Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I never suggested anything of that kind. You brought up the notion of bagholders throwing their weight around.
Which I why I phrased it in the form of a question.
Huh? How do you otherwise phrase your questions? It was a question - "are you suggesting...?" What other way would you ask it?
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I did indeed bring it up, but not as a threat but to clarify to others the dangers of a minor majority fork of 75%
So... not a threat, but if you follow the minor majority 'certain' bad things will happen.... Okay. I've seen Goodfellas, so I think I get that.... The 'dangers' you speak of is if i follow that miner majority, you and your dev friends will mess me up with all your coinz. Got it. Quote
and how such a low number can cause a civil war where the apparent chain with the advantage can quickly becomes the losing chain. Once Bitcoin classic releases code I warn users to pay attention and be ready to pull their coins out of exchanges and store them in cold storage during any network split.
You see this is all based on your initial flawed concept:
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the economic majority on the chain with less hash power
If you are on the weak/shorter chain, you are already the economic minority. You can convince yourself otherwise - that big bags of coins will redress the imbalance - but it wont. Only deliberate fraud and criminal actions will delay the inevitable - and I'm sure you are not really proposing that.
It is rather sad that you are so political that you assume that discussing hypothetical attack vectors, which I would happily discuss if the shoe was on the other foot and I preferred Classic, makes you assume that I am threatening you. What I care about is a strong and healthy bitcoin ecosystem so we have to be mindful of all attacks internally and externally.
You suggest that the chain with 25% hash power is in the economic minority which is just flatly inaccurate. The sunk costs in previous generations of ASICs aren't worth much more than a doorstop with a flood of new money buying the latest generation of ASICs. 75% of Miners are not necessarily the economic majority. What is interesting about this attack is even if 95%+miners temporarily support the new coin (I.E.. Bitcoin classic) and every exchange supports bitcoin classic and refuses to accept bitcoin core coins, the attack can come unannounced as the ASIC manufactures can have a shell company or investors buy them out and use their own coin to simultaneously dump the price and gain a majority of the hashpower. To those that oppose a coup, they wouldn't even see this as underhanded but protecting the interests of the ecosystem and increasing the hash power.