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RE: UASF = Bitcoin is Finished!

in #bitcoin7 years ago

I really don't agree on this post. The possibility of the USAF is an extra layer of decentralization. When bitcoin mining becomes centralized (what it already is and Satoshi warned for) they can't take over the network with only hashing power. Because the users, the most important group of the community can say that they don't agree.

Bitcoin is only centralized when a few persons in the community can decide for the majority. In mining nowadays this is the case, but the user base is still very decentralized. Dont forget that the UASF needs a majority to not become an altcoin, so a majority of users is needed here, this IS decentralization.

This is perfect decentralization and without the possibility of a UASF Bitcoin was already taken over by a central bank or government. Im very happy with this backup plan if miner decentralization fails (see ASIC's Boost and Bitmain).

Furthermore, Segwit is except for scaling very important for the 2nd generation applications of blockchain. A payment system is only one application, the tiny top of the iceberg. BU supporters must wake up to the additional possibilities that will bring huge opportunities. The way you are speaking about Segwit tells me that you are not aware of that or want alts to gain on expense of Bitcoin.

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Normally that would be true.

Bitcoin is only centralized when a few persons in the community can decide for the majority. In mining nowadays this is the case, but the user base is still very decentralized. Dont forget that the UASF needs a majority to not become an altcoin, so a majority of users is needed here, this IS decentralization.

But currently we have 85% of the nodes using Core, and it's unlikely that they will switch before August 1st.

Which means that Core will slam through any patch they want. Which makes BTC very very centralized.

Everyone can run the node they choose. When people are not happy with core they can change, but the developers of core are the top of the world and made Bitcoin what it is today. 85 percent of the network has chosen to use core and this is ok. Segwit activation will scale a bit for the short term, but will create the foundation for huge innovation for the long term where more use cases will be possible and scaling will be a side effect.

Yes Core is a secure wallet, and there isn't any other wallet that is as vetted as Core.

So they can just insert any kind of hardfork patch into core, because they know that people will rather adopt a crappy patch than to change wallet to a more insecure one.

So there are no options = monopoly. It doesnt matter how the nodes feel, if there are no alternatives.

So I just choose to stick with another coin until this issue is resolved. I don't want to get caught in the middle of the storm.

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