Why the split and when?

[PurpleDog]

So, I understand a BTC is about to happen and apparently this is the reason the price is dropping this bad, too.

• What is the problem that is leading to a fork?
• Is it really going to happen?
• And if yes, when?

Novice questions. Thanks

[1714797583]

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[1714797583]

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[1714797583]

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[SONG GEET]

• What is the problem that is leading to a fork?
• Is it really going to happen?
• And if yes, when?

- Main reason is debate between bitcoin core team and unlimited team about block size issue, and also lots of  hidden agenda/politics.
- I think It depends on bitcoin unlimited team decision (not 100% sure)

After hardfork we will get coins in both bitcoin and BTU (exchangers will list bitcoin unlimited as BTU like altcoin). http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/

How to prepare for hard fork : http://bitcoinist.com/prepare-bitcoin-hard-fork/

What to do on hard fork : https://bitcointalk.org/index.php?topic=1644949.0

[ekoice]

So, I understand a BTC is about to happen and apparently this is the reason the price is dropping this bad, too.

• What is the problem that is leading to a fork?
• Is it really going to happen?
• And if yes, when?

Novice questions. Thanks

Block size is the ongoing issue.
Hard fork cant stop the original block chain.
Hard fork supporters believe that after hard fork,there will be two chains,the original chain with old parameters and new chain with new parameters.
They believe that new chain will take over the old chain and making the old chain useless.
But the new chain cant function properly because the miners left with bitcoin wuld get more mining fees and BU miners will get low.So they all would once again move to old bitcoin block chain.So bitcoin will remain unshakeable.

[chris330]

So, I understand a BTC is about to happen and apparently this is the reason the price is dropping this bad, too.

• What is the problem that is leading to a fork?
• Is it really going to happen?
• And if yes, when?

Novice questions. Thanks

Block size is the ongoing issue.
Hard fork cant stop the original block chain.
Hard fork supporters believe that after hard fork,there will be two chains,the original chain with old parameters and new chain with new parameters.
They believe that new chain will take over the old chain and making the old chain useless.
But the new chain cant function properly because the miners left with bitcoin wuld get more mining fees and BU miners will get low.So they all would once again move to old bitcoin block chain.So bitcoin will remain unshakeable.

• What is the problem that is leading to a fork?
• Is it really going to happen?
• And if yes, when?

- Main reason is debate between bitcoin core team and unlimited team about block size issue, and also lots of  hidden agenda/politics.
- I think It depends on bitcoin unlimited team decision (not 100% sure)

After hardfork we will get coins in both bitcoin and BTU (exchangers will list bitcoin unlimited as BTU like altcoin). http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/

How to prepare for hard fork : http://bitcoinist.com/prepare-bitcoin-hard-fork/

What to do on hard fork : https://bitcointalk.org/index.php?topic=1644949.0

Great info for another noob like me, thanks guys 

[franky1]

How to prepare for hard fork : http://bitcoinist.com/prepare-bitcoin-hard-fork/

what people forget is.. making 2 different chains/coins. may not actually happen.

With supporters on both blockchains, it is likely that both would be kept alive, making the schism in the Bitcoin community official.

likely but not guaranteed.

if a majority goes one way. the minority then have many struggles.
EG
will exchanges accept it. will scrpt kiddies do replay attacks by copy/pasting unconfirms from one side to the other to cause disruption.
will spammers intentionally bloat a minority so that along with having less haspower (delayed blocks) the minority coin then has many more tx's it has to deal with causing delays.
plus numerous other attacks on the minority.

also. the whole 'naming it BTU' has ben exaggerated too.

As exchanges, we have a responsibility to maintain orderly markets that trade continuously 24/7/365. It is incumbent upon us to support a coherent, orderly and industry-wide approach to preparing for and responding to a contentious hard fork.

in a CONSENSUS event the majority is then BTC and the minority is named something else.
thus if dynamic blocks got consensus majority. segwit, the minority becomes SWCoin.
and the majority is simply named bitcoin.

it is already known that all the dynamic proposals wont do anything controversial. even when segwit devotee's have begged and pleaded them to split away.

in the couple years of these non-segwit teams running on the main net. they have not done a controversial split, not gave any timescales or demands to do one either. they want consensus. and if they dont gt it. then that to is still consensus of not wanting it. thus they actually are following bitcoins ethos for change. by adhering to consensus by not rocking the boat.

once you look passed the scripted rhetoric of controversial splits. you soon learn it is core demanding it and core with all the banning/orphaning tools to cause it.

but core have to be on the losing side(minority) to trigger it.

so dont be fooled into thinking 2 chains is a guarantee. the dynamic node users may just leave their settings at 1mb and just be second tier downstream nodes of the same network as segwit. meaning no split.

[jonald_fyookball]

So, I understand a BTC is about to happen and apparently this is the reason the price is dropping this bad, too.

• What is the problem that is leading to a fork?
• Is it really going to happen?
• And if yes, when?

Novice questions. Thanks

Block size is the ongoing issue.
Hard fork cant stop the original block chain.
Hard fork supporters believe that after hard fork,there will be two chains,the original chain with old parameters and new chain with new parameters.
They believe that new chain will take over the old chain and making the old chain useless.
But the new chain cant function properly because the miners left with bitcoin wuld get more mining fees and BU miners will get low.So they all would once again move to old bitcoin block chain.So bitcoin will remain unshakeable.

Wrong on last part. Bigger blocks may get more tx so more fees, also xchg rate may be higher.  We just dont know

[Cashew]

So the hardfork is something sure ? I still see that Bitcoin Unlimited altcoin has a relatively low hashrate percentage, so that it could not threaten us, the true Bitcoin, in any case.

[PurpleDog]

Ok, lots of info. I start to see, now. Thanks.

But how did the discussion started, now, together with the constant desceding of the XBT price? Who started it and where?

Also, if indeed a HF is about to happen, when is it going to happen? Do you have any insight on this?

[DannyHamilton]

Also, if indeed a HF is about to happen, when is it going to happen? Do you have any insight on this?

It is NOT about to happen.  It is possible that maybe it might happen at some completely unknown and currently unpredictable time in the future.  It is also possible that it never happens.

Before the fork can happen, there would need to be more than 50% of the hash power signaling that they support Bitcoin Unlimited.  Realistically that percentage would need to be more than 60%.

It's possible that the hash power could get to 90% without any miners brave enough to try.

[calkob]

So, I understand a BTC is about to happen and apparently this is the reason the price is dropping this bad, too.

• What is the problem that is leading to a fork?
• Is it really going to happen?
• And if yes, when?

Novice questions. Thanks

Actually no we will never split it is all FUD, dont believe what you read on the internet.  Bu only has 30% of the hash power they need at least 80.  in a year from now we will still be in the same position, unless the price drops and the miners cant take the losses anymore.  in which case segwit will prob activate

[countryfree]

You have to consider the risk. It would be totally crazy to start a hard fork with only 30% support.
We'll talk about it if BU gains way over 51%.

[shinratensei_]

• What is the problem that is leading to a fork?
• Is it really going to happen?
• And if yes, when?

The problem is about the scalability debate. And i think if you try to go to the bitfinex and you will see BCU coin.

There is no clear answer about its question. But it seems like many exchange sites to be ready for the hadfork in the future. But run a hardfork is not easy in my mind.

[Doamader]

Well this issue of blocksize has took too many time to get a suitable solution and now they are considering making the split and for sure it will damage bitcoin, we can see the community is moving some funds into others altcoins, but well i do wish the best to bitcoin, now the question wich part of the fork will remain with the bitcoin value?

[Laviathon]

Well this issue of blocksize has took too many time to get a suitable solution and now they are considering making the split and for sure it will damage bitcoin, we can see the community is moving some funds into others altcoins, but well i do wish the best to bitcoin, now the question wich part of the fork will remain with the bitcoin value?

Blocksize is addressed in segwit.   So Im not sure why BU looks better.

[layoutph]

OMG, thanks to this post OP, and to the comments to this post.. Now I know the reason whats behind the huge fall of Bitcoin. Now should I stay as BTC or stay as BTU.

[Laviathon]

OMG, thanks to this post OP, and to the comments to this post.. Now I know the reason whats behind the huge fall of Bitcoin. Now should I stay as BTC or stay as BTU.

Without a doubt protect your btc and mine a non BU pool.

[jonald_fyookball]

OMG, thanks to this post OP, and to the comments to this post.. Now I know the reason whats behind the huge fall of Bitcoin. Now should I stay as BTC or stay as BTU.

Without a doubt protect your btc and mine a non BU pool.

unless of course you want Bitcoin to scale on the main chain with bigger blocks... or you think Segwit is too complicated or risky... or you think the Core team shouldn't be in charge of Bitcoin's scalability roadmap any longer since they've failed so miserably...

...in which case you might want to mine a BU pool.

[cpfreeplz]

The problem is 1mb is not enough to hold enough transactions anymore. Bitcoin unlimited wants to push the limit to (at least) 2mb and implement other things too. A hark fork is just when you now have two chains instead of one aka: two coins instead of one. If you own bitcoins now and there's is a fork you'll own both coins. No need to switch back and forth or anything. You could sell your coins from one side and buy the coins from the other side of you really believed in it more though.

[Laviathon]

OMG, thanks to this post OP, and to the comments to this post.. Now I know the reason whats behind the huge fall of Bitcoin. Now should I stay as BTC or stay as BTU.

Without a doubt protect your btc and mine a non BU pool.

unless of course you want Bitcoin to scale on the main chain with bigger blocks... or you think Segwit is too complicated or risky... or you think the Core team shouldn't be in charge of Bitcoin's scalability roadmap any longer since they've failed so miserably...

...in which case you might want to mine a BU pool.

I dont see how you can say they have failed it so miserably considering when you got up this morning your btc that you have was worth over $1200 us dollars a coin.

[Laviathon]

The problem is 1mb is not enough to hold enough transactions anymore. Bitcoin unlimited wants to push the limit to (at least) 2mb and implement other things too. A hark fork is just when you now have two chains instead of one aka: two coins instead of one. If you own bitcoins now and there's is a fork you'll own both coins. No need to switch back and forth or anything. You could sell your coins from one side and buy the coins from the other side of you really believed in it more though.

Segwit (core) increases block size making your argument invalid.