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Next Steps for bip110 coin?
770 sats \ 3 comments \ @ThatWhichisNotSeen 10 Aug bitcoin

So people that were there for the BSV and BCH forks, what happens now in terms of the fork in your opinion. They just reset at an extremely low difficulty (compared to BTC)? Change the POW algo so GPU miners only ?

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806 sats \ 2 replies \ @Aeneas 10 Aug

They're going to set up an alt coin that they claim is the real Bitcoin, as has already been done with BCH, BSV and many more actually. Those chains still exist and people still actively follow (and cope) about them.

If they have real conviction, they'll sell all their Bitcoin and keep only the alt chain, just as many of these 👆 guys did a decade ago. They'll miss out on future appreciation, but they'll console themselves that they "supported Bitcoin as a medium of exchange" or "supported the real Satoshi" or "didn't support data storage and Big Bitcoin."

But most will probably keep both chains and just bitch on the internet.

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171 sats \ 0 replies \ @Aeneas 10 Aug

I have some more to add about this.

BCH I think is a really instructive case study. Ideologically the basic idea "Btc as a medium of exchange" is 👍. At the time, Lightning was just a prototype; people thought Btcers were being maliciously funneled into Blockstream's Liquid sidechain, and the idea that Bitcoin's block limit was filling up was just objective reality.

However, you can see how things have developed since then:

  • Lightning has grown into an effective and excellent MoE that we do use (we're using it right this second on SN). It's a work-in-progress but it works. I do in fact buy groceries with lightning. *People in 2017 needed to be more patient.
  • Blockstream's Liquid sidechain petered out and cost them a ton of money. Hardly anybody uses that shit. If that was their attempt at takeover, it wasn't very effective. People in 2017 needed to be more patient.
  • SegWit didn't increase block size, but without a hard fork it made blocks more efficient in how they use data, which means, de facto... (you fill in the blank). Again, people in 2017 needed to be more patient.

There can be real problems, but you can't always rush a solution, or force everyone to adopt your solution, and solutions often come from an avenue or perspective you didn't expect.

It's also a mistake to assume everyone on the other side is just "EVIL 👿" (which is what we mean when we label them as captured/corrupt/brainwashed/degen/whatever). Actually, it's often the case there's some people on both sides of a Bitcoin conflict who have these qualities.

p.s. I don't have anything comparable to say about BSV. That situation is insane and the less said about it the better.

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1 sat \ 0 replies \ @ThatWhichisNotSeen OP 10 Aug

man, BSV rofl

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