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Author Topic: [2017-09-01] F2Pool Reneges: Bitcoin Pool Pulls Segwit2x Support Over Hard Fork  (Read 9324 times)
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September 01, 2017, 01:14:32 AM
 #1

I reckon this is only the beginning. We may see more mining pools and miners pulling out from their support of the New York Agreement. To put it candidly, what gain does another hard fork present and is the risk worth the reward?

I speculate F2Pool and Slushpool's hashrate will start to increase because more miners will not take the risk of another hard fork.



Chinese mining pool F2Pool no longer supports the controversial scaling agreement Segwit2x.

Though the proposal has garnered support from many large bitcoin companies and the majority of mining pools, many take issue with its aim to boost bitcoin capacity by way of a hard fork, a mechanism that could lead the cryptocurrency to split into separate blockchain networks.

Tension has been high with developers already hotly debating the merits of the hard fork (a grassroots movement has sprung up in opposition as well), even though the change is not slated for more than two months from now.

Although F2Pool was an original signatory of the agreement, its operator Wang Chun is now among the proposal's detractors.


Read the article in full https://www.coindesk.com/f2pool-reneges-mining-pool-pulls-segwit2x-support-hard-fork/

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September 01, 2017, 02:23:18 AM
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They are not stupid. Miners can't dictate users what chain to follow, so 2x fork would be only a disaster - Bitcoin network will slow down because majority of miners leave to mine new coin, while those miners will be wasting their electricity on a coin that won't be accepted almost anywhere. Exchanges will have to add 2x coin only as an alt, otherwise they will face legal lawsuits if they'll try to treat 2x coin as if it were original Bitcoin. But Bitcoin users have the upper hand here - most of us can endure long delays and wait for difficulty adjustments, while miners will suffer huge losses if they will switch to weaker chain. This is why some pool are already breaking their promises to fork - on D-day 2x chain will have much less than current 90% of Bitcoins hashpower.

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September 01, 2017, 07:13:24 AM
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Segwit2x supporters won't have the right to use the name BTC or just "Bitcoin" since it is not approved by the majority of the users and the software developers. What Jihan Wu &co is trying to do is to steal the bitcoin brand and every court should easily see this. Furthermore, western exchanges like Poloniex, Kraken, Bitfinex etc. will be reluctant to accept the fork due to the lack of replay attack protection. Even if miners have 95% hashpower (and now it is down to 80-ish), replay attacks will be possible, unless someone is a pro and knows how to mix the coins to protect them from stealing. In the past months the exchanges had similar statements regarding the BU intention. When these statements appeared on the exchanges, most of the traders started panic selling since they hoped for free money out of nowhere. The same situation is likely to happen again.
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September 01, 2017, 11:04:06 AM
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Wang Chun changes his mind every week. Don't be surprised if soon he will say that again supports Segwit2x. No one expected an easy victory, so it's not the last surprise from the Chinese miners.

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September 01, 2017, 03:15:02 PM
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I reckon this is only the beginning. We may see more mining pools and miners pulling out from their support of the New York Agreement. To put it candidly, what gain does another hard fork present and is the risk worth the reward?



More transaction capacity per block. The real question is not, if a hard fork is worth the reward, but rather, which
chain gets the desired BTC ticker symbol at the exchanges.

Your fear of hard forks is unsubstantiated in my opinion, because smaller coins like Monero hard fork all the time
and it works fine, if the majority of the hashrate supports the forked chain.

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September 01, 2017, 03:34:35 PM
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what gain does another hard fork present and is the risk worth the reward?

More transaction capacity per block.


Hmmm.

Maybe we should wait for the recent quadrupling of the blocksize before we start deciding that another doubling of the blocksize is going to be a risk worth taking.

Oh, and you forgot to mention that the fork is being run by a completely different group of programmers to those that developed the Bitcoin over the past 7-8 years?


The real question is not, if a hard fork is worth the reward, but rather, which
chain gets the desired BTC ticker symbol at the exchanges.

Your fear of hard forks is unsubstantiated in my opinion, because smaller coins like Monero hard fork all the time
and it works fine, if the majority of the hashrate supports the forked chain.

Yeah, but these are scheduled hard forks for technical upgrades. Segwit2x is an unneeded technical upgrade, the real motive is political.

There's no proven need to sack the present developers, this new team only wants control of the Bitcoin source code, and they're pretty desperate to make it happen. It's impossible to know their motive for taking control, but it's pretty clear (looking at the technical details) that upgrading the network is not the reason.

Note that Segwit2x's lead programmer, Jeff Garzik, has been part of (taking junior cheerleader duties) the first 3 failed attempts to capture the Bitcoin source code. And he's a big fan of interventionist, authoritarian government (check out his twitter feed history and speaking work). Not Bitcoin compatible, IMO.

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September 01, 2017, 05:42:07 PM
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I reckon this is only the beginning. We may see more mining pools and miners pulling out from their support of the New York Agreement. To put it candidly, what gain does another hard fork present and is the risk worth the reward?



More transaction capacity per block. The real question is not, if a hard fork is worth the reward, but rather, which
chain gets the desired BTC ticker symbol at the exchanges.

Your fear of hard forks is unsubstantiated in my opinion, because smaller coins like Monero hard fork all the time
and it works fine, if the majority of the hashrate supports the forked chain.

Hard forks in general are problematic because they establish precedent that for a "good reason"(tm) as determined by someone else changes to the root protocol can be made at whim. 

Don't like the fact that someone made a coding error?  Roll it back and fork the coin.   "Distribution" isn't "fair"?  Fine, we'll change the rules to redistribute coins. 

Hard forks should be few and far between (if ever) because they are both poor precedent, seem to make a small group a single point of failure (e.g. a few individuals in control of mining pools) and can be dangerous to the stability of the coin.  Like TCP/IP, DNS etc, changes are extremely rare, rolled out with plenty of warning and extremely well tested.  The 2X portion of Segwit2X is even more problematic due to the speed of the rollout and testing issues.

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September 02, 2017, 12:48:32 AM
 #8

I am sorry for bringing this news from an author who was not good enough to research what is going on. Wang Chun has already declared, months ago, that he will support Segwit2x until July only. The author was so quick to jump the gun and show his bias.

Segwit support developers, mining pools and merchants is shown here https://en.bitcoin.it/wiki/Segwit_support

Comments in that article have been disabled.

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September 02, 2017, 03:13:46 AM
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They are not stupid. Miners can't dictate users what chain to follow, so 2x fork would be only a disaster - Bitcoin network will slow down because majority of miners leave to mine new coin, while those miners will be wasting their electricity on a coin that won't be accepted almost anywhere. Exchanges will have to add 2x coin only as an alt, otherwise they will face legal lawsuits if they'll try to treat 2x coin as if it were original Bitcoin. But Bitcoin users have the upper hand here - most of us can endure long delays and wait for difficulty adjustments, while miners will suffer huge losses if they will switch to weaker chain. This is why some pool are already breaking their promises to fork - on D-day 2x chain will have much less than current 90% of Bitcoins hashpower.

It's like double edge sword for me. I'd like to get another free coin from segwit2x hard fork, whatever they will named it.
without hard fork there is no any issue in November to shake the weak hands to sell out their bitcoin too, so I could purchase more cheaper coins.
On the other hand, without hard fork issue, bitcoin could continue to rise until next correction occurs, hard to tell when it will happen or how much bitcoin price could rise until the end of this year.

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September 02, 2017, 09:35:10 AM
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...
Maybe we should wait for the recent quadrupling of the blocksize before we stat deciding that another doubling of the blocksize is going to be a risk worth taking.

Oh, and you forgot to mention that the fork is being run by a completely different group of programmers to those that developed the Bitcoin over the past 7-8 years?

...

If I look at the current Segwit "adoption rate", not many users are using Segwit transactions. Therefore I´m highly skeptical that Segwit usage will reach a level where it really quadruples the blocksize.

I know that the fork is run by a different group of programmers. Is that a bad thing? Maybe they are actually better than the current Core Devs. Besides, many of the current Core Devs joined just a few years ago. Many of the original Core Devs are not around anymore and have quit the Bitcoin community and Bitcoin development for a variety of reasons.


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September 02, 2017, 11:28:20 AM
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If I look at the current Segwit "adoption rate", not many users are using Segwit transactions. Therefore I´m highly skeptical that Segwit usage will reach a level where it really quadruples the blocksize.

Really?

That's not a very astute observation, it appears that you have no informed reasoning about either the system itself, or the design behind it, and you are even incapable of reasoning about basic trend extrapolation

It's simply not possible for everyone to begin using Segwit immediately, that's inherent to it's design and rollout. If you're unfamiliar with the details of Segwit's design and rollout, do please educate yourself before you attempt to make a meaningful comment


I know that the fork is run by a different group of programmers. Is that a bad thing? Maybe they are actually better than the current Core Devs. Besides, many of the current Core Devs joined just a few years ago. Many of the original Core Devs are not around anymore and have quit the Bitcoin community and Bitcoin development for a variety of reasons.


Not necessarily a bad thing, it's an important part of Bitcoin's design that users can follow any fork they like.

But that's for the users to decide, and my individual judgement is that the new group are self-interested, that is not interested in benefiting Bitcoin's users at all. The new group of programmers are represented by the very largest interests in Bitcoin businesses, and a persistently pernicious character to Bitcoin development, Jeff Garzik, is leading the new programming team. Jeff makes anti-Bitcoin rhetoric all the time, he prefers authoritarianism to liberty. Bitcoin is about giving people choices free from moral interventionists, and Jeff is a proud moral interventionist.

As i commented in the other Segwit news article topping the Press board atm, Bitcoin will always survive as a liberty based money, no matter how much dust people like Barry Silbert and Jeff Garzik kick up. Satoshi came with such a well though out design, there is always a way to sidestep authoritarians. They can cause setbacks, but freedom will always rise from the ashes. They can't win against an idea, without successfully banning thought.

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September 02, 2017, 06:51:42 PM
 #12

They are not stupid. Miners can't dictate users what chain to follow, so 2x fork would be only a disaster - Bitcoin network will slow down because majority of miners leave to mine new coin, while those miners will be wasting their electricity on a coin that won't be accepted almost anywhere. Exchanges will have to add 2x coin only as an alt, otherwise they will face legal lawsuits if they'll try to treat 2x coin as if it were original Bitcoin. But Bitcoin users have the upper hand here - most of us can endure long delays and wait for difficulty adjustments, while miners will suffer huge losses if they will switch to weaker chain. This is why some pool are already breaking their promises to fork - on D-day 2x chain will have much less than current 90% of Bitcoins hashpower.
In short, you think it's too much hassle and don't want to bother in order to improve Bitcoin. Well In my mind that is not right. Miners and everyone else should follow whatever makes BTC better and currently that is Segwit2x
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September 02, 2017, 07:48:04 PM
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Miners and everyone else should follow whatever makes BTC better and currently that is Segwit2x

You forgot to mention why. Why?

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September 02, 2017, 09:11:07 PM
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Miners and everyone else should follow whatever makes BTC better and currently that is Segwit2x

You forgot to mention why. Why?

It's pretty logical. Bitcoin does need that larger block size now. So do you actually think it's better to stay at 1mb instead increasing to 2mb ?
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September 03, 2017, 01:26:17 AM
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I am sorry for bringing this news from an author who was not good enough to research what is going on.

He should also check how Wang Chun behaved when activating SegWit on Litecoin (changing positions few times - pretty funny stuff). So what Wang Chun real intentions with SegWit2x are? Only Wang Chun really know.
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September 03, 2017, 02:37:56 AM
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They are not stupid. Miners can't dictate users what chain to follow, so 2x fork would be only a disaster - Bitcoin network will slow down because majority of miners leave to mine new coin, while those miners will be wasting their electricity on a coin that won't be accepted almost anywhere. Exchanges will have to add 2x coin only as an alt, otherwise they will face legal lawsuits if they'll try to treat 2x coin as if it were original Bitcoin. But Bitcoin users have the upper hand here - most of us can endure long delays and wait for difficulty adjustments, while miners will suffer huge losses if they will switch to weaker chain. This is why some pool are already breaking their promises to fork - on D-day 2x chain will have much less than current 90% of Bitcoins hashpower.

It's like double edge sword for me. I'd like to get another free coin from segwit2x hard fork, whatever they will named it.
without hard fork there is no any issue in November to shake the weak hands to sell out their bitcoin too, so I could purchase more cheaper coins.
On the other hand, without hard fork issue, bitcoin could continue to rise until next correction occurs, hard to tell when it will happen or how much bitcoin price could rise until the end of this year.

In the long run forks like BCH and SegWit2x don't matter, if we are going to the moon the impact of forks would be unnoticeable in a year or two. This is why they are treated as airdrops by some people here, since you will essentially be able to increase your BTC portfolio by 10-20%. If this fork will be even more stillborn than Bcash and no exchange will support it (due to lack of replay protection for example), I will try to claim by B2X coins via Bitpay or some other service that will switch to 2x.

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September 03, 2017, 07:29:42 AM
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Miners and everyone else should follow whatever makes BTC better and currently that is Segwit2x

You forgot to mention why. Why?

It's pretty logical. Bitcoin does need that larger block size now. So do you actually think it's better to stay at 1mb instead increasing to 2mb ?


You're a bit confused, you don't understand what's going on


Here is a post from a few days ago where I list the >1MB Bitcoin blocks since Segwit activated last week


>1MB blocks are becoming increasingly more common (and ever larger), Armory wallet supports Segwit addresses now, and I think Electrum might have Segwit addresses too.

So, how is this magic happening, if Bitcoin is still using a 1MB blocksize limit? I suggest you take some time to learn about what's really going on, as you clearly don't know

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September 03, 2017, 09:18:24 AM
 #18

Miners and everyone else should follow whatever makes BTC better and currently that is Segwit2x

You forgot to mention why. Why?

It's pretty logical. Bitcoin does need that larger block size now. So do you actually think it's better to stay at 1mb instead increasing to 2mb ?


You're a bit confused, you don't understand what's going on


Here is a post from a few days ago where I list the >1MB Bitcoin blocks since Segwit activated last week


>1MB blocks are becoming increasingly more common (and ever larger), Armory wallet supports Segwit addresses now, and I think Electrum might have Segwit addresses too.

So, how is this magic happening, if Bitcoin is still using a 1MB blocksize limit? I suggest you take some time to learn about what's really going on, as you clearly don't know

You are not so smart as you think you are. I took my time and I suggest you do too. If you did you would find this:

SegWit2x seeks to upgrade bitcoin in two ways:
1. It would enact the long-proposed code optimization Segregated Witness (SegWit), which alters how some data is stored on the network.
2. It would set a timeline for increasing the network's block size to 2MB, up from 1MB today, to be triggered about three months after the SegWit activation.

And based on your post, you wanted to say that Bitcoin is using 2MB blocks now ?
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September 03, 2017, 09:25:29 AM
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The blockchain doesn't lie, that's precisely how it's designed


There is no "1MB Bitcoin" anymore, you're howling into the wind.

(and Segwit is already activated over a week ago, you're one of those "alternative facts" people, aren't you?)

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September 03, 2017, 10:22:34 AM
 #20

Miners and everyone else should follow whatever makes BTC better and currently that is Segwit2x

You forgot to mention why. Why?

It's pretty logical. Bitcoin does need that larger block size now. So do you actually think it's better to stay at 1mb instead increasing to 2mb ?


You're a bit confused, you don't understand what's going on


Here is a post from a few days ago where I list the >1MB Bitcoin blocks since Segwit activated last week


>1MB blocks are becoming increasingly more common (and ever larger), Armory wallet supports Segwit addresses now, and I think Electrum might have Segwit addresses too.

So, how is this magic happening, if Bitcoin is still using a 1MB blocksize limit? I suggest you take some time to learn about what's really going on, as you clearly don't know

You are not so smart as you think you are. I took my time and I suggest you do too. If you did you would find this:

SegWit2x seeks to upgrade bitcoin in two ways:
1. It would enact the long-proposed code optimization Segregated Witness (SegWit), which alters how some data is stored on the network.
2. It would set a timeline for increasing the network's block size to 2MB, up from 1MB today, to be triggered about three months after the SegWit activation.

And based on your post, you wanted to say that Bitcoin is using 2MB blocks now ?

A Legendary account from 2011 who does not know what is going on with Bitcoin, very strange I would say (bought account maybe)

So let's put some order:
1. segwit2x does not enact what you say because SEGWIT is already live on the network
2. yes that was the orginal plan of segwit2x if it will ever go in place.

And based on your missing knowledge go and have a look at the latest blocks in the blockchain: surprise, surprise you will find blocks larger than 1MB.

Bitcoin means Financial Sovereignty. It means being free from the Rat Race that wants all of us struggling for a piece of bread. Get to know how to protect your financial rights by learning how to properly use Bitcoin and be free.
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