/bpg/ - Bitcoin Politics General

pfft the miners are overloaded the segwit1x chain, then forking to create the segwit2x chain and then they're going to dump and start mining BCC its fucking obvious

Why the fuck do you think bitmain is only accepting BCC for their latest mining batches, even the litecoin miner they're selling needs to be paid in BCC

Yes. For some reason people think that capitulating to the miners' demands and effectively giving them control over Bitcoin's development (by accepting S2X fork) will somehow *improve* the situation.

The only way we're going to get a sustainable scaling solution is if support for S2X collapses quickly and decisively, such that the miners are chastened enough and politically neutered enough to go along with the launch of Lightning network.

Short of that, we're stuck with short-term band-aids that are dependent on their mined blocks and pound of flesh in transactions.

Our best shot is that the user base and nodes will shrug off the attack, and in the end the miners will follow the economic center of gravity regardless of their prior schemes.

The worst case scenario is there is some set of very deep pocketed entities actually paying off the miners to destroy the BTC chain no matter what. Given what's at stake in the long run (in terms of control over the fiat economy, central banking, etc.), it would actually surprise me if they weren't making an attempt to destroy the Bitcoin ecosystem. And given its technical structure, this is the only kind of attack that is likely to work (short of shutting down the internet)

Such a shame that mining was allowed to get this centralized in the first place. An aggressive stance towards keeping the mining distributed would have avoided all this.

I'm pro-larger blocks, but 2-3 entities treating btc as their playground and making threats really sucks.

>fork happens
>have already doubled my money thanks to discord.gg/qky5zMr

Agreed.

It will be bitcoin winter for a week
people don't know which chain will win.

Wow, never even considered this before.

Big if true, indeed.

How is this going to happen when miners reject it?

they see the shit behind Segwit2x and will mine the original chain

Seriously fuck Segwit2x, not putting in replay protection

many of the large exchanges are treating the original chain as BTC, and having B2X be an alt
bitcoinmagazine.com/articles/b2x-or-not-b2x-how-exchanges-will-list-segwit2x-coin/

but 85% of the miners are signaling B2X
coin.dance/blocks

you guys do the math

Signalling means fuck all. They'll mine what's profitable. Some might mine both coins. We've seen what happens already with BCH.

The exchange rate will decide for them.

The Segwit Chain is like the false prophet, you are all being misled. The public follows cause all they see is the name bitcoin. That will all change in the future when they are forced to rename Segwit1 and Segwit2 for the coins name...have fun

Bitcoin Gold made Bitcoin great again. The fools who sold theirs for pennies will see

just be in control of your own mutha fucking keys
BITCOIN IS GUNNA SPANK THIS BABY MONKEY

A lot of markets says that hashpower determines who is btc

I did the maths, checked the pic, and sold

Big crash on monday

If this shit moons I'll be out of my money
If this shit crashes like it should I'll finally make it

>pic related

my geometry shows the sum value of btc + b2x will be less than BTC prefork, similar to btg fork. The best alts will outperform, being a safer value during the split

can you elaborate?

Never sell The Gold. Ever. Thank me later.

so what should i do? cash out my btc? what about the alts?

S2X thinks it is bitcoin. Why does bitcoin need replay protection against bitcoin?

One of the chains will die. But before one of them dies, if you spend coins on one chain it gets spent on both because of no replay protection.
If there was replay protection, it'd be like Cash where you can spend Cash and BTC in 2 different places
Not with S2X. This is death for one or the other.

Russia is bringing in ICO regs youtube.com/watch?v=_tG-HQSpmpU&t=2s

I think more people need to be informed about the implications of S2X.

I definitely would like bitcoin's tech to improve, but without replay protection, this is going to be a shitshow.

every fork has been dumped along with btc post fork. ths is logical because people buy for the free coins . transactions are frozen during the fork, decreasing the intrinsic value of both coins regardless of winner

Firstly, I don't think you understand what happens when there is no replay protection.

Lastly, you are missing the point why S2X does not have replay protection.
If they did it would be same as conceding that they are an alt coin and legacy chain is real BTC

No one except S2X thinks they're the true BTC.

when do you think alts will see a bit of recovery? more than half of the top 100 alts are down 50% from where they were in September heh

they have a lot of supporters but yea, the market is not buying it as per futures on BFX

alts will recover after the fork but they won;t go back to their June dominance.

At the time there was real FUD that BTC is about to implode but now that FUD is nearly non existent.

I think BTC will regain 80% of total market dominance in a near future.

tfw the bar has gotten so low for me that i'm hoping my altbags are worth what they were last month

;_;

heh when developers see the guilotine van in their driveway heh

h e h

The branches that we will no longer consider Bitcoin are SegWit1X (currently BTC, and likely SW1 after the SegWit2X split)

This should be a daily thread for the next month, good job OP.

Who is going to force them to rename the chains? Lord of Bitcoin?

I'm going to bed, I'll go ahead and make a new one if it's gone tomorrow.

You can already trade futures of BTC1 or BTC2 at Bitfinex.

One theory is that a lot of the miners on the 2x side will join BCC right after the fork.

It works both ways, some miners who were against SegWit but were unsure about BCC can join now that they know it's not faded into obscurity (not yet at least). Also, they would just avoid what could be a week-long drama after the fork. The surging BCC prices for the last few days are also intriguing.

Do you think this can actually happen?

And this also means that if you hold btc on markets, you will let them choose the chain for you

Imagine if they fuck up making a choice

How can btc ever be upgraded with this attitude? It has support of the majority. Maybe in r/bitcoin it does not have "consensus"

Original Bitcoin Chain = Low Fees, Irreversible, Fast Transactions

Segwit Chain = High Fees, Reversible, Slow Transaction

So let me get this straight.
After the fork, FUD ensues, since no one of the newfag buyers knows into which chain they should invest?

My bets are on BCC.

>go to store
>buy can of drink
>$0.99
>that's 0.00015 in bitcoin
>fee is $4.66 as well
>heh that's alright, i use sidechain
>"i'll paypass with sidechain pls"
>"sure, 99c pls"
>tap my cryptocard
>payment failed, insufficient funds
>"huh but i have 0.24 in this wallet"
>look at the pay terminal
>"we use bitcoin1x+adambackLightning™ chain
>my funds are deposited into lukejr© 1xchain and must hop 17 times
>shop keeper points me to the Adam Back chain bitcoin deposit ATM in the corner of the store
>decide to pay without sidechain
>can of drink cost over $5
>this is the future of commerce

Kekd

It's called a copypasta for a reason faggot. You were supposed to be buying coffee.