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Author Topic: What happened after a hard fork  (Read 1281 times)
johnyj
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February 21, 2013, 09:14:16 PM
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The year is 2015, bitcoin had a hard fork with 99% of users vote to raise the block size limit to 10M

As usual, the original bitcoin blockchain by then was called bitcoin legacy and disgarded, exchange rate falled to under $0.01, and all major bitcoin sites already run the client version 2.0 and will not accept newly mined coin from bitcoin legacy chain

One day, Tom came down to his basement, found there is a dual 7970 card gaming machine with bitcoin client 0.3 installed, he can not do anything with that machine on bitcoin 2.0 network, so he play it for fun to mine some bitcoin legacy. Surprisingly he found out that he can mine 10 block per day! He experienced exactly what those early btc miners did in 2010... Slowly that chain were picked up by more and more gpu owners, the difficulty on the chain is low, every one can mine a decent amount of coin

This spread quickly, since the availability of GPU is much higher than ASIC, the amount of people join the bitcoin legacy game are magnitude higher than bitcoin 2.0, this in turn revived pools, exchanges and web services based on bitcoin leacy

The amount of participants and pupularity on the legacy chain get higher each day, the exchange rate on the bitcoin legacy also crawled back and on a steady rise. Since the price developement is quick, lot's of capital were attracted, another 1000x rise happened, bitcoin legacy made the miracle again and cleared $10 mark, this attracted many ASIC miners to turn their hashing power towards bitcoin legacy network and those ASIC manufacturer also got good sales

While on the bitcoin 2.0 network, it is totally different: one bitcoin worth $1000, huge transaction volume, a rich boy club with a few thousand guys holding ASIC farms, power plants etc. They periodically meet investment bankers, hedge fund and pension fund managers from different countries to discuss how to take over the world finance market by the next fork ...




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February 21, 2013, 09:19:56 PM
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The year is 2020, the Bitcoin legacy blockchain has run into a problem, they don't know how to handle the 1 MB block size limit... this is really silly...
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February 21, 2013, 09:57:00 PM
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Yo it's 3030
I want y'all to meet Deltron Zero, and Automator
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February 21, 2013, 10:06:18 PM
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Year 2013, litecoin... no wait nothing.

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February 21, 2013, 10:17:40 PM
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Yo it's 3030
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WiW
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February 21, 2013, 11:30:42 PM
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How about instead of going back to bitcoin legacy people start using another competing crypto-currency? What's the difference?
johnyj
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February 22, 2013, 02:01:52 AM
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The year is 2020, the Bitcoin legacy blockchain has run into a problem, they don't know how to handle the 1 MB block size limit... this is really silly...

By 2020, someone called shitosa has created a much more intelligent solution for bitcoin legacy to fast process all the transactions and the scalability is unlimited with fixed usage of block space

My story just to illustrate that a hard fork is totally different than a software upgrade. Actually I don't believe that the scenario I described on bitcoin 2.0 is going to happen (without support of miners, it will quickly lose momentum, this is also I worried after ASIC roll out, since this dramatically reduced the amount of people that can be involved in mining, which is the backbone of bitcoin)








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February 22, 2013, 02:04:54 AM
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it will quickly lose momentum, this is also I worried after ASIC roll out, since this dramatically reduced the amount of people that can be involved in mining, which is the backbone of bitcoin)



And yet, that is not what happened.  It didn't happen when GPU miners were first introduced, and it didn't happen with ASICs.  IT never will.  The advancing tech just changes the profitablity of mining, shifting it from group to group.  I don't need to buy an ASIC to mine, since I use the electric heat to keep my garage from freezing anyway.

I can't even justify the cost of an ASIC yet.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
johnyj
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February 22, 2013, 02:05:55 AM
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How about instead of going back to bitcoin legacy people start using another competing crypto-currency? What's the difference?

Since it is bitcoin. There are many alt-coin out there, anyone can start a new coin with little modification of bitcoin source code, but none of them has gained enough attention and value

johnyj
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February 22, 2013, 02:12:35 AM
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And yet, that is not what happened.  It didn't happen when GPU miners were first introduced, and it didn't happen with ASICs.  IT never will.  The advancing tech just changes the profitablity of mining, shifting it from group to group.  I don't need to buy an ASIC to mine, since I use the electric heat to keep my garage from freezing anyway.

I can't even justify the cost of an ASIC yet.

Still too early to draw the conclusion, CPU and GPU are mass available tools, but ASIC is different. Low speed miners do not leave because there is still only one chain

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February 22, 2013, 02:56:47 AM
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Since it is bitcoin. There are many alt-coin out there, anyone can start a new coin with little modification of bitcoin source code, but none of them has gained enough attention and value

But the scenario depicts bitcoin legacy losing exactly all attention and value. In 2015, bitcoin legacy stands exactly where other alt-coins stand.
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February 22, 2013, 03:26:26 AM
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Since it is bitcoin. There are many alt-coin out there, anyone can start a new coin with little modification of bitcoin source code, but none of them has gained enough attention and value

But the scenario depicts bitcoin legacy losing exactly all attention and value. In 2015, bitcoin legacy stands exactly where other alt-coins stand.

But it is bitcoin and there are many old infrastructure that support it, with a fork the transaction on legacy net dereased so it works as good as before

Little bit like windows xp, microsoft has dropped support for it, but I'm still running it on most of my windows computers after it's release 12 years later and it's still rock solid, in some of the labs, even windows 2000 runs fine. I usually compensate new functions and features for increased speed and resource utilization

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February 22, 2013, 04:58:03 AM
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The year is 2020, the Bitcoin legacy blockchain has run into a problem, they don't know how to handle the 1 MB block size limit... this is really silly...

By 2020, someone called shitosa has created a much more intelligent solution for bitcoin legacy to fast process all the transactions and the scalability is unlimited with fixed usage of block space

My story just to illustrate that a hard fork is totally different than a software upgrade. Actually I don't believe that the scenario I described on bitcoin 2.0 is going to happen (without support of miners, it will quickly lose momentum, this is also I worried after ASIC roll out, since this dramatically reduced the amount of people that can be involved in mining, which is the backbone of bitcoin)


People can always mine on a hard fork if they want. Someone can make a hard fork with constant 50BTC reward. All ASIC will mine on the original chain and GPU miners will mine on the constant 50BTC chain.

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February 22, 2013, 05:05:24 AM
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If Bitcoin does fork, does that mean we would all have coins on two Bitcoin networks?

You can imagine there being multiple different Bitcoin networks each with a higher number of transactions per second, and An associated exchange rate between them.

Hardforks aren't that hard.
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johnyj
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February 22, 2013, 05:11:52 AM
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If Bitcoin does fork, does that mean we would all have coins on two Bitcoin networks?

You can imagine there being multiple different Bitcoin networks each with a higher number of transactions per second, and An associated exchange rate between them.

Just like european union before

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