Ok I have had this on one of my rocks since day one. It grows vines. I've cut it back once and noticed it kinda released a slime kinda in the water.
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I agree thats is a Macro Algae, but not a Caulpera.I agree with caulerpa and i think the white strands are roots are new growth. Anyway it will not hurt a thing.
I could be wrong ..... got the ID from TBS ...... all I know is that it can grow like wild!! Go to the site and check the 3rd algae pictured .... was told it was a variety of grape caulerpa - which could also be flat/disk-like, not just rounded and bubble/grape like.
Live Rock - Tampa Bay Saltwater Aquacultured Live Rock - The Package Organisms
Caulerpa peltata, I thought that this was an easy one? http://rmbr.nus.edu.sg/dna/organisms/details/196