Will a question for markets. Will you stick to bitcoin original if there is a hostile bitcoin unlimited fork?

I would really like the input of the market admin on whether they are planning on honoring the current blockchain only for transactions or would setup bitcoin unlimited. /u/alphabaysupport

TLDR: Read it its fucking important to be informed about the upcoming events if you already are not already

Firstly this problem is a victim of bitcoin's success. Bitcoin transactions are growing at an alarming rate and bitcoin is now seen as a real currency with real value by many outsiders of the bitcoin community. Because of the blockchain limits, this adds strain to the system, reduces transaction times, and is and will continue to be an ongoing debate Which may be solved though consensus in the future but for now is being approached as a hostile takeover.

Long story short if no one is aware, the past week or two insurgent conglomerate of miners lead by the largest ASIC manufacturers but loosely connected want to increase the blocksize in order to with the claim to reduce the transaction times. This is more of a hostile takeover because there has been signals that the use of a 51% attack would be used over the core dev's 95% consensus rule. Such an action of removal of the hash rate from the original bitcoin hashrate from BTU splitting would lead to an immediate reduction in transition times in the short term, inevitably creating a market advantage for BTU but irrevocably split bitocin in two hurting brand recognition and value for all in the short term. BTW centralisian any changes to the network in the future and allows for the power for the blockchain to increase the bitcoin money supply beyond 21,000,000 coins. Thus causing inflation (the very tennet bitcoin was created to oppose) reducing value of existing coins.

The fork has not been fully vetted for bugs and a few have already found. The philosophy of the centralized miners is in order to make fast transactions akin to buying a coffee with bitcoin and expanding the market further with further success of bitcoin. The self interest of the ability profit off of ever increasing blocks is not an insignificant factor and may be an ulterior motive due to reduced mining profits and a transaction to fees by continued halfenings. However this uncertainly has resulted in the massive decline in bitcoin value which severely reduces mining profits for now. If bitcoin unlimited remains staled and the price low the miners might get cold feet and return to the classic blockchain en masse to remove the uncertainty and increase the price for now, and BU withers and dies.

The bitcoin classic camp (mainly core developers driven partly by permanent store of value ideology that has been with bitcoin since its inception) wants to maintain a store of value akin to gold without a pseudo centralized force of miners in china. For the moment it seems there I an alternative scaling solution for called segwit which essentially is an optimization on the number to transactions per minute with a smooth transition and the absence of a fork. But for now this is a stopgap a years down the line a new solution may be needed.

So essentially It is a battle of philosophy and money. Should bitcoin stay centralized by a few chinese miners (who I might add, the government recently added capital controls in January to bitcoin and my be trying to co-opt it in order to prevent capital outflows, a majority of btc transactions have occurred in yen and is increasing) and be loosely governed by a coalition of miners making unilateral choices about the change in bitcoin structure and policy based on the 51% standard.

Here is the current adoption for each of the solution by miners BTU vs Segwit adoption Keep in mind that BTU support has been slowly building for months and segwit support was released 3-4 days ago resulting in massively quick adoption with almost parity to the BU adoption. Also remember BTU has signaled the possibility of a 51% attack while the core developers for segwit want a smooth 95% consensus, so the goalposts are not the same)

Any hard fork that did not have full consensus would be a truly nuclear option result in massive anxiety and brand dilution and cause a large a short term crash, a split to BTC and BTU until a winner emerges. This is a very very high risk gamble by the BTU proponents as there is very clear evidence that BTC users will maintain the original fork and push hard, with users and incumbency on their side this is essentially the biggest collective gamble in human history.

In the event of the fork, my thinking is that, other than store of value, the darknet markets, 'lets admit it it is one of the biggest uses of bitcoin at the moment. Sticks with classic and the demand will stay there, because of the network affect of users this might lead to a replay of the betamax vs vhs fight were porn was instrumental in adoption of vhs over betamax. Or blueray over HDDVD. Even with a reduction in transaction times due to a fork if the users are accustom to the already present incumbent bitcoin services and ok with some longer transacton times for the time being (the use case right now expects moderately long transaction times) they will stick to them because people are risk averse. Transaction times on darknets while annoying are I do not believe have that large of an impact to other bitcoin transactions. Users stick with classic despite these inconveniences Bitcoin unlimited would drop in price due to lack of demand, and miners would migrate back to bitcoin classic to take advantage of the transaction fees in a low hashrate, high demand system, transaction times and fees would then drop due to a return to the norm due to the return of the hashrate. And BTU would survive.

Look out my friends, may you live in interesting times.


Comments


[6 Points] DNrick_sanchez:

listen man longest chain will win also they are working on uasf, the best point is if you have bitcoins before the fork, if there is one which i doubt, sell them on the fork you think will lose and voila free money

besides that jihanwu or watever that chink that has major influence of the mining power from china has a huge part to play but play his cards wrong and hes out an btc will contiue trucking cuz like you said netwrok effect i frgot that segwit is at ~35% whats BU at?


[2 Points] None:

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[2 Points] murderhomelesspeople:

segwit support was released 3-4 days ago

Isn't this totally incorrect.


[2 Points] RandomNumsandLetters:

This is such a biased post! It is an interesting discussion to have but you are crazy biased.


[1 Points] smooothh:

deleted What is this?