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This is late FUD, a last minute whine by the owners of "bitcoin.org" aka core. The discussion over scaling has been happening for many months and consensus has

This is late FUD, a last minute whine by the owners of "bitcoin.org" aka core. The discussion over scaling has been happening for many months and consensus has actually just been reached in the last couple weeks. 85% of the mining power is signalling for segwit2x, and if this continues it will lock in before Aug 1st completely avoiding the scary situation talked about in the post.

wyager 9y ago
Not sure why people are downvoting you, you are objectively correct. segwit2x is at over 85%. https://coin.dance/blocks https://coin.dance/blocks
- Taek 9y ago
  I'm guessing the downvotes were a response to the tone of the post, not the actual content. Though, the content itself is incorrect as well. Consensus has been achieved by the miners and by a few major payment processors, but not by the userbase. Blockchains though are very resistant to moves by major players, and even the miners being at 85% are not enough to force fundamental changes like this into the network if the users do not actively want to participate in the changes. Note the wording there. The users have to opt-in to a change like this. It's opt-in, not opt-out. I'm very doubtful that software which is not even out in the wild yet is going to be able to get a majority of users to opt-in within a 3 week timeline. We will know soon enough for sure.
  - wyager 9y ago
    It's a bad idea to downvote one of the only correct posts in the entire thread (at that time) because of its tone. Bitcoin consensus is definitionally achieved by miner PoW. Yes, they are beholden to market pressure from users, but saying that concensus is "by the user base" is misleading. I'm using the terminology from the bitcoin white paper
  - azm1 9y ago
    What type of power has the user base on the blockchain?
    - Taek 9y ago
      Coins only have value if people accept them as valuable. The userbase ultimately decides whether or not they would accept payment via a certain coin. If the userbase is not interested in a coin, it will not matter how much hashrate is behind the coin, or how many figureheads try to prop it up. That coin will not have value.
      - _nalply 9y ago
        I imagine an user who gets some coins and he will say fuck it, I keep them. Aaaand the coins have value.
ambicapter 9y ago
Does this mean that you could end up holding on to bitcoins that don't have anymore value? Or are you fine if you just wait for the longest chain to emerge and don't do any transactions until then?
- reefoctopus 9y ago
  You're fine if you wait for the longest chain to emerge.

wyager 9y ago

Not sure why people are downvoting you, you are objectively correct. segwit2x is at over 85%. https://coin.dance/blocks https://coin.dance/blocks

Taek 9y ago
I'm guessing the downvotes were a response to the tone of the post, not the actual content. Though, the content itself is incorrect as well. Consensus has been achieved by the miners and by a few major payment processors, but not by the userbase. Blockchains though are very resistant to moves by major players, and even the miners being at 85% are not enough to force fundamental changes like this into the network if the users do not actively want to participate in the changes. Note the wording there. The users have to opt-in to a change like this. It's opt-in, not opt-out. I'm very doubtful that software which is not even out in the wild yet is going to be able to get a majority of users to opt-in within a 3 week timeline. We will know soon enough for sure.
- wyager 9y ago
  It's a bad idea to downvote one of the only correct posts in the entire thread (at that time) because of its tone. Bitcoin consensus is definitionally achieved by miner PoW. Yes, they are beholden to market pressure from users, but saying that concensus is "by the user base" is misleading. I'm using the terminology from the bitcoin white paper
- azm1 9y ago
  What type of power has the user base on the blockchain?
  - Taek 9y ago
    Coins only have value if people accept them as valuable. The userbase ultimately decides whether or not they would accept payment via a certain coin. If the userbase is not interested in a coin, it will not matter how much hashrate is behind the coin, or how many figureheads try to prop it up. That coin will not have value.
    - _nalply 9y ago
      I imagine an user who gets some coins and he will say fuck it, I keep them. Aaaand the coins have value.

ambicapter 9y ago

Does this mean that you could end up holding on to bitcoins that don't have anymore value? Or are you fine if you just wait for the longest chain to emerge and don't do any transactions until then?

reefoctopus 9y ago
You're fine if you wait for the longest chain to emerge.