********* Bitcoin - "Forks at Dawn" ***********
Sorry if this has already been cited in the thread. I just stumbled across it and thought it was major stuff.
https://medium.com/@octskyward/why-is-bitcoin-forking-d647312d22c1The Bitcoin core developer group have reached deadlock on the blocksize debate and it looks like it's going nuclear - i.e. a showdown between 2 forks. Might be the most exciting and significant event to have happened since MT Gox or the big "China Rise" - even more so possibly.
I must say, even though I read a lot of posts from people saying they don't like Mike Hearn, every time I read his arguments they make far more sense to me than than the anti-revision lobby (those who want the blocksize left alone).
To me, it's a debate between those who see bitcoin as a permanent, independent, peer-to-peer monetary medium and those who who want to revert to a fiat-like hierarchical financial model with centralised clearing systems.
I'm also sympathetic to letting the forking mechanism decide because that is the fundamental resolver of consensus for this technology. It's going to be tested sooner or later so it might as well be sooner. It'll just be another milestone in the long, slow cryptocurrency rights-of-passage stage.
Who is going to win ?
I sincerely hope the monetarists win over the technologists. There was an
interesting exchange on Reddit on this a couple of weeks ago.
Greg's ReplyMy comment on Greg's reply (I urge folks to listen to that Adam Back interview that I cited in there - it really goes to the core of the anti alt-coin agenda.
P.S. This is a good explanation of the practical implications:
Running XT at this time is equivalent with running Core. It's the same network, and the same Bitcoins. At some point in the future, if 75% mining majority is reached (but not before January 2016), the network will split whenever a miner creates a block larger than 1MB. This will not be accepted by Core unless they adopt a large blocks patch, but will be accepted by XT, and at this point there will effectively be two chains.
Running XT means that you will always be on the largest (75%+) chain, regardless of whether the fork actually happens or not. Running Core means that you will be left behind if a 75% majority is reached. Regardless of which version you run, coins will be safe (on both chains) as long as you acquired them prior to the fork, and for some time the chains will largely mirror each other.
Interesting anti-XT view:
https://bitcointalksearch.org/topic/m.12155904