[Bitcoin-segwit2x] PROPOSAL: B0RG (Bitcoin zero replay, guarantee) - Ensuring a smooth 2X upgrade without a chain split
pekatete at hotmail.com
Tue Oct 24 20:16:49 UTC 2017
Unfortunately, it is a double whammy for the legacy chain.
Despite there being a general assumption that the legacy chain will have at least 20% of the current network hash, it’s going to be less than that and more likely the majority of that hash will mine coinbase only blocks in order to stall the chain. The closer the attack happens to the fork time (and therefore unknown block times & mempool), the more potent the attack as the fees will still be low relative to when block times are more accurately predicted and mempool settled.
Once confirmation times on the legacy chain become unusually long (and the price begins to tend to reflect that), then attackers can abandon the chain and the ardent legacy miners will also start divesting/splitting their hash to the 2x chain.
From: Peter BitcoinReminder.com via Bitcoin-segwit2x<mailto:bitcoin-segwit2x at lists.linuxfoundation.org>
Sent: 24 October 2017 20:41
To: Erik Voorhees<mailto:erik at shapeshift.io>
Cc: Melvin Carvalho via Bitcoin-segwit2x<mailto:bitcoin-segwit2x at lists.linuxfoundation.org>
Subject: Re: [Bitcoin-segwit2x] PROPOSAL: B0RG (Bitcoin zero replay, guarantee) - Ensuring a smooth 2X upgrade without a chain split
You are also missing the point that many people dont use bitcoin for payments - but as store of value - so they don’t care if there are long confirmation times (or even none in one week!) - you only see it from the payment/transaction side, but this is not the case for many people which are motivated to stay and fight for bitcoin.
Open your mind - there are many people which give a shit about confirmation times and fees.
Am 24.10.2017 um 21:04 schrieb Erik Voorhees via Bitcoin-segwit2x <bitcoin-segwit2x at lists.linuxfoundation.org<mailto:bitcoin-segwit2x at lists.linuxfoundation.org>>:
Peter - I disagree that 1x won’t have a market price. Exchanges can turn off all deposits and withdraws completely for a week and you’ll still see markets of both coins working, because there is already 1x and 2x in the exchanges (in large quantities).
CEO ShapeShift AG
On October 24, 2017 at 12:59:28 PM, Peter (dizzle at pointbiz.com<mailto:dizzle at pointbiz.com>) wrote:
I agree the minority chain will quickly grind to a halt. Pure SPV users will just want Bitcoin to work as Moe indicated. They won't know if they are on the 1x or 2x chain but what they will know is Bitcoin (BTC) still works and in 1 day 2x (BTC) will pass 100 blocks and have a market price and be usable by exchanges globally. The 1x chain will not have a market price for 5 days because it didn't reach the 100 block milestone to enable deposits and coin splitting. In that time it can die out. Also, it's likely to take an extra week or so for exchanges to get all their coin splitting transactions confirmed by mixing with 1x coinbases. Honeybadger won't care much and people won't want to say 1x is BTC because then they have to admit BTC had a 1 or 2 week service interruption.
Sorry if this is not technical enough for the list.
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