Post
Topic
Board Bitcoin Discussion
Re: Miner cartel, Bankster cartel, or an altcoin? Your choice?
by
iamnotback
on 22/03/2017, 12:39:53 UTC
Just take for example ETH and Ethereum Classic, if you compare the price you will notice that the original coin will still prevail.

It isn't apparently quite that simple. There are significant potential risks (of chaos and thus a potentially cratering price)...

...in addition to the following, if Core feels threatened there is even talk about a PoW hash change, which would cause massive chaos (although Peter Todd who apparently proposed it, often makes outlandish proposals which aren't adopted).

Is that true that we have to move all our coins to a bitcoin core wallet so that in case of a fork to Bitcoin ulimited we have our coins also there? I heard that it is not good to leave the BTC at exchanges because they won't deposit these BTU 1:1 to BTC. Anyone knows more?

Here is my opinion. To get your BTU you must move or keep your bitcoin on the direct wallet which means you're using the software wallet. BTU will be running on the different chain or in this time I will be believing about the forked chain from the original bitcoin itself. So, you must wait until the forked chain will be fully activated. And the bitcoin unlimited dev will make an announcement or a method for you to get your Bitcoin unlimited.

Afaik, the problem is that without replay protection (which apparently BTU refuses to add), you would end up transferring your BTU when ever your transfer your BTC (and vice versa if BTC doesn't have replay protection). This was apparently a problem during the ETH/ETC split wherein some people tried to sell one or the other, but ended selling both as the transaction got relayed to both forks.

You can't even be sure an malevolent actor won't send your transaction from one peer network to the other.

I actually haven't studied this technical detail, so I might have an incorrect understanding.


Moreover, the exchanges listing BU as an alt coin, BU would lose the only thing bitcoin has going for it: its brand name.

However, if BU forks at 75%, they are pretty sure to survive for at least a while, the time people "vote in the market".  Moreover, the OTHER bitcoin, left with only 25% of hash rate, would be in serious problems: only a block every 40 minutes, and only hope to get it fixed 2 months from now, UNLESS they hardfork too and change difficulty "by hand".  Major cluster fuck for "normal bitcoin".

All normal bitcoin users would see their wallets come to a halt until they upgrade to the latest, hardforked version of "true bitcoin", with a hard fork !

Exchanges might reconsider their stance if the "true bitcoin" is a minority chain with a lot of technical difficulties and no transactions, and BU, majority chain, happily running, and call BU "bitcoin".

So BU would kill itself with a small majority, but would have serious chances to get the brand name and kill off the old chain if they had a LARGE majority.