voters went ahead with Core (e.g. 95% as Wootz mentioned), then all of a sudden, you have two "bitcoin chains", one with 95% of the hashing power, the other (Unlimited) only with 5%.
Imagine, with only 5% of the computing power on Unlimited trying to do all the mining and transacting, and with algorithm-difficulty adjustment happening only once roughly every two weeks, we would suddenly see hundreds of thousands of transactions going in queue, confirmation times will become incredibly long, and it could be months before the adjustment becomes fully normalised and the backlog cleared, by which time, most people would have abandoned Unlimited as it is just too impractical to use anymore, which means the price will drop to the abyss and finally nobody wants to be holding these coins anymore.

Not to mention the fact that miners on Unlimited will be under extreme risk of a 51% attack from Core if they wanted to, and also it is important to note that miners mining on Unlimited can only spend the newly mined coins within Unlimited, which makes it extremely unattractive financially.
If you were a miner who spent tens of thousands of dollars on hardware and trying to recoup your investments, it definitely makes financial sense for you to always go with the majority, and you are not going to waste your time and resources doing worthless work that doesn't earn you back your investments.

The same for businesses and also large corporations accepting bitcoins and involved in the blockchain, they will have to make a decision on which one to adopt finally. Again, it makes business sense to go for the majority/more popular one.

HOWEVER, for the casual user like you and me, we will probably not notice any great differences in terms of usage or trading.
Well, maybe your hardware wallet provider might need to update its software, but that's about it.
When the dust settles, then you can decide whether to use your coins on Core or Unlimited (but once you make the first transaction, it will permanently mark the coins as either Core or Unlimited, and there's no turning back).

Sorry for the long post, but I suppose that addresses your concerns?

Nope, Ethereum fork was a special case, mostly due to its dynamic difficulty adjustment at every block, which is every 14-16 seconds. That's why miners can still mine it and reap sizable rewards without much effort.

Bitcoin difficulty readjustment however comes every 2 weeks, and since the main use case for BTC is store of value, you can expect the minority chain to collapse long before the difficulty readjustment comes.

The ETC chain can be used to deploy cheap and nonsense contracts without intervention from the Ethereum Foundation, which is currently teaming up with EEA to work on maintaining and growing the ETH chain, so it isn't completely useless at all. That's why it's still listed on the coin rankings, so shameless.

This post has been edited by WooTz: Mar 7 2017, 03:55 PM

Thx both for the long explanation. I'm still at blockchain kindergarten level. Had to see a video of basics of blockchain for dummies too.

Just read the link wengherng provided and I must say that even though I just understood probably 10% of the content, it is just like any other issues in this world where people just can't seem to agree with each other. Disagreement leading to arguments leading to factions and later war....... I guess this is inevitable due to the decentralized nature of bitcoin and the fact that nobody owns it.

Whatever it is, I think I will not dive too much into the technicality of bitcoin. It is a whole field by itself.

Wow! Bitcoin just had a flash crash just now. Now recovering. No ETF news yet......

bitcoin ATM - there's 2 in Malaysia; Gombak and Ipoh.

and I think there's also 2 in Singapore. freaking high fees too.

Surprising! I wonder why the government would allow such ATMs of "unregulated" funds.......

How much are the fees actually?

WTF there's a BTC ATM in Ipoh...?!
Where???

install the telegram app and join our group,

https://t.me/joinchat/AAAAAD8HdXHMCpurSNxoqA

OK I might check it out later.
Did a quick check online and found that it is in Meru, Ipoh.
Never knew that.

XbitAsia's fee is quite cheap too

I managed to get my 0.3 BTC sold at RM5730. And I got only RM1,714.60

(RM1714.60 + 0.11)/ 0.3 = RM5715.70

5715.70 / 5730 = 99.75%

It means 0.25% is the transaction fee deducted from 0.3 BTC sold....

Currently XBit Asia's fee is 0.25% for Maker, and 1% for Taker.
But starting from 11am on 10th March 2017 (this Friday), for will be no more Maker/Taker fees.
They will be switching to Buyer/Seller fees.
Buyer fee will be 0.5%, and Seller fee will be 0.8% per trade.
Also, note that there is a network fee of 0.0003 BTC per transfer, if you are transferring your BTC from your XBit Asia account to your hardware wallet, etc. This fee is for the miners.

aiyo... expensive than before.

I bought one workstation for my work purpose. Dunno can mine a bit to earn some?

hehehehe

This post has been edited by jack2: Mar 8 2017, 10:36 AM

Haha, you always promote your telegram group. Will take a look tonight.

0.5%/0.8% a bit expensive leh. I don't really look at fees but as far as I know, I'm not charged anything for buying BTC at remitano or localbitcoins.

From my reading, normal computers are not worth it. I found that many use antminers or hardware specifically designed for mining but it's so difficult to get those in Malaysia.

This post has been edited by kmarc: Mar 8 2017, 10:55 AM

I didn't really know about Bitcoin etc..as I know not in this field.

Since I got new workstation, just thought to utilise it since got 3 years warranty on processor etc mah...

BTC fell below $1200, dragging ETH along for the ride

It feels kinda weird, but I'm happy I can buy lower now.

Ermmm... let our sifus answer you. Me also noob but I think it is not worth it.

I'm so scared to buy now. Actually aiming for the 2nd ETF I.e buy on correction when the first ETF is rejected. What's your view on the 1st ETF? You are still buying in the hopes that the 1st ETF will be approved?

I guess we will know by Friday.

This post has been edited by kmarc: Mar 8 2017, 12:49 PM

Unless your workstation has a custom-built Application Specific Integrated Circuit, I highly recommend that you forget about mining bitcoins with a normal workstation at home.
Considering the electricity, heat, noise, blah blah blah......you will spend more money than you earn.
However, if you leave your computer switched on most of the time for work anyway, then you can consider mining some of the other altcoins.
There are quite a number of "smaller" altcoins that you can still effectively mine using a normal home computer, but you need to be realistic about your expected returns.
Here's a website to give you an idea:

https://www.deepdotweb.com/2016/12/20/best-...laptop-pc-2017/


You need to take your emotions out of the investment equation (I know, easier said than done, I am guilty of it as well).
One of the most dangerous games you can play during investing, is to try and time the market.
Whether the ETF will be approved or not, is anyone's guess at the moment.
By the way, we might not know by Friday, since the deadline is 11th March (Saturday), the SEC may decide to announce the decision on Saturday night, or even delay till Monday.
We shall see.