Bitmain announces plan to create altcoin if BIP148 succeeds

[Mr. Green]

Good luck with premined ChinaCoin if that's what you want.

That is what i am expecting with them if they are planning to create a new coin,they will premine and make trillions with it but who will be investing in it. This is a real threat by them and we now have a date on how things might go in the bitcoin world,i am not sure whether this will be a thing to be worried as the uncertainty increases how will the market react to these news,i think there will be a correction because i am sure people will panic .

Don't worry there are plenty of premined scam coin addicts around. If they can't find anybody to sell their shit coins, I am pretty sure Eth people will lend a hand.

[jonald_fyookball]

Do you feel you are being censored here? You're sprouting your horseshit and people are free to agree with it, yet somehow no one does. Apart from the mentally disabled useful idiot Ver, there is no one with any significat amount of BTC that supports jihancoin. Lets just let the market decide, cant wait to sell my jihan altcoins.

You must be a new bitcoiner.

Supporting larger blocks is simply adhering to Satoshi's original vision, Large Blocks is not "jihancoin" it is simply scaling Bitcoin the way that it was originally intended. Using that kind of vocabulary only reveals yourself as either being New, Brainwashed or having Low intelligence, or possibly all three.

Anyone worth their salt knows that Blockstream are the ones attempting to fundamentally alter Bitcoin, and nothing is more worthy of being called an altcoin than the Astroturf'd UASF crapcoin. Segwit in itself is also a radical change, much more radical than simply increasing the blocksize.

Get off r/bitcoin and go read a book or something.

Satoshi talked about digital cash. You can't have digital cash with corporations running the nodes. Satoshi was wrong, he failed to predict the current situation. Bitcoin loses its store-of-value properties with a large blocksize.

Most people with real money invested in bitcoin don't care about whatever "satoshi's original vision" was. They understand being able to run nodes is a priority.

Good luck with premined ChinaCoin if that's what you want.

Educate yourself:

https://medium.com/@adam_selene/nodes-e3bb49364b3a

https://medium.com/@jonaldfyookball/why-every-bitcoin-user-should-understand-spv-security-520d1d45e0b9

[hookthem]

What is funny about this to me is that the whole premise of Bitcoin is to have a low-cost, decentralized currency.  However:

1. It isn't low-cost (a $1 transaction costs $4 with the transaction fee (at a minimum))
2. It isn't decentralized (1 organization has a massive influence).  This announcement has caused a swing of $400 USD in the currency value TODAY!

I say bring BIP148 and give the valuable coin back to the ordinary miners that don't have massive warehouses of efficient miners with free energy in China?  Would that actually happen (I legitimately don't know to make a judgement)?

[iluvpie60]

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.

I always like to think they are just bsing. They want to appear like they are in control and their ego + greed gets in their way.

Let them have their alt shitcoin. They will go bankrupt and we will be the ones who are correct on the changes to be implemented.

[The One]

What is funny about this to me is that the whole premise of Bitcoin is to have a low-cost, decentralized currency.  However:

1. It isn't low-cost (a $1 transaction costs $4 with the transaction fee (at a minimum))
2. It isn't decentralized (1 organization has a massive influence).  This announcement has caused a swing of $400 USD in the currency value TODAY!

I say bring BIP148 and give the valuable coin back to the ordinary miners that don't have massive warehouses of efficient miners with free energy in China?  Would that actually happen (I legitimately don't know to make a judgement)?

Bloody brilliant idea to crash the price below $500.

[eaLiTy]

Let them have their alt shitcoin. They will go bankrupt and we will be the ones who are correct on the changes to be implemented.

I see this as a scare tactics and look at how the market responded to this news,the market went down because of the bullshit proposal they made. Lets say even if they create their own shit coin i am sure they will be investing their time in bitcoin as these sort of techniques are used just to get attention and let  others know that they are in control over bitcoin.

[pokapeski]

What is funny about this to me is that the whole premise of Bitcoin is to have a low-cost, decentralized currency.  However:

1. It isn't low-cost (a $1 transaction costs $4 with the transaction fee (at a minimum))
2. It isn't decentralized (1 organization has a massive influence).  This announcement has caused a swing of $400 USD in the currency value TODAY!

I say bring BIP148 and give the valuable coin back to the ordinary miners that don't have massive warehouses of efficient miners with free energy in China?  Would that actually happen (I legitimately don't know to make a judgement)?

the way mining works condemns the process to concentration. it doesn´t have to be under the same owner but concentration is the only way. Sunking the price actually damages only the regular home-based miner bloke. We shouldnt believe conspiranoias. Most miners are modest home/garage-based miners.
There is no easy solution for that.
Anyway this is all bitcoin politics against miners when miners are actually needed in the whole system. In fact mining is not the problem at all. The problem that must be answered is the bottleneck in the transaction flow. that´s it. that will bring times and fees back to normal. If you use a system that damages mining income too much you are heading for more centralization.


regarding price. Any non-agreed move in bitcoin will lead for a severe correction. August was to be tough yesterday and it´s going to tough tomorrow. Today is official but the split was the most likely scenario with ot without announcement.

[BillyBobZorton]

Satoshi talked about digital cash. You can't have digital cash with corporations running the nodes. Satoshi was wrong, he failed to predict the current situation. Bitcoin loses its store-of-value properties with a large blocksize.

Most people with real money invested in bitcoin don't care about whatever "satoshi's original vision" was. They understand being able to run nodes is a priority.

you can have digital cash without corporate control... growth via NODES (dynamics) means nodes display what they can handle and pools follow the consensus..

there is no "gigabytes by midnight causing datacentres" debate .. you have been hypnotised into that FUD

you have been brain washed that the BScore-porate control is the only way..

all the segwit imps and bips
gavin+garzig(BLOQ->DCG)
baryysilbert(dcg)
core(blockstream->DCG)
uasf(samson/lerner->DCG)

are all the same BS

BS= blockstream, B*ll S*it, barry silbert...  its all the same BScartel

goodluck with you BScoin

You keep repeating this "there is no "gigabytes by midnight causing datacentres"" nonsense. When will you understand that technologies like bitcoin, get exponentially adopted which would mean there would be no way to smoothly scale on-chain transactions to handle all the demand without ending up with datacenters running nodes?



Notice how "gigabytes by midnight" would indeed be the case once the curve of adoption reaches the typical steepness and then you are fucked if you want to keep the fees low and keep everyone transacting on-chain happy without complains of "blocks are full".

[franky1]

Satoshi talked about digital cash. You can't have digital cash with corporations running the nodes. Satoshi was wrong, he failed to predict the current situation. Bitcoin loses its store-of-value properties with a large blocksize.

Most people with real money invested in bitcoin don't care about whatever "satoshi's original vision" was. They understand being able to run nodes is a priority.

you can have digital cash without corporate control... growth via NODES (dynamics) means nodes display what they can handle and pools follow the consensus..

there is no "gigabytes by midnight causing datacentres" debate .. you have been hypnotised into that FUD

you have been brain washed that the BScore-porate control is the only way..

all the segwit imps and bips
gavin+garzig(BLOQ->DCG)
baryysilbert(dcg)
core(blockstream->DCG)
uasf(samson/lerner->DCG)

are all the same BS

BS= blockstream, B*ll S*it, barry silbert...  its all the same BScartel

goodluck with you BScoin

You keep repeating this "there is no "gigabytes by midnight causing datacentres"" nonsense. When will you understand that technologies like bitcoin, get exponentially adopted which would mean there would be no way to smoothly scale on-chain transactions to handle all the demand without ending up with datacenters running nodes?

Notice how "gigabytes by midnight" would indeed be the case once the curve of adoption reaches the typical steepness and then you are fucked if you want to keep the fees low and keep everyone transacting on-chain happy without complains of "blocks are full".

lol "by midnight".......    ??

1. bitcoin WILL NOT become a one world currency where everyone is using it for everything...
2. bitcoin WILL NOT become a one world currency

once you stop hitting your head against the BS brick wall and wake up to realitiy that OVER DECADES
wait have to make this clear for you
OVER DECADES
and using an actual realistic user adoption growth and expectation. bitcoin can grow and cope.

your argument is like trying to tell activision to cease making Call of duty games because millions of people cant online game... when infact millions of people do online game.. and ontop of that they livestream in HD their gameplay, while also running commentary through voice chat and livestreams simultaneously.

holding at 1mb when 32mb is capable, but 8mb is 'average joe in wheatfield safe', and even when core themselves deem 4-8 safe but prefr 4mb to be extra anal.. shows how fooled you are.

there is no reason for 1mb to remain at all.. no reason

the hold at 1mb due to gigabytes by midnight, is the same stupid mindset as amputating newborn babies legs out of fear they may run into a car when older. so stopping them from running is the solution and throwing them into a electric wheelchair is the counter-solution to the amputation solution

[chek2fire]

Bitmain is a recipe for economical distaster for everyone. If anyone want to loose his wealth then is free to follow them



but...
I have a new hat for them and their supporters like franky1...

https://pbs.twimg.com/media/DCUTHlgUQAA_0MZ.jpg

[Variogam]

Its funny to see so many people taking Bitmain words so seriously. If nothing else, mining secretly a chain with Bitmains 20% hashrate does not make any rational sense because there going to be always longer chain with the remaining 80% non-Bitmain hashrate, no matter how you split the remaining 80% between BIP 148 altcoin and Bitcoin. So it is just some politic game/influencing the markets instead.

Talk is cheap, it reminds me theymos saying when median fees increases over $1, base blocksize increase should be considered  

[chek2fire]

[The One]

Satoshi talked about digital cash. You can't have digital cash with corporations running the nodes. Satoshi was wrong, he failed to predict the current situation. Bitcoin loses its store-of-value properties with a large blocksize.

Most people with real money invested in bitcoin don't care about whatever "satoshi's original vision" was. They understand being able to run nodes is a priority.

you can have digital cash without corporate control... growth via NODES (dynamics) means nodes display what they can handle and pools follow the consensus..

there is no "gigabytes by midnight causing datacentres" debate .. you have been hypnotised into that FUD

you have been brain washed that the BScore-porate control is the only way..

all the segwit imps and bips
gavin+garzig(BLOQ->DCG)
baryysilbert(dcg)
core(blockstream->DCG)
uasf(samson/lerner->DCG)

are all the same BS

BS= blockstream, B*ll S*it, barry silbert...  its all the same BScartel

goodluck with you BScoin

You keep repeating this "there is no "gigabytes by midnight causing datacentres"" nonsense. When will you understand that technologies like bitcoin, get exponentially adopted which would mean there would be no way to smoothly scale on-chain transactions to handle all the demand without ending up with datacenters running nodes?



Notice how "gigabytes by midnight" would indeed be the case once the curve of adoption reaches the typical steepness and then you are fucked if you want to keep the fees low and keep everyone transacting on-chain happy without complains of "blocks are full".

Well, none happened by "midnight" that's for sure.

There are many solutions yet to be explored.

Datacentres - Do people expect that to mean large corporations? Anyone can run a datacentre from their home.

[chek2fire]

[d5000]

However, because of BitPay's influence I think the "economically winning" chain will be the one BitPay chooses.

I'd say of all companies it's Coinbase who wield the largest phallus. They have a history of being somewhat wishy washy too.

Both are important - I think the coin that BitPay and Coinbase support will win. Both have supported Segwit2x. For BitmainCoin, it is only speculation that Bitpay could support them if Segwit2x fails.

I've no idea about the various forks, but if Bitmaincoin wins out then I'm done. I didn't sign up for that. I didn't sign up for most of what's developed but that would be the final straw.

I don't like Bitmaincoin because the power balance in this chain would be greatly distorted towards the miners. But as already said the most reasonable outcome is a compromise because this way we avoid splitting the community and reducing the network effect. My favourite is a soft-forked 2MB+Segwit solution proposed in the German forum (where only new-style tx could fill the 2MB) but Segwit2x is also ok.

If there is a split, I think the "flippening" will occur instantly and even Ripple has chances to get a higher market cap than any of the 2 or 3 Bitcoin-based chains.

[franky1]

Bitmain is a recipe for economical distaster for everyone. If anyone want to loose his wealth then is free to follow them

but...
I have a new hat for them and their supporters like franky1...

im laughing soo much

1. you cry bitmain has all the power and so blaming bitmain for hashing on bitcoin and demanding bitmain go play with an altcoin to not veto BScoin
2. when bitmain says it will take its hashpower out of bitcoin to another alt thus actually helping u bscartels have less hashpower vetoing bscoin....  you cry again..

seems you cannot even see the reality and instead prefer to see fud.

as for calling me a supporter. i begin laughing even further. just because i hate the BScoin agenda that began in 2014.. does not mean i belong in another team/brand

but i think its hard for sheep to not understand anything beyond the lifestyle of sheep. which may explain why many cant understand the logic that i stand on my own with my own opinions.

but enjoy crying about anything spoonfed to you by the r/bitcoin controller theymos.

maybe worth people start to think byond what has been spoonfed to them and see all the possibilities..

TL:DR;
if bitmain move to another altcoin.. the BSCartel are 16% closer to getting their BScoin
try to take a break have a coffee and think about the info handed to you.. repeating reddit scripts adds nothing to the debate

[QuantumMiner]

No need for drama guys. Could someone simply state a technical reason why the core proposal would not be a good idea?

this was helpful for me: https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0

[chek2fire]

Bitmain is a recipe for economical distaster for everyone. If anyone want to loose his wealth then is free to follow them

but...
I have a new hat for them and their supporters like franky1...

im laughing soo much

1. you cry bitmain has all the power and so blaming bitmain for hashing on bitcoin and demanding bitmain go play with an altcoin to not veto BScoin
2. when bitmain says it will take its hashpower out of bitcoin to another alt thus actually helping u bscartels have less hashpower vetoing bscoin....  you cry again..

seems you cannot even see the reality and instead prefer to see fud.

as for calling me a supporter. i begin laughing even further. just because i hate the BScoin agenda that began in 2014.. does not mean i belong in another team/brand

but i think its hard for sheep to not understand anything beyond the lifestyle of sheep. which may explain why many cant understand the logic that i stand on my own with my own opinions.

but enjoy crying about anything spoonfed to you by the r/bitcoin controller theymos.

maybe worth people start to think byond what has been spoonfed to them and see all the possibilities..

TL:DR;
if bitmain move to another altcoin.. the BSCartel are 16% closer to getting their BScoin
try to take a break have a coffee and think about the info handed to you.. repeating reddit scripts adds nothing to the debate

you deserve an answer not for me but for your beloved Bitmain company

Many of the software developers who work in a software project called “Bitcoin Core” ....

yeah a software called bitcoin core. First time i hear this
and another...

censored forums, many of which are controlled by single anonymous individuals

what is your real name again? Because i like to propose you as a candidate of Bitcoin Unlimited president...  

[jonald_fyookball]

go ahead and argue away. 

the fork is happening.

nothing you post here will influence miners or businesses.

[chek2fire]

go ahead and argue away.  

the fork is happening.

nothing you post here will influence miners or businesses.

who really cares? legacy chain will win once again and you will one more time find what Bitcoin means....