[Poll] Will you use Jihancoin?

[deisik]

Let's assume for a moment that a chain split happens for real in the next few weeks (after all, this is what Jihan promised us himself), and the fork which he creates quickly wins. Bitmain seems to be controlling around 70% of all miners produced and shipped worldwide, therefore if Jihan has been saving up hashing power all these months, he could easily take down all competing blockchains by marching his army of ruthless miners over the competition, an army that he was secretly gathering all this time



So, will you follow the scent of money?

[unamis76]

and the fork which Jihan creates quickly wins

If the scenario you describe happens, the longest chain will be the one you refer to as "Jihan fork"

[eXpl0sive]

[daenarys_stormborn]

Yes, I will. When money talks, bullshit walks! 

[Krimster]

But of course!! I will quickly use Jihancoin to make a transaction to an exchange where they buy my coins for fiat money.

Wait, that counts as "using", doesn't it?

[Red-Apple]

i don't understand what "Jihancoin" is! and your post didn't help me either.

in case by "Jihancoin" your mean what bitmain pointed out in their blog post, saying they will solo mine privately for some time (3 days if i recall correctly) and they release the chain, then it is stupid. it is not even worth talking about. that is not even a coin let alone call it bitcoin.

but in case you are talking about anything other than that blog post my answer may be different.

[BillyBobZorton]

JihainCoin, or any other altcoin derived from an hypothetical Bitcoin hardfork, are dead on arrival. Nobody with money worth mentioning is going to hold their wealth on the non-original blockchain. The only way a hardfork would work is if there was 100% consensus and clearly there isn't. From a technical perspective the segwit2x is the dumbest thing since the rest of takeover attempts (xt, classic, buggy unlimited and now this)

[Seansky]

Let's assume for a moment that a chain split happens for real in the next few weeks (after all, this is what Jihan promised us himself), and the fork which he creates quickly wins. Bitmain seems to be controlling around 70% of all miners produced and shipped worldwide, therefore if Jihan has been saving up hashing power all these months, he could easily take down all competing blockchains by marching his army of ruthless miners that he was secretly gathering all this time over the competition



So, will you follow the scent of money?

If that happens I would continue to use the same old genuine bitcoin chain that I used to use and not Jihancoin. Better yet I might try to move into other altcoins if worst case scenario of bitcoin being devalued a lot near to zero happens because of Jihancoin. For now I hope that it won't happen and I hope your assumptions is wrong.

[the.scientist]

No, or there goes our chance to fix money.

[Variogam]

If there is split at Aug 1, I wont be using Luke-jr coin though.

[NeuroticFish]

Let's assume for a moment that a chain split happens for real
[snip]
So, will you follow the scent of money?

Sure. I will sell coins from both chains if possible. I guess that everybody will do that if there will be exchanges giving the chance for this.
But I don't expect an ETH/ETC scenario. People will rally under the flag of one coin: the one that will be accepted by most exchanges. We talk here about way bigger amounts than ETH/ETC was.

[deisik]

JihainCoin, or any other altcoin derived from an hypothetical Bitcoin hardfork, are dead on arrival. Nobody with money worth mentioning is going to hold their wealth on the non-original blockchain. The only way a hardfork would work is if there was 100% consensus and clearly there isn't. From a technical perspective the segwit2x is the dumbest thing since the rest of takeover attempts (xt, classic, buggy unlimited and now this)

But this is certainly not all

While I completely agree that Jihancoin wouldn't be able to get much attention on its own, but he could still force people into using his coin by making the genuine Bitcoin completely unusable. That's what I referred to in my post by mentioning an army of ruthless and merciless Jihad miners (now patiently waiting for their hour). Basically, he could pose an ultimatum (via his actions) making an offer which most people won't be able to decline. Since otherwise they will lose their "genuine" bitcoins (i.e. their value would hit the floor). If he earned enough already (which seems to be the case), it may be no more than a game of thrones to him

For now I hope that it won't happen and I hope your assumptions is wrong.

I also hope for that but we should consider all the likely outcomes of the present showdown

[Conasse]

I will surely not using Jihancoin for sure. For me it's Bitcoin and some etablished crypto and nothing else

[BillyBobZorton]

JihainCoin, or any other altcoin derived from an hypothetical Bitcoin hardfork, are dead on arrival. Nobody with money worth mentioning is going to hold their wealth on the non-original blockchain. The only way a hardfork would work is if there was 100% consensus and clearly there isn't. From a technical perspective the segwit2x is the dumbest thing since the rest of takeover attempts (xt, classic, buggy unlimited and now this)

But this is certainly not all

While I completely agree that Jihancoin wouldn't be able to get much attention on its own, but he could still force people into using his coin by making the genuine Bitcoin completely unusable. That's what I referred to in my post by mentioning an army of ruthless and merciless Jihad miners (now patiently waiting for their hour). Basically, he could pose an ultimatum (via his actions) making an offer which most people won't be able to decline. Since otherwise they will lose their "genuine" bitcoins (i.e. their value would hit the floor). If he earned enough already (which seems to be the case), it may be no more than a game of thrones to him

For now I hope that it won't happen and I hope your assumptions is wrong.

I also hope for that but we should consider all the likely outcomes of the present showdown

"Most people" are irrelevant. The only people with real skin in the game are the original cryptopunk whales whose are holding millions worth of BTC, not USD, no other fiat, and no altcoin, but BTC. All these companies are irrelevant because they aren't even holding BTC, they always convert to USD.

The big cryptopunk whales will crush Jihan Wu's delusions of grandeur soon.

[unamis76]

JihainCoin, or any other altcoin derived from an hypothetical Bitcoin hardfork, are dead on arrival. Nobody with money worth mentioning is going to hold their wealth on the non-original blockchain. The only way a hardfork would work is if there was 100% consensus and clearly there isn't. From a technical perspective the segwit2x is the dumbest thing since the rest of takeover attempts (xt, classic, buggy unlimited and now this)

In OP's hypothetical situation, this new chain wins and is the longest. Now the question is, would you risk it all on a losing chain? Would like to see your coins on the older chain being unaccepted by merchants?

It's like asking if you'd keep being on the fork that perceived as "wrong" in both of these cases.

Anyways, this is counter productive talk. Speaking in worst case scenarios is what we don't need at the moment. But it is indeed for for thought...

[krishnapramod]

Bitcoin has its roots strongly held and believed on decentralization, disrupting the network, a coup, is just the beginning of a centralized bitcoin network, and then they blame the LN/side solutions that are an optional choice. A decentralized network has to give the users a choice.

Most of the bitcoin users don't give a shit about what's happening to the network, they are capable enough to grasp the implications, but money clouds their vision, short term profit, long term a dead coin.

Minority is enough to start with a change, underdogs. Segwit activated, good, HF, Jihan is gonna realize he is dreaming a dreamer's dream.

[deisik]

"Most people" are irrelevant. The only people with real skin in the game are the original cryptopunk whales whose are holding millions worth of BTC, not USD, no other fiat, and no altcoin, but BTC. All these companies are irrelevant because they aren't even holding BTC, they always convert to USD.

The big cryptopunk whales will crush Jihan Wu's delusions of grandeur soon.

What are you smoking?

The only "cryptopunk" out there who didn't spend his bitcoins is likely Satoshi himself. Apart from that, how do you know that Jihan and his minions are not the ones actually holding millions of bitcoins? After all, it were them who have been mining coins all these years. I see the price sticking to the 2,500 dollar mark like glued while people are leaving Bitcoin en masse (the reasons for thinking so I explained elsewhere). It may well be the same dudes who prop up the prices buying all these bitcoins running for fiat. They don't cause panic buys, they just buy enough to keep the illusion of stable prices until the time comes and they render the final blow

[Wendigo]

Which version of Bitcoin will be accepted as a payment method by merchants and businesses though? I don't think this will be the JihanCoin but I might be wrong. Bitcoin is on the brink of exiting the speculation phase and entering the opportunity to become a 'real' currency. If JihanCoin version is not warmly accepted it will just fizzle out and die very fast. I don't think Jihan can pose any real threat to anyone to be honest. Let's just wait and see 

[Kprawn]

Any coin with Jihan in control are doomed to failure. This guy has shown that a little bit of power {hashing power} will go to his head. He gets power

drunk and then force his will down on other people. {Benevolent dictator style} As a matter of fact, any coin with a centralized authority are doomed to

fail. { Centralized authority can be targeted, corrupted and influenced by governments. } 

[deisik]

Anyways, this is counter productive talk. Speaking in worst case scenarios is what we don't need at the moment. But it is indeed for for thought

And what do we need then?

Keep silence and hope that Jihan somehow forgets about his threats? What is it, a sort of Stockholm Syndrome? If you want to say that such talks could provoke panic, then what's the deal? If this is bullshit, then a panic will turn out to be a good opportunity to buy coins cheap. If such talks have some substance after all (read Jihancoin is already in the plans), then selling bitcoins right now will later prove to be the wisest decision possible, given the circumstances. So what is your point really?