[2017-03-17]Could This Be The End For Bitcoin Unlimited?

[Kemarit]

Could This Be The End For Bitcoin Unlimited?

BTC & BTU

In the midst of a heated discussion on the scalability and future of Bitcoin, a group of 20 Bitcoin exchanges, including major eastern and western ones, have announced that should a hard fork occur, they will list BTC (Bitcoin Core) and BTU (Bitcoin Unlimited) as two separate currencies.

This decision, backed by BitFinex, BitStamp, Kraken, BTCC, BTCChina, ShapeShift, BitSquare, QuadrigaCX, and other exchanges, was announced in a joint statement.

This announcement reads:

Since it appears likely we may see a hardfork initiated by the Bitcoin Unlimited project, we have decided to designate the Bitcoin Unlimited fork as BTU (or XBU). The Bitcoin Core implementation will continue to trade as BTC (or XBT) and all exchanges will process deposits and withdrawals in BTC even if the BTU chain has more hashing power.


Full Read Here: http://bitcoinist.com/end-bitcoin-unlimited/

[notthematrix]

That's why they came with this https://t.co/JSN8UAcONm

new BIP100 update  + or - maxblocksize (hardlimit) by max 5% per change  every 2016 blocks when 75% of miners agreeś for that change.
Simple rule to implant.
this could be a solution for getting forward.

 
 

[Carlton Banks]

That's why they came with this https://t.co/JSN8UAcONm

new BIP100 update  + or - maxblocksize (hardlimit) by max 5% per change  every 2016 blocks when 75% of miners agreeś for that change.
Simple rule to implant.
this could be a solution for getting forward.

No, this has already been rejected, for the exact same reason as BU, in fact: it gives too much power to the miners, who are already abusing their power.

[notthematrix]

That's why they came with this https://t.co/JSN8UAcONm

new BIP100 update  + or - maxblocksize (hardlimit) by max 5% per change  every 2016 blocks when 75% of miners agreeś for that change.
Simple rule to implant.
this could be a solution for getting forward.

No, this has already been rejected, for the exact same reason as BU, in fact: it gives too much power to the miners, who are already abusing their power.

do you have the link of refusal ? (discussion) , intested for the arguments.
 

[OmegaStarScream]

I thought of the same thing when I first saw Coinbase and Bitfinex decision on listing BU as an Altcoin but here is the thing, the hashing power didn't decrease since those announcements has been made and the node crashing bug has been found so unless we see a significant decrease, we cannot say It's dead.

[Carlton Banks]

do you have the link of refusal ? (discussion) , intested for the arguments.
 

No, it's self-evident that it wasn't accepted or instated. Otherwise Bitcoin would be using it already.

[Iranus]

I don't think it's the end for BU because a lot of miners are monopolies in China (especially Bitmain) which for whatever reason are pretty desperate for BU to go through.  This results in a rise in more hashing power going to BU because then miners feel that they need to go with the majority of hashing power to find a scaling solution as quickly as possible.

However, it might be the end for BUcoin as a currency.  Being listed as an altcoin on exchanges and not being used for withdrawals will hurt its price significantly and a lot of the biggest money will still go towards Bitcoin Core Bitcoins, especially from those who are used to the older Bitcoin or that expect that coin to do better.  Unfortunately since nearly no one actually runs a full node, it's pretty hard for users to have a lot of say in what happens, but what this does mean is that BU is likely to fail even if the hard fork happens.