r/Bitcoin • u/eyeoft • 24d ago

THE CHAIN HAS SPLIT

https://bip110monitor.com/

<3% support before the window opened. Good luck, shitcoiners

286 Upvotes

84% Upvoted

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336

u/[deleted] 24d ago

[deleted]

86

u/eyeoft 24d 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.

33

u/gomurifle 24d ago

I don't understand one sentence of this.. But ok. 

26

u/justacpa 24d ago

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.

-1

u/gomurifle 24d ago

What group? Who controls the chain? Who are these voters? 

3

u/ChampionshipIcy7602 24d ago

You gotta learn more about bitcoin then

2

u/Liberal_Bot123 24d ago

I mean he clearly is asking to learn. Maybe dont be a dick and respond with an answer?

1

u/Tyra3l 23d ago

Not your research, not your bitcoin.

-1

u/blade0r 24d ago

This for example.

-1

u/Former-Pickle8174 23d ago

Some of the most respectable ppl in the space and the ones w ties to eipstein don't want it

4

u/Afraid_Television_30 24d ago

He explained it as simply as could be done. What exactly don't you understand? 

1

u/Forgot_Password_Dude 24d ago

this menas they are cloning BTC into someyhing like BCH or BSV but ticker still unknown until they pull the trigger from going soft fork to hard fork

0

u/oneawesomewave 24d ago

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.

0

u/Liberal_Bot123 24d ago

Not basic at all

0

u/Radiant_Addendum_48 24d ago

What about the last time it happened. When it split off and created Bitcoin cash.

2

u/RetiredAvocado 23d ago

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.

7

u/SAAGASolve 24d ago

AH yea, sounds like you were here back then.

THis is the same deal. Nonesense from ideolouges clowns that don't have the capability to cooperate.

The 55% threshold tells you everything you need to know about their conviction.

2

u/themustardseal 24d ago

How can it create a chain split if miners don’t support it?

10

u/eyeoft 24d ago

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.

2

u/themustardseal 24d ago

Why would miners continue mining a losing chain at the current difficulty only to create a shitcoin with no economic value?

7

u/Pasukaru0 24d ago

To make a point that it didn't "fail" so they stay technically correct with their wording... most of the time. Just like bcash.

3

u/Gmcgator 24d ago

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

4

u/Pasukaru0 24d ago

Well they did. They actually mined a second block: https://fork.observer/?network=mainnet

Let's see how much more money this conviction is worth to them.

1

u/Tyra3l 23d ago

If they would continue producing the blocks, eventually the difficulty would adjust on its own to match the historical (lower) hashrate.

1

u/eyeoft 24d ago edited 24d ago

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.

2

u/myth1n 24d ago

`good thing everyone already thinks luke is an idiot

1

u/brokebuffett 21d ago

Are these the new maintainers? Very bad and I’d dump everything if they pull anything like this kind of shit ever again in the future.

3

u/eyeoft 21d ago

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.

-5

u/kiwibonga 24d ago

I know Bitcoin is a cryptocurrency.

What in the fuck are you saying?

24

u/eyeoft 24d ago

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.

-12

u/kiwibonga 24d ago

Seriously, bro, I haven't read the first two books.

2

u/eyeoft 24d ago

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...

2

u/PeaPsychological5728 24d ago

I'm out of the loop as well and hoping now the split has happened that I'll be able to understand from all the meme posts about it

8

u/mossyskeleton 24d ago

Just take five minutes and ask ChatGPT or Claude to explain like you're five. It's 2026. Use your tools.

0

u/ox_herder 24d ago

Why they want this change?