Bitcoin is facing an existential crisis!!Bitmain announces UAHF will be disastrous!!
Bitcoin facing an existential crisis! Bitmain announces UAHF will be disastrous!!
Not long ago more than 80% of the hashing power and 80% of transactions source software/service, of the Bitcoin industry came to an agreement in New York ,May 24th , on tangible steps to scale Bitcoin in the near future.
Bitcoin Core declined the invite to attend this meeting. This agreement is the hard work of those who sincerely believe in Bitcoin and those entrepreneurs or investors who have strong financial interest in scaling Bitcoin quickly and unitedly.
Despite this agreement, the UASF movement still get lots of airtime on censored forums, many of which are controlled by single anonymous individuals, according to Bitmain. UASF poses a significant risk for the bitcoin ecosystem!
The Wipe Out
If the UASF chain is activated and if the UASF chain gains the majority hash rate, then the nodes following the original chain will reorganize and begin to follow the UASF chain. In such an event, a significant number of financial transaction records will disappear (according to Bitmain)!!!
This is a risk that UASF nodes impose on nodes intending to follow the original chain. In contrast, a UAHF does not threaten the nodes following a different rule set with this same risk, according to Bitmain.
According to Bitmain, the New York agreement is also continuously and intentionally sabotaged by a group of software developers working on Bitcoin Core. The New York agreement is very conservative and aimed at bringing peace within the Bitcoin community on a simple but artificially escalated scaling issue. If somehow the New York agreement cannot prevent a chain split, Bitmain will have to be prepared.
Bitmain Protection Plan
Bitmain will use some of its own hash rate and work with the developer community to have a contingency plan based on UAHF. Bitmain will develop options for miners to voluntarily join them. Bitmain will mine the chain for a minimum of 72 hours after the UASF forking point with a certain percentage of hash rate supplied by Bitmains own mining operations.
I can't wait for the 1th of August! :)
Sources:https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/
Bitcoin is decided by miners. Let's take a look at BitFury, the main bitcoin miner supporting SegWit, Core, and the UASF:
BitFury infographic
In fact, it seems a lot of the same old Powers-That-Be support SegWit taking over bitcoin:
Who is funding each side of scaling debate