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Author Topic: [2017-03-22] Fire the Miners? Radical Ideas Emerge as Bitcoin Fork Talk Escalate  (Read 232 times)
Kemarit
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March 22, 2017, 03:15:58 PM
 #1

Fire the Miners? Radical Ideas Emerge as Bitcoin Fork Talk Escalates

Bitcoin is in a state of emergency – or, at least, the community thinks so.

Tensions are high as bitcoin's long-standing scaling debate escalated this week, with some miners talking openly about forcing a possible bitcoin fork that could result in two competing coins.

If that's not enough of a concern, some miners have even been discussing a possible attack on the old blockchain once they move on to mining the new one – dialogue that has prompted concerning statements from exchanges and other industry startups.

It's unclear if either will happen, and others aren't terribly concerned, with some going as far as to describe the recent frenzy as an attempt at price manipulation.

But amid all this, developers seem to be at least responding to community pressures, putting forth creative, if controversial, solutions, such as a way of making upgrades to bitcoin that depends on the economy rather than mining pools.


Full Read Here: http://www.coindesk.com/fire-the-miners-radical-ideas-emerge-as-bitcoin-fork-talk-escalates/

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March 22, 2017, 03:22:56 PM
 #2

https://blog.ledger.co/what-would-happen-for-ledger-hardware-wallet-users-in-case-of-a-bitcoin-fork-3b955a065d57#.5o2f3lnfv

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March 22, 2017, 04:02:44 PM
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User 537311 from DumbIt put it succinctly:

Bitcoin "Unlimited" vs Bitcoin:

Quote
On one side, you have a group of people (over a hundred) of top minds in crypto development who are loosely called "core" who have been working on bitcoin for a long time. They are lead by company called blockstream which employees some of the top core developers so they can work on bitcoin full-time. Who is in charge of blockstream? Non other than Adam Back, one of the only people who was sited on the bitcoin white-paper by satoshi , and one of the original cypherpunks who have been working on decentralized digital money since the early 90s.

who is on the other side? A small group of "developers" who have forked an old version of bitcoin core, and made some modifications to it, (not fully understanding the full code) hence the bugs, and they are lead by a man name Roger Ver who is a known con-man. A man who said MT Gox was solvent days before it tanked , who got involved in bitcoin early on for some reason or other, and became filthy rich and now is working with one of the biggest mining equipment manufacturers, Jihan Wu to block the adoption of SegWit, and upgrade that core has been working on for around 2 years, that will not only fix the transaction malleability bug, but it also opens the door for a slew of new applications.

Why you ask? less fees for miners.. duh! Off chain transactions means less transactions settled on the blockchain means less money for them. Another notable character on this side is Gavin Andrseren, who again got involved early on and was working with Satoshi, and the day he told satoshi he is going to talk to "have a little chat with the CIA" was the day Satoshi stopped talking to everyone. Gee... I wonder which side i should support.

Standby and we'll see what we have to do. Brilliant minds are thinking of counter measures I'm positive. Keep informed.

Possible Fork Scenario:

Quote
so, lets say they fork and they take 80% of the miners (hashing power). That means 20% will be left for the smaller chain. Bitcoin adjusts the difficulty of the "math problem" every two weeks (roughly) and knowing these guys, since they are weapons grade cunts, they will fork the first day of the 2 week difficulty change. This means the chain with 20% (probably BTC) will slow to a halt since the math problem is way too hard, and 20% of the miners are going to have a hard time finding blocks. Which means, the two weeks becomes way way longer which forces Bitcoin (BTC) to change Proof-of-work. That means you can start mining on your computer again! Cheesy. Are you not entertained?

I think that pretty much sums it up....

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March 22, 2017, 04:12:18 PM
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Not so radical, if it gets enough support (and it will get enough, i.e. 95% of Bitcoin Core users, if BU miners use the forking opportunity to constantly re-merge with the Bitcoin chain so that BTC transactions can't confirm due to all the chain re-organisations that would cause, but they're just nice guys who want to compete in the free market, right?)


And, like I said yesterday, we should prepare for, or even expect, worldwide political chaos to rise in highly coincidental correlation with the chaos taking place between Bitcoin users and Bitcoin miners. Don't be surprised if they begin to mirror each other in magnitude very closely. And all just a coincidence, of course.

Vires in numeris
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March 22, 2017, 04:35:36 PM
 #5

BU will self distruct....
pure tecnical incompatence!
https://twitter.com/CharlieShrem/status/844553701746446339



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March 22, 2017, 11:23:31 PM
 #6

https://www.youtube.com/watch?v=PuW66xlUW9A



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