The Fork Revolution! - returning BTC to Satoshi's original mission

[BitcoinXio]

I still have the vast majority of my assets in bitcoin. (And have had for several years.). . . I really don't want to sell or diversify much more than I already have.

I can really relate to this a lot, but with the Core people literally saying that full blocks and high fees are good, we may have no choice.

I'm long on bitcoin, but as you well know, I'm fed up with the way things have been going and have been doing everything I can to help remedy the situation. Roger, what do you think about the new agreement that Barry put forward? I know Bitcoin.com is a signatory. Can you give more details to the general public about it on how you are feeling, what your thoughts are, and what you think the outcome will be? I'm eager to see code written and what the details are, because as I see it right now it's not very clear on what it will be. But in the spirit of moving onward and knowing both sides will never be fully happy, I want to compromise and take Bitcoin to the next level.

[rogerver]

It is worth noting that Segwit doesn’t solve any of the problems Bitcoin is experiencing currently and it is being promoted by a bunch of people who literally say they are glad Bitcoin now has high fees and slow confirmations.
Bitcoin’s price may be going up compared the the USD, but it has been plummeting in relation to alt coins as a direct result of Core blocking Bitcoin from scaling to keep up with demand.
Once the current Blockstream and Core economic ignoramuses got a hold of the Bitcoin project and blocked it from scaling I sold a little over 1% of my Bitcoin holdings for alt coins.

In hindsight, I should have sold even more.

It really is a shame that anyone is lending them any credibility at this point.

For those who missed it, I even prepared some slides showing just how insane the Core and Blockstream team are:
https://www.bitcoin.com/Pantera-March-2017.pdf

In short, I didn't like the agreement at all, but it seems better than where we are today.jaxx.io

[grabberfish]

In short, I didn't like the agreement at all, but it seems better than where we are today.

This is a very strange and somewhat illogical statement, Roger. You have nailed your colours to the same proposal as Core has been pushing (SWSF, block size increase "later", only now with a reduced activation threshold). You fought against the SegWit soft-fork, yet now it seems that you agree to the same. In essence, this is more than a total capitulation because the thresholds are being reduced to favour Core.

Simply giving and credence to this proposal is damaging to bitcoin, since it will retard and further delay real action on fixing what Core has broken. Silbert is proposing Core 14.0+ continuation to SWSF and a desire to bring 2MB max blocks in 6 months (this is already not enough for bitcoin's successful growth in line with market demand). More promises, too little, too late. Give us one good reason we should give the slightest nod to this bunch.

Just a few years ago we had instant (LN-esque) transactions with zero-conf. It worked. It worked very well. There was massive confidence in these, as we can see from the fact that none of us were waiting for 5 blocks before being happy a transaction was completed. But then Core brings us full blocks and RBF. How to fuck up a working system.

And now we read that a cabal of back-room dealing individuals have decided that they will take the Core route moving forwards. No thanks. No RBF. No SWSF.

Blocks are full. We need bigger blocks. We do not need Core's SWSF with or without a promise to 2MB "later".

I might need to get myself a UASF hat. Anything to get rid of that disease that is rotten to the Core.

[rogerver]

You make some very compelling points, especially about how we used to have transactions that were nearly as fast and safe as those envisioned with the lightning network.

Hopefully the tide will continue to turn in regards to the hash rate on this scaling debate.

[BitcoinXio]

You make some very compelling points, especially about how we used to have transactions that were nearly as fast and safe as those envisioned with the lightning network.

Hopefully the tide will continue to turn in regards to the hash rate on this scaling debate.

Until we see written code for this 'agreement' the market will continue to thrash about with people taking sides (UASF, SW, Unlimited, etc.). It's still possible that we fork for bigger blocks, there is nothing stopping this other than ourselves collectively.

[grabberfish]

You make some very compelling points, especially about how we used to have transactions that were nearly as fast and safe as those envisioned with the lightning network.

Hopefully the tide will continue to turn in regards to the hash rate on this scaling debate.

I second your sentiment and hope there is good news from Macpool and nChain very soon. Today, for the first time in my crypto-life, I have started to look at alternatives that are true to a certain person's initial vision. I truly hope we can recover what we (those who built this community) built over those brief years. But a certain person living just a few streets down from me seems determined to poison the well.

[Windowly]

Looking at the flippening statistics. . . it seems like Bitcoin is a more dire state than ever. Is there any good news on the horizon?

[BitcoinXio]

Looking at the flippening statistics. . . it seems like Bitcoin is a more dire state than ever. Is there any good news on the horizon?

It should be a nice day in August to see the UASF'ers hard fork off the blockchain and start their new altcoin!

[Windowly]

Hehe it will be quite fun! So glad Bitcoin Cash has come along.

[vanityaddrs]

It is exciting. Time to hoddle the BTC.

Damn, 25 minutes and counting for a confirmation.

Anyways, ladies and gentlemen, get your popcorn and a comfy chair.

[Neoclassical]

So which do you think will comply more with Satoshis original vision: Segwit2X or BCC?

[rogerver]

So which do you think will comply more with Satoshis original vision: Segwit2X or BCC?

According to the definition of Bitcoin the original white paper, Segwit coins are not Bitcoins.
This video explains the details.
https://www.youtube.com/watch?v=hO176mdSTG0&


Bitcoin Cash is clearly the closest to the Bitcoin in the white paper and the original client.
For anyone who missed it, read this: https://coingeek.com/core-think-bitcoin-cash/

[Windowly]

So which do you think will comply more with Satoshis original vision: Segwit2X or BCC?

According to the definition of Bitcoin the original white paper, Segwit coins are not Bitcoins.

If that's the case I hope can bitcoin.com can find a way to support fully the true bitcoins.

[Windowly]

It is pretty impressive all the exchanges and wallets that have come on board since the fork was announced. Jaxx is not on here yet, but also has announced support. And then there is the bitcoin.com wallet that should be out today (I'm guessing?).

[Windowly]

Four blocks have been mined on the new fork.

It seems hash power is not a problem!

Long live Satoshi's vision!

[GreyWyvern]

Holy schnikies! Can we ban these recoin shills already? They're swarming every thread like flies.

[Windowly]

It seems like these days we have quite a lot of positive developments for Bitcoin Cash.

1. November fork -- to change the difficult adjustment algorithm to something that should give us nice smooth release of new coins of one block every ten minutes. (And change the address format to make it easier for users to not get confused.)

2. Price ranging staying about 300$ for quite a while even with heavy dumping from firms that have been holding Bitcoin for their users and selling the BCH.

3. At times Bitcoin Cash has attracted a lot of hashpower.

4. Bitcoin.com declaring (and giving a lot of convincing reasons why) Bitcoin Cash is the true heir to the Bitcoin name and the only coin true to Satoshi's vision.

5. Roger Ver, Jihan Wu, Craig S Wright, and Calvin Ayre teaming up to promote Bitcoin Cash as the one true Bitcoin.

6. Bitcoin Cash has 6 development teams. One of the most discouraging things over the last several years, is that due to the toxic atmosphere surrounding Core and the continual infighting about whether to scale or not, if coffee was a valid Bitcoin purchase or not, developers stopped thinking of Bitcoin as an interesting field of research. The Core stifled creativity by making the blockchain a place where you could only develop and build on if you got prior permission. Not the permissionless blockchain Satoshi intended. Things are so much different now. Lots of new ideas, lots of friendliness and openness. None of the old snobbiness and elitism fostered by the Core developers.

7. The magic of Bitcoin has returned. Redditers on r/btc are again joyfully posting when a new retailer accepts Bitcoin Cash or when they've used Bitcoin Cash to buy coffee or hot chocolate. There is something magical about frictionless, instant transactions where one doesn't have to trust a lightning network channel. Satoshi Dice and Yours.org are some very good examples of how cool Bitcoin Cash can be. And they are just the beginning.

8. The magic of Bitcoin is sprouting a whole garden of viral memes and videos. People are excited about Bitcoin (Cash) again and it is showing.

9. Businesses can see from the Gigabyte block testing experiments that all six developer teams working on Bitcoin Cash are serious about making sure that businesses don't have any more nasty surprises down the road with sudden increases in fees.

Are there other reasons to be thinking Bitcoin Cash are going to have a rosy next twelve months? What have I missed?

[I'v e posted this on Yours as well, with links.]

[Windowly]

The Bitcoin Cash ecosystem has been expanding by leaps and bounds. So many exchanges are already trading BCH. Now some exchanges are starting to use BCH as the main trading pair.

Every day the BCH ecosystem is getting strong and more diverse.

Every project that was stunted before because of high fees and unreliable transactions are again seeing the light of day.

I've been live-blogging updates to this expansion here.

Bitcoin Cash Ecosystem Updates -- Week 21 (December 17 -23) (BCH paywall)

Bitcoin Cash Ecosystem Updates -- Week 20 (December 10-16)(Free)

Bitcoin Cash Ecosystem Updates -- Week 19 (December 3 -10) (BCH paywall)