Bitcoin — To Hard Fork or Not question is now???
Considering scaling debate we have in Bitcoin community at the moment I decided to write few words why I think that Bitcoin Hard Fork is not such bad idea after all and probably inevitable in future.
At the moment of writing this text we have kind of lockdown in scaling debate.
On one side is Bitcoin Core with their proposal of Segwit and LN after that. On other side is group of China miners around Roger Ver idea of Bitcoin Unlimited after failed idea of Classic and XT.
First thing I do not like is concentration of mining power in China which I think is not coincidence.
I did not find reliable source which can clearly show where money is coming from to support such large mining operations.
Rumors say that it is VC from China. In real life that means Government. Most of big “private” companies in China have very tight connections with Government or owned by it– I know from first hand since I worked/work there for years.
So first question is — do we have concentration of mining power in China Government hands through “virtual private” companies?
China Government is not stupid and they have more than few reasons to support/own China miners (and exchanges) on their soil — you just need to check global financial/economic situation and all should be crystal clear.
Recent crackdown of Exchanges in China goes hand by hand with above. I suspect that those Exchanges are as well part of China Government infrastructure in order to control global crypto monetary system.
There was lots of manipulation and things did get out of control so Government was forced to move in and clean up mess because China does not want world to lose confidence in Bitcoin and crypto— that is quite clear now!
Arrogance and blackmailing tones from China miners actually does not have fundamental coverage.
Yes, with probable support of China Government they — at the moment — have most hashing power but Bitcoin is NOT hashing power ONLY. And difficulty will adjust through time if we HF.
Bitcoin is great technology. Technology means development and progress constantly.
China has got hashing power but NOT development.
Working with them for years I know they rely most of the time on copycat. That is exactly what Bitcoin Unlimited developers do — copycat of Bitcoin Core. Evan than they create bugs. ;-)
Bitcoin Unlimited threat and China miners threat about Hard Fork is threat with empty gun from paper tiger.
If they had development in their hand’s they would forked already.
Actually Hard Fork is their nightmare.
But Hard Fork could be very good thing for Bitcoin in long term in order to get rid of arrogant and greedy China miners in “God Mode” who truly believe that Bitcoin belongs to them instead of users.
My strong opinion is that they should be flushed out with technology.
They sound more and more like airs of George Soros & Rothschild & Co.
Real power is in technology and development which is 100% in hands of Core at the moment. So, outcome of this debate is quite predictable. ;-)
After initial mess there is high probability that Bitcoin Unlimited would face destiny of Ethereum with bug after bug and it will become just another Alt in China playground.
More I am watching this scaling debate more confident I am that HF will be inevitable in near/mid future and since knowledge is power (not copycat) I am 100% sure what outcome will be.