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What Does the Chinese Community Think of Bitcoin Cash(BCC)?

Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC, so I will stop trying to define it.

As the hard fork risks are getting lower when BIP91 gets locked in, ViaBTC abruptly announced on July 22 to support Bitcoin Cash(BCC), a “split” coin of a potential hard fork. After the announcement, Chinese bitcoiners in all of the WeChat groups are asking the same questions: what the hell is BCC? is there going to be a chain split? who is behind it, Bitmain? is it free money or a scam? In this series, we will work to lift the fog and help you learn more about the story of BCC.

What is Bitcoin Cash?

Bitcoin Cash, or BCC is the token to Bitcoin ABC, a scaling attempt trying to push for a bitcoin hard fork. The “ABC” part stands for Adjustable Blocksize Cap suggesting that users can determine the big blocksize accordingly. Bitcoin ABC includes many changes, including a dynamic difficulty adjustment where difficulty will be reduced by 20% if less than 6 blocks are generated in 12 hours.

As to why the split coin is named BCC instead of ABC coin, an anonymous bitcoiner explains that:

“They are trying to confuse your thinking and cause panic among bitcoiners. ViaBTC is just a small exchange that tries to get some attention by copying what Bitfinex did.”

Earlier in March, Bitfinex launched two types of tokens BCC and BCU representing Bitcoin Core and Bitcoin Unlimited respectively, which allows users speculate on them. Rules are simple, if a hard fork occurs by a deadline of December 31,2017, BCC tokens will be retired; if a hard fork does not happen, BCU tokens will expire and be rendered worthless. So far, a hard fork seems highly unlikely now and BCC price has been taking the lead.

BCC price“There is already a BCC token as in BitConnect. ViaBTC should have named their coin ABC, but they deliberately named it BCC and named non-BCC tokens BTC_FROZEN2 as a way of confusing our thinking. Plus, it is just an altcoin and they should stop calling it a split coin. We’d better keep our bitcoin in a wallet where we have the keys instead of freezing them on ViaBTC.”

Who sets the price of Bitcoin Cash?

“The price of BCC was 4000 CNY when I checked it at 14:30 p.m on July 22 and it went to 5999 CNY in less than 40 minutes. You think it’s natural? I think it’s people from ViaBTC who place orders with high price trying to attract more people. When price goes up, exchanges will consider supporting it.”

Currently, the average price of per BCC is 2000 RMB. And 3984 BCC have been traded on ViaBTC in the past 24 hours, and 106 on OKEX.

trade volume

“ViaBTC has launched a BCC mining pool. And with Bitmain’s support, I assume they could get more hash power in three months. And if Bitmain is determined to make BCC a success, then they will work to make its price way much higher than its current price. As such, if you short it now, you are actually losing money.

A person posted on 8btc forum that Chinese miners in ViaBTC group are asking for refunds for their mining contracts.

mining refundsWhat exchanges are supporting BCC trade?

ViaBTC is now supporting BCC/CNY trading pair and BCC/BTC trading pair.

OKEX started listing BCC on July 23. They support BCS/BTC trading pair and BCC/BTC trading pair. (Note: BCS is the token to BIP91)

Coinbase has made their stance clear that they will not support a hard fork coin.

Bitfinex is said to be working on an announcement regarding BCC.

What does the community think of BCC?

Star Xu, CEO of OKCoin posted on Weibo last night saying BCC is an altcoin and its current price doesn’t match its true value. In other words, it’s overvalued.

“We support both BCC and BCS so that the market can decide their price. If BCC can survive, then we will respect users’ choice and we will rename BCS to BTC and remain the name of BCC after August 1.”

Chandler Guo filmed a video last night saying there is only one bitcoin and BCC is just an altcoin. He said there would be more altcoins copying the code of Bitcoin. (BTW, he also said if bitcoin price didn’t hit $ 1 million in his lifetime, he’d eat his d**k.)

er bao

Wu Gang, CEO of Bixin questioned why ViaBTC launched BCC as the community has agreed on Segwit2x.

“If anyone tries to split the community, it’s not Core and it’s not Bixin.”

Some say Bixin is considering to make its own fork coin and stop supporting other possible fork coins.

Zhao Dong, founder of DCASH, said that some people are going to be common enemies of the bitcoin community for their misconduct.

“It’s gonna be wild! I’m not be part of it. If Bitcoin price crashed, it would be a great chance to buy more bitcoin.”

Mao, founder of F2Pool noted that BCC and BTC might repeat what happened between ETH and ETC.

“As a large amount of hash power is getting centralized or under the control of a single entity, there must be a hard fork and POW system will be altered. It’s only a matter of time.”

Jiang Zhuoer said earlier this morning that he neither supports nor opposes it.

“I support NYA, but I also support free market. BCC is able to add LN and Rootstock without the activation of SegWit.”

Bitmain announced this morning that ViaBTC, an independent entity, does not represent Bitmain and its founder Yang Haipo enjoys ten times the voting weight over other shareholders.

“Bitmain supports SegWit2X and is committed to its successful deployment. Plus, we will keep close watch on BCC and support both SegWit2X and BCC if necessary.”

But after the announcement, an industrial player revealed that Yang Haibo doesn’t have much voting power. He added that:

“The future of SegWit2X is uncertain as some guy might break NYA by asking people to vote for 1M or 2M. We can never be sure about anything in the bitcoin community. If the birth of BCC can help us negotiate better with Core, then it is a welcome move.”

Do you think there will be a hard fork? Will you buy BCC or short it?

COMMENTS(26)

  • BitcoinAllBot
    5 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • Manticlops
    5 months ago Manticlops

    This is a confusing title. BCC hasn’t been launched, and if it ever is launched, it won’t be launched by ViaBTC.

  • v_ersace
    5 months ago v_ersace

    misleading title lol

  • hl5460
    5 months ago hl5460

    Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC and OKEX, so I will stop trying to define it.ViaBTC abruptly announced on July 22 to support Bitcoin Cash(BCC), a “split” coin of a potential hard fork. After the announcement, Chinese bitcoiners in all of the WeChat groups are asking the same questions: what the hell is BCC? is there going to be a chain split? who is behind it, Bitmain? is it free money or a scam? In this series, we will work to lift the fog and help you learn more about the story of BCC.What is Bitcoin Cash?Bitcoin Cash, or BCC is the token to Bitcoin ABC, a scaling attempt trying to push for a bitcoin hard fork. The “ABC” part stands for Adjustable Blocksize Cap suggesting that users can determine the big blocksize accordingly. Bitcoin ABC includes many changes, including a dynamic difficulty adjustment where difficulty will be reduced by 25% if less than 6 blocks are generated in 12 hours.http://news.8btc.com/viabtc-creates-a-new-business-model-by-listing-bitcoin-cash-that-doesnt-exist

  • fancy2973
    5 months ago fancy2973

    this is more an altcoin than a real bitcoin alternative, because their share in bitcoin is so small, it will not be causing any serious fork in bitcoin.

  • bouren
    5 months ago bouren

    Quote from: hl5460 on July 26, 2017, 09:12:34 AM
    Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC and OKEX, so I will stop trying to define it.

    It is just a pretty attempt of marketing by launching coin as future of bitcoin. I can’t imagine how horribly the community going to react after August 1 when it will be listed on major exchanges. 99% of users going to sell off right after acquiring the coins. Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

  • Vishnu.Reang
    5 months ago Vishnu.Reang

    Quote from: bouren on July 26, 2017, 04:31:25 PM
    Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision.

  • iram1011
    5 months ago iram1011

    Quote from: Vishnu.Reang on July 27, 2017, 04:50:48 AM

    Quote from: bouren on July 26, 2017, 04:31:25 PM
    Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision.
    Indeed it is quite early to predict that. But I can say for sure that Bitcoin community as a whole isn’t really welcoming to BCC. They are hating this hardfork move for splitting Bitcoin. Most of them are ready to dump it on 1st August. It would be hard for BCC to survive in market in such conditions. Else see what happens.

  • bouren
    5 months ago bouren

    Quote from: Vishnu.Reang on July 27, 2017, 04:50:48 AM

    Quote from: bouren on July 26, 2017, 04:31:25 PM
    Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision.

    Do you really believe its miners who make prices?? No bro, its real users like you and me who shape the prices. And when we talk about users, most of them have no sympathy for this new coin. Community still believes in bitcoin and wouldn’t diverge towards Bcc. ” The folk power is much more than fork power. ”

  • CryptoBry
    5 months ago CryptoBry

    Quote from: bouren on July 26, 2017, 04:31:25 PM

    Quote from: hl5460 on July 26, 2017, 09:12:34 AM
    Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC and OKEX, so I will stop trying to define it.

    It is just a pretty attempt of marketing by launching coin as future of bitcoin. I can’t imagine how horribly the community going to react after August 1 when it will be listed on major exchanges. 99% of users going to sell off right after acquiring the coins. Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    I have the same feeling when it comes to this new altcoin called Bitcoin Cash. It will be dumped so hard that its value will collapsed right before our eyes. anyway, this is just my opinion and not a sure thing since I am just human.  Bitcoin Cash can just be a footnote of history.

  • veleten
    5 months ago veleten

    Quote from: Vishnu.Reang on July 27, 2017, 04:50:48 AM

    Quote from: bouren on July 26, 2017, 04:31:25 PM
    Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision.

    not enough to make it economically dominant,make some good money? maybebut i wonder who would want to hold or trade it,to keep the price of BCC up it would require some major interventions from Via and,possibly BitmainI don’t see bright future for this altcoin,but anything can happen,indeedafter all money decide everything,if there is enough incentitive to go BCC,miners might sway and cause a domino effect

  • tulikak
    5 months ago tulikak

    Quote from: bouren on July 26, 2017, 04:31:25 PM

    Quote from: hl5460 on July 26, 2017, 09:12:34 AM
    Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC and OKEX, so I will stop trying to define it.

    It is just a pretty attempt of marketing by launching coin as future of bitcoin. I can’t imagine how horribly the community going to react after August 1 when it will be listed on major exchanges. 99% of users going to sell off right after acquiring the coins. Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    All big fishes attempt to create a panic amongst the less experienced users. What i can see that the initial picture after aug 1 would be a havoc caused in the market with majority of investors loosing their money, while thebigger ones trying to cash on this opportunity. Due to lack of clarity regarding the developmentsof Bitcoin fork bitcoin investors are doomed.

  • Blessed7
    5 months ago Blessed7

    Quote from: bouren on July 27, 2017, 03:42:14 PM

    Quote from: Vishnu.Reang on July 27, 2017, 04:50:48 AM

    Quote from: bouren on July 26, 2017, 04:31:25 PM
    Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision.

    Do you really believe its miners who make prices?? No bro, its real users like you and me who shape the prices. And when we talk about users, most of them have no sympathy for this new coin. Community still believes in bitcoin and wouldn’t diverge towards Bcc. ” The folk power is much more than fork power. ”

    But what if miners dont fall in line with the users. Users would be the worst hit as it is their money which is at stake. In this situation what i feel is that, users would have to bow down to miners decision at last, if their line of thoughts are completely out of phase.

  • Bhinodm
    5 months ago Bhinodm

    Quote from: hl5460 on July 26, 2017, 09:12:34 AM
    Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC and OKEX, so I will stop trying to define it.ViaBTC abruptly announced on July 22 to support Bitcoin Cash(BCC), a “split” coin of a potential hard fork. After the announcement, Chinese bitcoiners in all of the WeChat groups are asking the same questions: what the hell is BCC? is there going to be a chain split? who is behind it, Bitmain? is it free money or a scam? In this series, we will work to lift the fog and help you learn more about the story of BCC.What is Bitcoin Cash?Bitcoin Cash, or BCC is the token to Bitcoin ABC, a scaling attempt trying to push for a bitcoin hard fork. The “ABC” part stands for Adjustable Blocksize Cap suggesting that users can determine the big blocksize accordingly. Bitcoin ABC includes many changes, including a dynamic difficulty adjustment where difficulty will be reduced by 25% if less than 6 blocks are generated in 12 hours.http://news.8btc.com/viabtc-creates-a-new-business-model-by-listing-bitcoin-cash-that-doesnt-exist

    I believe its just an attempt to create confusion amongst the investors. Breeding on their panicky behaviour some big folks are going to create huge sums of money for them.

  • sandeepkharche
    5 months ago sandeepkharche

    Quote from: veleten on July 27, 2017, 09:55:21 PM

    Quote from: Vishnu.Reang on July 27, 2017, 04:50:48 AM

    Quote from: bouren on July 26, 2017, 04:31:25 PM
    Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision.

    not enough to make it economically dominant,make some good money? maybebut i wonder who would want to hold or trade it,to keep the price of BCC up it would require some major interventions from Via and,possibly BitmainI don’t see bright future for this altcoin,but anything can happen,indeedafter all money decide everything,if there is enough incentitive to go BCC,miners might sway and cause a domino effect

    Initially the price will rise for sure, i can guarantee you that. So the early trade is highly advisable, belive me one is going to earn huge sum in the early trades.

  • jerk10
    5 months ago jerk10

    Quote from: CryptoBry on July 27, 2017, 04:36:31 PM

    Quote from: bouren on July 26, 2017, 04:31:25 PM

    Quote from: hl5460 on July 26, 2017, 09:12:34 AM
    Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC and OKEX, so I will stop trying to define it.

    It is just a pretty attempt of marketing by launching coin as future of bitcoin. I can’t imagine how horribly the community going to react after August 1 when it will be listed on major exchanges. 99% of users going to sell off right after acquiring the coins. Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    I have the same feeling when it comes to this new altcoin called Bitcoin Cash. It will be dumped so hard that its value will collapsed right before our eyes. anyway, this is just my opinion and not a sure thing since I am just human.  Bitcoin Cash can just be a footnote of history.

    I totally agree with you. But an early price spike will happen for sure.

  • Greenleed
    5 months ago Greenleed

    Quote from: jerk10 on July 28, 2017, 09:27:39 AM

    Quote from: CryptoBry on July 27, 2017, 04:36:31 PM

    Quote from: bouren on July 26, 2017, 04:31:25 PM

    Quote from: hl5460 on July 26, 2017, 09:12:34 AM
    Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC and OKEX, so I will stop trying to define it.

    It is just a pretty attempt of marketing by launching coin as future of bitcoin. I can’t imagine how horribly the community going to react after August 1 when it will be listed on major exchanges. 99% of users going to sell off right after acquiring the coins. Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    I have the same feeling when it comes to this new altcoin called Bitcoin Cash. It will be dumped so hard that its value will collapsed right before our eyes. anyway, this is just my opinion and not a sure thing since I am just human.  Bitcoin Cash can just be a footnote of history.

    I totally agree with you. But an early price spike will happen for sure.
    Viabtc & the major listed BCC exchange OKex are not so reputable in my a 5-years-chinese-bitcoiner’s eyes. I would not even bother to have those coins. Trust me they will dump it before you do.

  • hatshepsut93
    5 months ago hatshepsut93

    Quote from: Vishnu.Reang on July 27, 2017, 04:50:48 AM

    Quote from: bouren on July 26, 2017, 04:31:25 PM
    Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.

    Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision.

    To clarify, supporting a coin means buying it when the price drops, and yes, it’s possible that the people behind it (Jihan and Ver) might try to support it at some point, but they can only do it with a purpose of creating confidence for traders to invest in their coin, they can’t support it alone. The sell pressure will be huge, and every time it will try to rise, some BTC holders will send their coins to new wallet, import keys from the old wallet and dump BCC. The only way to create growth for an altcoin is to deliver its promises, work on new features, and be competitive with BTC from technical standpoint. And lets face it, only bigblockers believe that this will happen.

  • European Central Bank
    5 months ago European Central Bank

    Quote from: hl5460 on July 26, 2017, 09:12:34 AM
    Update: It seems inaccurate to call BCC futures as users already exchange it for cash on ViaBTC and OKEX, so I will stop trying to define it.

    of course they’re futures. they don’t exist yet. people might be getting something for them but they’re credits from the exchange for something yet to be born. that’s the definition of all futures.

  • Gotottack
    5 months ago Gotottack

    This topic is really hot!  I would like to say that Via really jumped the gun here. They are just generating noise so that their coin could gain some traction. I really think Via has some sort of ulterior motive here and because of this BCC, they will fork the network and for sure they will sell their BCC as “The Bitcoin”

  • iamTom123
    5 months ago iamTom123

    Oh well, I am definitely sure that something big can be happening on and even after August 1. In the case of BitcoinCash, its marketing should really be making it as an spin-off of Bitcoin in the altcoin category. It might be hard for it to gain a considerable community support and if that is the case then it can just withered gradually. Now, if I would be getting BCC just because I have BTC then I would gladly receive the said coin and maybe sell them as soon as I can when the value is still good. They might try to sell BCC as the real Bitcoin but we all know it isn’t so they might as well change their tactic to gain some needed traction on the market.

  • soloburrito
    5 months ago soloburrito

    China isn’t a hivemind.

  • ebliever
    5 months ago ebliever

    Thank you for sharing this!

  • Batman_MD
    5 months ago Batman_MD

    This is the most useful thing I’ve seen on the topic in months.

  • DooMAD
    5 months ago DooMAD

    Quote from: hatshepsut93 on July 28, 2017, 01:37:54 PM

    Quote from: Vishnu.Reang on July 27, 2017, 04:50:48 AM
    Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision.

    To clarify, supporting a coin means buying it when the price drops, and yes, it’s possible that the people behind it (Jihan and Ver) might try to support it at some point, but they can only do it with a purpose of creating confidence for traders to invest in their coin, they can’t support it alone. The sell pressure will be huge, and every time it will try to rise, some BTC holders will send their coins to new wallet, import keys from the old wallet and dump BCC. The only way to create growth for an altcoin is to deliver its promises, work on new features, and be competitive with BTC from technical standpoint. And lets face it, only bigblockers believe that this will happen.

    There are varying degrees of “support”.  In purely a trading sense, that might be what it means, but that isn’t clear from your post.  Some exchanges like Bittrex and Kraken have said they will support BCC in the sense that they will allow users to cash out their BCC if it’s safe to do so, but that doesn’t mean they’re endorsing or approving its use.  And it certainly doesn’t mean they’ll be actively buying the dips themselves.  A mining pool supporting it may simply mean lending hash power to that chain and hoping they can profit by selling the resulting mining rewards.And for Vishnu.Reang’s post, specifically revolving around Bitmain’s support, Bitmain have stated that they have:Quote
    actively supported the smooth implementation of Segwit2x and will continue to run the btc1 software on all our mining pools, namely Antpool, BTC.COM pool and ConnectBTC, in the foreseeable future.But also that they:Quote
    do not rule out the possibility of supporting both Segwit2x and BCC.
    I interpret that as saying that they would only consider supporting BCC if it proves successful and, for the moment at least, all their eggs are in the SegWit2X basket.

  • hl5460
    5 months ago hl5460

    Quote from: iamTom123 on July 28, 2017, 03:14:56 PM
    Oh well, I am definitely sure that something big can be happening on and even after August 1. In the case of BitcoinCash, its marketing should really be making it as an spin-off of Bitcoin in the altcoin category. It might be hard for it to gain a considerable community support and if that is the case then it can just withered gradually. Now, if I would be getting BCC just because I have BTC then I would gladly receive the said coin and maybe sell them as soon as I can when the value is still good. They might try to sell BCC as the real Bitcoin but we all know it isn’t so they might as well change their tactic to gain some needed traction on the market.

    viabtc mined the first BCC block at height: 478,321 https://btc.com/000000000000000000f5c8936e44c8eacb973e26c480f4d1065bba44aead4976

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