Bitmain announces plan to create altcoin if BIP148 succeeds

[deisik]

I don't see anything significantly bad here, let them seperate away from us if they so wish, and they'll soon notice that it was likely the worst decision they ever made. It's top notch greed, but it will cost them dearly, that is almost a guarantee. But then again, I am sure that this is just the regular barking dog behavior - big talks at start, where later nothing happens at all

The bad part is that they are not going to separate for real

This is a poorly disguised, too obvious and easily seen through attempt to postpone the inevitable end of mining as we know it today (i.e. highly monopolized and heavily abused). The only possible explanation if Wu and Co are actually going to get done with Bitcoin is Jihan going totally nuts, which is unlikely. SegWit and further updates will surely eat away at his profit margins but they are pretty wide anyway to deliberately go for something as suicidal as creating a Wucoin. In fact, I wouldn't be surprised if Jihan denounced his actions later as intentional trolling (to save face)

[franky1]

lol

and yet the august forkers. who orphan off oppositing blocks are also going to be "pre-mining" their own chain until they can kiss enough ass to get others to join them

seems theymos cant even see the same crap happening for the crap he supports also,

all in all expect summer-autumn to be a clusterf**k of orphans, double spends and other issues.. all to try pushing segwit in before november...
smells like BScartel (Blockstream Barry Silbert) are getting desperate to try getting segwit activated one way, or 3 other ways

[digaran]

Double lol

Looks like some people will never stop shilling not even when they come out and say it straight forward that they want us sideways.
Wu wants to get lucky with us in bed such a naughty boy, triple lol.
I'd say lets intentionally split it with plans ahead of time, we'll call that Bit-hoin with 200MB block size and 3 to 30 seconds block time with a block reward of 6.75 and the main chain which will remain Bitcoin of course could continue as is without any change.

[BTCLovingDude]

Currently, there are at least 3 client development teams working on the code of the spec. All of them want to stay quiet and away from the propaganda and troll army of certain companies. They will announce themselves when they feel ready for it. Users will be able to install the software and decide whether to join the UAHF.

unknown developers which means we don't know their history

short time period for developing the software and implementing delicate changes, sure it mentioned testnet but is that really enough?!

expecting users to install and adopt it? we still haven't forgotten the BU node crashes and closed source upgrade. is it going to be the same story all over again?

[aarturka]

[franky1]

anyone ever think that what bitmain is saying is actually just reverse psychology..

let people call his plan foolish and then....

 he reveals the punchline of.. well thats exactly what augustforkers are offering.... thus instantly making people slap themselves with a wet fish realising what the augustforkers are offering

[primer-]

UASF rekt. Core rekt.

[Paashaas]

Typical Chinese manipulation, this is one major bluff.

[mindrust]

Typical Chinese manipulation, this is one major bluff.

At first i was happy as fuck but now i'm thinking the same thing.

He will fight to the end. If he had the balls, he would have created his SHA256 alt with 500mb blocks already. He knows that he won't be able to exist without the bitcoin's user base.

He wants to steal that too. The users.

Not just bitcoin. Nobody sees the reality, even the core devs are blind but we will end up with a PoW change. That's inevitable.

[d5000]

I feel like some people might read this statement as trying to force a decision between Bitmain's altcoin and BIP148 [...]

No. I read it as a statement to get more approval for Segwit2x. It is "strange" that nobody of the hardliners of both fractions of the blocksize war has mentioned this solution here in this thread, because in the statement they clearly mention it as their goal.

It's simply a counter-offensive to BIP148. I don't support neither of both measures and don't think any of them will succeed. Segwit2x, Luke's Segwit + 2MB pan and also the newer Coop proposal seem reasonable - far from perfect, but acceptable - compromise proposals. So we have the choice.

[krishnapramod]

anyone ever think that what bitmain is saying is actually just reverse psychology..

let people call his plan foolish and then....

 he reveals the punchline of.. well thats exactly what augustforkers are offering.... thus instantly making people slap themselves with a wet fish realising what the augustforkers are offering

IMO August forkers are defintely offering something better than what Bitmain announced. Yeah, BIP 148 is an aggresive way to signal Segwit, but the point is Segwit gets activated. Bitmain is just fooling around, after Segwit2x, another gig at stalling the progress.

Later, we will support the activation of SegWit on the UAHF chain if there is no patent risk associated with SegWit

Now or later Bitmain just wants to push Segwit through a hard fork to make it compatible with ASICBoost. When you are making around extra $100 million per year by mining, hard forking and mining your own altcoin does not seem like a ridiculous idea.

I guess Jihan Wu just added more support to BIP 148 and pushed the miners who were uncertain about BIP 148 to accept it wholeheartedly. There is still enough time to get a majority and activate BIP 148 without splitting the chain.

[jonald_fyookball]

That's funny Theymos.  It's not an altcoin if Luke Jr does a minority fork, but its an altcoin if Bitmain does it, right?  Anyway i'm fully expecting UAHF to have majority hash power.

[intense]

Majority hashrate + original blockchain = Bitcoin

This isn't going to be an altcoin, it's going to be the bitcoin we should have had 3 years ago before the push for off chain transactions became paramount at the detriment of all other improvements. And the absolute best part of this is:

Later, we will support the activation of SegWit on the UAHF chain if there is no patent risk associated with SegWit and if the arbitrary discount rate of witness data segment is removed.

All the pro's of segwit as well as larger blocks and lower fees, and even better this helps decentralisation as the mempool will shrink back down allowing nodes to get by on less ram.

[chopstick]

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.

The corrupt censorship King calling out Bitmain?

Well, this is rich.

Never seen a bigger bunch of hypocrites.

Theymos, you are personally responsible for creating a huge divide in the Bitcoin community through your entirely dishonest censorship tactics and misleading thousands of people into believing blatant Lies.

This has done more damage to Bitcoin than Bitmain could ever hope to achieve.

You truly do deserve to be utterly ashamed of yourself. No worries, all people of Toxic influence such as yourself are about to be Removed.

Good luck with your lies and propaganda. May the better chain win. That is all.

[deisik]

Majority hashrate + original blockchain = Bitcoin

Majority can only be economic

All other "majorities" have nothing to do with Bitcoin. If most users (in this case represented by exchanges) stick to some other version of Bitcoin, hash rate will be instantly rendered null and void. Really, what's the purpose of all these peta and giga hashes per second if you are mining your variety of Bitcoin all alone? I'm curious if Jihan and his cronies are going to reset the difficulty (let's assume for a moment that they are really going to fork Bitcoin in the first place)

[intense]

Majority hashrate + original blockchain = Bitcoin

Majority can only be economic

Economic majority doesn't mean shit unless they put their money where their mouths are and start mining. You could have 90% of all BTC and be completely unable to stop a hardfork because it's secured by proof of work, not proof of stake. And it's the hashrate that gives users the ability to trust the network. A minority fork is worthless because it's easily subject to a 51% attack giving users no reason to trust it.

[squatz1]

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

Another good reason to mine bip148 for miners!

Pretty much this, Jihan is just throwing some dumb threats around right now when it comes to Bitcoin. You can't even say this is a remotely educated one when it comes to BTC mining. Do they think people are going to follow along with them if they're going to be creating an alt coin and trying to make it compete to BTC?

Though, it will allow for more miners to come in and take the place of Jihans.

Typical Chinese manipulation, this is one major bluff.

At first i was happy as fuck but now i'm thinking the same thing.

He will fight to the end. If he had the balls, he would have created his SHA256 alt with 500mb blocks already. He knows that he won't be able to exist without the bitcoin's user base.

He wants to steal that too. The users.

Not just bitcoin. Nobody sees the reality, even the core devs are blind but we will end up with a PoW change. That's inevitable.

Maybe they just want to scare people into selling off Bitcoin, as the majority / close to majority hasher in the BTC network is going to leave that should scare a good amount of people. Who knows what's going to happen.

[LFC_Bitcoin]

So this is the reason for the dump. I'm getting sick of this shit to be honest, Jihan needs to burn in the fires of hell. This guy is becoming a real pain in the ass.

[ImHash]

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.

The corrupt censorship King calling out Bitmain?

Well, this is rich.

Never seen a bigger bunch of hypocrites.

Theymos, you are personally responsible for creating a huge divide in the Bitcoin community through your entirely dishonest censorship tactics and misleading thousands of people into believing blatant Lies.

This has done more damage to Bitcoin than Bitmain could ever hope to achieve.

You truly do deserve to be utterly ashamed of yourself. No worries, all people of Toxic influence such as yourself are about to be Removed.

Good luck with your lies and propaganda. May the better chain win. That is all.

I agree with you to the end, theymos and gmaxwell are evil they want to take over bitcoin entirely, but only if you knew how good they are in bed
Facts are obviously in the open and everyone can see for themselves, I could go on for days talking sh*t about Core devs/team but people are not blind, little Wu wants to be the father of the next generation of human race, he wants to sh*t coins and show a tongue to Satoshi saying I'm richer than you and I forked your bitcoin and made it my own.

[jonald_fyookball]

So this is the reason for the dump. I'm getting sick of this shit to be honest, Jihan needs to burn in the fires of hell. This guy is becoming a real pain in the ass.

No, he should be thanked and honored for having the courage and integrity to do the right thing and to lead the mining community with on chain scaling, to the benefit of everyone.