BTU Coin Questions

[Thatstinks]

Wow, really great answers/replies everyone, I can see the different out comes now!

And you guys just did all that without fighting because we simply assumed for argument sake it happened

Knowledge is power so the only thing left to do is sit back and be prepared no matter which scenario plays out.

Two last questions, is there no limit to the number of BTU coin then or is it still the same capacity as Bitcoin?

Any marketplaces opened up to BTU coin yet?

[1714893115]

1714893115

[Decoded]

UCC (Unlimited China Coin) drop below lightcoin 24 hours it splits. I'm just afraid not to manage to sell on time if I'm away from an exchange 

Don't see why we are all arguing that Unlimited is pro-China. Currently, BTC.com even has a system to get your transaction accelerated for a huge fee, while working with the Chinese miners?

Isn't that blockstream's "Fee market" in essence? Then take in the fact that these guys are working with mainly Chinese pools.

[Killerpotleaf]

Any marketplaces opened up to BTU coin yet?

hmm sorta, BTC is BTU, you can go buy some now on coinbase or whatever.

the BTC we hodl today is valid coins for any future chain split that will EVER occur.

[AngryDwarf]

Two last questions, is there no limit to the number of BTU coin then or is it still the same capacity as Bitcoin?

Any marketplaces opened up to BTU coin yet?

The first answer is the coin creation consensus logic has not changed. It's the same as it is now. It is about increasing native on-chain transaction capacity.

The second answer depends on whether a bilateral split occurs, and how the markets react to it. If it is a clean consensus hard fork with one chain left standing, it will be bitcoin and the current associated business infrastructure will work as it does now.

Unless you have the elixir of life, we will all be dead before any discussion of any tail-off emission to support the ongoing network takes place. Bitcoiners don't want to debase their currency. It is not in the miner interest to mint more coins since they are less valuable as a result.

[Thatstinks]

Thank you

[CyberKuro]

See this is where I am confused, one person says it will never be or cannot happen, one says it is a duplicate that needs separating, one it will over take and BTU will be BTC and so on....

Lets not argue for a moment, let's assume that BTU is successful, what exactly does it mean, plain English please.

Assuming that BU gets support of 75% of the hashing power and activates, it will then control the longest chain.  A few things could happen:

1.) Everyone just gets on board, -- the rest of the miners, merchants, end of story...

2.) 25% still mines the old coin....Now they are 2 coins.

if #2 happens, then you have three possibilities based on what the other non-mining investors and merchants do:

2a) If merchants and payment processors decide they don't like BU, and they are going to stick
to Bitcoin the way its been (with the 1mb block), and investors decide they don't want the BU coins, then
BU becomes worthless and miners will give up pretty soon on despite having initially supported it.

2b) the opposite of 2a:  investors and merchants no longer support the old coin, and the 25% mining power
quickly gives up.


...Or:

2c) SOME investors and merchants will support the new coin, some the old coin...and now you have
2 separate currencies much like happened to Ethereum.

If this last possibility happens and you own Bitcoins, you will now have double the coins.... one set
of each (one on each blockchain)...  You could then speculate on which will dominate by selling
the coins you think will become less valuable...or you can play it safe and just hold your coins
until the situation becomes more clear.

This thing makes me wondering how it will be for bitcoin (as the way it was since the first time bitcoin invented).
If bitcoin unlimited be the majority choice but bitcoin divide into 2 coins, hmm I don't like it. The problem is just about block size but why it takes years to solve this with all of their, argue each other, speculate. Whatever it is, I will wait until the real solution be implemented.

[Thatstinks]

Is there another way ultimately without a fork and the resulting factors of making a choice, new BTU coin etc?

[Pettuh4]

Is there another way ultimately without a fork and the resulting factors of making a choice, new BTU coin etc?

I guess there isn't as far as I know so we should just use any if the forks (soft or hard) and see if we can get the issues with Bitcoin corrected.

[kiklo]

Since it won't activate without a majority of hashing power, Bitcoin unlimited WILL be Bitcoin.  If a small minority continues to mine BlockstreamCoin, then you can ask what its value will be.

BTU will NEVER be Bitcoin, just a trash Chinacoin.

Man, do you even pay any attention to BTC ,

China has ~67% mining of it right now.

So Junior , BTC is already ChinaCoin, no matter what happens in the blocksize debate.   

 

[DomainMagnate]

what is the separation process for dividing them off of the BTC?

if you hold a BTC private key,  this key will be valid on both chain
this will effectively double your coins, because, using that private key, you will use a BU client to move the coins on the BU chain,  and use a Core client to move the coins on the Core chain

What about those bitcoin which are on exchanges wallet? will exchange get the BU or will user have claim to it?

[Thatstinks]

what is the separation process for dividing them off of the BTC?

if you hold a BTC private key,  this key will be valid on both chain
this will effectively double your coins, because, using that private key, you will use a BU client to move the coins on the BU chain,  and use a Core client to move the coins on the Core chain

What about those bitcoin which are on exchanges wallet? will exchange get the BU or will user have claim to it?

I read if they are yours then yes you get them.

[jonald_fyookball]

The problem is just about block size but why it takes years to solve this with all of their, argue each other

Why it takes years?

My version of the story:

Because a couple of the most prominent core developers like Gregory Maxwell decided at some point that
"Bitcoin cannot scale", then proceeded to form a corporation around that idea called Blockstream, got millions in venture
capital, dug their heels in, and fought tooth and nail with the rest of the community that wanted bigger
blocks and wanted Bitcoin to scale.    Great developers like Gavin, Mike Hearn, and Jeff Garzik either left
or were marginalized.  Blockstream did everything in their power to delay, censor, fight, attack anyone
opposed to their business plan, and even though much of the community wanted Bitcoin to scale,
through employing key Core devs, they remained largely in control of the Core code repository
and therefore controlled an entrenched position.  Gavin warned well ahead of time of the
upcoming network congestion.  Now that it is is actually happening, many miners are getting
upset enough to support alternatives like Bitcoin Unlimited, which actually
remove the blocksize from the protocol rules (a good idea imo).  Core published a scaling roadmap
but many disagree with it , think it is too slow, etc.  For example, segwit is a complex change with
risks and many miners do not want it.  The bottom line is that Core has taken a clear stance against
main-chain scaling, and many are diametrically opposed to this.  Different people want Bitcoin to be
different things at this point.  So the fight is still going on.

[AliceWonderMiscreations]

I have a feeling that BTU is not going to happen, but what they stand for still might.

The updated BIP 100 could be reality and we may see that implemented in core.

Only way BTU will happen is if they get some more experienced developers and a better code review process. The process for consensus block size increases in the update to BIP 100 though I think could be something core may implement if we keep the pressure on them.

[hardtime]

Yeah this is never going to work out due to the bug that was found the other day, it's probably going to end BTC and put it oblivion based on the fact that if they can't even make sure their are no bugs in their code BEFORE they're even helping with the scaling solution it'll be a mess if we were actually to fork to BTU.

Thank god someone noticed this though and was able to put it to BTU, and I'm even happier they got caught lying when it came to them finding out about the bug as it really wasen't even them.

Segwit all the way!

[Sunmax]

If unlimited win, then unlimited chain is the real bitcoin.

[Thatstinks]

If unlimited win, then unlimited chain is the real bitcoin.

Because its the longest?

[Thatstinks]

After seeing the report by the major exchanges today and calling it BTU coin along with Coinbase now! Get ready because this means something WILL happen. Time to start dealing in BTU Coin!