[Bitcoin-segwit2x] PROPOSAL: B0RG (Bitcoin zero replay, guarantee) - Ensuring a smooth 2X upgrade without a chain split

Erik Aronesty erik at q32.com
Tue Oct 24 20:26:34 UTC 2017


At this point *either* chain can be the "legacy" chain.   Most exchanges
are going to support both coins.   Coinbase's announcement that 2x will be
initially called B2X was big (they reserve the right to rename it later).

Users will be thus be free to dump either coin according to their personal
feelings on the matter.

Hashpower is probably not going to be a consideration for the majority of
holders.   At the end of the day... if users dump 1x, miners will jump on
2x, and if users dump 2x, miners will jump on 1x.

Trying to predict what investors and users will do is really not
"politics".   It's pure speculation.   And basing any real decisions off
"hashpower signaling" is patently absurd.

In other words:

 - This is a risky proposition either way
 - There is no reasonable way to predict the outcome

Anyone who claims otherwise is probably entrenched in a particular "camp",
and isn't thinking rationally about the current situation.

(Personally, I'm simply going to dump on the first day... regardless of the
price and based on my preference.  I suspect I'm in the minority here.)


On Tue, Oct 24, 2017 at 4:16 PM, Phillip Katete via Bitcoin-segwit2x <
bitcoin-segwit2x at lists.linuxfoundation.org> wrote:

> 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
> <bitcoin-segwit2x at lists.linuxfoundation.org>
> *Sent: *24 October 2017 20:41
> *To: *Erik Voorhees <erik at shapeshift.io>
> *Cc: *Melvin Carvalho via Bitcoin-segwit2x
> <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>:
>
>
>
> 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).
>
>
>
>
>
>
>
> Kind regards,
>
> -Erik Voorhees
>
> CEO ShapeShift AG
>
>
>
> On October 24, 2017 at 12:59:28 PM, Peter (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.
>
>
>
> Regards
>
> Peter
>
>
>
>
>
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>
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