A Tale Of Three Bitcoins

in #bitcoin7 years ago

There will be 3 bitcoins after November.

Bitcoin Cash, ushered by the brave developer Amaury Séchet.
https://bitcoinmagazine.com/articles/future-bitcoin-cash-interview-bitcoin-abc-lead-developer-amaury-séchet/

I call it Bash (Bitcoin Cash shortened and sounds cool) will keep going, doing it's own thing as Satoshi wanted, and miners who have an affinity keeps mining on it. Even if no public pool miner wants to stay (which they won't due to economics and profits), the difficulty can adjust so well, we home users, hobbyists can mine it IF corporate miners leave. So Bash will survive regardless. And hard attacks are impossible since it's from the genesis block, with the ultimate security within it.

Next two "Bitcoin" will be going head-to-head. And note the quotation marks. They are not the DNA of the original bitcoin anymore after Segwit. The vital ingredient - the signatures are now segregated from the block.

It's crazy some of these people are called developers. They sound super harst and worst (in their writing, postings, twit) than Noel or Liam Gallagher, or Axel Rose. They troll! They find your post, then write sarcastic remarks! That is call troll. Wow such childish people! We can blame social media for this couldn't we? Or upbringing, or perhaps the indoctrination mind control camps, they called school. Perhaps they were bullied in school for SURE. Colombine kind of environment. Poor people. They thought they left the matrix by discovering bitcoin, but alas, you can take a bar out of a girl, but you cannot take out a troll from inside a childish programmer.

So Segwit2X vs Segwit1MB.
Don't bet on having doubling of your coins. This event won't be the same as the perfectly executed Bash.

Miners will choose the profitable chain first. Of course the price of the chain that didn't set for the next fork, retains the "value". But that chain is what I see now today - after monitoring the mempool and fees. It is very high. $4-$6 you could buy a credible altcoin for $4. Like Steem, or Lisk, or EOS. People will realise why spend transaction fees on bitcoin that equals to a value of an altcoin that is by pure speculation a "better bet" (since most people in bitcoin are speculators anyway).

That will trigger users to choose by themselves. Not this time not going to rely on exchanges nor developers.

sudden.JPG

I can't be sure how much faster or lower fees with Segwit2X with that 2MB bump. But on paper, at least it means a bit more boost. So if those who want a bit of a more affordable fee maybe $1 or $2, they will consider that.

Miners then will do the same - testing the water split, and calculating profitability like how it panned out for Bash.

2X group, if they have some good developer and BRAVE developer(s), they could quickly move things forward by putting real tech into it. Whatever they wanted originally Lightning, MAST, Rootstock (I like this one cos it will beat Ethereum). Put it quick. Show the value. Proof it. Be brave.

Bash people are brave. That's why they succeeded instead of trolling and talking nonsense and creating fear.

Bitcoin's code itself hidden within, has built-in support for Scrypt, for programming smart contracts (programs).

*Smart contracts is a misnomer, cos contract is about legal issue and people assumed wow it's contractual "obligation-kind" - but essentially smart contract means a pre-programmed "IFTTT"(if this, then that), that awaits input to be slot it, like a jukebox.

One of the Segwit chain will find users and miners start to move more towards the other - due to the other side making fees reasonable - NOT high. Miners do not want high fees. You thought too easily or too plain that miners seek only high fees. But miners are smart conglomerate, with intelligent board to find a strategy - not tactic. They already benefit mainly from price of the bitcoin. They always must align that the fees are a bonus. So the chain that introduces new tech fast, new tech that solves this conundrum - speed and cost to users, will have the backing of the miners. Miners will know and won't mind losing time mining on it first. Look at Bash.

Then more miners, and more users, and more applications, and real life usage such as Rootstock to show (dang!) "smart contracts" feasibility. Then the other chain will get this - abandoned.

They have no built-in difficulty adjustments. That chain will just STOP. Not die, not go down to $10. No, it will be $4000 dollars maybe $10,000 dollars. But you cannot sell, cannot buy, cannot move a coin, mempool goes into the size of Lake Baikal. That is the death scenario. It's a very dangerous place to be. It is like diamonds worth a million. But nobody can buy, sell, trade, transfer them.

Miners can't sustain mining when the hashrate is so high and others leaving the chain to mine the other.

Coin Marketplace

STEEM 0.33
TRX 0.11
JST 0.034
BTC 66438.74
ETH 3268.32
USDT 1.00
SBD 4.39