Help Understanding Potential Bitcoin Split

Iranus

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Quote from: CryptosapienZA on July 18, 2017, 09:19:23 AM

Quote from: Ethix on July 18, 2017, 08:30:41 AM

By reading different posts, everyone is saying different things, so the true knowledge seems to be hard to validate Sad

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From what i know, theres a potential split to form BTC and BTU, where the main difference is that BTU will have larger block sizes, is this correct?

Does BTU have a fair amount of support?

Yes, you are correct. BU is Segwit plus 2mb blocks. While BC is just segwit.

Yes, BTU has a lot of support 1)from miners, 2)those that are sick and tired of high transaction fees and slow conformation,3)those who have businesses that use bitcoins.

OP, every single statement in this post is a lie. Please disregard it.

Bitcoin Unlimited was/is a proposed hard fork allowing a dynamic block size. It would basically support continued onchain scaling.

However, Bitcoin Unlimited required 75% of blocks to signal for it for the hard fork to happen. It failed to reach this support, and therefore Bitcoin Unlimited will likely never happen.

However, there is a second proposal with similar goals, entitled Bitcoin Cash. The split that you're mentioning is going to form BTC and BCC (Bitcoin and Bitcoin Cash). Bitcoin Cash will also increase the max block size and support onchain scaling. Bitcoin Cash does not require consensus - it will happen on August 1st regardless of its level of support. I would say that it doesn't have too much support for now, and that a lot of people will sell it first as it's a low-consensus hard fork. Its long-term support is harder to gauge.

CryptosapienZA

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The Bitcoin universe seems to be the wild wild west at the moment. Here is how I understand it. Bitcoin could /have split in these 3 several ways.

1)This debate began when there was a suggested Segwit implementation. One team(mainly Bitcoin Core)was in favor of Segwit to solve other issue(not scaling) and another team(mainly Bitcoin Unlimited)was in favor of bigger blocks to solve the scaling issues.Because the BU proposal is a hard fork, this would cause a split in the chain.

2)Because a consensus could not be reached,Segwit2X was suggested, which is a compromise between the two factions. So the what was proposed with Segwit2X is that there would be a softfork initially(August) and the 2X part will be implemented November where the blocks would be doubled. In this scenario, they potential split would happen in the implementation on the hard fork part in Nov.

3) Bitcoin cash vs Bitcoin : Now I'm gonna be honest, I am still confused about this scenario. From what I have read, it looks like BCC doesn't want Segwit,,the was 8MB blocks.So we are essentially going back to the very first scenario. I stand to be corrected. So this split might happen now in August before Segwit is implemented.

cellard

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Quote from: Ethix on July 18, 2017, 08:30:41 AM

By reading different posts, everyone is saying different things, so the true knowledge seems to be hard to validate Sad

.

From what i know, theres a potential split to form BTC and BTU, where the main difference is that BTU will have larger block sizes, is this correct?

Does BTU have a fair amount of support?

The real decentralized bitcoin is the bitcoin that will not fork, so stick with the original bitcoin unless you want to lose money.

Bitcoin ABC, BTU, BC or whatever the fuck they want to call it, will be supported by the same centralized chinese goons that are ruining bitcoin right now.

ChironRegera

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Quote from: Ethix on July 18, 2017, 08:30:41 AM

By reading different posts, everyone is saying different things, so the true knowledge seems to be hard to validate Sad

.

From what i know, theres a potential split to form BTC and BTU, where the main difference is that BTU will have larger block sizes, is this correct?

Does BTU have a fair amount of support?

Yes! except the new coin will not be called Bitcoin Unlimited. It will be called Bitcoin Cash.

CryptosapienZA

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Activity: 378

Merit: 101

Quote from: Ethix on July 18, 2017, 08:30:41 AM

By reading different posts, everyone is saying different things, so the true knowledge seems to be hard to validate Sad

.

From what i know, theres a potential split to form BTC and BTU, where the main difference is that BTU will have larger block sizes, is this correct?

Does BTU have a fair amount of support?

Yes, you are correct. BU is Segwit plus 2mb blocks. While BC is just segwit.

Yes, BTU has a lot of support 1)from miners, 2)those that are sick and tired of high transaction fees and slow conformation,3)those who have businesses that use bitcoins.

You have nothing to worry about. Everything will be fine. Just sit tight and enjoy the ride.

Ethix

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Activity: 41

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By reading different posts, everyone is saying different things, so the true knowledge seems to be hard to validate Sad

.

From what i know, theres a potential split to form BTC and BTU, where the main difference is that BTU will have larger block sizes, is this correct?

Does BTU have a fair amount of support?

Topic: Help Understanding Potential Bitcoin Split (Read 376 times)