Need help understanding BU

[Rora]

Hi all,

I am trying to wrap my head around bitcoin unlimited. Assuming it does go through what happens to my BTC? Am I awarded the same amount of BTU as I have BTC? How does it work?

Thank you!

[tokenmarket]

You got to read better in their official site and FAQ where you can get your questions answered. However, in a nutshell they are looking to remove the block size limit and users can determine the block size by consensus

[FiendCoin]

You got to read better in their official site and FAQ where you can get your questions answered. However, in a nutshell they are looking to remove the block size limit and users can determine the block size by consensus

I think you meant to say "miners" get to determine the blocksize, not regular users.

[tokenmarket]

You got to read better in their official site and FAQ where you can get your questions answered. However, in a nutshell they are looking to remove the block size limit and users can determine the block size by consensus

I think you meant to say "miners" get to determine the blocksize, not regular users.

right. thanks for the correction

[shinratensei_]

Hi all,

I am trying to wrap my head around bitcoin unlimited. Assuming it does go through what happens to my BTC? Am I awarded the same amount of BTU as I have BTC? How does it work?

Thank you!

Read this.
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/
I think you will be understand about how it works.

[Rora]

Thank you!

Just so I understand, if I have 10BTC and BTU hard forks would that mean that I now have 10BTC and 10 BTU? Ive tried to find this out via the FAQs.

[franky1]

You got to read better in their official site and FAQ where you can get your questions answered. However, in a nutshell they are looking to remove the block size limit and users can determine the block size by consensus

I think you meant to say "miners" get to determine the blocksize, not regular users.

miners can try.. but the diverse nodes can orphan what they dont approve of.
learn consensus

[franky1]

Thank you!

Just so I understand, if I have 10BTC and BTU hard forks would that mean that I now have 10BTC and 10 BTU? Ive tried to find this out via the FAQs.

many diverse nodes are using consensus, this includes BU..
BU have no plans to split the network. however if the diverse network get a majority where by dynamic blocks occur and many nodes are ready for it.. it will be the corporate(segwit) nodes that will trigger their own orphan and ban mechanisms to split and form their own minority.

its why they are soo desperate to try getting BU to split away before consensus is reached so that the corporations dont lose out as much and also play the victim card.

but as i said the diverse consensus network are not going to bow down to the corporations. BU, and a dozen other independent brands WONT split the network. so only the minority opposing consensus will have to cause a split.

if consensus is reached where either dynamics win, or where neither win and bitcoin stays as is (meaning no segwit) then the corporations will trigger their bip9 and UASF to make their own minority, where by they would need users to move funds into segwit keys to get the segwit 'half benefits' and also avoid replay attacks.... making them the altcoin with less hashpower, and less strong network.

essentially giving you (in op example) 10 btc and 10 SWcoin. because BU will not ban/orphan to crate their own alt.. BU and many other independent nodes want community consensus of a open diverse PEER network. meaning the only split would be those from the segwit side..


its all about trying to get the corporations to release LN to grab fee's to repay their $70m-$95m debt owed to VCs
http://dcg.co/portfolio/

"

https://fs.bitcoinmagazine.com/assets/exchange_handling_of_contentious_hard_fork_event.pdf

OP post is just the corporations of DCG wanting to take over bitcoin and make it a corporation TIER'd network and remove it from being an open independant PEER network

just look at the list of the corporations. and whos pocket they sit in

http://dcg.co/portfolio/

the original 'statement' exchange_handling_of_contentious_hard_fork_event.pdf was wrote by coindesk (DCG company)

.. its getting so obvious now, that they are literally admitting it 'we are:'
its time they either accept consensus, or just go play with hyperledger which is their endgame anyway, and leave bitcoin to be the open PEER network not the corporate TIER network

[Lauda]

Just so I understand, if I have 10BTC and BTU hard forks would that mean that I now have 10BTC and 10 BTU? Ive tried to find this out via the FAQs.

If you hold coins in your own wallet, you would have:
10 BTC & 10 BTU coins.
However, this situation gets fairly complicated if BU doesn't add double-replay protection.

[DannyHamilton]

However, this situation gets fairly complicated if BU doesn't add double-replay protection.

Can't double-replay protection be added to the non-Unlimited version of bitcoin?

[franky1]

Just so I understand, if I have 10BTC and BTU hard forks would that mean that I now have 10BTC and 10 BTU? Ive tried to find this out via the FAQs.

If you hold coins in your own wallet, you would have:
10 BTC & 10 BTU coins.
However, this situation gets fairly complicated if BU doesn't add double-replay protection.

bu and other independent nodes have no plans to split. please learn consensus. they want to remain on one single chain of diverse PEERS

only segwit plans the TIER'd nodes after they split away the opposing pools/nodes(bip9 and UASF allows this).
wake up.

so in essence it would be a 10btc and 10swcoins

you can bait and switch and play the victim card all you like lauda, but not learning the basics and calling anything not segwit a alt is becoming tooo obvious

[Lauda]

bu have no plans to split.
only segwit plans the tiered nodes after they split away the opposing pools/nodes.
wake up.

Stop with these delusions already and wake up.

Can't double-replay protection be added to the non-Unlimited version of bitcoin?

Possibly, but I am not exactly sure what is required to add this. A soft fork, hard fork, or is it just a normal change? The BTU version seems to be very hesitant to add double-replay protection for some reason which doesn't make things easier.

[franky1]

The BTU version seems to be very hesitant to add double-replay protection for some reason which doesn't make things easier.

calling it BTU. is your failure. LEARN consensus

because bu and many other implementations are only opting for consensus and NOT bilateral splits. they have no reason to have replay protection.
if the network stays as one consensus network of open and diverse peers, then there is no need.

however the minority that may (core definitely are desperate to) split away. it would be core that will need to implement the double spend replay protection. not the other way round.

please learn consensus

[Lauda]

calling it BTU. is your failure. LEARN consensus

because bu and many other implementations are only opting for consensus and NOT bilateral splits. they have no reason to have replay protection.
if the network stays as one consensus network , then there is no need.

Wrong. BTU does not care about any consensus, they just care about hashrate. There isn't even a specified activation threshold; as soon as someone mines a block that is bigger than 1 MB they will split off. Do you even read their main communication channels? They think that 51% hashrate = Bitcoin.

please learn consensus

Please learn how to live in the real world.

[franky1]

calling it BTU. is your failure. LEARN consensus

because bu and many other implementations are only opting for consensus and NOT bilateral splits. they have no reason to have replay protection.
if the network stays as one consensus network , then there is no need.

Wrong. BTU does not care about any consensus, they just care about hashrate. There isn't even a specified activation threshold; as soon as someone mines a block that is bigger than 1 MB they will split off. Do you even read their main communication channels? They think that 51% hashrate = Bitcoin.

please learn consensus

Please learn how to live in the real world.

if you learn consensus you know that pools wont make bigger blocks unless the majority of nodes exist to accept what pools produce.

also its core that have bypassed consensus by going soft. meaning its core that only care about hashrate by only giving pools the vote. they dont care about nodes or the community.


plus.. real world
"There isn't even a specified activation threshold;
They think that 51% hashrate = Bitcoin"

you have just proved that the '51%' is meaningless because of 'There isn't even a specified activation threshold'
you literally debunked your own propaganda in the same paragraph

when you start debunking your own propaganda. its time you step back and learn BITCOIN and not go looking for new propaganda scripts

[Lauda]

if you learn consensus you know that pools wont make bigger blocks unless the majority of nodes exist to accept what pools produce.

Wrong. You are completely ignorant about Jihan & his mining cartel.

also its core that have bypassed consensus by going soft. meaning its core that only care about hashrate by only giving pools the vote. they dont care about nodes or the community.

Actually it is the opposite, they care about both.

plus.. real world
"There isn't even a specified activation threshold;
They think that 51% hashrate = Bitcoin"

you have just proved that the '51%' is meaningless because of 'There isn't even a specified activation threshold'

you literally debunked your own propaganda in the same paragraph

Nope. Learn consensus & learn hard forks. BU activates as soon as someone starts mining bigger blocks. No activation threshold is needed. You are starting to look like an innocent pawn in this political game.

[ziggy2]

Hmmm... The poor "average user" who asks : "what happens to my BTC?" must feel really puzzled...Too bad that even the BTC experts cannot agree on how the BTC system works.  

[franky1]

BU activates as soon as someone starts mining bigger blocks. No activation threshold is needed.

lol
'start mining bigger blocks' is only activated when there is consensus..(majority of nodes will accept what they produce)
please learn it. i have asked you for a year now.
its not that hard.
i have not even asked you to learn C++ or read thousands of lines of code to realise where your going wrong. i have just asked you to learn the basic concept of bitcoin, to actually move you forward into understanding bitcoin. where by you will begin to care more about bitcoin and less about corporate script reading.

[DannyHamilton]

Nope. Learn consensus & learn hard forks. BU activates as soon as someone starts mining bigger blocks. No activation threshold is needed.

That depends on what you mean by "activates".

Anyone can mine a larger bock right now on Bitcoin Core if they want to re-compile the code for themselves.  However, nobody would be dumb enough to waste all that hash power on a block that is just going to be rejected by the majority of the hash power.  The blockchain will mine a couple of blocks that are smaller than 1 megabyte and the large block will be abandoned.

Same is true of Unlimited right now.  Sure someone "could" start mining bigger blocks, but nobody would be dumb enough to waste all that has power on a block that is just going to be rejected by the majority of the hash power. And if they do, they're just wasting their own money and having no significant effect on the network or the blockchain.  Larger "Unlimited" blocks won't realistically happen until a miner feels confident that an overwhelming majority of the global hash power is willing to build on top of his block.  An overwhelming majority of the global hash power isn't going to be willing to mine on top of larger blocks until they are confident that the block reward will maintain it's value on the market (so they can pay their electric bills).  So, an "Unlimited fork" won't happen unless it is overwhelmingly supported by the entire bitcoin marketplace (in which case it will be the de-facto "real" bitcoin regardless of what anyone calls it.)

So long as Unlimited is not overwhelmingly supported by the entire bitcoin marketplace it will remain a fully compatible alternative client for those that don't want to run the code released by the team that calls itself "Core".

Note that if Core decides that it is time for a 2 megabyte (or larger) block, Unlimited will NOT fork (unlike any legacy core nodes).  It is already prepared to automatically accept those 2 megabyte blocks just fine.  Meanwhile, anyone that doesn't upgrade their Core clients before the activation date for larger Core blocks will get left behind.

[DannyHamilton]

Hmmm... The poor "average user" who asks : "what happens to my BTC?" must feel really puzzled...Too bad that even the BTC experts cannot agree on how the BTC system works.  

Actually, the experts can.  But there aren't very many experts posting to this forum or reddit. If those are your sources, then you are mostly getting propaganda from zealots and not technical knowledge from experts.