Bitmain announces plan to create altcoin if BIP148 succeeds

[mindrust]

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.

-Bla bla bla blockstream evil bla bla bla
-bla bla bla bla 8mb blockz aresocoolbla
-blablablaasicboostsoawesomeblabla rovger ver isrealsatoshiblablabla
-blabla satoshi's vision was 999mb blocks blablabla

[franky1]

hypocrisy from the BS cartel..
1A. bitmain veto BS roadmap due by wanting fee's by grabbing expensive transactions
1B. bitmain do 'empty blocks' thus dont get much fees

2A. bitmain veto BS roadmap.. BS cries they should f**k off and make an altcoin.
2B. bitmain announce making an altcoin and everyone cries they will split the network

3A. BS dont want to split the network
3B. BS employee the UASF network splitting promoter samson mow

4A. bitmain have 70% of the network.. bs tells everyone to panic
4B. bitmain have under 17% of the network.. bs tells everyone to not worry

4A. bitmain have 70% of the network panic
4B. bitmain can make an alt they only have small 17%

... i could go on
but all these hypocrit mindsets is just becoming comedy.. all done to take peoples eyes off the ball at where the real power /centralisation is occuring.. the BS cartel

Bscartell is just pointing fingers and saying 'hey look at the 17%.."  ignore the 50% abstain. and ignore 30 bs cartel
BS cartel want to split the network but they prefer someone else to cause it so the BScartel can play the victim card.
Gmaxwell reveaed their plan too early and spoiled the plan the BScartel wanted.

sorry bscartel, you cant play the victim while also becoming the centralised corp of bitcoin
all this obsession with bitmains 17% is becoming too obvious that its just distraction games

[jonald_fyookball]

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.

-Bla bla bla blockstream evil bla bla bla
-bla bla bla bla 8mb blockz aresocoolbla
-blablablaasicboostsoawesomeblabla rovger ver isrealsatoshiblablabla
-blabla satoshi's vision was 999mb blocks blablabla

I love how Roger and his cronies always spew this Satoshi's view bullshit. It's like they are trying to make Satoshi a God and his vision infallible but if they look at his post history it was clear that things changed with time. He just isn't here anymore to keep pushing through changes and that's a good thing you don't want one person being the leader and king of a coin, now if only Jihan would figure that out.

One thing that certainly didn't change with time is the economics. 

Bitcoin-as-Settlement network is bollocks.

[Variogam]

Actually the rational solution is SegWit2X, it is widely accepted by every one, except the Core. Bitcoin cannot be blocked from one small group of Core developers, it would just prove Bitcoin is centralized to few developers.

After SegWit2X code is finished and fully tested in July and everybody except Core on board, dont worry, the price going up because the Bitcoin stalemate is finally resolved.

the situation is not very good for bitmain atm

[Lauda]

Actually the rational solution is SegWit2X, it is widely accepted by every one, except the Core. Bitcoin cannot be blocked from one small group of Core developers, it would just prove Bitcoin is centralized to few developers.

Again, a clear example of uneducated statements and pure bullshit. Who is "every one"? People in suits? They do not get to dictate what Bitcoin is, otherwise we do not use a consensus *algorithm* but a proof-by-proxy "algorithm". That put aside, FrankSegwit was rejected because of two reasons:
1) Rushed software and hard fork without adequate testing.
2) Signalling Segwit on bit 4 which breaks all existing compatibility. This was done deliberately as this was no compromise but a political move.
Note: There is still time to fix this proposal, i.e. to use bit 1 (existing deployment) and make it compatible with BIP 148. Then it may get some wider support.
Here's my small creation.

[DooMAD]

12 pages seems like a lot of unnecessary drama for something that may not even materialise.  Maybe everyone could just stop for a second, read the thread title one more time and pay close attention to the "if" part of it.  If UASF make their altcoin, then Bitmain make their altcoin.  If UASF falls flat on its face, your regularly scheduled programme resumes.  For all the angst on display in this thread, it should be noted that there's maybe an extra 50 nodes or so signalling UASF since Bitmain made their announcement.  Hardly what I'd call an overwhelming response. 

ITT:  Rival cheerleaders on the sidelines get angry at each other for reasons.  The people actually playing the game DGAF.

[Carlton Banks]

12 pages seems like a lot of unnecessary drama for something that may not even materialise.  Maybe everyone could just stop for a second, read the thread title one more time and pay close attention to the "if" part of it.  If UASF make their altcoin, then Bitmain make their altcoin.  

I'm not the biggest fan of 148, 149 is probably better, and I would prefer 141 most of all.

But maybe you should quit your "impartial voice of reason" routine, as you're showing pretty obvious bias to be suggesting that BIP148 activation would be equivalent to an altcoin launch. It's not necessarily "the actual Bitcoin" either, but if you were really as impartial as you paint yourself as, you would be saying it's really a subjective matter, and not the black and white unnuanced "altcoin" you're decreeing it as, it's more complicated than your simplistic presentation.

You can't affect what becomes the "Bitcoin chain" either now or in the future, it's for the users as a whole to decide. So, I know the air is a little thin up there in the clouds amongst the other gods, but take some advice: come back down to earth with the rest of the mortals. You're drunk on the lack of oxygen getting to your brain

[DooMAD]

12 pages seems like a lot of unnecessary drama for something that may not even materialise.  Maybe everyone could just stop for a second, read the thread title one more time and pay close attention to the "if" part of it.  If UASF make their altcoin, then Bitmain make their altcoin.  

I'm not the biggest fan of 148, 149 is probably better, and I would prefer 141 most of all.

But maybe you should quit your "impartial voice of reason" routine, as you're showing pretty obvious bias to be suggesting that BIP148 activation would be equivalent to an altcoin launch. It's not necessarily "the actual Bitcoin" either, but if you were really as impartial as you paint yourself as, you would be saying it's really a subjective matter, and not the black and white unnuanced "altcoin" you're decreeing it as, it's more complicated than your simplistic presentation.

You can't affect what becomes the "Bitcoin chain" either now or in the future, it's for the users as a whole to decide. So, I know the air is a little thin up there in the clouds amongst the other gods, but take some advice: come back down to earth with the rest of the mortals. You're drunk on the lack of oxygen getting to your brain

There's obviously an element of "wait and see", as the situation could change.  Maybe it is too premature to dismiss it as an altcoin already.  But as things currently stand, I just don't see 148 getting the support it needs to survive, let alone have any kind of claim over the Bitcoin mantle.  Plus, if my bias is telling, it's because I do think it's a pretty dumb idea, heh.  I can't be impartial enough to pretend otherwise.  If things change soon, then sure, maybe 148 has a chance and then we can all go into meltdown over "Bitmaincoin".  But if 148 continues on its current course, it's en route to Altcoinville.

I mean, let's be honest, all of these companies listed on uasf.co and chek2fire's uneccessarily large image pledging "support" for 148 aren't exactly putting resources on the line to make it happen.  Much in the same way that I pledge "support" for my friends and loved ones to win the lottery if they're silly enough to waste their money on it.  It's pretty hollow and meaningless stuff.

Maybe there's some elaborate plan for a whole bunch of nodes to start signalling in unison in the closing stages, so it looks like some sort of snowball effect, but I can't help but think they would have started by now if that were the case.  Particularly considering the opportunity created by Bitmain's announcement, potentially giving proponents of UASF a kick up the backside to spur them into action.  But action doesn't seem to materialise.  Most of the "support" is verbal, or the written equivalent at least.  Hence cheerleading from the sidelines.  That alone isn't sufficient to create a viable fork.

In short, less talk, more nodes and some hashpower plz.

[mmortal03]

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!

It isn't the whole premise. Censorship resistance is also a big component.

[Carlton Banks]

It's pretty hollow and meaningless stuff.

hmmm, projecting onto your own rhetoric though.

Yes, we all know you can write several paragraphs under the theme of "reasons why not BIP148", very good, 5 stars

But as I said, you're not in control, we are. So it's pretty hollow and meaningless stuff, I'm sure you can identify with that.

[mmortal03]

I think they are essentially against the idea that the block limit of 1 MB should remain.  Segwit as such they don't care too much about.  I think the question is rather in the other direction: why are segwit supporters (Core essentially) AGAINST block size increase ?  The two main arguments they advance for this:
- only soft forks because hard forks could lead to a chain split
- there should be many full nodes to keep bitcoin decentralized, and bigger blocks will kill full nodes

are bogus.

They are bogus because a well-done HF is much less of a danger to split the chain, than an aggressive, non-consensual soft fork

SegWit as a BIP141 soft fork wasn't, and isn't, bogus, as it wasn't thought to be contentious. It's currently still the safest way to go, as most nodes are already running the software to support its activation. Another issue with hard forks is backwards compatibility. SegWit maintains backward compatibility, which is a good, conservative way of doing things.

[bigcash2011]

News like this causing the recent panic sell i guess, im still optimistic that bitcoin will remain strong and grow, this is just short term decline.

[mmortal03]

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.

You could be playing with house money.

[mmortal03]

that would be great

He forgot to mention the part where it's censorable with Bitmain's greater than 50% hash rate.

[mmortal03]

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

False equivalence.

[Variogam]

That put aside, FrankSegwit was rejected because of two reasons:

Rejected by who? As far as I know just few developes, their fanatic supporters and mindless troll army. Bitcoin cannot make everyone happy, I heard long time: if you dont like high fees, just use altcoin. So now it is: if you dont like SegWit2x, just use altcoin. Bitcoin going to be ok without the few hundred or so people not willing to compromise, the other millions going to appreciate what SegWit2x deliver to Bitcoin.

[criptix]

This is gods gift.
Bitmain is the donald j trump of crypto  

[idontcare]

This is gods gift.
Bitmain is the donald j trump of crypto  

so he's an orange idiot?

[CardShare]

This is gods gift.
Bitmain is the donald j trump of crypto  

Don't say that.. someone might ddos a pool right before vote time.. then the cry's will be it was rigged!

thought saying that. what if something happened if something were to effect the vote? like some form of attack? so one side of the table is forced into either choice?

possible?

[countryfree]

This is getting tricky. It used to be between the miners and the core developers, now there's also the hardware manufacturer who wants to rule the BTC world.

I wish simple users who have more power. But everybody shall remember we will have to power to choose the leading coin if there's a hard fork.