Relative hashpower of BTC and BCH in percentage of total

Post by j_s » Mon, Aug 21, 2017, 2:51 AM UTC

pmorici wrote: post #31

j_s wrote: post #28

My ignorant TL;DR: BCH may temporarily more profitable in part because hardware goes a lot further against the reduced difficulty. As more miners are attracted to BCH, the difficulty should theoretically balance in correlation with the "in-practice"/exchangeable value of BCH. Clicking on the 'difficulty' tab seems to confirm this: http://fork.lol/pow/difficulty -- I barely remember some mention of (at least the poten…

The difficulty re-targets once every 2016 blocks. Bitcoin Cash (BCH) has a added feature that re-targets the difficulty downward if blocks are being found too slowly. Bitcoin's Legacy chain doesn't do this so if enough hash power leaves the legacy chain in a short period of time it causes slow block times and people hope that if it gets bad enough there will be an inflection point where people abandon the legacy chai…

Post by sbenitoj » Mon, Aug 21, 2017, 4:30 AM UTC

JumpCrisscross wrote: post #30

sbenitoj wrote: post #26

Earlier quoted context omitted.

Not sure what you mean by "BTC's decisions" -- it's a decentralized network that has A LOT of different stakehodlers -- some more important than others, some louder than others. All humans are driven by self-interest, as far as I understand Blockstream employees are humans. Edit: After re-reading my response, I wasn't trying to be a jerk to you, poking fun at Blockstream.

No offense taken! To clarify on what I mean by "BTC's decisions," the tale I've heard is that a small group of people control a lot of the messaging around Bitcoin, e.g. the sub-reddit and a site and a Twitter account. These people also had an economic interest in Blockstream. So they used the fork to promote a solution that benefits Blockstream.

Post by [deleted] » Mon, Aug 21, 2017, 8:17 AM UTC

ojr wrote: post #35

sbenitoj wrote: post #6

The headline is incorrect, the graph shows the RELATIVE hashrate of Bitcoin and Bitcoin Cash. The absolute hashrate of the Bitcoin network is still increasing [0]. All this chart demonstrates is that the hashrate of Bitcoin Cash is increasing faster than the hashrate of Bitcoin. This also means that NEW hashing power is coming online, not that hashing power is necessarily switching from Bitcoin to Bitcoin Cash (even…

the hashrate that bitcoin is performing at is also dropping https://blockchain.info/charts/hash-rate?timespan=30days

Post by lawless123 » Mon, Aug 21, 2017, 9:34 AM UTC

sbenitoj wrote: post #34

JumpCrisscross wrote: post #30

Earlier quoted context omitted.

No offense taken! To clarify on what I mean by "BTC's decisions," the tale I've heard is that a small group of people control a lot of the messaging around Bitcoin, e.g. the sub-reddit and a site and a Twitter account. These people also had an economic interest in Blockstream. So they used the fork to promote a solution that benefits Blockstream.

Yep, that's pretty much spot on. R/Bitcoin is extremely censored (and the mod logs are not public). R/BTC is another discussion forum that seems to be more open (people from R/Bitcoin will say otherwise). You'd think they'd spend more time talking about all the amazing things blockchain technologies are going to facilitate, but they mostly just spend their time hating on the other group. Sad, but what do you expect,…

Post by RustyRussell » Mon, Aug 21, 2017, 10:23 AM UTC

pmorici wrote: post #29

makomk wrote: post #16

Earlier quoted context omitted.

The Bitcoin Core developers were never part of the agreement to hard-fork and increase the block size - they've said it was a terrible idea all along at least on the time scale proposed. I don't think they even knew about it until it was publicly announced. Also, SegWit increases the block size to 2-ishMB by itself (it's complicated, because older nodes need to think blocks are still under 1MB, which is done by strip…

There is a good explanation on reddit of the history of this. [0] The Core developers did agree to a block size increase though in what is commonly referred to as the Hong Kong Agreement. They didn't follow though on that agreement and made up some truly weaselly excuses for why. More recently a large group of players in the space came together and agreed to what has come to be called the New York Agreement (NYA) Thi…