Bitcoin Forum
May 06, 2024, 05:09:43 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Confusion about BCH hard fork and clear statement for newbie.  (Read 396 times)
Zayn_Nazy
Newbie
*
Offline Offline

Activity: 47
Merit: 0


View Profile
November 18, 2018, 04:28:30 AM
 #21

"A group" here means people runs BCH nodes and mines BCH?
such changes however will require a high amount of support. so a "group" in this context can not be a couple of miners who have 1% of the total hashrate. which is also why "bitcoin" defines these hashrate support thresholds for each fork (>95%).

Thanks for the answer. But you said "these hashrate support thresholds for each fork (>95%)". BCH splitted into BSV and BCHABC, I think it's impossible to reach 95% for each fork. Right? If BCH fork only BSV or BCHABC, hashrate support thresholds should be over 95%. this I can understand. But there are 2 forks. I think hashrate of 2 new forks will be keep at a value as long as 51% attack cannot happen. Correct for me if Im wrong.
1714972183
Hero Member
*
Offline Offline

Posts: 1714972183

View Profile Personal Message (Offline)

Ignore
1714972183
Reply with quote  #2

1714972183
Report to moderator
If you see garbage posts (off-topic, trolling, spam, no point, etc.), use the "report to moderator" links. All reports are investigated, though you will rarely be contacted about your reports.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1714972183
Hero Member
*
Offline Offline

Posts: 1714972183

View Profile Personal Message (Offline)

Ignore
1714972183
Reply with quote  #2

1714972183
Report to moderator
1714972183
Hero Member
*
Offline Offline

Posts: 1714972183

View Profile Personal Message (Offline)

Ignore
1714972183
Reply with quote  #2

1714972183
Report to moderator
1714972183
Hero Member
*
Offline Offline

Posts: 1714972183

View Profile Personal Message (Offline)

Ignore
1714972183
Reply with quote  #2

1714972183
Report to moderator
stoxalpha
Member
**
Offline Offline

Activity: 305
Merit: 10


View Profile
November 18, 2018, 09:42:52 AM
 #22

Novices don't buy any coins from the BCH hard fork, which seems like an opportunity, but it is also full of danger. Novices should learn, don't invest blindly, you can buy other coins, but don't buy any coins related to BCH now.

BrewMaster
Legendary
*
Offline Offline

Activity: 2114
Merit: 1292


There is trouble abrewing


View Profile
November 18, 2018, 01:51:30 PM
Merited by Foxpup (5)
 #23

"A group" here means people runs BCH nodes and mines BCH?
such changes however will require a high amount of support. so a "group" in this context can not be a couple of miners who have 1% of the total hashrate. which is also why "bitcoin" defines these hashrate support thresholds for each fork (>95%).

Thanks for the answer. But you said "these hashrate support thresholds for each fork (>95%)". BCH splitted into BSV and BCHABC, I think it's impossible to reach 95% for each fork. Right? If BCH fork only BSV or BCHABC, hashrate support thresholds should be over 95%. this I can understand. But there are 2 forks. I think hashrate of 2 new forks will be keep at a value as long as 51% attack cannot happen. Correct for me if Im wrong.

the 95% that i mentioned is for when you want to improve the system with a hard fork to to create a useless altcoin that nobody wants.  bitcoin is designed to be  decentralized and that means the whole network or at least the majority (95%) has to agree with the rules that we call "consensus rules". when you fork with less than that, it means you don't have the majority's support. for example bitcoin had forks before. a hard fork in early days to fix an overflow bug, another fork a couple of years later to add P2SH scripts and the soft fork of last year to add Segregated Witness. all done with that high support which is why bitcoin is working well and decentralized.

technically you can create a fork with your own PC, you don't even need any ASICs, you just use your CPU to mine a block but you have to change the difficulty and how it works for the fork to work. then build on top of it to have a new blockchain. but that blockchain (that new coin) will be only used by you alone.

that is what happened with bitcoin cash fork last year in August and it happened now with a fork of this fork again to create a copy of copy coin!
as for their hashrate, there is currently a war between these altcoins over it and there may even be some 51% attacks on each other. because they lack that support i talked about and they started this trend themselves when they forked from bitcoin last year with that little support they had!

There is a FOMO brewing...
Zayn_Nazy
Newbie
*
Offline Offline

Activity: 47
Merit: 0


View Profile
November 20, 2018, 01:22:57 PM
 #24

~Snip~

I understood but not completely. It seems that I have to learn more by myself. Thanks alot. I appreciate for your help.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!