Bitcoin scaling war likely to end soon


#1

Hi Peercoin community,

I have been following the Bitcoin scaling war quite a lot during the last couple of months, and it seems that there is an end in sight. Initially, after the New York Consensus was reached between main players, Core devs didn’t like it, but during the last days there have been some discussions on the developper mailing list about new proposals that build on the New York Consensus.

This morning, a new “Omnibus proposal” was posted that combines a Segwit soft fork with 80% threshold, a flag-day activation, and a 2 MB hardfork in one BIP. Luke-jr, the driving force of the Segwit-UASF, is already supporting this new proposal. It’s too early to tell if this will be the path that will be chosen, but discussions are slowly moving towards finding a solution. A fork of Bitcoin in two chain has become less likely.

Longterm I am still concerned about Bitcoin’s Proof-of-work model, but short-term, we might see a big Bitcoin bubble. As you know, markets are climbing during time of uncertainty, and when things have been solved and are implemented, the market will be already be on the top and it will be too late to get in.

So I just thought to share this with you. I still regret not sharing the news about the Decred airdrop with our community back in late 2015. So this time, I try to do it better.

New York Consensus


Omnibus Proposal
https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-May/014445.html

P.S. If you have got Bitcoin, check out also Byteball and Stellar, as you can get some of these two altcoins for free soon.



#2

Yes, the UASF is putting enormous pressure on everyone. I think the best way to play a big bitcoin run is to hold bitcoin as it rises and then accumulate more PPC later this summer. Bitcoin tends to drag PPC up. PPC is eventually going to pop and go insane as a flood of money smashes into its 35 million dollar market cap.


#3

Thanks for this post. Even though developers are on board, a majority of miners are in China. Any news on what they’ll do? Last I heard is that BIP 148 will go forward with segwit activation leaving China miners behind. This would essentially leave China with an altcoin.


#4

Amadeusemanu,

BIP148-UASF is not completely off the table, but rather unlikely to find a majority. The New York Consensus group has started its Github-repository. Chief developer seems to be Jeff Garzik. The latest conflict with Core devs is now over the exact implementation of Segwit. Jeff Garzik has intentionally made it incompatible with Bitcoin Core 0.14.1, so that the new “Segwit2x” - Implementation would become the new reference client, if its adopted by miners and exchanges. Core devs are super angry now, because a small fix could make Segwit2x compatible with Bitcon Core 0.14.1 until the hardfork, which would happen only in 2018.

BIP148-UASF is scheduled for 1. August 2017 and the New York Consensus group aims to have their code ready by mid July. So the road in Bitcoinland will remain bumpy for the next 6-10 weeks, but then one side should win. A Fork of Bitcoin is unlikely but not competely impossible.
https://imgur.com/a/a2oPs
https://github.com/btc1/bitcoin/pull/6#issuecomment-304742280


#5

I’m confused. I thought the BIP148 was developers vs. miners. If the developers implement this Omnibus proposal, wouldn’t they still need to convince miners to join? If I understand correctly, the Omnibus proposal implements a version of segwit which still doesn’t solve the miner’s gripe of not getting as many financial rewards?


#6

The Omnibus proposal is off the table. Please read the other links that I posted.


#7

That’s unfortunate. But thanks for keeping us in the loop