Topic: The irony of the Gridlock between SegWit and Bitcoin miners (Read 577 times)

Here is the most ironic part. None of us who declare which side we are in the scalability debate really care as long as the price of Bitcoin remains near the all time high. If someone were to crash the price of Bitcoins below $500 then we will see real hell in this forum and we will start pointing fingers on why or who is to blame.

Help us Mircea Popescu, you are our only hope.

Yes, it thrives because of greed. I think most people think the congestion is linked to the huge demand for it in the market. They have not read the forums and blogs and media articles about the battle between SegWit and BU or about these spam attacks.

Even if they have read something, they would not understand what it is all about. These spam attacks will not stop people from buying bitcoins on exchanges, but when these transactions goes out to the Blockchain, then the cracks will show.

A few people are working vey hard and spend a lot of money against solutions that are already available.

They will spend even more money to prevent solutions like a change of the mining algorithm.

Yet through all of the turmoil, disagreement, and gridlock, bitcoin continues to thrive healthily. Now just imagine how well it will do once a solution is found. I can't wait for the future of bitcoin

Solution: Change the mining algorithm and use an algorithm that requires a local UTXO set and local block data with every round. No more pool mining and no more cheap to manufacture ASICs!

Gridlock is between the Miners trying to keep transactions fees as a source of income, which once block rewards continue to drop, will be their main source of income

VERSES

BTC CORE Devs that are Trying to Force segwit & LN down the BTC community's throat, so they can have a Complete Hostile Takeover of BTC by moving most or all BTC transactions Offchain, insuring they receive all of the transactions fees and bankrupting the miners.  

BTC core could have released a hard fork with a 2mb block, while the discussions continued, yet they are silent.

Of the two,  BTC Core is definitely the Greater Evil.

Thanks to BTC Core , BTC is losing it ability to transfer value except for the wealthiest of the world's citizens.

BTC use as a currency is DEAD.

BTC will from now on be nothing more than a High Priced Commodity, unless BTC core is fired and Bitcoin Unlimited Team takes over.


 

Ok, So we know most miners are against the implementation of SegWit, so they are just continuing as normal. We also know that some entity is spamming the network to force nodes to make a decision. < SegWit or BU >

The result of this spam attack, is higher fees for the users and not more nodes changing their stance on the issue.

The outcome of this situation results in miners making more profits from the fees being inflated from these spam attacks.

The irony : Spam was supposed to fast track a decision for SegWit or BU, but resulted in a situation where the miners are laughing all the way to the bank, because of the higher fees.

The only people suffering from this, is the users and not the nodes that needs to make the decision. < Most users do not run a node, but rather use online wallet services >

The other side of the coin might be that a bunch of miners are exploiting the gridlock in their favor, because they can fund this spam attack in a situation where the blocks are too small to handle all the transactions.

The other irony is, this gridlock was supposed to address scaling, but by the time that the decision was made, many people would have turned against Bitcoin, because of their experience during these spam attacks and the scaling will not be needed, because a prior negative experience would have chased away the target market.

We are digging our own grave, fueled by greed. ^hmmmmmmm^