Topic: Bitmain announces plan to create altcoin if BIP148 succeeds - page 16. (Read 16962 times)

The hypocrisy is strong with him. Pathetic and desperate.

Yes let's commend him trying to get a premine on a fork of Bitcoin. Oh such a generous gracious man because he is so fearful of UASF

There is no such thing as an "economic majority". 95% of Bitcoin users don't care or are uneducated when it comes to the scaling debate. A handful of CEO's saying they support this or they support that, is nothing more than political gerrymandering that literally means nothing, unless they personally own large chunks of hashpower, That is.

No one is going  to use the UASF chain beyond a handful of crackpots, Blockstream shills and poor saps who got brainwashed over in the censored r/bitcoin forum. In other words, it is doomed to fail, especially when you consider that the chain with larger blocks is vastly superior in just about everyway, and it will have hashrate support... yeah, UASF is doomed.

Blathering on about an imaginary "economic majority" is laughable, it doesn't exist, your average Bitcoiner who doesn't give a shit will choose the chain with large blocks simply because it has more utility, lower fees, less congestion, etc. Meanwhile, the Segwit-UASF chain will have no hashpower, no immediate advantage over large blocks, and only a small handful of reddit users... thus exposing itself as nothing more than a half-witted astroturfing campaign which ultimately, ironically, only managed to accelerate the move towards Bigger Blocks, which is the exact opposite of what they wanted in the first place.

The small-blockers will continue to double down and double down and then double down again, even as 99% of the network upgrades to larger blocks. It's insane. But they brought this upon themselves.

They are certainly free to move to an altcoin, though. Maybe they should call it Segwit1MBforever coin. I'm sure it will do really well. They can market themselves to all the Alpaca farmers in Equador who's primary concern is whether or not they can run a full node with a Raspberry Pi in the middle of nowhere.

If i wanted to split a chain and mine it for myself... i wouldn't announced it in advance. I would simply announce it on the day the split happens and leave it to the other miners to catch up. Obviously i won't get 72 hours worth of blocks for myself. The idea that Bitmain will solo mine for 72 hours is laughable. Miners now can prepare in case a split does happen thus Bitmain has no advantage now.

An economic majority can push hashrate over eventually.  Miners can only mine for so long while loosing money on a chain that's worth way less.  I don't think UASF will actually succeed, but an economic majority could definitely render the hashrate before the split irrelevant after a month or two.

---

Note - if BIP 148 succeeds and the minority chain still exists, a large amount of the hashrate on there would probably be supporting BU, so couldn't they just hard fork on the legacy chain?  Is that not possible for some reason?

Oh, I see that now raw hashing power is nowhere near enough to secure network?

Other networks cannot attack Bitcoin network unless they become part of this network, i.e. start mining Bitcoin, right? So it still inevitably comes down to hash power distribution, whether you like it or not. Anyway, you still have to explain how Wu is going to make his network "secure" given that he will be the one controlling it (if it does indeed come down to "distribution of hashrate"). Regarding big blocks and miners supporting them, first, we don't know how these miners are different from Jihan Wu and his accomplices (and whether they are not in fact the same bastards), and, second, as I guess, this is not the same as supporting Wu's ultimatum, to begin with


I'm curious if you are serious

You are the poster child of shill and delusion, with Franky being your partner in crime.

This is just them trying to implement a new altcoin that they would practically profit from by a huge margin if ever it will be launched. Typical business plans here in the cryptoworld. People just want to rule bitcoins, because if they do they will be rich. Greed is the primary consideration again here.

I think we should commend his actions, this is not something that is done for personal gain, it is for the benefit of all. We should feel grateful to him, but you are too exasperated to say that he should feel honored.

It starts to be very boring with Bitcoin, I enjoy it less and less. I may not wait to see August or something else. I am going to not take the same interest from now and maybe move my main interest in cryptocurrencies with another coin

You assume no one will follow but https://coin.dance/blocks shows there's plenty of miners who support big blocks and would gladly follow this fork. It's not a binary outcome either, there will be both users and hashrate moving over. And it uses the existing blockchain so all current users already have a stake in this UAHF.

Both distribution of hashrate and brute hashrate matter when it comes to trusting the network. A coin that's SHA256 based is easily attacked if it hasn't got sufficient hashrate to fend off established miners from other networks with significantly higher hashrates. And if you sell your 90% hypothetical stake of coins all you're doing is redistributing them and altering a price, this has zero effect on the direction of the protocol.

You didn't answer my question

Namely, what's the purpose of mining a coin which no one is going to use? Look, you tell about 51% attack which is possible due to aggregating enough hash power in a few hands but you fail to see how this entirely nullifies your own claim that hash rate is giving users "the ability to trust the network". What trust are you talking about if all hash rate is accumulated in just a pair of hands? It is not hash rate itself that matters, it is its proper distribution that secures the network (read decentralization). Further, if I had 90% of all coins, I could easily sell your fork into oblivion (and bid up the price of the genuine coin with the proceeds, hahaha)

No, he should be thanked and honored for having the courage and integrity to do the right thing and to lead the mining community with on chain scaling, to the benefit of everyone.

I agree with you to the end, theymos and gmaxwell are evil they want to take over bitcoin entirely, but only if you knew how good they are in bed
Facts are obviously in the open and everyone can see for themselves, I could go on for days talking sh*t about Core devs/team but people are not blind, little Wu wants to be the father of the next generation of human race, he wants to sh*t coins and show a tongue to Satoshi saying I'm richer than you and I forked your bitcoin and made it my own.

So this is the reason for the dump. I'm getting sick of this shit to be honest, Jihan needs to burn in the fires of hell. This guy is becoming a real pain in the ass.

Pretty much this, Jihan is just throwing some dumb threats around right now when it comes to Bitcoin. You can't even say this is a remotely educated one when it comes to BTC mining. Do they think people are going to follow along with them if they're going to be creating an alt coin and trying to make it compete to BTC?

Though, it will allow for more miners to come in and take the place of Jihans.

Maybe they just want to scare people into selling off Bitcoin, as the majority / close to majority hasher in the BTC network is going to leave that should scare a good amount of people. Who knows what's going to happen.

Economic majority doesn't mean shit unless they put their money where their mouths are and start mining. You could have 90% of all BTC and be completely unable to stop a hardfork because it's secured by proof of work, not proof of stake. And it's the hashrate that gives users the ability to trust the network. A minority fork is worthless because it's easily subject to a 51% attack giving users no reason to trust it.

Majority can only be economic

All other "majorities" have nothing to do with Bitcoin. If most users (in this case represented by exchanges) stick to some other version of Bitcoin, hash rate will be instantly rendered null and void. Really, what's the purpose of all these peta and giga hashes per second if you are mining your variety of Bitcoin all alone? I'm curious if Jihan and his cronies are going to reset the difficulty (let's assume for a moment that they are really going to fork Bitcoin in the first place)

The corrupt censorship King calling out Bitmain?

Well, this is rich.

Never seen a bigger bunch of hypocrites.

Theymos, you are personally responsible for creating a huge divide in the Bitcoin community through your entirely dishonest censorship tactics and misleading thousands of people into believing blatant Lies.

This has done more damage to Bitcoin than Bitmain could ever hope to achieve.

You truly do deserve to be utterly ashamed of yourself. No worries, all people of Toxic influence such as yourself are about to be Removed.

Good luck with your lies and propaganda. May the better chain win. That is all.

Majority hashrate + original blockchain = Bitcoin

This isn't going to be an altcoin, it's going to be the bitcoin we should have had 3 years ago before the push for off chain transactions became paramount at the detriment of all other improvements. And the absolute best part of this is:


All the pro's of segwit as well as larger blocks and lower fees, and even better this helps decentralisation as the mempool will shrink back down allowing nodes to get by on less ram.