Why hard forks are good for Bitcoin - page 3.

CyberKuro

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Quote from: deisik on March 19, 2017, 01:08:30 PM

This is just another theory, but it seems to be pretty consistent

So why hard forks are good for Bitcoin in the long run? In short, because they allow to get rid of rogue miners. Yesterday I read a letter signed by major cryptocurrency exchanges, and they declared that they would list Bitcoin forks (if such should emerge) as just any other altcoin out there. Basically, it means that any attempts to hard fork Bitcoin will massively and almost instantaneously backfire on those supporting them. People will naturally stick to the trusted version, and treacherous miners will be wasting their resources on mining a useless and worthless coin. In this way, they will necessarily leave the grand pool of genuine Bitcoin miners, and there will be more consensus between those who will remain in respect to future evolution of Bitcoin. Thus, those pools which support hard forks will voluntarily leave the scene and free space for other miners, likely more friendly toward gradual development of Bitcoin. That's why hard forks will come out as good for Bitcoin in the long haul

There will be always good and bad side of this matter if it really happen which leads to we have btc ànd btu.
I do agree, it maybe good for bitcoin but it takes time. What about miners who proceed all those transaction? I don't get it, whether they will generate block for btc or btu or even both of it? Is that mean, bitcoin fees will increase as too many transaction per second but few miners since they parted.

sergeyzol

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Maybe it's good in the long run.
But now...
Many users do not have deep knowledge in this area. I'm among them. When I read the letter from the representatives of the exchanges, I was horrified. It seemed to me that all my savings would simply depreciate. My reaction was predictable - I decided to sell bitcoin. But I resisted.
This suggests that such decisions are frightening for most users. Because of this, bitcoin becomes unstable. This is not the rule. After all, we are striving for stability.

deisik

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Quote from: OROBTC on March 19, 2017, 01:21:27 PM

Another interesting topic. Thanks

You are welcome

Quote from: OROBTC on March 19, 2017, 01:21:27 PM

Would you post a link to the paper that you read? That would probably be of interest to those of us who do not fully understand various pieces of the SW v. BU debate as well as the risks of forks (hard and soft)

You can read it here

Quote from: OROBTC on March 19, 2017, 01:21:27 PM

I continue to be dismayed that the BTC core developers and miners do not seem to be able to resolve the various problems of Bitcoin that plague us. It seems childish. Perhaps all the major players should be locked into a room (like the Cardinals at a Papal Conclave) until they resolve this...

I don't really think this is required

Cardinals still have an authority represented by Pope himself, so they have no other choice but to come to an agreement either way, sooner or later. Obviously, this is not the case with miners and developers. And I think this is in fact good all in all since they still would not agree on anything. And going the hard way with hard forks may turn out beneficial in the long run. As I said, miners that would support a hard fork will stop mining Bitcoin, therefore someone else will come in and take their place. Quite naturally, their slot will be taken by those supporting Bitcoin, so we will move closer to a consensus. It is sort of natural selection, and this letter signed by exchanges will likely be a great divide for the hesitant and doubtful, i.e. whom they are going to stick to

Vaccinus

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i don't like hard fork they route away from the original idea, they are like saying that anyone can change the original code, and make the whole project not serious anymore, it's better to have other option to fix our issue if possible, because if we start to change everything bitcoin would be just a bad coin

OROBTC

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...

deisik

Another interesting topic. Thanks.

Would you post a link to the paper that you read? That would probably be of interest to those of us who do not fully understand various pieces of the SW v. BU debate as well as the risks of forks (hard and soft).

* * *

I continue to be dismayed that the BTC core developers and miners do not seem to be able to resolve the various problems of Bitcoin that plague us. It seems childish. Perhaps all the major players should be locked into a room (like the Cardinals at a Papal Conclave) until they resolve this...

And we all would hope that if/when they resolve these current issues that they think ahead as well: get a permanent solution/path to upgrading the Bitcoin Ecosystem in the future. We would hate to go through this all over again in five years due to (more) shortsighted thinking.

EDIT: I did not vote because my knowledge of the issue is too limited.

deisik

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English ⬄ Russian Translation Services

This is just another theory, but it seems to be pretty consistent

So why hard forks are good for Bitcoin in the long run? In short, because they allow to get rid of rogue miners. Yesterday I read a letter signed by major cryptocurrency exchanges, and they declared that they would list Bitcoin forks (if such should emerge) as just any other altcoin out there. Basically, it means that any attempts to hard fork Bitcoin will massively and almost instantaneously backfire on those supporting them. People will naturally stick to the trusted version, and treacherous miners will be wasting their resources on mining a useless and worthless coin. In this way, they will necessarily leave the grand pool of genuine Bitcoin miners, and there will be more consensus between those who will remain in respect to future evolution of Bitcoin. Thus, those pools which support hard forks will voluntarily leave the scene and free space for other miners, likely more friendly toward gradual development of Bitcoin. That's why hard forks will come out as good for Bitcoin in the long haul

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