What's the implications for the "current" Bitcoin if Core and BU Nodes compete

[btcjohn99]

Guys, as a relative newbie I am finding it almost impossible to find any sensible, rational and well thought out piece explaining in simple terms what will happen to both the price and viability of the "current" Bitcoin coins in the event that BU becomes viable or even approaches dominance and indeed starts to increase the number of nodes processing it. As a holder of some $900+ priced coins, I am mildly terrified by some of the more outlandish predictions, i.e all current coins will be worthless as everyone moves over to the new "King" BU, all hail BU!
Please, no obvious posts lauding and promoting one over the other, all I really want to know is if BU becomes dominant what happens to all the current coins mined on the current blockchain?
Apologies in advance if this seems a dumb question!

[1714939067]

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[achow101]

You are attempting to predict the future, literally an impossible task. It is impossible to know what would happen if either Segwit is deployed or if BU takes over. Any answer you get here will be pure and absolute speculation.

[HostFat]

@btcjohn99
The best thing that you can do is being sure of owning all your private keys.

So, if the current Bitcoin network will get consensus for some new rules (BU o Classic or else), you will be on it.
If there will be two or more blockchains because of forks, you will still have the same amount of tokens (but with different value) on both chains (in the moment of the "possible" split)

So again, put your bitcoins on a wallet that gives you (and only you) the full control of all your private keys.

[unholycactus]

I would imagine the value of the coin would spread between the two forks.
Technically, since there are two forks, you'll own twice as many coins. Same private key but on two different forks.

I've always imagined that one of the forks would die out rapidly and the coins on that fork would have no value.
While the other fork would have full value but not as much as before the hard fork.

[HostFat]

Just remember that Bitcoin is different from Ethereum, the minor fork will probably need weeks/month to change the difficulty, because blocks will be generated only in many hours.

If there will be a fork because Unlimited, or Classic or else ... the only way to have an higher probability that it will fork in two separate chains, it is that the Core team will release a new version of the Core node that changes the POW or the difficulty.

[Quickseller]

1- this is not a good place to get "rational" information about the subject as those with opposing viewpoints generally have extreme viewpoints on one side of the debate or the other. I don't think there is a good place to get a response from someone who has a high technical understanding of the situation and a neutral viewpoint.

2 - If BU were to implement a hardfork then shortly after the HF, a pool will likely mine a block greater than 1 MB in size. Once that block is broadcast, BU nodes and other nodes that have upgraded to support the HF will relay that block and nodes that have not upgraded will reject that block and disconnect from nodes that have relayed that large block. At this point it is most likely that BU miners will be mining blocks at a rate of one block per 12.5 minutes (or potentially closer to one block per 10 minutes), and core miners will initially find blocks at a rate of one block per 40 minutes (or a rate farther from one block per 10 minutes). If you send a transaction on the BU network then you will risk that the transaction will also be broadcast on the core network however it is likely that the required to fee to get a transaction confirmed on the core network will be much higher because blocks will be found at a much slower rate.

It is likely that miners will have confirmed with major business that they will accept BU coins before signaling for BU, so there should be demand for BU coins, so you should be able to spend your BU coins the same way you can spend your coins today. Due to the higher transaction costs and slower block time, it will make less economic sense to use core coins so few businesses will accept them (except exchanges that want exchange fees for trading between core and BU coins), so miners will likely not be able to sell their core coins to cover their costs so they will have incentives to mine on the BU chain (both further increasing the core block time and moving the BU block time to close to 10 minutes).

You will technically be able to spend coins on both blockchains however for the reasons stated above the coins on the core chain will probably not be worth very much.

[Carlton Banks]

It is likely that miners will have confirmed with major business that they will accept BU coins before signaling for BU, so there should be demand for BU coins

No business in their right mind is going to agree to accept a currency that can be split into more than one currency simply if a group of users choose to click their mouse on a few radio buttons or checkboxes.


What sort of value proposition is that: "Accept this great new form of money at your business, it can easily split into 3 incompatible versions tomorrow, next week, or next year"