STOP SPREADING FUD!
Sorry - no FUD here - if you think an exchange is going to risk losing all their fiat on a fork you are sadly mistaken.
(exchanges don't actually work for a loss)
Topic: The real disastor that could happen (forking Bitcoin)... - page 8. (Read 4840 times)
Sorry - no FUD here - if you think an exchange is going to risk losing all their fiat on a fork you are sadly mistaken.
(exchanges don't actually work for a loss)
If we actually end up with a forked blockchain then we will have "two Bitcoins" (or more depending upon the software being used).
What will this do?
For a start I predict it will cause all exchanges to "stop trading" (as they will not want to risk fiat losses in case they have ended up on the wrong fork).
Once the exchanges have stopped then the miners can no longer sell their BTC block rewards so that means within a very short time there will be a serious problem in the mining area.
The amount of electricity that miners are paying for is so large that they will most likely shut down their hashing operations if the exchanges have closed down which will reduce the difficulty (in two weeks).
After two weeks if the problem hasn't been worked out then everyone is basically going to walk away and the Bitcoin experiment will be declared a failure.
This is what we are facing (so you've got to wonder why Gavin wants to try and push for this).
What will this do?
For a start I predict it will cause all exchanges to "stop trading" (as they will not want to risk fiat losses in case they have ended up on the wrong fork).
Once the exchanges have stopped then the miners can no longer sell their BTC block rewards so that means within a very short time there will be a serious problem in the mining area.
The amount of electricity that miners are paying for is so large that they will most likely shut down their hashing operations if the exchanges have closed down which will reduce the difficulty (in two weeks).
After two weeks if the problem hasn't been worked out then everyone is basically going to walk away and the Bitcoin experiment will be declared a failure.
This is what we are facing (so you've got to wonder why Gavin wants to try and push for this).
Oh look, another BTC doom theorist. Maybe aliens come and steal Gavin and your wallet.
STOP SPREADING FUD!
Of course they didn't because NO ONE actually think they will go bankrupt for switching to Classic and increase bitcoin's capacity.
If the vast majority do not agree then you end up with 2 Bitcoins.
Do you not understand this?
Companies: "Bitcoin.com". Is this some kind of joke? 
You guys seem to be drinking some strong kool-aid. Classic doesn't even have real developers it solely depends on the people who are Core contributors.
The website is a joke. They even listed Marshall Long at one point. Peter Rizun is listed as a developer and Roger Ver listed as an important user.
You guys seem to be drinking some strong kool-aid. Classic doesn't even have real developers it solely depends on the people who are Core contributors.Did they say that they would gladly go bankrupt to support it?
The website is a joke. They even listed Marshall Long at one point. Peter Rizun is listed as a developer and Roger Ver listed as an important user.
Of course they didn't because NO ONE actually think they will go bankrupt for switching to Classic and increase bitcoin's capacity.
It is not about the capacity; are you that deluded? Segwit offers enough capacity for 2016 and will cause no damage at all (where the rushed out fork would). 
https://bitcoinclassic.com/ in case you weren't aware who supports it.
Did they say that they would gladly go bankrupt to support it?
(of course they didn't and you know they didn't)
Of course they didn't because NO ONE actually think they will go bankrupt for switching to Classic and increase bitcoin's capacity.
https://bitcoinclassic.com/ in case you weren't aware who supports it.
Did they say that they would gladly go bankrupt to support it?
(of course they didn't and you know they didn't)
Just re-read my OP and you'll see that if we end up with such a fork then there is going to be no future for Bitcoin.
Bitstamp and Coinbase already did...
Did what exactly?
Publicly supported Classic.
https://bitcoinclassic.com/ in case you weren't aware who supports it.
Bitstamp and Coinbase already did...
Did what exactly?
Did they promise to go bankrupt to support a fork?
(somehow I doubt that they did that)
No data yet. Mostly vocal support from a majority of mining pools and the broad industry at this point. That's why Classic has the most chance to get activated.
Vocal support is useless. You've stated the same for XT and look what happened. There even was a signed letter announcing its support. What a joke. XT lacked miners support from the start. Not Classic.
No data yet. Mostly vocal support from a majority of mining pools and the broad industry at this point. That's why Classic has the most chance to get activated.
Vocal support is useless. You've stated the same for XT and look what happened. There even was a signed letter announcing its support. What a joke. With my limited understanding, I've come to really like SegWit and some associated options. Is there anything we can do to help - take up mining in a small way for example?
This doesn't help the development process though. The easiest thing that you could do and show support is to set up a few full nodes.Coinbase already did...
Why am I not surprised that this evil is on board with this? Why on earth exchanges will stop trading? Most (if not all) of them support Classic btw.
Because they risk a "fiat loss" (i.e. "real money").
So if they have ended up on the wrong side of a fork they will actually go bankrupt.
I doubt any exchange is going to really want to "brave this" (so they will all just shutdown until a resolution happens).
Let's see if the exchanges are really going to publicly state that they will work on a fork (I very much doubt that any of them will do so).
Bitstamp and Coinbase already did...
Bitcoin has had its share of problems (as so any innovation), but even thou not everybody is on the same page sometimes, when push comes to shove, it will be worked out.
No data yet. Mostly vocal support from a majority of mining pools and the broad industry at this point. That's why Classic as the most chance to get activated.
The miners need the exchanges - and the exchanges are not going to risk losing fiat.
So if the exchanges stop exchanging then the miners will stop mining - it is fairly simple.
With my limited understanding, I've come to really like SegWit and some associated options. Is there anything we can do to help - take up mining in a small way for example?
When Classic will get activated, I doubt anyone will stay on the 25% chain. That chain will end up being 0.
assuming that classing will gather 75% of consensus right? where are the bettings on this?
there are data that show that classic is so far ahead than unlimtied and core?
No data yet. Mostly vocal support from a majority of mining pools and the broad industry at this point. That's why Classic has the most chance to get activated.
Explain "fiat loss" How would exchanges holding BTC be any different than you holding BTC?
Apparently you are already "suing me" (from another topic) so can you just keep out of this topic?
(and good luck with your legal suite)
Why on earth exchanges will stop trading? Most (if not all) of them support Classic btw.
Because they risk a "fiat loss" (i.e. "real money").
...
Explain "fiat loss" How would exchanges holding BTC be any different than you holding BTC?
When Classic will get activated, I doubt anyone will stay on the 25% chain. That chain will end up being 0.
assuming that classing will gather 75% of consensus right? where are the bettings on this?
there are data that show that classic is so far ahead than unlimtied and core?
Why on earth exchanges will stop trading? Most (if not all) of them support Classic btw.
Because they risk a "fiat loss" (i.e. "real money").
So if they have ended up on the wrong side of a fork they will actually go bankrupt.
I doubt any exchange is going to really want to "brave this" (so they will all just shutdown until a resolution happens).
Let's see if the exchanges are really going to publicly state that they will work on a fork (I very much doubt that any of them will do so).
When Classic will get activated, I doubt anyone will stay on the 25% chain. That chain will end up being 0.
You seem to miss the point - it won't be such a clear cut case and the exchanges *will shut down* (they would be stupid to not do so).
So the mining pools will end up with no-one to sell their BTC to.
Do you really think they'll keep on mining?
Why on earth exchanges will stop trading? Most (if not all) of them support Classic btw.
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