Segwit2X is Dead

in #bitcoin7 years ago

First of all, you are presuming that there are no costs associated with BCH and that its a purely beneficial relationship. Thats absolutely not true and perpetuating this false line of thinking is destructive towards the long term health of bitcoin.

BCH has poisoned the well by introducing a emergency mining algorithm that is causing oscillations in mining power switching back and forth between chains weakening the security in bitcoin. That does not even address the fact that the more market share you take away from bitcoin and give to a wannabie alt coin pretending to be bitcoin has a economical long term impact on bitcoins price and adoption. It also creates confusion for people like yourself, who clearly seem new to bitcoin.

BCH at the least was a proper hard fork with replay protection through a new transaction format so that transactions would not be replayed across both chains.

What Segwit2X is doing is going to cause massive chaos in the ecosystem and damage bitcoins reputation for months if not years while we struggle through the madness to determine where the resources will end up in the end. Its going to be a full on battle that will result in a lot of losses to customers.

BCH was not a battle, it was a few people waiting in a long line at the restaurant Called BillyBob's and then saying "Its too busy here, we are going to go somewhere else". And then they did, to BillyBeb's. The way they did it still poisoned bitcoin in that they also created a chef incentive program at the other restaurant that encourages chefs to leave their job at the busy restaurant for 1-2 hours during peak time, sabotaging that restaurant, but at least the people just decided to leave and go somewhere else.

With S2X, its as if the customers all decided they wanted to come into the restaurant at once and eat whatever they want however the fuck they want it, and to hell with what other customers thought. So everyone starts cutting in line, breaking out into fist fights over who gets the menu's, etc. During this madness the chefs get confused on who ordered what and people start getting the wrong meals and others no meals at all, despite everyone prepaying for their food.

Now after that madness, who do you think is going to come back to that restaurant for dinner? There is going to be a lot of market share losses due to the drama, and it could take years for the restaurant to recover from it, especially when there are other options out there that work fine right now, like BillyBeb's and Eitherians Peruvian Cuisine.

Hopefully, my analogies were helpful in illustrating the difference of these two scenarios.

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And BCH wasn't just all beneficial. There are costs associated with its existence and its a thorn in bitcoins side that weakens security. That was not worth the extra $. No amount of $ is ever worth weakening bitcoins security as thats the entire reason bitcoin is fundamentally valuable in the first place.

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This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond

Thank you for the upvote!

Fully agreed. I've consistently been anit-BTC due to many reasons. I actually tripled my portfolio on Aug 1st by betting on BCH against the crowd. BTC is a relic that can't get anything done. My favorite currency coins are Dash, NEM and PIVX. BCH is simply an uncompromised (real)Bitcoin with bigger blocks. Dash and PIVX has governance, InstantSend, Privacy, A real Roadmap and NEM supports smart contracts.

Love your comment, "BTC is a relic".

Great article.
UpVoted and re-steemed

You are awesome thank you for your support my friend!

I followed you.I'm new in steemit I love photography.
Thanks for sharing.

Great to meet you and thanks for your vote!

A very interesting, and well thought out article. I believe the power of Bitcoin is great, but there are so many variables, including the massive amount of other cryptocurrencies, it's hard to tell how things might play out. Thanks for your excellent effort. A DEFINITE upvote!!

Great article!!

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