Bitmain announces plan to create altcoin if BIP148 succeeds

[mmortal03]

Bitcoin, Forks, SegWit, DASH, Litecoin & What's Exciting in Crypto - Adam Meister:

https://youtu.be/yBBgQ3IwYqo

The Dash Digital Cash does not need a SegWit, a true cryptocurrency does not need a SegWit!

There are useful technical/cryptographic reasons for segregating the witness information. Please explain to us how the concept is irrelevant to DASH. I suspect many people here couldn't even say how DASH currently handles the transaction signatures, or how it deals with malleability issues.

[deisik]

Jihan Wu can never have a respected opinion again when BIP 148 and he is still mining Bitcoin. If goes on to make Chinacoin or Jihancoin than all would be good in the world.

He likely doesn't give a fuck

That is, he doesn't care whether his opinion is respected or neglected (or even rejected) since when you have your fingers on the kill switch you can safely forget about such trivialities and inconsequential matters as respect or regard. In other words, those not respecting him or neglecting his opinion (and still more so those rejecting it) will likely have to pay for their attitude with their own money. Note that I'm in no way defending or justifying him and his actions (or anything to that tune)



I'm just trying to put things in the right perspective

[Netnox]

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

Another good reason to mine bip148 for miners!

ROFL... have to agree with you here. In general, the role played by Jihan Wu and his Bitmain cartel has been quite negative to the future expansion of Bitcoin. If Bitmain is removed from the scene, then it is going to help Bitcoin users in a big way. And just a simple question about this new altcoin. Are they going to mine it from the scratch, or are they going to organize airdrops for the existing Bitcoin hoders?

[deisik]

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

Another good reason to mine bip148 for miners!

ROFL... have to agree with you here. In general, the role played by Jihan Wu and his Bitmain cartel has been quite negative to the future expansion of Bitcoin. If Bitmain is removed from the scene, then it is going to help Bitcoin users in a big way. And just a simple question about this new altcoin. Are they going to mine it from the scratch, or are they going to organize airdrops for the existing Bitcoin hoders?

It makes no sense to create an entirely new altcoin which would be just a Bitcoin copycat

Not that it makes a lot of sense to clone the blockchain either unless Jihan is going to beat the competing blockchain(s) into oblivion, but creating a Bitcoin copycat from scratch is just stupid and meaningless. Who would be using this completely centralized coin? That would be an obvious act of economic suicide and total waste of resource. In this way, if Jihan really puts his money where his mouth is (which is unlikely), he will be trying to squash all the competition from "alternative" blockchains. And that may mean the end of Bitcoin (and that might in fact as well be what he is actually up to)

[epitome]

Good information in this thread, what that company is trying to do is to create a new altcoin to sell a lot of mining equipment for another six or seven years, it's not hard to imagine, but people will not accept that because is an completely centralized thing.

What my suggestion is,if they have the plan to create an alt coin,they should do that now because it is the right time when all the alt coins are coming in and if they want to sell more machines let them come up with a good coin ,but the problem is you need to have a good set of developers and innovators to bring a new coin,let them show they have those talents and then i will believe them.

[d5000]

Not that it makes a lot of sense to clone the blockchain either unless Jihan is going to beat the competing blockchain(s) into oblivion, but creating a Bitcoin copycat from scratch is just stupid and meaningless. Who would be using this completely centralized coin?

His goal obviously would be to get other miners on board, so that the "Bitmaincoin" would not longer be centralized. In this case, Jihan/Bitmain of course at the start would have a high degree of control over the implementation as he would be the first mover and maintain the first code repository, but in theory it would continue to be an decentralized open source project and everyone could create an alternative implementation.

If it was not planned this way, you're right that it wouldn't make sense for Bitmain to "fork away".

[deisik]

Not that it makes a lot of sense to clone the blockchain either unless Jihan is going to beat the competing blockchain(s) into oblivion, but creating a Bitcoin copycat from scratch is just stupid and meaningless. Who would be using this completely centralized coin?

His goal obviously would be to get other miners on board, so that the "Bitmaincoin" would not longer be centralized. In this case, Jihan/Bitmain of course at the start would have a high degree of control over the implementation as he would be the first mover and maintain the first code repository, but in theory it would continue to be an decentralized open source project and everyone could create an alternative implementation.

If it was not planned this way, you're right that it wouldn't make sense for Bitmain to "fork away"

But without users on board that would be an exercise in stupidity and futility

So the only viable way for them to "fork off" is to take the Bitcoin blockchain (otherwise no one would seriously consider their Bitmaincoin as Bitcoin at all) with all the transactions and Bitcoin balances. But that would instantly mean a war, a devastating war of blockchains that would be rather interesting to watch (provided you don't have any bitcoins) but which would most certainly lead to Bitcoin total annihilation within a couple of weeks

[CardShare]

Not that it makes a lot of sense to clone the blockchain either unless Jihan is going to beat the competing blockchain(s) into oblivion, but creating a Bitcoin copycat from scratch is just stupid and meaningless. Who would be using this completely centralized coin?

His goal obviously would be to get other miners on board, so that the "Bitmaincoin" would not longer be centralized. In this case, Jihan/Bitmain of course at the start would have a high degree of control over the implementation as he would be the first mover and maintain the first code repository, but in theory it would continue to be an decentralized open source project and everyone could create an alternative implementation.

If it was not planned this way, you're right that it wouldn't make sense for Bitmain to "fork away"

But without users on board that would be an exercise in stupidity and futility

So the only viable way for them to "fork off" is to take the Bitcoin blockchain (otherwise no one would seriously consider their Bitmaincoin as Bitcoin at all) with all the transactions and Bitcoin balances. But that would instantly mean a war, a devastating war of blockchains that would be rather interesting to watch (provided you don't have any bitcoins) but which would most certainly lead to Bitcoin total annihilation within a couple of weeks

So with that in mind being there possibly could be issues down the line how many of you are taking steps to secure any investments held? 
I think if everyone thinks this is a possibility then not only would the price crumble but people could possibly lose everything.

I think there is a large portions of users who are moving to alt coins in the run up to august. mostly by the fear of something horrible happening to bitcoin.

[Crypto_trader87]

so whta will happen if bitcoin split into 2? i hope they can solve it by producing BIP148 i was also worried about the effect of this a lot of people will go crazy for this if it happen even me a small investor also worried i dont know what to do

[d5000]

But without users on board that would be an exercise in stupidity and futility

So the only viable way for them to "fork off" is to take the Bitcoin blockchain (otherwise no one would seriously consider their Bitmaincoin as Bitcoin at all) with all the transactions and Bitcoin balances. But that would instantly mean a war, a devastating war of blockchains that would be rather interesting to watch (provided you don't have any bitcoins) but which would most certainly lead to Bitcoin total annihilation within a couple of weeks

Obviously he'll hard fork from the existing blockchain. But I don't think it will lead to "total annihilation". The worst outcome would be a chain split with three chains: BIP148, Legacy and Bitmaincoin. In this scenario, the principal fight will be between BIP148 and Bitmaincoin, BIP148 having the advantage to count (in this scenario!) with Core support, and Bitmaincoin with the majority hashrate support. The legacy chain will most probably die because miners will ignore it and then even non-upgraded nodes would jump on the BIP148 chain.

So the most likely outcome is a 60/40 to 70/30 user/market cap split with the BIP148 chain being slightly in advantage. But also Bitmaincoin will probably count with Bitpay as a strong supporter.

It's possible that Bitcoin, in the escalation phase, loses the market cap leadership to Ethereum but I'm not even sure about that. Most probably the UASF chain will stay as the leading one and will recover price-wise (I expect then prices around $1000-1300 for the UASF chain and $500-800 for the Bitmain chain). It will be marketed with the (in my opinion, flawed) "digital gold" concept. The Bitmain chain, instead, will promote itself for on-chain scaling and low fees, so some users will change to it, above all in fields like remittances.

Considering all that, I think both chains together will stay weaker than a unified Segwit2x chain could be, so I am not favouring this outcome. But I also don't think it will be deadly for Bitcoin.

[tuapoma]

Bitcoin, Forks, SegWit, DASH, Litecoin & What's Exciting in Crypto - Adam Meister:

https://youtu.be/yBBgQ3IwYqo

The Dash Digital Cash does not need a SegWit, a true cryptocurrency does not need a SegWit!

There are useful technical/cryptographic reasons for segregating the witness information. Please explain to us how the concept is irrelevant to DASH. I suspect many people here couldn't even say how DASH currently handles the transaction signatures, or how it deals with malleability issues.

Mr. mmortal03, the Dash Labs will create open-source hardware for long-term scaling. A main goal of Dash Labs will be to both advance and decentralize the production of cryptocurrency-specific hardware, benefiting not only Dash but the entire cryptocurrency space.
More details here: https://www.dashforcenews.com/dash-labs-third-dash-organization-headed-founder-evan-duffield-expands/

It's always good to remember, the DASH Digital Cash is the 1st true DAO in cryptocurrency, a decentralized self-funding and self-governing protocol allowing the perfect feedback loop to grow.

and more, the Dash Evolution has been designed as a scalable and user-friendly currency platform for mass adoption. Evan Duffield and Andy Freer of Dash Labs and Dash Core CTO, respectively have developed a roadmap for reaching this goal, and have provided a summary of this roadmap on Dash.org.
More details here: https://www.cryptocoinsnews.com/dash-reveals-roadmap-mass-adoption/

Advice: the best wallet is the Dash Core v0.12.1.5

Warning: trust only in the dash.org website. DASH [DOT] ORG

  cheers

[deisik]

Not that it makes a lot of sense to clone the blockchain either unless Jihan is going to beat the competing blockchain(s) into oblivion, but creating a Bitcoin copycat from scratch is just stupid and meaningless. Who would be using this completely centralized coin?

His goal obviously would be to get other miners on board, so that the "Bitmaincoin" would not longer be centralized. In this case, Jihan/Bitmain of course at the start would have a high degree of control over the implementation as he would be the first mover and maintain the first code repository, but in theory it would continue to be an decentralized open source project and everyone could create an alternative implementation.

If it was not planned this way, you're right that it wouldn't make sense for Bitmain to "fork away"

But without users on board that would be an exercise in stupidity and futility

So the only viable way for them to "fork off" is to take the Bitcoin blockchain (otherwise no one would seriously consider their Bitmaincoin as Bitcoin at all) with all the transactions and Bitcoin balances. But that would instantly mean a war, a devastating war of blockchains that would be rather interesting to watch (provided you don't have any bitcoins) but which would most certainly lead to Bitcoin total annihilation within a couple of weeks

So with that in mind being there possibly could be issues down the line how many of you are taking steps to secure any investments held? 
I think if everyone thinks this is a possibility then not only would the price crumble but people could possibly lose everything.

I think there is a large portions of users who are moving to alt coins in the run up to august. mostly by the fear of something horrible happening to bitcoin

So far this hasn't been the case in any significant degree

It is clear by now that most people are simply parking their wealth in fiat (there is enough circumstantial evidence to think so). Indeed, some are going for altcoins. Personally, I follow Litecoin, and it is as clear as day that it is the case in respect to this coin. But if all or just many people which move from Bitcoin went into Litecoin, its price would be a lot higher than it is now (likely over 100 dollars per coin already). It is possible that we haven't yet seen a mass exodus from Bitcoin, and when we will finally see it, Litecoin will hike as much (and higher). But so far we are not there yet. Basically, you can still be "an early bird" if you don't gape around too much

[tuapoma]

hey, deisik! why do you still invest in litecoin and bitcoin? The Litecoin is just a clone of bitcoin with some variables changed. The DASH is the 1st true DAO in cryptocurrency, a decentralized self-funding and self-governing protocol allowing the perfect feedback loop to grow

[deisik]

hey, deisik! why do you still invest in litecoin and bitcoin? The Litecoin is just a clone of bitcoin with some variables changed. The DASH is the 1st true DAO in cryptocurrency, a decentralized self-funding and self-governing protocol allowing the perfect feedback loop to grow

I've heard not very good things about Dash

It has been much hyped recently so it kinda looks that we should wait for a year or two to see how things are actually going to play out with this coin. In fact, I tried to use it as a value transfer vehicle in the past, and I can't say that the fees were cheap. Indeed, they might be not that high as Bitcoin fees, but they were still incomparable to what I have to pay when I transact with Litecoin. Further, I tried to sell a few Dash coins at Bitfinex, and there was literally no liquidity in the market. I placed my order first in the queue and had to wait long minutes for it to get filled. No one had been actually buying or selling anything, all movements were fake without actual trades. For me, as a trader, this is a telling sign that the coin doesn't have a lot of backup, so to speak, and thus should be avoided (at least, for the time being)

[BitHodler]

hey, deisik! why do you still invest in litecoin and bitcoin? The Litecoin is just a clone of bitcoin with some variables changed. The DASH is the 1st true DAO in cryptocurrency, a decentralized self-funding and self-governing protocol allowing the perfect feedback loop to grow

Seriously, while Dash is offering some privacy centric features that some people here may like, it has one thing in common with most of the other coins ~ it's a shitcoin that got heavily premined.

People have been hyping Dash up significantly till now, but the actual usage that it is experiencing is disappointingly low. It's just one of the plenty of other speculative assets available, and that's basically it.

[unamis76]

Somehow this escaped me when it was posted. I'm willing to bet they wouldn't do this, if the majority wanted BIP148 they would just have to follow suit, otherwise they'd go down the drain financially and they cannot afford that risk. People usually forget this around here, but it is a fact. It's in their best interest to play ball with what the majority wants. They say so in the exact same post, but in other words.

We believe a roadmap including the option to adjust block size will serve users better so we expect it to attract a higher market price in the long term. The economic network will expand faster, and the winning odds will be higher in a highly competitive cryptocurrency market.

That's why it is extremely strange when recently people accused them and other big blockers of spamming the network "to prove a point". That's just counter-productive towards the goal they're trying to achieve...

[mmortal03]

Bitcoin, Forks, SegWit, DASH, Litecoin & What's Exciting in Crypto - Adam Meister:

https://youtu.be/yBBgQ3IwYqo

The Dash Digital Cash does not need a SegWit, a true cryptocurrency does not need a SegWit!

There are useful technical/cryptographic reasons for segregating the witness information. Please explain to us how the concept is irrelevant to DASH. I suspect many people here couldn't even say how DASH currently handles the transaction signatures, or how it deals with malleability issues.

Mr. mmortal03, the Dash Labs will create open-source hardware for long-term scaling. A main goal of Dash Labs will be to both advance and decentralize the production of cryptocurrency-specific hardware, benefiting not only Dash but the entire cryptocurrency space.
More details here: https://www.dashforcenews.com/dash-labs-third-dash-organization-headed-founder-evan-duffield-expands/

It's always good to remember, the DASH Digital Cash is the 1st true DAO in cryptocurrency, a decentralized self-funding and self-governing protocol allowing the perfect feedback loop to grow.

and more, the Dash Evolution has been designed as a scalable and user-friendly currency platform for mass adoption. Evan Duffield and Andy Freer of Dash Labs and Dash Core CTO, respectively have developed a roadmap for reaching this goal, and have provided a summary of this roadmap on Dash.org.
More details here: https://www.cryptocoinsnews.com/dash-reveals-roadmap-mass-adoption/

Advice: the best wallet is the Dash Core v0.12.1.5

Warning: trust only in the dash.org website. DASH [DOT] ORG

  cheers

You didn't answer my question, all you did was post a generic DASH advertisement.

[tuapoma]

hey, deisik! why do you still invest in litecoin and bitcoin? The Litecoin is just a clone of bitcoin with some variables changed. The DASH is the 1st true DAO in cryptocurrency, a decentralized self-funding and self-governing protocol allowing the perfect feedback loop to grow

Seriously, while Dash is offering some privacy centric features that some people here may like, it has one thing in common with most of the other coins ~ it's a shitcoin that got heavily premined.

People have been hyping Dash up significantly till now, but the actual usage that it is experiencing is disappointingly low. It's just one of the plenty of other speculative assets available, and that's basically it.

Mr. BitHodler, there was no pre-mine in Dash!

Dash Instamine Issue Clarification:
Due to a number of questions about the so called Dash "instamine issue", the purpose of this document is to provide an official statement from the Dash team about this matter. Our intention is to provide Dash investors and users with information to help them understand the currency history and technical issues at the beginning of the project and draw their own conclusions on the impact.

Facts about the instamine:
1- There was no pre-mine in Dash
2- ~1.86MM first 24h, ~2.02MM first 48h according to https://chainz.cryptoid.info/dash/#@inflation
3- That represents approximately 10-15% of the total money supply that will ever be issued
4- This coin issue rate exceeded the published emission schedule by a wide margin

more details here: https://dashpay.atlassian.net/wiki/display/OC/Dash+Instamine+Issue+Clarification

cheers

[tuapoma]

Somehow this escaped me when it was posted. I'm willing to bet they wouldn't do this, if the majority wanted BIP148 they would just have to follow suit, otherwise they'd go down the drain financially and they cannot afford that risk. People usually forget this around here, but it is a fact. It's in their best interest to play ball with what the majority wants. They say so in the exact same post, but in other words.

We believe a roadmap including the option to adjust block size will serve users better so we expect it to attract a higher market price in the long term. The economic network will expand faster, and the winning odds will be higher in a highly competitive cryptocurrency market.

That's why it is extremely strange when recently people accused them and other big blockers of spamming the network "to prove a point". That's just counter-productive towards the goal they're trying to achieve...

mr. unamis76, the Dash Digital Cash does not need a SegWit, a true cryptocurrency does not need a SegWit!

[tuapoma]

Bitcoin, Forks, SegWit, DASH, Litecoin & What's Exciting in Crypto - Adam Meister:

https://youtu.be/yBBgQ3IwYqo

The Dash Digital Cash does not need a SegWit, a true cryptocurrency does not need a SegWit!

There are useful technical/cryptographic reasons for segregating the witness information. Please explain to us how the concept is irrelevant to DASH. I suspect many people here couldn't even say how DASH currently handles the transaction signatures, or how it deals with malleability issues.

Mr. mmortal03, the Dash Labs will create open-source hardware for long-term scaling. A main goal of Dash Labs will be to both advance and decentralize the production of cryptocurrency-specific hardware, benefiting not only Dash but the entire cryptocurrency space.
More details here: https://www.dashforcenews.com/dash-labs-third-dash-organization-headed-founder-evan-duffield-expands/

It's always good to remember, the DASH Digital Cash is the 1st true DAO in cryptocurrency, a decentralized self-funding and self-governing protocol allowing the perfect feedback loop to grow.

and more, the Dash Evolution has been designed as a scalable and user-friendly currency platform for mass adoption. Evan Duffield and Andy Freer of Dash Labs and Dash Core CTO, respectively have developed a roadmap for reaching this goal, and have provided a summary of this roadmap on Dash.org.
More details here: https://www.cryptocoinsnews.com/dash-reveals-roadmap-mass-adoption/

Advice: the best wallet is the Dash Core v0.12.1.5

Warning: trust only in the dash.org website. DASH [DOT] ORG

  cheers

You didn't answer my question, all you did was post a generic DASH advertisement.

mr. mmortal03, the argument against segwit would be that dash tries to have its own scaling approach and segwit could take transactions away from that approach; the dash's instant transaction method is already a solution for transaction malleability and therefore segwit would not be necessary here.

please watch this video: Bitcoin, Forks, SegWit, DASH, Litecoin & What's Exciting in Crypto - Adam Meister

YOUTUBE https://youtu.be/yBBgQ3IwYqo

cheers