Bitcoin Forum

As per Coindesk: In the event of a hardfork with BTU, major exchanges will list BTU as BTU or XBT.

Source: http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/

Let me repeat this, BTU will be an ALT COIN NOT BITCOIN!

Expect prices to drop.

The support for Bitcoin Unlimited is not significant at this time:
https://coin.dance/blocks

Brainwashed BUcoin idiots will believe their BUcoin isn't an altcoin no matter how many times you explain them the objective facts. It will not be until Roger and Jihan crush bitcoin until they realize this was a disaster promoted by CIA-agent Gavin Andressen.

This is not a solution at all. Regardless if it works or not.
There are plenty of altcoins already and to create another one doesn't help bitcoin.
So I think the devs are only looking to catch part of BTC's billion dollar market cap. Its easier than creating a good altcoin like ethereum and gaining support with hard work. ::)

I still don't believe that split will happen, just some FUD to shake weak hands and we go up again. There will be no segwit nor BU

this is good as i was thinking, they will not accept it as a main chain but as an altcoin, but this mean also that the diff of bitcoin unlimited would be lower than current chain and we can mine it with our asic with more profit right? and what will be the value of it, not like bitcoin i suppose, if this go like ETH and ETC one would have the higher price while the other much lower and it make sense to me

BTU

GAME OVER!

Its time for these numbnuts to quietly go away, no one wants their buggy alt coin. I doubt you hear much from the BTU paid shill sock-pockets over this, what can they say? Hopefully this news will cause the price to increase since speculators should have less to worry about.

The problem with BU is that sooner or later, its blockchain will become very large and subject to spam. Regular people will not be able to host it and it will become centralized, just like mining did. Therefore BU will be an altcoin anyway.

30+% is very significant. The adoption curve is even more significant.

So BTC fork is confirmed?

It looks like it has been implemented already.
Have you seen the price? It's at $1129.98 right now. ::)

Far from it. But what happens next in the event it does certainly is confirmed by that lot at least.

I don't think it does much to address the problems a fork would create though. Vast amounts of confusion would reign as both sides threw everything possible into convincing people that their chain is the most legit.

BTU would start off with a fair few people absolutely messianic in their belief that that was Bitcoin, not the other one.

And am I imagining it or was the statement changed? I'm sure I read originally that eventually the winning chain would become Bitcoin.

But look like what a HF did with ETH price stagnating around 10 EUR for over 1,5 year. If that happens to BTC ( 1,5 stagnating around 500 EUR) that would be really terrible. BTU would be worth around 50 EUR i think. Just like the ETH/ETC. This is going to be a real mess if we dont activate Segwit fast!

I think it would be far, far, worse than an ETH split. For starters ETH is not the foundation of cryptoland so if it had blown up completely there's still plenty of other options. Also their technical setup makes forking a comparative breeze for both chains compared to BTC.

It came out of it rather well eventually, both bunches got what they want and ETH fans seems happy to do what Vitalik recommends, but I don't believe it would be the same for BTC. ETH has been strongly led by a small group from minute one who are still there.

I agree there will be no BTU, unless they decide to be smart and launch their own altcoin BTU without trying to hijack the existing BTC hashpower. It's going to end very badly for BU if they try to force a contentious hard fork through. But segwit will activate one way or another, I'm quite sure on that. BU can only block its activation for so long.

I don't think you really understand what SegWit or BU actually are.  BU will result in a split because that's what it's supposed to do - the new version of the network is incompatible with older versions so those running old nodes will still use the old Bitcoin while others will run the BU coin.

With SegWit there would not be a split (although there might well be a move from some people to altcoins if they strongly disagree with it), as SegWit is compatible with earlier versions.

The possibility of a split is still looming as there are people supporting different things in the debate of scaling and now some twenty plus exchanges support the core and says that BU will be considered as a alt coin if there is a fork which will undermine their proposal as they would loose millions in that event,the scaling issues is the real cause for the price drop.

The way things are it is a really bad case of lose-lose.

Even if there is no split if BU nodes stay at 30+% or even get greater, that will leave massive uncertainty hanging over the network, due to potential problems like the crash-bug exploited a couple of days ago.

Can someone explain what happens with BU blocks that are mined now? Are they inserted into the BTC blockchain as normal?

do you see what roger is doing
CIA-AGENT

Curve is more significant becuase Antpool started to signal BTU nodes. Once 1000 blocks have been found since they went BTU adpotition will stall unless other chinese pools follow.

There's plenty of other avenues left such as Bitmain selling machines to you only on condition that you mine BTU. Rather sad that one little fella has this much influence.

I wonder if it really did reach that point whether they'd have the balls to take the plunge or not. The more hysterical everything gets the more likely it is I suppose.

I suppose after them seeing their altcoin price drops to $200 and below they will eventually discard that chain and rejoin the main chain but if hard fork happens difficulty will decrease almost by 55% and as a result price will drop 60%+ but now that I'm thinking, what if BU miners upgrade to SW?
Whatever SW miners are going to get then they will get the same thing.

Price is not dependent on hashing power. It's the other way around.

All miners will just migrate back to BTC pools. Except those poor souls which are bought rigs at hashnest

Interesting times ahead. As always in Bitcoin, take everything with a grain of salt. The more volatile the price is, the more aggressive news campaigns pops up.
Exaggerated news, that after month or two do not seem important at all. Just wait.

Now that I am thinking of it, BTC will have half the hash power, but so will BU LOL!!!  :D

We all will have a sssssssssssslow month!!!


I mean ROFL! Those BU people must be really stupid!

Fanatic devotion to a lost cause, Classic, XT and now BTU. One has to wonder if these supposed supporters of BTU really have any money on the line?

No, they are treated like orphans with no reward.

Thanks!

So, one chain lives on one client and the other chain only lives on the other client.

Oh well, some people only learn the hard way!

When would a hardfork actually happen? If BU gets support > 50%? Or what is the trigger condition?

They claim 75% but they could fork off at 51% I believe.

Incorrect. You can fork off at any amount of hashrate, even 0%. BU has no activation mechanism, as soon as a miner creates a block > 1 MB, it will begin.

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FYI: This is what happens when you go around both the developers, economic and user consensus. BTU is per definition an altcoin, more specific, a shitcoin that I don't want to be holding. The first exchange that picks it up is the one that I'm going to dump it on.

I can see a future where BU has a lot of transactions for coffee buying, where only one huge datacenter can host its blockchain...........but then...........it's not much different from the banks we have now, is it?

Thanks Mike Hearn but I didn't come to bitcoin for you to become my banker.

I read a Mike Hearn's article (don't have a link now), and it said that once the fork has happened, the two chains would mingle with one another, they would fork and then become one and then fork again etc. Does anyone have any knowledge on that?

I believe they said they would not fork until 75% and at 51% they could prevent transactions of their choosing from gaining any confirmations, thus making them invalid, potentially preventing people from sending Bitcoins between addresses. They could also reverse transactions they send during the time they are in control (allowing double spend transactions), and they could potentially prevent other miners from finding any blocks for a short period of time. Thus causing a lot of mayhem.

Although technically they could fork at any time, they want to control Bitcoin or damage it if possible so the thresholds for these things are 75 and 51% to the best of my knowledge.

No, the 2 forks can't mingle with each other and then fork again.
What you could have is transactions on one chain inadvertently being replicated on the other chain as well. This was a problem in the ethereum fork as well.

There are 100 and 1 alts for this and whom all would be better than this than BTC fork.

Is it even remotely possible for bitmain to ask the seller to mine only BTU,how can that be possible for a product in which they sell.Since they have a major opinion in the mining world and bitcoin as a whole they might have thought that majority will stick with them and make mining a monopoly and it is good to see that exchanges are joining hands to combat that threat.

They can't make sold miiners mine only BTU. Owner choose what to mine. If you point your miner to their pool, they choose which version to singnal. If you bough miner at Hashnest then acording to contract it's pointed toward Antpool.

Do you fucking know who finances Blockstream you stupid?

And who finances BTU?

Yes, basically because no-one is choosing to mine blocks bigger than 1MB... yet

At least even though they recognise it, they will recognise it as what it is, an altcoin and nothing else. Someone seceding from the original chain can not be considered as the true Bitcoin. Hopefully we are far from this as Unlimited is not gathering all the support they would like to have.

From the evolutionary point of view, once two species diverge from the common ancestor, common ancestor disappears.
Therefore, both branches will be new, we have to acknowledge this.

I am looking forward to much more economical POW: I am sick and tired buying noisy, breakable, enormous heat producing machines from the chinese monopolists. i hope that something better will come along (GPUs?) or we switch to POS.

It was started by volunteers and has received some community donations.

You mean Roger Ver and Jihan Wu?

yes. that's two people. as long as you've got more than one then it's community time.

I don't believe it will happen either - I think the miners will move to just one version, in order to protect their interests

This is the only thing to do if that happens, but you can rest assured that there is going to be a battle for the name bitcoin since branding is so important nowadays.

I think they may have made some donations recently, but they weren't even aware of BU until well after the EC idea was developed and implemented.  BU was born in this thread: https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16

It happened back when bitcoinxt censorship was in full force here.  It drove many of us to look for a place to discuss things openly.  Many here might recognize that thread as a continuation of a very popular one here that fell victim to the censorship.  Thankfully, that censorship has eased a bit recently.  You are seeing the results of the censorship all over the place.  Opinions have polarized and now we have severely fractured community with a lot of healing to do.

Edit: https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-64#post-2371 is the post where theZerg (the guy who actually took the initiative to fork core) committed to starting the project.  There is a lot of discussion before and after that post that will help explain the BU philosophy if anyone is interested.

I think is very bad if bitcoin can accident same ethreum, open etc and eth
i hope bitcoin still one bitcoin, not open BTU and BTC, if accident i think bitcoin price can down

i think it'll be pretty straightforward. if one chain dwindles to 20% or less then it's over and the victor will be bitcoin to everyone who uses it.

maybe there'll be some patent, copyright or trademark trolling from the loser. no one's gonna care.

This is very confusing for many to see a blockchain alternative becoming an alternate coin to trade with? >:(
What is this all about now?
I can see the closest challenger to this would be ETH but they are their own calling themselves smart contracts and nothing about being a viable replacement for the current blockchain.

If a fork, its more likely neither gives up and we have multiple chains as a result. Bitcoin's price will suffer and it will probably take years to straighten itself out. ETH is not a good example that people keep using. It was newer, smaller, and less known. The reason for their split was different as well. Apples and oranges.

there's more money on the line and the miners will be more desperate to keep profiting so people will flock to the chain making the most money. of course there'll be holdouts but they'll be left in the dust. maybe that'll be the real bitcoin classic.

even if it's the chain people don't want, they'll follow the profit as long as everyone else is too.

Ah come on. Who here won't be selling BTU to get more BTC? You'd have to be a technological fool to hang on to BTU:

Nice, i would buy BU coin for sure ::) Maybe i should buy Onecoin also  ;). Do you guys still think if that huge scam is still avaliable? I dont see it anywhere on coinmarketcap.

it's never, ever been on there. you need a real blockchain to be listed on there.

I am so confuse with the current situation..

the most important thing now is that bitcoin don't split in two coin

Laurent Leloup wrote a book about blockchain, best sell on amazon.fr : in his book he say Onecoin is the best crypto ever... So he sell his book and his scam coin in the same time.

Hahaha that was one heck of a strategy to sell his scam coin, making a book to sell it is one unique strategy to begin with. I really do hope that those supporting BU have woken up to the reality that it is yet another altcoin and not bitcoin itself and that it is yet another scam coin which wasn't a real currency in the first place. I fell bad for them but I know some of them have made money using BTU so lucky for those who did.

My understanding is that if there is a hard fork, both coins will exist but over time one will most likely drop to zero. So if BTC were the loser, then BTU couldn't really be called an altcoin at that point, correct?

I don't think one will drop to zero, it is likely both will continue to exist like ETH and ETC both still do. If BTU somehow becomes the higher valued coin and manages not to crash due to a bug then I'd personally still see it as an altcoin, just an altcoin that managed to pass Bitcoin in value. It is also possible both BTC and BTU will become worth less than some other altcoin like Ethereum, which is not an unlikely outcome at all in my opinion.

I think the current BTU is dead, although it may be reincarnated in a new form.

I agree, but I think Bitcoin also adapts and becomes stronger with each new form of attack like this. We're lucky BU devs lacked the technical skills, or else we'd really might have gone through a persistent coin split. Some might have wanted this, but I think then Bitcoin would have been in real danger of losing its advantage to certain altcoins. Obviously people who are heavily invested in altcoins will want the Bitcoin community to stay divided or split in two, so we'll always be under constant attack from that.

I'd like to call it a forked coin by the original bitcoin the same as ethereum case.

Because the name of BTU will be pegged on the name of bitcoin reputation. As far as I know the Forked will make the price of the original coin will be less in the future. I don't ever think the price of bitcoin will less than both of the ethereum and ethereum classic. Bitcoin still has a different class with them.

i agree youre statement, if bitcoin unlimited release i hope only altcoin not bitcoin
same with Ethreum open ETH and ETC

BU will be good to increase the homeless population.  :-D

At this point in time, I cannot see BU being activated or SegWit for that matter.

I think BU would mostly happen cos its like an altcoin, you just fork it. Just like ETC

BU will be no help to Bitcoin. You see what happen to ETH hardfork and now no one cares about ETC, as only the ETH rules. Same way BU will be treated and BTC cant be replaced, not by the BU even.

Still there is money to made even with clones. When there is moeny there will be s support.

Not really surprising at all.

Bitcoin core will remain as "BTC" as most exchanges are saying right now, and in my opinion rightfully so because it is developed by the core team. And Bitcoin Unlimited will be traded as an altcoin.

I think this will be great news for traders and speculators.

You can already buy BTU and BCC tokens on Bitfinex, on margin as well I believe. So for those who want to take a gamble and missed out on the ETF decision, here's the chance to do it again ;)

Did you see what is the proof if the BU community is a solid community? If they're a solid community and they were not spreading a lie to gain more new supporter for the BU itself.

Doing a hardfork for the bitcoin chain just for a worthless coin like BTU? With the buggy code by the BU dev and Do you think if that is a good solution? according to your win-win solution.
Rather than BU and Extension block is much better.

I have a question ,
If Core is not able to get 95% for SegWit what Core will do in that case ?
95% support for SegWit will only possible if Unlimited forked from Core and become an altcoin.
So what If BU team do not fork and keep things as it is no matter how much hash power they have ( 43.95% as of now based on coin.dance/blocks)?

When the splitting was going on as a serious issue most of the exchanges​ planned of listing both as separate coin providing them the same value, but it hasn't come to implementation as from the bug crash BU started to fall and lost all the majority support gained in a few days.

i would as well believe that BTU will be considered as an altcoin, unless there are at least half of the users use the BTU instead of core or anything else.
as long as the core is not being affected.

You can bet they are going to fight over the name, since they will argue they are the real bitcoin if they get enough hash power to attempt a hard fork, that will not be true of course, but they are going to still argue for it because the one that keeps the name will probably win a little popularity.

I doubt there will be any kind of fork any time soon if ever.

It's still reason to question what would happen if a hard fork actually occurred.  And at the time that they made the statement, the hard fork was appearing more imminent than it is now that I've concluded a consensus will never be reached.

I see only 2 likely outcomes moving forward.

1. Contentious hardfork with multiple chains/coins (2-3).

2. Desperation consensus due to rapidly declining value.

True. Lets fork already and destroy the price to let it grow afterwards. Thats better than doing nothing and letting altcoins getting btc's marketcap. I am sure that the price will recover after a hardfork. I just want bitcoin to move otherwise it could be too late.