Re: [Guide] Surviving the fork, or How to double your bitcoins (or save fiat)
How hard is it to mergemine?
I dont think miners will have to choose.
How hard is it to choose not to go bankrupt? I dont think many businesses will drop one coin over the other, they will just pretend they are both normal bitcoins. we will just have some growing percentage of bitcoins that are split and thus dramatically increasing the coin supply. not overnight, but over a period of 6 months, we will probably get to where the majority of dualcoins are split, just via normal transactions tainting the dualcoins into two.
I think they can not mergemine since they are mining on different chain by that time
The coins are doubled, however the ecosystem can not double over night, if suddenly the money supply increased by 100% but there is no increased demand, we will get a zimbabwe coin
isnt NMC a different chain than BTC?
Mergemining is to just use the same calcs you use as you are randomly searching for the winning hash against multiple chains. The extra overhead of adding another chain is much less than double, so you basically get to mint extra coins for very little extra work.
Based on this, the whole XT controversy could well be something FULLY backed by the miners
Follow the money
Due to the inertia of markets, this creates non-attack methods of double spending that isnt really double spending because we are all knowing that there will be two flavors of bitcoin. so by following the protocol, we can split our bitcoins. by knowing that markets dont do discontinuities, we can protect against the massive drop in BTC price this whole inventory explosion will create.
Do you really believe that the BTC whales wont take the time to split their dualcoins? And then they wont bother to make a ton of money by trading both coins?
James
They can only merge mine if the protocol is specifically changed for that purpose
There are huge risk from existing coin holders: We often talk about Satoshi's 1 million coins, many are afraid that those coin will come out one day and crash the market, and several days ago we have witnessed that a 80K sell order will knock down the exchange rate by 10%
Imagine that you are a large bitcoin holder, when there is only one chain, the motivation to sell your coin is low, since they are all valuable. But once the coin forked, it is possible that core miners who controlls 25% of hash power are controlling 70% of the existing coins. They will dump the coins on the XT chain and destroy its value (Remember what Peter Todd have threatened with selling all his coins?). When XT coin worth nothing, miner will move their hash power back to core chain. Similarly, XT developers will dump their core coins, cause large damage there. A Mutual Assured Destruction fired up when XT went online 1.Jan. 2016, the end of bitcoin
So things will get really ugly if we allow a fork to happen