Bitcoin Is Forking Again
motherboard.vice.com
motherboard.vice.com
The only matter if whether the fork can gather enough traction to have value.
The question in this case is whether the original Bitcoin could survive after the fork if this support is maintained.
IE the legacy chain would be dead.
Yes, the legacy chain people can create their own new fork, but then it has to deal with all the disadvantages of being a hard fork, and the old chain will be dead.
If the main chain has a very low hashpower, then anybody and their mother can attack it/double spend/ ect very easily.
The miners on the fork could even commit some hashpower on their own to attack the old chain, so as to make sure that the new one wins.
Bitcoin cash never has the support of any significant amount of hashpower, so of course the main chain is still around.
Guess we'll see.
When I read this kind of statistic, I'm a bit confused about why not, unless the 92% are planning to use some of their resources to try to actively disrupt the original chain (by censoring 100% of transactions or something).
It seems like this sort of "make the adjustment period take a horrifically long time to reach" effect only happens if the cutover is very abrupt and includes the overwhelming majority of hashpower, and if people are persuaded enough of the outcome of the fork that they don't speculatively bring new hashpower online to take advantage of the suddenly-easier-to-earn block rewards.
However, algorithmically speaking, miners consensus _is_ Bitcoin. The only authority Core developers have is rooted in tradition. So far, it was enough to get miners to agree with their point of view... but it will be challenged eventually.
Anyway, after the hardfork, you'll get your balance in duplicated both chains (as all transactions before the hardfork are visible). The market forces will decide then how much each part costs.
From the outside, it looks like technologists are making technical decisions that impact businesses that are taking financial risk by utilizing the cryptocurrency.
Forks like this increase the risk, undercutting the efficacy of the technology.
When the bubble pops, the fact that bitcoin cash was able to magically "invent" 10% of the value of the BTC market overnight will be seen as the jump-the-shark moment.
If this were a rational security with a working market, I'd be telling everyone to get out. But of course it's not, so you can't get out. There aren't nearly enough buyers. This is gonna be a fun ride.
For example, if I can invest <$5k and make my money back on the order of months assuming the exchange rate flatlines, and I know going into it that the exchange rate may very well collapse at some point, I'm OK with that. Slide the amount up to $20k or more and I'm less inclined to take the risk.
But everyone's budget is different!
Recent transaction sent $160m, the fee was $0.70, it was confirmed within minutes.
Not sure what to say if you can't see value there
Losing anywhere near 90% hashrate means that chain of Bitcoin has no point in being called Bitcoin anymore.