Topic: Should El Salvador Fork Bitcoin? - page 2. (Read 335 times)

Keep in mind that any fork of Bitcoin is not bitcoin, it's just a pathetic altcoin.

So the fork coin will not be Bitcoin, they'll have an altcoin for which the value would become very low.
Just look at BCH, BSV and all other forks of bitcoin.

Of course, luckily, they'll still have their pre-fork bitcoins too and if they don't waste that, they can have the choice to get back to their senses and use the proper bitcoin they still have.

El Salvador unnecessarily forking an already fully functional blockchain aside — if any country would want a cryptocurrency, they're a lot more incentivized to fork something like USDT/USDC — which are stablecoins with "freeze"[1] functionalities.

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[1] https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

Thankfully, Bukele seems to be specifically  pro-Bitcoin, so I don't think his country will do something like this. Of course, they could make a fork, but from that point, they'd be simply altcoin adopters, a coin nobody cares about outside their country. They might as well just make their own token for such purposes, because the fact of it being a fork of Bitcoin won't help to keep the value and capitalization of BTC. So the safest and most secure way is just buying regular BTC as they do, and encouraging eco-friendly mining of regular BTC as I think they are planning to do.

It is definitely possible to fork Bitcoin but then it will be called an altcoin once it is forked.  Many altcoins had been created by forking Bitcoin, they are created by an independent developer, what more with a country that has much bigger funding of course they can easily fork Bitcoin.


It depends on how the nation of El Salvador market their altcoin.  If they pre-mined it and produce gazillion of coins  and sell it to the people around the world, then it is possible to create wealth, I don't know about the prosperity though since prosperity isn't just a simple thing as having a much bigger fund since funds can be stolen by corrupt officials.


It is very possible but the only challenge is how they can make other country to invest in their forked Bitcoin.

If the coin is created by the government and is controlled by the government, it is not decentralized hence it doesn't require a decentralized blockchain. When you consider that using blockchain is the most inefficient form of database you realize how silly it is to create a centralized bitcoin copy.

Wrong. Bitcoin is not a product to have its price determined based on the cost of production. Specially since cost of production is decided based on the price. If that were the case, any idiot would have created a shitcoin with "5 exahash" and the price of that shitcoin would have automatically been "$300" making them rich.

Mining is not cheap specially when the electricity in the country is expensive ($0.2+) and the country is poor and doesn't have enough power plants to be able to ensure excess capacity.

LOL

bitcoin code is ready. saving a gov alot of bug fixing and coding and R&D
blockchains offer decentralise data store for data security(many merchants across the land running full nodes so no single gov entity or merchant can manipulate the data)

a government can start el-btc from a fresh block0 genesis with a starting difficulty that is based on say 5exahash. thus starting value is base of $300 underlying cost knowing the market speculation price above value would swing in a 5x window between $300-$1.5k where they as exchange running services on the network could possibly put in some market price controls like preventing spikes and dips of more then 2% a day(circuit breakers) to prevent such volatility

thus being a cheap ready-in-the-box CBDC

by not having taproot or RBF. they can easily do things like accept zero confirm "fast payments" with a 10min settlement time. thus not need the silly subnetwork flawed crap like LN that pretend to solve things but causes more issues

Whether it is a government of a country or it is Roger Ver or Craig Wright or the bitcoin gold idiots whom I don't even know their names, it doesn't make any difference. They are all creating a poor copy of bitcoin that is useless and won't have any real success.

Besides there is a lot of easier ways to create a centralized currency that the government controls than to create a copy of bitcoin. Specially since copying bitcoin would require mining it and that consumes electricity (it costs the government a lot of money) whereas they could simply create a copy of something like PayPal and call it CBDC without needing such big investment in mining.

ASICS do not communicate directly with the peer to peer network.. they only communicate to a pool manager.

a pool manager broadcasts a block to the peers(fullnodes). just like peers that relay blocks when syncing and such/ when they see a new block they download. if they are not getting blocks they are not getting blocks.

to stop blocks outside of el salv is to ban peers of full nodes outside of elsalvador

this means it becomes a whole network closed system of full nodes only running inside elsalvador

this means no own can own el-btc on a full node outside of el salv because they cannot communicate to the el-btc network

..
also
bitcoins bottom line value is ~$15k due to the most efficient underlying cost mining of network hashrate
the price is then a premium above the $15k

if el salv only does say 5exa network mining. the underlying value is $300 meaning the el-btc will be on the market speculating from $300 to a ~ speculated5x so probably a ATH of $1.5k at current rates of this scenario

It sounds pretty limiting.

I forgot to write it in the bottom part (edits it in), it was only in the bullet part on top.

What if mining of their forked bitcoin alt were limited exclusively to IP addresses in El Salvador.

To prevent foreign nations from hijacking the chain via 51% attacks and consolidate mining inside their own borders. Could that be a good idea and positive design change. Or would it be negative and limiting in some way?

Bitcoin is open-source software using an MIT License, which means you can freely copy, distribute, modify and even sell copies of this software. As far as I am concerned, the only condition for copying such software is that you must include the MIT copyright notice. In other words, El Salvador absolutely can modify Bitcoin software and create its own version of Bitcoin (fork). As for recreating "the glory days of low mining difficulty," I think it is only possible if the fork is highly unsuccessful because otherwise, existing bitcoin miners will use part of their equipment for mining this state-sponsored fork, thereby automatically increasing the difficulty of mining. But creating or issuing your own money doesn't magically make you prosperous or wealthy because first, you need to convince your own people that this money is good for them (which, of course, a dictator can achieve via violence, aggression, torture, and propaganda), and second, you need to convince your neighbors, your enemies and all other countries that El Salvador's bitcoin is good enough to replace the dollar and other currencies when conducting trades between countries.

Bitcoin Cash is a scam coin created to siphon off money from naive investors; and since its creation, it has only been dropping in price against bitcoin without the hope of ever catching up.

Here is an idea. What would happen if:

• El Salvador forked pre taproot bitcoin and adopted it as its native digital currency
• Limited mining of their forked alt to IP addresses in El Salvador, to guarantee 51% attacks could not be made from outside territories
• Offered incentives on mining equipment and electricity to allow citizens in the country to experience the early golden years of low difficulty bitcoin mining
• Offered incentives on crypto wallet supporting smartphones and the infrastructure necessary for businesses and consumers to use the forked crypto exclusively
• Implemented caps on outside speculators such as large hedge funds from accumulating a significant portion of the forked alt, while allowing foreign small parties to buy and sell freely

Would it be possible for a small nation to fork bitcoin, in an effort to recreate the early glory days of mining (low difficulty era) for its residents.

Which could in turn produce prosperity and wealth, somewhat out of thin air, in a deflationary capacity.

While capping markets and limiting mining to IP addresses in El Salvador* to prevent interference from large speculators with overwhelming liquidity from buying out the market cap.

I never thought bitcoin cash and other forks of BTC would amount to much. The staying power of bitcoin cash however has proven otherwise.

Perhaps it is possible for small nations like El Salvador to recreate and even build upon this success.