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Just tell me how to claim these new coins and convert them to BTC once they are worth a bit (price usually spikes just after the fork). I'm extremely sceptical

• londons_explore 9y ago
  I am less skeptical of coins which split from the bitcoin blockchain than coins which are entirely new. By splitting from the bitcoin blockchain, the authors of said coin have no easy way to 'premine' or get any other kind of 'first in' benefit without it being visible in the transaction history (like this is). That should help the coin succeed on technical merits alone, rather than PR/marketing stunts and pump and dump schemes which work much better on new coins. It also prevents 'coin inflation', where value gets split across a potentially infinite number of coins. By splitting from the original blockchain, businesses which don't want to take a risk on which coin/coins will succeed can simply demand equal amounts of every coin (or take payment in one coin, and then diversify into equal amounts of every coin). People who hold coins take no risk if additional coins fork off.
  • flashdance 9y ago
    You can premine chain splits. See bitcoin gold, which had a premine of 100k coins, or the very coin this thread is about, with a premine of millions.
    • londons_explore 9y ago
      You can't secretly do it though. With a new coin on a fresh chain, a premine can be secret, and outsiders can't tell the difference between a premine and the initial few users.
      • flashdance 9y ago
        Oh, I see what you mean.