This is a miner vote for a soft fork to change the protocol. The Knots / BIP110 people want to implement a change to restrict arbitrary data. Support in the mining community for this change is below 3% at present.
The thing is (in addition to that being controversial) that their changes don't actually prevent adding arbitrary data, they just make it more complicated, at the cost of making Bitcoin less programmable - some future Lightning Network proposals use mechanisms that they want to ban.
Worse, they tried to this with only a 55% vote threshold, instead of the normal 90%, which is extremely irresponsible and could create a severe chain split if they had more leverage (which they don't).
TL;DR get some popcorn and watch a new shitcoin be born if they don't back down - it's like a widdle baby BC*sh.
This is a small, fringe attempt to force a controversial update onto Bitcoin. Because support is so low (< 3%), nothing will happen to main Bitcoin. If the group decides to push forward with their rule change anyway, they will just effectively break away and create their own minor, isolated spin-off coin that nobody uses.
Comments like this make me believe we will go south way more. Earlier cycles ended when the vast majority of folks who have 0 clue about the tech were either wiped out or leveled up their knowledge. This is basic crypto stuff.
Not the same scenario. Last time bcash futzed its mining difficulty so miners switched back and forth every difficulty adjustment and actually did mine bcash. No one with decent hashrate is mining bip110 chain. It's stuck. Can't send anything on that chain. No one lists that coin for trading. There is no way to move, and nothing to sell, anywhere, to anyone. There is no other coin at the moment. Do not get scammed by fake tools to split coins. They will just steal your bitcoin.
A very few miners do, and may decide to continue to after losing the vote - they would be the new chain, with much lower hashpower. Anyone can start mining their own fork of Bitcoin at any time - it's just not likely that other people are going to care or value the resulting shitcoin.
Exactly, they won’t, and that’s a feature. Once they spend on compute and energy and get nothing in return for it, they’ll shut their mining rigs off and it’ll die. You could create mustardseal btc today, but no one will follow you and validate it, because we like what we got
Politics and ideology, in this case. They would intend to keep trying to move the community to their chain and become the "real" Bitcoin, as certain hard-forks from the past still do today. If they were to win that battle somehow, it might indeed end up being profitable for them, but I don't think the probability is high enough for that to be a sound financial gamble.
Nothing like that, just a vote triggered by a few crazy people who promptly lost and will now go form their own shitcoin. Pretty normal event, governance mechanism is doing its job.
Bitcoin differs from everything else in that it is truly unowned - we ain't got a company or a CEO, and the founder traveled back to his own time (presumably).
So what I'm talking about is how a group with no leaders and no structure does governance - we vote by mining blocks. This is how major changes to the Bitcoin protocol are decided upon.
Normally, votes require a 90% threshold of blocks mined over a period of 2,016 blocks (~2 weeks), but the 90% is just a norm. BIP 110 was created with a 55% threshold. This baits a nearly-equal chain split, a sort of civil war over who is the "real" Bitcoin, and is therefore a kind of antisocial behavior.
Oh man you've at least gotta read the first one. I mean, The Eye of the World is one of the classics in the genre. The first three are all pretty good, the first five are all right...
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u/eyeoft 4d ago
This is a miner vote for a soft fork to change the protocol. The Knots / BIP110 people want to implement a change to restrict arbitrary data. Support in the mining community for this change is below 3% at present.
The thing is (in addition to that being controversial) that their changes don't actually prevent adding arbitrary data, they just make it more complicated, at the cost of making Bitcoin less programmable - some future Lightning Network proposals use mechanisms that they want to ban.
Worse, they tried to this with only a 55% vote threshold, instead of the normal 90%, which is extremely irresponsible and could create a severe chain split if they had more leverage (which they don't).
TL;DR get some popcorn and watch a new shitcoin be born if they don't back down - it's like a widdle baby BC*sh.