Topic: Poll: What do you think will happen with bitcoin in August after the fork - page 2. (Read 2786 times)

The whole premise of miners signaling for BIP91 was for SegWit2x, that's why it was not BIP148. It was a compromise. If Core holds onto this like you are saying, there will be a split. Also Gavin being the lead, his signature should've represented the team. Because the team changed, doesn't mean the agreement changes with it.  I think it's healthy for bitcoin to grow up. I would think of it like a civil war. Businesses and countries have to sit on the side to see who will win. Bitcoin big block or Bitcoin w. SegWit. Competition is not only healthy, it is needed to prove which iteration will be more widely adopted.

If you support decentralization. Then you know there's no central entity and trying to keep it centralized is against its nature. This could be looked at in the future as an attack on bitcoin by one side or the other and the decentralized nature allowed both to try and see which version actually works better. Otherwise, it is centralized control where one side dictates to the other. I think this fork is by definition what decentralization was meant to be, not just nodes but decision making and the proper use of a fork. In my experience scaling systems, most of the anti-bcc arguments aren't true. A lot of this scaling stuff has been done 10x over by many centralized companies over the last 7-10 years. The amount of volume bitcoin usage on a system/network level is small compared to large orgs and highly inefficient. The rebel nature and passion behind it make it pretty powerful, but to unleash the power using configs from 2010 to prevent DDoS is a limiting factor.  At this point, its preventing legitimate traffic and we know it.


From the blog post in your link... It's a choice.. Some people would rather leave onchain vs. adding "additional layers" while breaking up the original blocks.

Can you give me a good translation? I don't trust Google translate to do a good job with the technical names.

Indeed, they totally refuse to submit to the wishes of the community. Unbelievable behaviour

Blockstream did not sign the Silbert Accord (a.k.a. the New York Agreement)

I don't see any current Bitcoin Core devs on the list of supporters either (the former lead developer Gavin Andresen did sign the agreement).

In fact, Bitcoin Core as an organisation would be effectively breaking its word if they did add SegWit2x logic to Bitcoin Core.

For now I am still confused and do not understand what will happen to bitcoin after August 1, a few days ago I sold bitcoin, and I prefer ETH, is my decision right? 

From the moment 100% of the miners agree on Segwit for Bitcoin, anything not having Segwit is NOT Bitcoin.

Option 2 for me, but being a "Newbie", I'm not able to vote.


A rare virtue in this debate.  +1

More accurately, I'd say that the two sides are "SegWit" and "Bitcoin Cash".  The "2x" part of the SegWit2x agreement is highly controversial among those on the SegWit side.  The Bitcoin Core developers, for example are almost universally opposed to SegWit2x.  

Finally, might I suggest you also run this poll in Chinese on the Chinese subforum here?  I've noticed they're paying more attention to this fork and that the threads are less one-sided.  It would be interesting to compare the two.

I renamed the 2 coins so not to play favorites and I didn't use BCC for bitcoin cash because that ticker is already taken by bitcoin connect.

what does btl stand for?

there'll be a few crazies who mine bitcoin cash but the big guns are more interested in money than anything else despite their endless attempted to grab power. money will win so they'll follow the segwit chain.

Ya. Blockstream/Bitcoin Core devs have been known to not keep their word.

I think BCC will run until November as a contingency to see if core will actually implement 2x. If core does not, then BCC will be 2x. If core does, then BCC goes away. It's quit simple its really up to core to decide if they will honor 2x or not. BCC is just there as a backup because with SegWit being an irreversible change, any engineer/dev/ops team would like to have a contingency regardless of factions, its a saftey measure..

Wasn't there enough confusion that you have to rename two coins. It is bitcoin and bitcoin cash.

1. On August 1, the whole bitcoin protocol isn't getting hard forked. ViaBTC would be implementing their own version of this open source protocol (BCC) which isn't going to make any changes to the main network. Only a small percentage of miners would be mining the BCC chain so IMO the question of gloom and doom is insignificant.

2. There is replay and wipeout protection so there would be no double spends and as far as wipeout is concerned, BCC is a permanent fork so it is unlikely.

3. Majority of miners are committed to activate Segwit so obviously BCC would have a very small amount of hashrate to support the chain. Keeping this scenario in mind, ABC developers have added a slow mining difficulty reduction algorithm.

4. Exchanges. I don't think major exchanges would support BCC. Coinbase has already made it clear.

After all the dust settles down, IMO there could be two possible scenarios either BCC will bite the dust or it will exist as an altcoin with much lower value than bitcoin.

Any reasons not to look at the Ether fork as a good prior example?

here is what is happening and what will happen:
1. bitcoin will have a soft fork which will activate SegWit soon.

2. August 1 BCC will probably not reach enough hashrate to produce 1 block per hour, they change the difficulty manually to fix that and will get 51% attacked from the rest because of the low difficulty and low hashrate. exchanges (since they are losing money because of double spends) de-list this altcoin.

3. like all airdrops the price of the altcoin (BCC) will drop 1-2 days before the release and the second it is released there will be a big dump. others seeing this will panic and start asking "how do i dump it" this board will be filled with topics. they learn and dump it. price of BCC crashes hard. specially because most exchanges have de-listed them and only smaller ones have it with ultra thin orderbooks that can be dumped into and crashed with small amounts.

4. there will no longer be enough economical incentive for any miner to waste their electricity and equipment on this chain and they will give it up.

5. it disappears leaving behind a bad memory in our minds and takes away the trust a handful of people have of these people promoting BCC

That's the issue people have with Segwit.  Once you go Segwit, you can't go back because all transactions done under Segwit (and all blocks/forks after Segwit) will become invalid without the centralized Segwit nodes validating the transaction.  This will forever give the validating Segwit nodes power over Bitcoin's destiny.  And it'll only take less than 6 years for a wallet developer (ie: Bitcoin Core) to centralize and completely usurp Satoshi's vision.

That's probably the intention. Trying to promote this BCC altcoin by pretending that it is the alternative to the SegWit2x hard fork that is to come around October. Really the classic Bitcoin will just be Bitcoin, or the people who don't update their clients to BTC1 or whatever they'll call it. The real fork and panic is the October SegWit2x hard fork not this little altcoin attempt.

in my opinion, for a while bitcoin will down like the first start, altcoin will be the real alternative coin and replace bitcoin for a while until bitcoin get the balance. and maybe need several  month to be normal again

Reading the many responses on this topic is making me more confused. I am just an ordinary guy holding a little amount of Bitcoin and I am essentially on the dark as to what can happen this coming August 1. Will there really be a fork or a split in Bitcoin or is this fork just a negligible decision of a group of miners which will eventually not affect the whole Bitcoin?

I have been reading about Bitcoin Cash too and I understand that it can be a new altcoin bearing the name Bitcoin but this will not have any major effect on the real Bitcoin. Now, if I have some Bitcoin left in a well-known exchange will it mean that my coin is automatically lost or it depends on how that exchange will protect their members' funds?

Things are really mired in the mud right now as we are all just expressing my ideas and opinions here and it seems that nobody can speak with certainty on what can be. Must be another manifestation on Bitcoin's decentralized set-up.

I think bitcoin after august 1 will be rise up his price and getting higher and higher many investor will invest and many people will surely gain more bitcoin to their wallet...

Because I wanted to be fair and impartial, both blockchains will be different from the one we have now, they both implement changes, the core supports SegWit2x and a small group of rebels support bitcoin cash. So on August 1st we will have a fork with 2 different versions of bitcoin, not a bitcoin and an altcoin, regardless of who gets to keep the BTC symbol.