
Bitcoin Is Forking Again - Garbage
https://motherboard.vice.com/en_us/article/bjjmy8/bitcoin-is-forking-again
======
atemerev
I can fork Bitcoin tomorrow. So can anybody else.

The only matter if whether the fork can gather enough traction to have value.

~~~
speakeron
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](https://coin.dance/blocks)

~~~
atemerev
This is interesting. If this is correct, it amounts to a power grab,
transferring decision power from Core maintainers to the miners consensus.

However, algorithmically speaking, miners consensus _is_ Bitcoin. The only
authority Core developers have is rooted in tradition. So far, it was enough
to get miners to agree with their point of view... but it will be challenged
eventually.

~~~
d33
Correct me if I'm wrong, but they also control the software and could divert
the users to a different fork if they wanted, right?

~~~
atemerev
Well, no. They can release the reference client, but most users rarely employ
it for transfers (most Bitcoins are either in cold storage, or in online
wallets like Coinbase).

Anyway, after the hardfork, you'll get your balance in duplicated both chains
(as all transactions before the hardfork are visible). The market forces will
decide then how much each part costs.

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endlessvoid94
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.

~~~
ajross
On the contrary these forks have finally clarified for mainstream consumers
the ridiculous insanity involved in placing speculation value like this on
near-completely illiquid virtual securities.

When the bubble pops, the fact that bitcoin cash was able to magically
"invent" 10% of the value of the BTC market overnight will be seen as the
jump-the-shark moment.

If this were a rational security with a working market, I'd be telling
everyone to get out. But of course it's not, so you can't get out. There
aren't nearly enough buyers. This is gonna be a fun ride.

~~~
endlessvoid94
Fair point! I've found such a wide spectrum of risk tolerance that I'm curious
to hear what returns you normally associate with a market you'd advise
everyone to "stay in".

For example, if I can invest <$5k and make my money back on the order of
months assuming the exchange rate flatlines, and I know going into it that the
exchange rate may very well collapse at some point, I'm OK with that. Slide
the amount up to $20k or more and I'm less inclined to take the risk.

But everyone's budget is different!

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id122015
what I dislike about crypto curencies beside forking is the size of the chain.
Even latest software downloads over 1GB

~~~
moronicalox
Then use a light wallet that doesn't download the entire block chain.

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kanzure
recently discussed here:

[https://news.ycombinator.com/item?id=15032360](https://news.ycombinator.com/item?id=15032360)

[https://news.ycombinator.com/item?id=14924002](https://news.ycombinator.com/item?id=14924002)

[https://news.ycombinator.com/item?id=14812445](https://news.ycombinator.com/item?id=14812445)

[https://news.ycombinator.com/item?id=14758587](https://news.ycombinator.com/item?id=14758587)

[https://news.ycombinator.com/item?id=14788663](https://news.ycombinator.com/item?id=14788663)

[https://news.ycombinator.com/item?id=14809259](https://news.ycombinator.com/item?id=14809259)

~~~
endlessvoid94
Those links discuss the Bitcoin Cash fork. This article discusses a new,
different fork in November.

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RichardHeart
More free airdrops please. The last airdrop gave a free 5% to 25% to BTC
holders.

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sctb
Recent discussion:
[https://news.ycombinator.com/item?id=15032360](https://news.ycombinator.com/item?id=15032360)

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shp0ngle
True Satoshi's Vision is finally realized.

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Nursie
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...

~~~
MichaelGG
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.

~~~
synicalx
But can you use this forked version, and normal BTC interchangeably?

~~~
MichaelGG
It's better to think of it as a hard forked upgrade. Normal BTC won't exist in
any meaningful manner after this fork. Just like other coins hardfork all the
time to upgrade. The previous chain could still exist if you wanted to run it,
but no one does.

Losing anywhere near 90% hashrate means that chain of Bitcoin has no point in
being called Bitcoin anymore.

