Apparently this Tweet of mine piss off everyone in ABC, so I'm gonna share it everywhere
If super-majority of the miners and service providers won't abandon
#BitcoinABC then a split or disastrous user outflow is pretty much guaranteed.
True, same as what Vitalik said today, a crazy man who safely sit on a position of power can make a lot of damage. Miners are passive as far as I know unless someone do something
There was a significant portion of miners signalling that they were mining with BCHN back round IFP. That appears to no longer be the case despite BCHN getting funded.
I can't believe that so many people still expect anything positive from sha256 miners...
Makes me think this is coming as no surprise to them.
We don't really know which node big pools are using. The fact that they don't signal doesn't mean they are not using BCHN
But they did choose signal around IFP (unless that was a consequence of vote signalling). I imagine they would have the same motivation to do so now?
Basically, Amaury is smart. I can't believe this is just a blind gamble for him. I think he has reached out to at least some major miners and already knows their intent.
No only three smaller pools signaled including bitcoin.com. They are just mining less these days that's why percentage dropped
There's really no incentives for miners to participate in this scheme IMO
Actually, mining hw vendors have been profiting a lot historically. I would be interested in their funding background too.
But a new algo requires the development of new asics right? how to keep the chain secure until then? CPU mining?
There are other asics/agos used for coins that have hash rates comparable to BCH e.g. X11
No, ASICs worsen centralization compared to general use hw.
I don't agree with this, people who buy Asic for a specific algo are way more loyal than general purpose HWs. It's better for security and mining is always centralized because of pools
Way more "loyal" like the handful of chinese sha256 (majority hashrate) miners who conspired with Blockstream to render the network useless for transactions?
Well in case of a fork you can never guarantee they stay on your side for sure. I said loyal in this way that they can only mine your coin (not the case with SHA256 anymore)
But any alog can be built into an ASIC unless you change the algo every 6 months like monero which also creates lots of instability. Also hard to buy hash to fight off 51% attacks
I believe the BCH community is big enough to pull enough CPU/GPU hashpower together to defend it.
Precedent is important.. Look at monero's example.
I'm also not in the favor of SHA256 community. they are probably gonna screw us again with ABC's new IFP. But why don't you bring up your opinion to BCHN folks? Seems like a good time
I'll try to send them a suggestion over the weekend, although they should know what to do already. I have a lot on my table currently, I'm working on on-chain org management.
The same miners who exploited the difficulty adjustment bug of BCH after the split, rapid mined and dumped it then went back to collect the backlog fees?
Not to mention our current problem of these "loyal" peeps who swing mine BCH just to fuck its usability up?
I think you should re-consider your opinion. 👍
Monero changed its algo 2 times now. 1 to deter asics and 1 for just improvement. All it needs is a united community and making historical precedence.
Bitcoincash could retreat to a GPU or CPU mined algo imo to remove the immediate systemic risk.
meant to write mining hw vendors/big pools and large scale mining ops. (memo's crippled character limit does not help)
I think the motivation is the same as it was in March. Jiang will get his IFP and Amaury will be his lightning rod for community negativity.
What's for Jiang in IFP?
He was one of the original architects/proponents.
Falsely signaling is dishonest, eg another reason to change the mining algorithm.
I think you're right. One of our major problems is lack of loyal miners. They are all fucking flippers and cash grabs
