Bitcoin Is Forking Again • Hacker News Board

Re: Bitcoin Is Forking Again

#11

Post by metroidfan832 » Thu, Aug 17, 2017, 9:41 PM UTC

speakeron wrote: post #5

atemerev wrote: post #2

I can fork Bitcoin tomorrow. So can anybody else. The only matter if whether the fork can gather enough traction to have value.

In particular, whether it can gain enough mining power to survive. Currently, SegWit2x (the fork discussed here) has 92% of miners signalling that they'll support it[1]. The question in this case is whether the original Bitcoin could survive after the fork if this support is maintained. [1] https://coin.dance/blocks

No, the difficulty can be adjusted at fork time so it doesn't matter. Literally anyone can fork.

Re: Bitcoin Is Forking Again

#12

Post by nkkollaw » Thu, Aug 17, 2017, 9:42 PM UTC

sputknick wrote: post #3

atemerev wrote: post #2

I can fork Bitcoin tomorrow. So can anybody else. The only matter if whether the fork can gather enough traction to have value.

I'll start mining atemerevCoin, launch my ICO and become rich. But in all seriousness, you are correct, and I think this is a good thing. If they can't decide what Bitcoin should look like, fork it, launch all three, and we will soon find out which one people want. However in my opinion, Bitcoin is also an evolutionary dead-end, and the future is Ethereum.

What's so good about Ethereum that would make it the future (serious question, I don't know much about it)?

Re: Bitcoin Is Forking Again

#13

Post by stale2002 » Thu, Aug 17, 2017, 9:46 PM UTC

metroidfan832 wrote: post #11

speakeron wrote: post #5

Earlier quoted context omitted.

In particular, whether it can gain enough mining power to survive. Currently, SegWit2x (the fork discussed here) has 92% of miners signalling that they'll support it[1]. The question in this case is whether the original Bitcoin could survive after the fork if this support is maintained. [1] https://coin.dance/blocks

No, the difficulty can be adjusted at fork time so it doesn't matter. Literally anyone can fork.

That would ALSO be a hard fork though.

IE the legacy chain would be dead.

Yes, the legacy chain people can create their own new fork, but then it has to deal with all the disadvantages of being a hard fork, and the old chain will be dead.

Re: Bitcoin Is Forking Again

#14

Post by schoen » Thu, Aug 17, 2017, 9:50 PM UTC

speakeron wrote: post #5

atemerev wrote: post #2

I can fork Bitcoin tomorrow. So can anybody else. The only matter if whether the fork can gather enough traction to have value.

In particular, whether it can gain enough mining power to survive. Currently, SegWit2x (the fork discussed here) has 92% of miners signalling that they'll support it[1]. The question in this case is whether the original Bitcoin could survive after the fork if this support is maintained. [1] https://coin.dance/blocks

> The question in this case is whether the original Bitcoin could survive after the fork if this support is maintained.

When I read this kind of statistic, I'm a bit confused about why not, unless the 92% are planning to use some of their resources to try to actively disrupt the original chain (by censoring 100% of transactions or something).

Re: Bitcoin Is Forking Again

#15

Post by rpowers » Thu, Aug 17, 2017, 9:51 PM UTC

Nursie wrote: post #10

Giving more cash to the early adopters and 'investors' again. I suppose it's a neat way to gain some traction - hold BTC, get this for free...

This is exactly why I think of bitcoin as a pyramid scheme. Early adopters buy some entrance into the system (via mining or currency purchase) and then focus on recruiting more people to drive up their purchased value.

Re: Bitcoin Is Forking Again

#16

Post by endlessvoid94 » Thu, Aug 17, 2017, 9:56 PM UTC

IMO these forks do a massive disservice to the mainstream perception of this technology.

From the outside, it looks like technologists are making technical decisions that impact businesses that are taking financial risk by utilizing the cryptocurrency.

Forks like this increase the risk, undercutting the efficacy of the technology.

Re: Bitcoin Is Forking Again

#17

Post by endlessvoid94 » Thu, Aug 17, 2017, 9:59 PM UTC

kanzure wrote: post #8

recently discussed here: https://news.ycombinator.com/item?id=15032360 https://news.ycombinator.com/item?id=14924002 https://news.ycombinator.com/item?id=14812445 https://news.ycombinator.com/item?id=14758587 https://news.ycombinator.com/item?id=14788663 https://news.ycombinator.com/item?id=14809259

Those links discuss the Bitcoin Cash fork. This article discusses a new, different fork in November.

Re: Bitcoin Is Forking Again

#18

Post by MichaelGG » Thu, Aug 17, 2017, 10:02 PM UTC

Nursie wrote: post #10

Giving more cash to the early adopters and 'investors' again. I suppose it's a neat way to gain some traction - hold BTC, get this for free...

This "fork" is really just the evolution of the main chain, that's all. It'll have more claim to the Bitcoin name than the "core" Bitcoin with small blocks. Keeping the transaction history is sort of the entire point.

Re: Bitcoin Is Forking Again

#19

Post by atemerev » Thu, Aug 17, 2017, 10:05 PM UTC

sputknick wrote: post #3

atemerev wrote: post #2

I can fork Bitcoin tomorrow. So can anybody else. The only matter if whether the fork can gather enough traction to have value.

I'll start mining atemerevCoin, launch my ICO and become rich. But in all seriousness, you are correct, and I think this is a good thing. If they can't decide what Bitcoin should look like, fork it, launch all three, and we will soon find out which one people want. However in my opinion, Bitcoin is also an evolutionary dead-end, and the future is Ethereum.

Both Bitcoin and Ethereum have merits, which is reflected in their corresponding market prices. (Bitcoin is perfect for value storage; Ethereum is becoming an universal financial applications platform).

Re: Bitcoin Is Forking Again

#20

Post by honestlyreally » Thu, Aug 17, 2017, 10:08 PM UTC

rpowers wrote: post #15

Nursie wrote: post #10

Giving more cash to the early adopters and 'investors' again. I suppose it's a neat way to gain some traction - hold BTC, get this for free...

This is exactly why I think of bitcoin as a pyramid scheme. Early adopters buy some entrance into the system (via mining or currency purchase) and then focus on recruiting more people to drive up their purchased value.

I think one day you'll look back and regret this post. Its still an early adopters phase.

Recent transaction sent $160m, the fee was $0.70, it was confirmed within minutes.

Not sure what to say if you can't see value there