I think a split was inevitable given the two distinct visions for Bitcoin's future. Well, one side is having 'visions' ... 'satoshi's visions', 'visions of gradeur', visions of centralised political governance ... lots of 'visions'. ... the other side is sticking to the technical facts and realm of computer science knowledge. |
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Hi. We are here to talk to you about Satoshi's vision, do you have a few moments?  Oh look, Peter_R and Paul (Ibian) have shown up to preach the 'hard-fork now!" Satoshi's vision gospel. |
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What, precisely, is your major malfunction?
Thought it would have been obvious to anybody but an idiot ... I don't suffer idiots gladly. |
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Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.
Yes, the existence BCC will destabilize BCT mining. Everyone knows that at equilibrium, if BCC has 1/10th the value of BTC, that the hash power mining BCC will be 1/10th that mining BTC. What is less obvious what happens when the system is not in equilibrium. Imagine that the market reprices BCC 100% higher and BTC 10% lower. What is the expected distribution of hash power now assuming short-term profit-maximizing miners? The answer is "most of it will be mining BCC." Because the difficulty adjusts only very slowly (every 2016 blocks) BCC becomes twice as profitable to mine as BTC. Hash-per-hash miners would earn double by mining BCC. This continues until the difficulty reset comes when BCC would go "limit up" (4X), when most miners would leave BCC back for BTC. BCC's difficulty would slowly ratchet back down due to its fast difficulty adjustment and the process would later repeat. What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so. Well. Fuck. We really should just have raised the block size and been done with it. Oh look, another loud-mouthed idiot here to gloat upon exactly how they've fucked up their investment in bitcoin. Your egos must really be butt-hurt bad about that 'blocksize' debate huh? Who knew such idiots even existed? |
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Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.
Yes, the existence BCC will destabilize BCT mining. So you have been a part of knowingly destabilising bitcoin mining? Neither chain will be stable, the 'hard-fork now!' camp have just stupidly devalued any investment they had in bitcoin (BTC or BCH) ... unless of course you actually work for govvy agents or other actors aiming to do exactly that which you admit to. Merged-mining is one way BCH can gracefully admit their gargantuan fuck-up and save face (seems they spend a lot of time doing that). You weren't around when we already tried these 'experiments', it's not a pretty outcome. Bitcoin will survive but the credibility of the idiot loud-mouth crowd doesn't stand much chance (not that they had a lot). Enjoy your forking euphoria, your ultimate downfall has now been sealed. |
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Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.
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Merged mining implies you are deferring to the other chain as a source of truth/security.
... yeah, all you've done here is make clear that you don't understand merged-mining without furthering the debate in the slightest. |
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this is the calm before the storm ... you can't say you haven't been warned.
When the hashpower begins swinging from one chain to another it's going to get very messy and both coins will become unpredictable, unstable and at times very difficult to use. One logical conclusion out of this is when Bcash adopts merged-mining ... or the hashpower wars will drag on until the bitcoin landscape becomes derelict and eventually a failed experiment.
Edit: Bcash adopting merged-mining is probably unlikely given the dominance of Bitmain h/ware on that chain that needs ASICboost to retain profitability and segwit header code conflicts with this type of miner cheating/shortcut.
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ABC network seems really unstable ... is it possible they never mine another block past #478558?
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no fork so far ... blocks too small, lol
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Can they start finding blocks again ? This takes ages.
I think some of the miners may have gone offline since now is a good chance they will waste power on an orphan block, get ddosed by Wu or some other such crap ... who needs all that crap. Just go down to the winchester, have a pint and wait for it all to blow over. This could take a while ... |
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Next hour could be last chance to buy under $3k ...  |
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The Bitcoin network will fork as soon as a block larger than 1MB has been produced as per the UAHF technical spec.
mempool has >1MByte ... so if they can fork off right now ... please let them fork off, bunch of forkers. |
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Great American Total Solar Eclipse time 21 Aug 2017 at 15:46 UTCEstimated SegWit Activation time 21 Aug 2017 10:28:40 UTC Aliens!!  |
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So is it August 1st wherever it's supposed to be August 1st yet?
August 1 12:50pm in New Zealand and bitcoin still working, so looks like everything will be fine.  |
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the lack of true fungibility will bite everyone in the arse sooner or later, no need to blame bitcoin cash.
here, i found the idiot shilling for Altcoin_cash when segwit is providing hooks for tools that will greatly enhancing privacy and fungibility. Everything on-chain and traceable is the govvy wet dream, enjoy your big blocks with a side order of surveillance ... will you guys really piss off when you get your own chain, like you always wanted to? |
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We are entering the zone ... trust no-one or nothing unless your blockchain has verified it in front of you on hardware you control.
There are innumerable ways this fork can go wrong and be a stillborn orphan ... and innumerable actors who are willing to attack it to make that happen. Longest chain wins still applies and a good chance to teach a lesson for blockchain hubris.. Hunker down, Wu and Ver have got some payback headed their way, shitting on good miners was never going to be a winning strategy.
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bitcoin already has huge future for cross-border, settlement, censorship-resistance, off-shore flows, gambling, global supply-chain finance, etc, etc but I think Lightning network will be bitcoin's killer app. In the future we will look back upon August 2017 as bitcoin network's "Netscape moment" ... when the GUI web browser demonstrated to Joe 'n Jane mainstream what the geeks already knew about the utility of the information superhighway. Lightning will make 'real' the utility of bitcoin to the average intelligence person who wants stuff that 'just works'. Bitcoin does not need the mainstream to adopt to achieve a significant market share of currency float, since the mainstream probably only commands about 20% of the wealth, but it would be great if the mainstream got in first and the wealth re-distribution moved towards reducing the inequality gap. Lightning may strike into the core of the Facebook, twitter masses who expect money-on-the-like-button.
This is about levelling the playing field.
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You have no well thought-out reasoning about why bitcoin will "go to the moon"
... it's simply money, Papua New Guinea natives can get it ...  |
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