Group for Bitcoin Believers
RE: How can we explained "hard fork" to a layman understanding?
@citycrypto My tuppence:
A soft fork is basically just like a software update. Bitcoin has already had many soft forks - but this should not affect users of the system.
A hard fork is a clean break from the original project and effectively creates a new project and new blockchain (e.g. Bitcoin Cash, Ethereum Classic, Bitcoin Gold etc). At the point of the hard fork, the code from the original project is copied intact but the new project is then free to modify the protocols and software however it likes. In doing so, the two projects are now incompatible and have to run separately as individual projects.
RE: Bitcoin or altcoin
I'm not an expert on economics or crypto, but I think depending on your definition you could say Bitcoin is a bubble if it does not reach and stay around at least, say, 12k in the next 6 months.
The reason being that Bitcoin reached 20k around 6-7 months ago (and was last at around 12k 3 months ago, but obviously it has dropped off a lot since then). So if it cannot sustain at near 50-60% of that peak within a year from said peak, than you might call it a bubble.
Right now it seems to be settling at 7 to 8k, which has obviously hurt a lot people. But with something like crypto, you never know. It's different from most things we've seen before A year or two from now it could be worth 30 or 40k then nobody would be talking about the "Bitcoin bubble".
RE: How can we deferential between a coin and a token?
A coin is supposed to represent a unit of value of a cryptocurrency (which has its own blockchain).
A token represents a share in some kind of business or project and must be created using some kind of base crypto platform e.g. Waves, Ethereum, Neo etc.
However, you are right - these terms often get used interchangeably.
RE: Verge hacked again
More info on the attack here: https://blog.theabacus.io/the-verge-hack-explained-7942f63a3017
RE: Why is it that altcoins are been influenced by bitcoin price movement?
@citycrypto That's a good question. I think for one, the crypto market as a whole are influenced by the same factors, so if there is a reason for Bitcoin to fall, that same reason is probably causing many altcoins to fall. Like if investors are buying a lot of Bitcoin, that means investors are probably buying other cryptos as well and vice versa. One reason being that a lot of big investors want to have diversified portfolios and a lot of people buy crypto with other cryptos.