The Flippening (BTH > BTC) might actually happen... (Alternative sensationalist Titel: CONSPIRACY! BITCOIN KILLED TO SAVE BITCOIN FROM CORPORATE TAKEOVER?)

in #bitcoin3 years ago (edited)

Imagine Bitcoin goes down in the fork and Bitcoin cash will take over...

The King is dead, long live the King!
(Bitcoin-) Cash is King!

This might actually happen.

At least according to this supposed letter from a miner to other miners:

https://theflippening.github.io/open-letter-to-bitcoin-miners-from-another-miner/

It talks about a plan to bring down btc and make Bitcoin cash take over.

Please read and make up your own mind.
Don't skip the references, either.

For some reason nobody seems to be talking about this...

I am still on the fence, but it somehow explains the strange feeling I've been having...

Or did you feel like the whole drama was making sense? To me it didn't and the more I researched, the more I came to believe that there is way more going on behind the scenes.

Make wise decisions!

Sort:  

Some letter by an unnamed source claiming that Bitcoin Cash will take over. That's a bit vague I would say to make decisions on that.

You read damn fast... Wonder how far you got in six minutes :)

Speed Reading

ok.. I only flew over it, but concluded that from your post. You would have mentioned the names of the miners if there were any.;-)

Do yourself a favor and judge the text after a good reading, like I suggested. And don't skip the references.
Or just judge it based on your first thought. Whatever suits you best.
And please remove the empty space from your reply, will you? Thank you very much!

I will do both and I will follow you now.

Let me know what you think... As I said, I'm on the fence with this.

I will. You should ask @jacobcards, @theschrammhit001 and @ponts to read it as well. I think, they might be able to give you a better assessment than I can.

I decided to make up my own mind, and just post it in case others want to include this in their decision making.

Something to keep in mind.. I'm ready to swap. Thanks for the heads up, good post. Upvoted and resteemed

Got nothing else on my mind since I read it...
I noticed btc and bth are moving up and down together now, while litecoin and dash are going up. Most important thing is to not have all eggs in one basket...

Since I only have crypto peanuts, I am not so much concerned financially, but blown away by the possibility of witnessing an attempted takeover of Bitcoin and a Reaktion that may destroy Bitcoin, but save the original idea, without corporate hands in it...

The article you refer to is do filled with wrong assumptions plus misinformation and prove of not having a clue about the Bitcoin Whitepaper, that I could not bare read it completely. Or to put it blunt: it is just cheap bcash propaganda.

Like I wrote in my last post this whole big blocks and getting rid of fiat money is a laugh. It shows a lack of knowledge by the eledged mining writer of the article.

One refering link claimed: "...To be almost certain that..." That is no proof of anything, but suggestive writing. The writer sure took the links to support the bcash promotion.

Lightning Network is free MIT Open Source. For those who want to have an open look into what LN is about: http://lightning.network/

Bigger blocks is becoming a laugh. If something could do millions to billions of transactions it would be LN, according to their own claim. Off-chain mostly, only finalisations will be on chain.

Blocks of 4 GB per 10 minutes would be needed to handle all financial transactions on the Bitcoin mainchain. Thus putting fiat out off business with just bigger blocks... Don't think so. In depth post why big blocks are a laugh:

https://steemit.com/bitcoin/@oaldamster/the-bitcoin-big-blocks-farce-is-becoming-a-laugh

For me all the big blocks nonsense, fud, misinformation, wrong assumptions convinced me even more that the original Bitcoin is the one, that is BTC.

And for those who want to understand what Bitcoin really is, please do read the 9 pages of the whitepaper. Be warned though, it might collide with the belief system that has been spread around. Replacing fiat money? Nope...

And in the paper it says we, now how many of you speak of themselves in a plural manor...?
https://bitcoin.org/bitcoin.pdf

What interesting times!
Only time will tell.
I took most of my little crypto Ballance out of BTC for now. If all goes well, I guess I could get back in, if I feel like it, most likely cheaper after the fork.

Seems like I'm not the only one with 'weak hands' suddenly Litecoin Is going up, zcash and dash also. Might be connected to ethereum news, though, who knows...

Sure is all exciting.
Kept my BTC and LTC.

We'll see where the blockchain takes us...

'Bitcoin: A Peer-to-Peer Electronic Cash System'

I wonder what Satoshi Nakamoto meant with 'cash' in the title of the white paper. For me 'cash' means quick, no third party, and no (or at least very low) cost of transaction.

It is explained in the Bitcoin whitepaper. Now you just take the title and give it your own interpretation. By your definition you cast away 9 pages of what they proposed as a solution to some of the challenges the financial realm faces.

It is them, a group. They use we for a reason in the whitepaper.

Yes, and coin also is cash. And just like bankers money Bitcoin transports value. Cash is also paper money, 1000 dollar bills. Just like in the movies 'in cash, unmarked 1000 dollar bills.'

If you understand what 400.000.000.000 financial transactions per year means, than you can calculate how big the Bitcoin blocksize needs to be: 4GB per 10 minute block.

Do the math, read the whitepaper and maybe you understand why bcash is a laugh.

For now I'm done here.

Have a great day.

'This week Bitcoin Unlimited (BU) chief scientist Peter Rizun revealed the first 1GB block was mined on a Gigablock testnet on October 13. The event marks a milestone for the big block project backed by the University of British Colombia, Nchain, and the Bitcoin Unlimited (BU) development team.'

https://news.bitcoin.com/gigablock-testnet-researchers-mine-the-worlds-first-1gb-block/

But after all it's just different views, ideologies and preferences, I don't intend to get emotional about this.
I understand why most people don't want things to change at the core of our society.
Peace!

Ps: All I did was ask a question and give my view on what cash means.

Yes, 1GB blocks, it can be done, just like 4GB blocks could be done in a test enviroment:

BU’s Andrew Stone says, “we are not going from 1MB to 1GB tomorrow — The purpose of going so high is to prove that it can be done — no second layer is necessary.”

That I believe, no problem, even setting up systems that can mine them in a controlled test enviroment.

But, like mister Stone stated: not tomorrow. And that is a realistic approach, from my point of view.

One day we will have quantum computers and ultra high speed Exa bytes memory in 3d crytals. On fiberglass lightspeed networks. Do not know if I live to tell thr tale, but it will be done.

Yet, in a realm that is now I am still convinced that Bitcoin SegWit and horizontal scaling is the way to go. And I do think BTC is ideal for holding high value.

And I think that we can agree to disagree. Life calls, need to dash.

Thank you for the conversation.

Peace.

Let's agree to disagree then.
I am still trying to see through the important event we are about to witness, the players, the motives, the tactics.

So far this path is leading me to doubt segwit in general more and more. Just read this fascinating post about it, right here on steemit:

https://steemit.com/bitcoin/@modprobe/i-looked-into-segwit-and-here-s-what-i-saw

Thank you.

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