Re: Is this the death of bitcoin OR the blocksize debate?
Great write up and its really to the point. This should be in a blog post and should be posted to Reddit 
People must understand at any time when blockchain forks one altcoin is born. The only issue is deciding which one is altcoin.
Bitcoin protocol says the valid fork which has longest work ( measured in terms of difficulty ) at any point of time is correct one. People give this argument and say Bitcoin has already answered it. IMHO this is theory. Practically its much more difficult and can have devastating ( fatal, IMHO ) effect on both chains.
All coins and transactions and balances before fork are safe and will be honored by both chains. The issue is new transactions and mining rewards after fork.
When I think more about this problem in philosophical manner, I always end up with answer to question "Why we need governments"
The whole movie is interesting if you think Bitcoin as experiment but its scary as hell if you think bitcoin as payment network or investment (I dont have guts to brainstorm the currency part )
Regards
People must understand at any time when blockchain forks one altcoin is born. The only issue is deciding which one is altcoin.
Bitcoin protocol says the valid fork which has longest work ( measured in terms of difficulty ) at any point of time is correct one. People give this argument and say Bitcoin has already answered it. IMHO this is theory. Practically its much more difficult and can have devastating ( fatal, IMHO ) effect on both chains.
All coins and transactions and balances before fork are safe and will be honored by both chains. The issue is new transactions and mining rewards after fork.
When I think more about this problem in philosophical manner, I always end up with answer to question "Why we need governments"
The whole movie is interesting if you think Bitcoin as experiment but its scary as hell if you think bitcoin as payment network or investment (I dont have guts to brainstorm the currency part )
Regards