[2017-09-01] F2Pool Reneges: Bitcoin Pool Pulls Segwit2x Support Over Hard Fork - page 2.

error08

hero member

Activity: 1036

Merit: 514

Quote from: hatshepsut93 on August 31, 2017, 09:23:18 PM

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.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

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.

cr1776

legendary

Activity: 4228

Merit: 1313

Quote from: Samarkand on September 01, 2017, 10:15:02 AM

Quote from: bbc.reporter on August 31, 2017, 08:14:32 PM

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.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: Samarkand on September 01, 2017, 10:15:02 AM

Quote from: bbc.reporter on August 31, 2017, 08:14:32 PM

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?

Quote from: Samarkand on September 01, 2017, 10:15:02 AM

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.

Samarkand

sr. member

Activity: 658

Merit: 282

Quote from: bbc.reporter on August 31, 2017, 08:14:32 PM

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.

Zoltan450

hero member

Activity: 1176

Merit: 500

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.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

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.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

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/

Topic: [2017-09-01] F2Pool Reneges: Bitcoin Pool Pulls Segwit2x Support Over Hard Fork - page 2. (Read 9471 times)