Bitmain announces plan to create altcoin if BIP148 succeeds

[theymos]

https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/

Bitmain is announcing that if BIP148 succeeds, then they are essentially going to mine a new SHA-256 altcoin instead of Bitcoin. If you don't do anything, it'll be as if mining power dropped somewhat, but you'll otherwise be completely unaffected.

I feel like some people might read this statement as trying to force a decision between Bitmain's altcoin and BIP148, but you should be roughly equally unaffected whether or not you enforce BIP148. It might help BIP148's chances a little due to removing Bitmain from consideration and therefore increasing the chances of activating the traditional BIP141 SegWit deployment, though I continue to be pessimistic about BIP148's chances; I consider continuation of the status-quo and a somewhat later BIP149 UASF as the most likely outcome.

I kinda doubt that they're actually going to stick by what they say here, but if they do, it only seems like good news. If you'd like to use a currency controlled by a single company that puts its ability to use its patented Asicboost tech above all other considerations, feel free! I'll stick with Bitcoin, thank you very much.

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[Amph]

oh i knew this would happen, what is this new coin that they would mine a fork of the original chian or an enterely new one, or maybe a coin already on the market?

price dropping mean that other miners will come and the profit will increase drastically, which is good for new comers

also seems that mienrs forget every time that the exchange is what matter, they will only lose profit by switching to a new coin without volume, and maybe not even listed anywhere...

[theymos]

oh i knew this would happen, what is this new coin that they would mine a fork of the original chian or an enterely new one, or maybe a coin already on the market?

It'll be a new fork of Bitcoin sort of in the vein of how XT/BU/Classic would've worked, but apparently he plans a little extra premine of 5400 "BTC" for himself.

[mindrust]

Oh thanks god! Thanks Jihan! Please mine your own coin, please let go off bitcoin.

Another good reason to mine bip148 for miners!

[Lauda]

Despite this agreement, the UASF (BIP148) astroturfing movement continues to get lots of airtime on censored forums, many of which are controlled by single anonymous individuals.

And BU isn't astroturfing?

It'll be a new fork of Bitcoin sort of in the vein of how XT/BU/Classic would've worked, but apparently he plans a little extra premine of 5400 "BTC" for himself.

Premine? You mean the part where they solo mine for 72 hours?
This has got to be one of the stupidest "contingency" plans that I've read so far. If anything, this will make the UASF movement stronger.

[theymos]

Premine? You mean the part where they solo mine for 72 hours?

Yeah, it serves absolutely no purpose except to get 3 days of mining rewards to himself.

This has got to be one of the stupidest "contingency" plans that I've read so far. If anything, this will make the UASF movement stronger.

Agreed.

[forevernoob]

If BIP148 doesn't succeed will they continue to mine legacy chain? (status quo chain)

I'm OK with both BIP148 & status quo TBH. But I would never support a contentious hard fork.

[pinkflower]

If the chain splits, it will be bad from an image perspective for BTC. Pride destroyed whats supposed to be a brilliant master piece.

[aarturka]

This has got to be one of the stupidest "contingency" plans that I've read so far. If anything, this will make the UASF movement stronger.

You'd rather not posting it, if jihad reads it he may reconsider  , or his BU shills (which dwell on this forum) may show him this post

[25hashcoin]

It will not be an alt, it will be bitcoin. Only alt might be uasf chain. Don't believe the people that will tell you to sell off your non uasf chain tokens either. You will regret it for life.

Finally the removal of toxic Core/Blockstreamer influence and on to making bitcoin great again! Very bullish news!

[forevernoob]

It will not be an alt, it will be bitcoin. Only alt might be uasf chain. Don't believe the people that will tell you to sell off your non uasf chain tokens either. You will regret it for life.

Finally the removal of toxic Core/Blockstreamer influence and on to making bitcoin great again! Very bullish news!

Why would you support a centralized shitcoin? That makes no sense to me.

[25hashcoin]

It will not be an alt, it will be bitcoin. Only alt might be uasf chain. Don't believe the people that will tell you to sell off your non uasf chain tokens either. You will regret it for life.

Finally the removal of toxic Core/Blockstreamer influence and on to making bitcoin great again! Very bullish news!

Why would you support a centralized shitcoin? That makes no sense to me.

Only centralized shitcoin will be Cores UASF who has a very minority support.

[forevernoob]

Only centralized shitcoin will be Cores UASF who has a very minority support.

And how would a UASF chain mined by ACTUAL bitcoin users be centralized?
A Jihancoin will be mined by Bitmain only. How is that decentralized?

[aarturka]

It will not be an alt, it will be bitcoin. Only alt might be uasf chain. Don't believe the people that will tell you to sell off your non uasf chain tokens either. You will regret it for life.

Finally the removal of toxic Core/Blockstreamer influence and on to making bitcoin great again! Very bullish news!

Why would you support a centralized shitcoin? That makes no sense to me.

he gets topnotch chinese buds from Jihad

[NeuroticFish]

Bitmain is announcing that if BIP148 succeeds, then they are essentially going to mine a new SHA-256 altcoin instead of Bitcoin. If you don't do anything, it'll be as if mining power dropped somewhat, but you'll otherwise be completely unaffected.

Big words from their side, but no, I clearly don't believe them. They will not go away from the precioussss Bitcoin for a (worthless!) altcoin they'd create.
This is only a "political declaration" (which I've learned that's the nice way to say about a lie). However, I will not be neither happier nor sad, I think that this means nothing and nothing will change.

[25hashcoin]

Only centralized shitcoin will be Cores UASF who has a very minority support.

And how would a UASF chain mined by ACTUAL bitcoin users be centralized?

You're saying Jihan and the many big blockers aren't actual bitcoiners? Sounds like an emotional thing to say. And to answer your question, maybe it won't be centralized, but it definitely won't be bitcoin with minority hash power. Don't fall for the lies. We will soon have a superior bitcoin with large blocks and we may also have a Core/Segwit altcoin. Ignore false narratives that try and flip this.

[alani123]

Only centralized shitcoin will be Cores UASF who has a very minority support.

And how would a UASF chain mined by ACTUAL bitcoin users be centralized?
A Jihancoin will be mined by Bitmain only. How is that decentralized?

Bitmain's mining network is perfectly decentralized, enriched with backdoored miners all over the world. 

[aarturka]

You're saying Jihan and the many big blockers aren't actual bitcoiners?

For now they are bitcoiners but it won't last long. Soon they will be shitcoiners after their hardfork

[25hashcoin]

You're saying Jihan and the many big blockers aren't actual bitcoiners?

For now they are bitcoiners but it won't last long. Soon they will be shitcoiners after their hardfork

Explain to me how uasf will be bitcoin with a minority hashpower but this hard fork would be an altcoin with a majority hashpower and majority of the ecosystem backing it? You have it completely backwards. There's bitcoin, and then there's Core trying to desperately keep their grasps on bitcoin with uasf.

[gentlemand]

If the chain splits, it will be bad from an image perspective for BTC. Pride destroyed whats supposed to be a brilliant master piece.

I'm not sure I'd call it much of a chain split myself. It's one tumour going off to do its own thing while everyone else does theirs. I will not be doing business with a chain entirely controlled by one person.

This little fella seems to be condemned to keep attempting the same thing in a different form forever. He should be put out of his misery for his own sake or be left to go off and play with himself on his own.