Bitmain announces plan to create altcoin if BIP148 succeeds

[European Central Bank]

The good capital is already tied down in altcoins, probably in cold storages.

you would have to be crazy to be planning on long term holding any alt, ethereum included, unless you've already made out like a bandit. who knows whether any of them will be around in 3-4 years.

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[RealBitcoin]

The good capital is already tied down in altcoins, probably in cold storages.

you would have to be crazy to be planning on long term holding any alt, ethereum included, unless you've already made out like a bandit. who knows whether any of them will be around in 3-4 years.

So how do  these people actually store their 40 billion $?

I would suppose at least half of it is in cold storage, which is owned by whales.

And the other half is like distributed between newbies who have a coffee money worth of coins.

The tied down money wont move, only the speculator kids will move their money.

So its not like the value of an altcoin will just suddenly drop to 0$ as everyone sells back into USD.

[European Central Bank]

So how do  these people actually store their 40 billion $?

there is no 40 billion. that's market cap. market cap don't mean a thing. see it evaporate to nothing if 5% of whales decided to get out in short order. with certain alts it would only take 0.1% of whales to completely destroy everything.

[pokapeski]

I usually look at altcoins to be assessed merely as the useful part they could have for anyone and as such I only see ETH and ZEC having some background value. The rest seem to me like football tifossi movements and handsome icons.
None of them by now can say that big merchants or entire coutries have been bough in as with bitcoin, that is, until this shameful display showed up demonstrating that humans are the weakest link in the consensus system.

[chek2fire]

So how do  these people actually store their 40 billion $?

wut? there is no 40 billion. that's market cap. market cap don't mean a thing. see it evaporate to nothing if 5% of whales decided to get out in short order. with certain alts it would only take 0.1% of whales to completely destroy everything.

i also believe that is an illusion anyone to calculate marketcap of commodities in fiat money. The price of any commodity is only the price when someone sell and the others are only a guide for it.
There is hope in what will happen i two days

https://github.com/btc1/bitcoin/pull/21

if will be a suprise tomorrow with segwit2x proposal and segwit activate firs and is compatible with the current segwit proposal then Bitmain future in bitcoin ecosystem will not be so bright

[deisik]

Jihan can say he wants to take a bite out of the moon because its made of green cheese, that don't mean he really wants to do that or that he really believes it. What Jihan really wants is control over Bitcoin so he can make more money. All of his actions have been to this effect.

That is nothing but baseless rumour. Evidence please

What evidence do you actually need?

Everyone and his hungry dog want to make more money. Do you need evidence for that too, especially when you have a lot at stake in something? Jihan has likely invested millions of dollars in ASICs, and now you essentially claim that him wanting to protect his investments and earn more money is a baseless rumor. I understand that Jihan's shills know no limits in arguing virtually anything that goes against their master's agenda but they should certainly care not to sound like complete dumbasses at that

Evidence Jihan wants control over Bitcoin.

I have nothing against people making money. I am against people trying to destroy/limit Bitcoin.

This word has lost its meaning long ago

So your whole question is meaningless since you can always claim that this is not what Jihan actually wants. On the other hand, profits are simple and easily understandable to anyone with half a brain. Since it seems that you don't question that point, Jihan wants profits, and that means more hashing power and more fees for himself (think centralization here). As simple as that. But it is obviously against Bitcoin if it goes above and beyond certain limits, and Jihan has already gone well past them, even though it is an ultimate outcome of the flaws in Bitcoin design (in respect to mining)

[The One]

Evidence Jihan wants control over Bitcoin.

I have nothing against people making money. I am against people trying to destroy/limit Bitcoin.

The danger here is centralization. Having only a few people controlling mining is not good at all.

There are thousands of miners, working together in pools. So no that isn't a few people.

Beside, what can you or anyone else do about it? Order the miners to break down into smaller pools of no more than 10%?

[ruben0909]

i hope satoshi nakamoto is working at this moment because someone is destroyinh Hes great artwork.. Miners -.-

[ruben0909]

that would be great

[The One]

Jihan can say he wants to take a bite out of the moon because its made of green cheese, that don't mean he really wants to do that or that he really believes it. What Jihan really wants is control over Bitcoin so he can make more money. All of his actions have been to this effect.

That is nothing but baseless rumour. Evidence please

What evidence do you actually need?

Everyone and his hungry dog want to make more money. Do you need evidence for that too, especially when you have a lot at stake in something? Jihan has likely invested millions of dollars in ASICs, and now you essentially claim that him wanting to protect his investments and earn more money is a baseless rumor. I understand that Jihan's shills know no limits in arguing virtually anything that goes against their master's agenda but they should certainly care not to sound like complete dumbasses at that

Evidence Jihan wants control over Bitcoin.

I have nothing against people making money. I am against people trying to destroy/limit Bitcoin.

This word has lost its meaning long ago

So your whole question is meaningless since you can always claim that this is not what Jihan actually wants. On the other hand, profits are simple and easily understandable to anyone with half a brain. Since it seems that you don't question that point, Jihan wants profits, and that means more hashing power and more fees for himself (think centralization here). As simple as that. But it is obviously against Bitcoin if it goes above and beyond certain limits, and Jihan has already gone well past them, even though it is an ultimate outcome of the flaws in Bitcoin design (in respect to mining)

Sorry but you are not getting it. If someone is going to post "fact", then i will ask for evidence. As usual no evidence is presented, thus no debate can be had.

[deisik]

Jihan can say he wants to take a bite out of the moon because its made of green cheese, that don't mean he really wants to do that or that he really believes it. What Jihan really wants is control over Bitcoin so he can make more money. All of his actions have been to this effect.

That is nothing but baseless rumour. Evidence please

What evidence do you actually need?

Everyone and his hungry dog want to make more money. Do you need evidence for that too, especially when you have a lot at stake in something? Jihan has likely invested millions of dollars in ASICs, and now you essentially claim that him wanting to protect his investments and earn more money is a baseless rumor. I understand that Jihan's shills know no limits in arguing virtually anything that goes against their master's agenda but they should certainly care not to sound like complete dumbasses at that

Evidence Jihan wants control over Bitcoin.

I have nothing against people making money. I am against people trying to destroy/limit Bitcoin.

This word has lost its meaning long ago

So your whole question is meaningless since you can always claim that this is not what Jihan actually wants. On the other hand, profits are simple and easily understandable to anyone with half a brain. Since it seems that you don't question that point, Jihan wants profits, and that means more hashing power and more fees for himself (think centralization here). As simple as that. But it is obviously against Bitcoin if it goes above and beyond certain limits, and Jihan has already gone well past them, even though it is an ultimate outcome of the flaws in Bitcoin design (in respect to mining)

Sorry but you are not getting it. If someone is going to post "fact", then i will ask for evidence. As usual no evidence is presented, thus no debate can be had

So Jihan looking to fork Bitcoin is not enough evidence for you?

If it is not, after all, then what evidence do you need? Or, I'd rather ask, do you really need any evidence in the first place? If we exclude the possibility of Jihan completely losing his mind (which we shouldn't exclude), he is basically giving an ultimatum to the whole Bitcoin community. He didn't say that directly, but it can be easily interpreted and inferred that if he is really going to fork Bitcoin, he will most certainly use his mining empire to fight with the genuine Bitcoin. Do you need evidence for that too? Just wait till he actually puts his money where his mouth is. It is certainly not about just forking Bitcoin if it ever comes to that. Basically, it is a war, but all is fair in love and warfare

[The One]

Jihan can say he wants to take a bite out of the moon because its made of green cheese, that don't mean he really wants to do that or that he really believes it. What Jihan really wants is control over Bitcoin so he can make more money. All of his actions have been to this effect.

That is nothing but baseless rumour. Evidence please

What evidence do you actually need?

Everyone and his hungry dog want to make more money. Do you need evidence for that too, especially when you have a lot at stake in something? Jihan has likely invested millions of dollars in ASICs, and now you essentially claim that him wanting to protect his investments and earn more money is a baseless rumor. I understand that Jihan's shills know no limits in arguing virtually anything that goes against their master's agenda but they should certainly care not to sound like complete dumbasses at that

Evidence Jihan wants control over Bitcoin.

I have nothing against people making money. I am against people trying to destroy/limit Bitcoin.

This word has lost its meaning long ago

So your whole question is meaningless since you can always claim that this is not what Jihan actually wants. On the other hand, profits are simple and easily understandable to anyone with half a brain. Since it seems that you don't question that point, Jihan wants profits, and that means more hashing power and more fees for himself (think centralization here). As simple as that. But it is obviously against Bitcoin if it goes above and beyond certain limits, and Jihan has already gone well past them, even though it is an ultimate outcome of the flaws in Bitcoin design (in respect to mining)

Sorry but you are not getting it. If someone is going to post "fact", then i will ask for evidence. As usual no evidence is presented, thus no debate can be had.

You're a straight up idiot the fact that he's willing to start his own fork to get his way is evidence enough.

So it is ok if others start a fork using UASF or Core developers getting their way.

There is only one way - the whitepaper. Any other ways, people should start their own altcoin instead of changing Bitcoin into something else.

Fact is simple kingidiot - both sides wants their way and both sides won't back down and both sides are going to fork one way or another. Attacking one side and defending the other side for doing the same thing = hypocrite.

[buwaytress]

So, The Merkle just partially attributed today's tumble to Bitmain's announcement. I thought the market's numb to these type of announcements now, or are there many new players (traders) who haven't been exposed to this kind of rhetoric?

[BillyBobZorton]

the situation is not very good for bitmain atm

It's funny how obvious Bitmain money is on that list. Bitpay got bribed by Bitmain, which is why Bitpay signed the ridiculous NYC agreement as well. Now it's a matter of time to see if the rest of actors are reasonable or go along with the BitmainCoin hardfork.

Yes, UASF is not ideal, but BitmainCoin hardfork is worse. At this point you might as well give people the opportunity to take control over their private keys, may a soft fork happen in august 1st. It's only safe to take preventive measures. Let people choose if they want Legacy coins or BIP148 coins. It is not a hard fork after all unlike the Bitmain mess.

[CardShare]

[Tigggger]

The core devs have already indicated that they are fully against segwit2x

So no desire to compromise even when they get everything they want NOW and the other side gets a a modest increase to 2Mb in 6 months, what are the reasons given ?

[Lauda]

The core devs have already indicated that they are fully against segwit2x

So no desire to compromise even when they get everything they want NOW and the other side gets a a modest increase to 2Mb in 6 months, what are the reasons given ?

It seems that you are highly uninformed. The Segwit2x aka FrankenSegwit breaks all existing compatibility with the deployed Segwit. That's why nobody sane wants to even consider that nonsense proposal. Note: They are possibly going to change that (open PR), but it isn't a certainty.

So, The Merkle just partially attributed today's tumble to Bitmain's announcement. I thought the market's numb to these type of announcements now, or are there many new players (traders) who haven't been exposed to this kind of rhetoric?

This is the n^th time that Jihan/Ver/BU crash the price.

[XbladeX]

***
This is the n^th time that Jihan/Ver/BU crash the price.

so you admit that already we are point that some few people have such power to impact price.
This should be obvious that Bitmain have to much size and siting on asic boost will make things only worse over time.

Bitmain is making bigger downside moves in BTC that China central bank ridding Chinise exchanges
this is sign of problems. People have to woke up.

PS: With UASF price didn't even started falling... With their (B)AHD  started fall fast

[Lauda]

so you admit that already we are point that some few people have such power to impact price.
This should be obvious that Bitmain have to much size and siting on asic boost will make things only worse over time.

Bitmain is making bigger downside moves in BTC that China central bank ridding Chinise exchanges
this is sign of problems. People have to woke up.

Why would I not admit that? I have already stated that the ASIC monopoly and mining cartel are much more dangerous than any kind of scaling issues. Just so that we are clear, all these idiots in altcoins parading "we are the best, we will win next" will get crushed. This is the time to be watching and learning from Bitcoin, i.e. how Bitcoin combats and resists malicious actors such as Bitmain.

PS: With UASF price didn't even started falling... With their (B)AHD  started fall fast

UASF is a good proposal and may actually get a lot more support now. If it avoids a chain split, price will go up. If it does split the chain and Bitmain goes through with their attack, then we will have 3 chains. What the value of each one will be is uncertain.

[cellard]

Jihan Wu is currently giving a speech in some chinese blockchain event about scaling bitcoin:

https://twitter.com/ViaBTC/status/874822283033845760

I wonder what kind of lies is he propagandizing right now. I guess he is already out there promoting his ChinaCoin hard-fork.

If they wanted segwit, they would activate it already with BIP141.