Topic: What is the worst case if we have more than one bitcoin - page 2. (Read 3027 times)

Miners would be irrelevant

I mean miners from the opposing camp after the split comes about. It is actually not about whose... chain is longer. If you were a miner you could continue or start mining any chain of your preference, and as long as you won't be alone, there shouldn't be any issues with that. After the split a new altcoin (or just coin) will be born, and their paths won't intersect in the future. In fact, the chains could be reemerged later but that is said to wreak total chaos in Bitcoin and unless someone is actually looking to kill Bitcoin, that's unlikely to happen either

Compared to other altcoins ETC is not useless at all.

It is just vast disproportion between price of ETC - $2.20 and ETH - $50 which makes ETC pretty insignificant from economic point of view.

And I expect in case of bitcoin split we might see similar trend happening.

You would think that, but I don't trust in people enough to actually make the smart decision.

People have the tendency to willingly give up their freedom all the time.


He asked about the worst case scenario, not about the most realistic scenario.

Worst case is that bitcoin dies and altcoins take over.

Also, considering ETC is still the #7 crypto, I think it's not at all useless.

I don't think so that altcoins will be winners here, there will be war between BTC and BU, not mass exodus to ETH or DASH.

Like ETH and ETC - there will be only one serious alternative. Time will tell what will it be.

Totally agree. Amount of cries and FUD is overwhelming. But that was always the case with bitcoin, nothing will change that.

Worst case?   

People will leave both of them and go to altcoins instead.

Best case for bitcoin is one or both chains survive and remain useful.

Look at ETH and ETC. 

ETH is still the second most valuable crypto by far, and even ETC is in the top 10.

People were crying about how ETH got ruined by the fork, but it's still one of the best altcoins.

Bitcoin might be the same, and all this FUD is more damaging than any fork will be.

Here I have outlined four scenarios that could transform into reality after a hard fork.

For me, the worst case would be a "permanent indecision" scenario or at least indecision for several months. That would be the case if none of the two implementations could score a clear "win" against the other one.  Market cap would be divided (at least, more than a third for one, less than two thirds for the other).

I think this scenario is not totally unrealistic if we take into account two things:

1) many players of both sides would try to "dump" the other currency to accelerate a win of the "own" chain. That would favour Bitcoin Core, because the economic majority is there, as far as I know. So termporarily, first the BTC price will be well over the BTU price.
2) but miners that have decided to adhere to Bitcoin Unlimited won't change back to the Core chain that fast after achieving 75% of the hashrate, because they would lose money. That could lead to the BTC blockchain to get slower and less usable until the next difficulty adjustment. In this case, a part of the "apolitical" users - above all, merchants - could change to BTU. That would mean the "economic majority" assumption for Core would not be that clear anymore.

Why is it a worst case? Because none of both coins could emerge as a clear leader and group together the network effect advantage Bitcoin currently has with respect to other coins. That could lead to an erosion of this advantage.

I for myself consider a scenario where Core retains more than 75% of the economic power more probable (a scenario similar to the "ETH/ETC" fork) but this worst case scenario should not be ruled out.

i don't think that this will end, as far as market can still online, then we don't have to worried and if there is still many traders doing trade crypto currency then i think there is still a way to make money from trading crypto currency. i don't think too much about hard fork and i am sure that if hard fork is really happen, then traders especially market will make decision about this. we only should wait for this and keep doing trading as much as we can.

There can be no two bitcoin, it will just be confusing to the public especially those who are not familiar to cryptocurrency or those just starting to be aware of it. The other one should be demoted to an altcoin.

worst case scenario is you lose your Bitcoins or they are close to nothing

not a life killer at current price

Actually OP is talking about possible hard fork which will result two different bitcoin blockchain.

When there will be network split, most of the people will simply dump all those free BTU just like people have dumped free ETC. 

Most likely the opposite: centralized systems being more easily manipulated and steered, they will outperform decentralized "random" systems in a highly speculative market any time.

BTW, you see this with ETH/ETC too.

Why to bother about the market when it doesn't have any dependence upon the same. When the world economy was struggling bitcoin was experiencing a growth. There is nothing to happen as a worst case scenario, because every user know why is all about and how valuable it is.

Cryptocurrency is about transferring value without censorship. Many coins can do it, and there is no reason to believe that two varieties of Bitcoins will do worse than one variety. It may only seem worse to those who subscribe to the unsubstantiated "one winner take it all" theories.

I guess the majority of its users dictates if it will be acceptable as a currency that holds great value in the future.
Bitcoin's price is volatile since the beginning so i could say that the price is dropping right now is a chance to buy some cheap BTC.
Saving and investing in bitcoin is still a good move cause this crypto curenncy has survived through many years since satoshi nakamoto introduce it. 

It might take a while for centralization to occur and for people to realize it. In the meantime the decentralized chain might be abandoned.

Then market will the dump the centralized fork and turn to the decentralized one?

Miners will determine their fates and chain with major support will survive while minority will suffer from 51% attack for several times.

Worst-case could be complete centralization and bitcoin network with some inflation if BTU become the majority chain.

We should have minority against majority I guess, that could make things better, If It was equal that could screw things up over time as they will have less value then they would have If one of them had majority of the demand, having two cheap and low value coins could result into people not trusting bitcoin anymore and switching to something else (alt).

Market will determine their fates, right?
What is the worst-case scenario? Are they acceptable to you?

The market seems to be over-reacting.

http://news.8btc.com/op-ed-how-bad-could-it-be-if-we-have-two-or-more-bitcoins