RE: BitMain Just Made Me A UASF Believer

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BitMain Just Made Me A UASF Believer

in bitcoin •  7 years ago 

Everything about this post is wrong. Bitmain is finally doing what the community has been asking for years to do - which is raise the blocksize limit so Bitcoin can scale to more transactions.

Limiting bitcoin blocks to 1MB for this long was NOT what was envisioned by Satoshi and certainly not what people who adopted early on signed on for. SegWit is a huge change to the original bitcoin code and adds a huge amount of technical debt in that it adds hacks that aren't good coding practices, and don't lend themselves to new developers being able to understand the code.

When Bitmain is talking about other dev teams, this is healthy for bitcoins decentralization because now you don't have one team - Core - making all the decisions. Especially given that Core development was bought out by Blockstream, a company created/funded by too-big-to-fail AXA. The previous CEO of AXA was Henri de Castries, also Chairman of Bilderberg - just so you know what kind of company they are. These are people who have an the most interest in Bitcoin failing at its goal of being p2p digital cash.

To the OP, if you want to fork off from majority hashpower when the fork happens, that is fine. You will have a coin that has SegWit, and only 1MB blocks. With only 30% present hashpower, blocks will only be mined on UASF chain every 30 minutes - at most. The already huge backlog will get worse and fees will go through the roof. Meanwhile, the big block chain will be at least 50% and it blocks will slowed down too, but it will be adding 2,3, even 4MB blocks to keep up with transactions, bringing down the backlog and fees.

I think your UASF chain will last but mere hours on the exchanges, as any miner who chooses to follow it will lose money by the hour. I'm glad that you're supporting it though. Getting the Powers That Be on their own chain that fails is the optimal scenario to get rid of them forever.

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