(I call the current Bitcoin blockchain as Bitcoin Legacy for the sake of clarity.)
How can Bitcoin Cash completely destroy Bitcoin Legacy? Bitcoin Cash has an aggressive algorithm for reducing the mining difficulty, the difficulty can quickly decline until it becomes more profitable to mine Bitcoin Cash than to mine Bitcoin Legacy. Bitcoin Cash can relatively easily experience periods of downgraded hashrate because it has large blocks and a new block can absorb a huge amount of unconfirmed transactions from the mempool. All that Bitcoin Cash needs to survive is a small amount of hashrate, which can be provided as an investment in the strategy by Jihan Wu. Periodically (once in a month or two) Bitcoin Cash mining will become more profitable than the mining of Bitcoin Legacy. The duration of the interval of increased profitability will vary, but it is expected that this will last a day or two at least. The number of miners that will switch to Bitcoin Cash mining will be different, but since this business is highly competitive, it is expected that in one of such periods, more than 90% of the miners can switch to Bitcoin Cash mining. If within this time the market price of Bitcoin Cash exceeds Bitcoin Legacy, then it will not make sense for the miners to return to the Bicoin Legacy mining. Because Bitcoin Legacy has a conservative difficulty reduction algorithm and the Bitcoin Core team are against rushed hardforks this will mean the death of the Bitcoin Legacy blockchain.
Art of War by Jihan Wu
Other urls found in this thread:
Bitcoin Cash can suffer a defeat many times, but it only needs to win once.Bitcoin Cash has large holders of Bitcoin Legacy crypto currency as supporters, they can manipulate the market for a short timeframe to set the Bitcoin Cash price above Bitcoin Legacy. The very expectation of such an event and the verbal intervention of such holders are able to influence the price of Bitcoin Legacy and Bitcoin Cash.
The current concept of Bitcoin is based on the fact that the miners act in selfish interests, and their short-term motivation aligned with the long-term. Bitcoin Cash destroys this design - in the short term it may be more profitable to mine Cash, whereas in the long term the vitality of the Bitcoin Legacy main branch is their common interest, as Bitcoin Legacy is a proof of Bitcoin's viability as a storage of value.
To save Bitcoin Legacy, the agreement of the miners is necessary not to mine Bitcoin Cash or, at least, to leave Bitcoin Legacy 20% hashpower. This in itself will transfer Bitcoin Legacy from the category of crypto currency into the category of political currencies, which is bad, but I suggest at that moment to look at the events in November. We already have one agreement of the miners - NYA, according to which the miners should activate hardfork in November. If the miners start out of this agreement, it means that the agreements of the miners have no value. And this means that the miners will have their hands untied for Bitcoin Cash mining at 100% hashpower. And this means that Bitcoin Legacy becomes either a political currency or a dead one.
tl;dr Bitcoin Cash victory is not the main goal of Jihan Wu, because such an event will seriously undermine the value of Bitcoin as storage of value. The survival of Bitcoin Legacy depends on the joint efforts of the miners, which leads us to the victory of SegWit2X.
Use this information as you wish.
bump for visibility
what does this mean
It means Bitcoin is gonna die. Question is when.
not sure youre reading the chart right
The legacy chain won't die. It'll just get more soft forks to save it. The price is fucked though... but it was fucked even BEFORE this shit show. People think the Tether scandal is FUD but it's actually entirely responsible for the 5x increase in Bitcoin's price.
What is the safe bet right now would you say?
Where should I have my money now?
fiat
bitcoin cash
You can't softfork anything that lowers difficulty.
Gold. The crisis is coming. It's going up.
Canned food. The apocalypse is coming.
No one has mentioned yet that it will take that difficulty 3 months to go back down after it goes up in a few hours (unless it's already gone up again) and that's at full miners potential now what happens if the miners switch to bitcoin again there is no power to even get the difficulty of bash to retest lower difficulty because there 8mb block size is working against them on this situation.
It's a fascinating topic indeed and lots of money to be made by timing it right
Ethereum, trust the money skeleton.
>calling Bitcoin something else
>for clarity
Sure
Bitbeans. Famine is coming
What does the picture of miners meeting to make an agreement look like? Is it dudes in suits and lambos cause they own massive mining centers; or is it lvl9000 nerds who smell like Drakar Noir and might have a Seiko on? Who are these big decision miners besides Master Wu?
imagine the stench
The latter.
Like check out f2pool owner Wang Chun, that guy is a massive manchild, constantly changing his opinions and unreliable
STEP 1:
>Difficulty decreases.
>Miners jump in.
>Supply increases.
>Price tanks.
STEP 2:
>Bitcoin miners shift to Bitcoin Cash.
>Bitcoin difficulty decreases.
>Miner that stay with Bitcoin profit immensely.
>Supply remains unaltered.
>Price increases.
>winter is coming
BTC is like an old, sickly patient at the hospital with terminal disease.
And the only cure is more cowbell
>muh hardforks are coming
you need to lurk trilema more
...