On August 1 2017, afterward years of acrimonious in addition to bitter infighting, Bitcoin Cash (BCH) was forked off of the master copy Bitcoin blockchain. It took quite a spell to discovery the offset block in addition to a long fourth dimension afterward for the minute block. The argue for this was because of the depression hashing (mining) ability on the BCH blockchain. The BCH fork had to operate at the same mining difficulty every bit the principal chain, at the fourth dimension of the split, but amongst entirely a fraction of the hashing power. By design, the BCH fork had an Emergency Difficulty Adjustment (EDA) built in, because the developers had anticipated the reduced hashing power. EDA adjusted the mining difficulty on the BCH chain past times a ingredient of 20% if less than six blocks were flora inward a menstruum of 12 hours. This worked perfectly in addition to every bit at fourth dimension of writing the difficulty was reduced to almost 17% of the principal chain. Thanks to the novel 8MB boundary the side past times side block promptly cleared out the whole mempool. The largest block flora was almost 4.6 MB. ( Clear That Mempool )
In his article ( Traders conduct to Bitcoin Cash in addition to Bitcoin Segwit ) Stein Ludvigsen pointed out that the BTC chain without the emergency difficulty adjustment is peculiarly vulnerable to irksome block times from loss of hashing power. The BTC chain volition receive got no protection against miner defections in addition to volition receive got to hold off out the amount 2016 blocks earlier the side past times side difficulty adjustment. Depending on the block fourth dimension this could stretch out months instead of the expected xiii days.
In his article ( Cashing out of Bitcoin ) John Milibit postulated that if the BTC chain were to lose mining ability to the BCH chain, blocks on the BTC chain would larn increasingly hard to find, block times would larn longer, the BTC chain would movement into a Chain Death Spiral in addition to could come upward to a grinding halt. Furthermore, blocks flora on the BTC chain tin entirely clear the mempool at 1MB per block. This at a fourth dimension when the mempool volition last increasing because of all the transactions wanting urgently to movement into the side past times side block pushing fees heaven high. The BTC chain volition travel unusable.
The Awful Truth
This at i time exposes the awful truth almost the BTC chain which receive got been missed. With the BCH chain last in addition to well, the BTC chain is at i time totally dependent on miners' goodwill to travel on mining, or the Chain Death Spiral volition come upward into effect. Note the emphasis on dependent on miners' goodwill in addition to less on mining economics. There is at i time around other pick for miners. They could travel out because the BCH chain becomes to a greater extent than profitable to mine or for whatsoever other reason, in addition to at that topographic point are consequences for the BCT chain from their decision. Prior to the fork they could non leave. Now they receive got to last begged in addition to persuaded to stay. For a rational investor, fifty-fifty the possibility that such a adventure exist, makes the organization untenable in addition to unusable. We at i time realise, how of import a role, the miners play. Their contribution should receive got been appreciated in addition to they should receive got been head to in addition to given the abide by they deserved. Not vilified in addition to demonised. Who would receive got known?
What happens now?
The brusk of it is that no someone or economical entity tin convey or tolerate risks non inside their control. They cannot house their fiscal good beingness at the goodwill in addition to mercy of others. The Bitcoin organization depends on pure greed in addition to capitalism to function. Socialism, Communism, Dictatorship, Appeal to potency or Miners goodwill cannot work. BTC IS DEAD. LONG LIVE BTC.
Only a gentlemen cartel amid investors, users in addition to miners for a BTC hardfork to include EDA tin salve the electrical flow BTC chain. However cartels exercise non piece of occupation inward existent life every bit the economical advantages to last the offset to travel out is besides strong. In this Game Of Forks at that topographic point is room for entirely i fork in addition to BTC lost.
If you lot receive got non sold your BCH you lot volition non last affected every bit BCH volition travel the novel BTC. For the residue at that topographic point are winners in addition to losers. BTC volition receive got no value. The nation of war is ended, but non inward whatsoever agency nosotros wished or planned. We must all at i time last magnanimous in addition to humble every bit we pick upward the pieces.
I HOPE I AM WRONG. PROVE ME WRONG. PLEASE.
If I am right, nosotros should halt trading on all exchanges, to protect the innocent, for the skillful of the Bitcoin community.
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