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Warring factions are splitting Bitcoin in 2 - Mashable


 The wild world of Bitcoin is about to get a whole lot wilder.

On August 1, 2017, the preeminent cryptocurrency is set to break in two. Two warring factions, fundamentally divided on Bitcoin's future, are coming to a head -- and the impending split could either save Bitcoin or doom it.

The split, called a hard fork, will result in two separate and distinct cryptocurrencies: Bitcoin Cash and Bitcoin. Oh, and it also has the potential to create billions of dollars worth of new cryptocurrency out of thin air.

But that's not what this is really about. Bitcoin as it currently stands is in trouble, and with so much money on the line opposing parties have naturally come forward with plans to save it. And, surprise, they all don't agree on the solution.

by Bjinse on Tue Aug 1st, 2017 at 07:40:43 PM EST
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is the foil for law and order and a reliable protagonist in social media pulp fiction.
Legality of bitcoin by country or territory

Diversity is the key to economic and political evolution.
by Cat on Wed Aug 2nd, 2017 at 11:38:51 AM EST
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seems to me that the problem is less about bitcoin and more about the trackability of electronic money. It is becoming increasingly difficult to move even modest sums around as cash in the UK.

Any payment into a bank account fof £5k and more instantly gets signalled to the police as a potential for drug trafficking. You actually have to prove your innocence, as I once did when I was signing on to the DWP.

It also explains the popularity of Fixed Odds Betting Terminals (FOBT) in betting shops around the UK, which are the best money laundering scams for small time drug dealers going. They regularise the dark economy and allow the Treasury to keep tabs on what's happening. their role in keeping the impoverished down is just colatteral damage.

So bitcoin becomes popular because cash is treated as suspect by the authorities. Which creates more problems than the clampdown on cash was supposed to solve. Authoritarianism is always the problem.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Thu Aug 3rd, 2017 at 02:21:27 PM EST
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