Today I will take a different approach and post an editorial that has to do with this week's game hard bitcoin plan fork topic: All you're about to read is my humble opinion on the whole Segwit2x business, nothing more. Be sure to state your opinion on the matter in the comment section below. What's your opinion on the subject? Initially, I wrote this editorial for Medium but I've also decided to post it here on steemit for more exposure.
No sponsored content, no annoying ads and popups, and definitely no fake news. Only a few and the most interesting cryptocurrency articles for the day are selected and displayed on this site. In one of his latest blogs, Bitcoin developer Jimmy Song discussed extensively about possible scenarios that game hard bitcoin plan fork unfold before and after the Segwit2x hard fork.
Song presented at length three possible scenarios:. At first glance, we might assume scenario one happened. However, this is NOT the case. In fact, more complex scenarios are bound to happen that may be a combination of the three. Indeed, the Segwit2x team might have canceled the hard fork but amidst the Bitcoin Core celebration, they unleashed what I believe was their true plan all along.
A plan that nobody thought of. A very clever outcome that combines two of the possibilities presented above: Yes, ladies and gents, the hard fork has already happened game hard bitcoin plan fork months ago, in August, with the game hard bitcoin plan fork already mining bigger blocks. Not 2MB though, but 8MB. For months, Bitcoin Game hard bitcoin plan fork have focused their attention to undermining the New York Agreement and the companies that backed it up.
The companies behind the NYA ignored that protocol and agreed to upgrade behind closed doors dismissing the developers and the long-time Bitcoin community. They realize a contentious hard fork would not only weaken their already precarious position, but also could weaken Bitcoin itself. In other words, the move would have been suicidal. As a result, they prepared a very interesting counter-attack. And, on Wednesday, they put it into practice.
They have low fees and much bigger blocks, right? Obviously, changing the history is basically suicidal and means the blockchain is unreliable and insecure. In such an environment, Bitcoin is worthless. With unjustified high fees plus, maybe, spam?? Yes, the Bitcoin network has a scaling problem, no one is questioning this fact, but is seems the miners are just hyperbolizing the problem to make it obvious Bitcoin Cash or Segwit2x V2.
Game hard bitcoin plan fork ultimately, a much lower profitability? Going back to the blog Mr. Song posted on November 7, in scenario three, he talked about mining profitability and opportunity cost to keep miners incentivized. In order to motivate miners to stay on 2X edit note: That is why I do believe we are now witnessing a very interesting twist in the plot, a very clever scheme meant to combine Scenario One with Three and undermine once and for all the Core development team.
Unfortunately, the Bitcoin community simple enthusiasts, non-developers, non-business is caught game hard bitcoin plan fork the middle in this Game of Hard Forks.
In A Song of Fire and Ice, the author George RR Martin presents brilliantly elaborated political schemes and invented yet real-life-lookalike power struggles.
This is what we are witnessing now: Elaborated political schemes meant to manipulate the commoner. And, while the sides are probably thinking of win-lose situations, in the grand scheme of things, there are only lose-lose situations for the ecosystem as the whole.
And I am not referring to Bitcoin only, but to the entire cryptocurrency market. In one of his many great presentationsMr. Antonopoulos talked about forks. Everyone thinks is in control, he said, the developers, the miners, the businesses, and the users.
And now, this internal power struggle is right in front of us. I do agree the Bitcoin network must solve its scaling problem as soon as possible. However, I do NOT agree with what is happening now: For miners and businesses to have better control of the network? Maybe next game hard bitcoin plan fork, they will force you into buying a different cryptocurrency where they have better control and where they can profit more. Thus, turning us all into mere puppets.
If this happens, the initial purpose of any blockchain decentralization, freedom and taking control of your own game hard bitcoin plan fork and financing becomes obsolete. As a result, cryptocurrencies will have no reason to exist anymore. They will only be just mere strings for a party or another to take hold game hard bitcoin plan fork us and ultimately control us just like the current real-life financial, economic, and political system. A Game of Hard Forks.
Song presented at length three possible scenarios: The Segwit2x hard fork is canceled; Bitcoin Core capitulates; The hard fork happens with the majority of the miners staying honest and mining the new 2MB blocks. Price follows Hash Power: Lose-Lose situation Unfortunately, the Bitcoin community simple enthusiasts, non-developers, non-business is caught in the middle in this Game of Hard Forks.
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