The Matrix of Thrones - Watching the Battle Between Bitcoin Segwit and Bitcoin Cash
The title for this post is a result of how I've been explaining to my friends the ongoing situation in the Bitcoin universe: Game of Thrones meets The Matrix. We even have a NEO in the mix. And just as the death of Ned Stark set off a chain of ongoing unfolding events, we are experiencing the same in our revolutionary corner of the digital realm.
Bitcoin is dead
With the August 1 hard fork to create Bitcoin Cash and the activation of SegWit on the original blockchain, we are now left with two new coins, neither of which is identical to the original. It now becomes important to detach oneself emotionally from the name of Bitcoin and take a clean look at each of these two coins.
The cryptosphere is now entirely made up of "alt-coins"
Believe it or not. Those are the facts. Now, what will you choose to do with this information? With all of the hype surrounding the current meteoric rise in price of Bitcoin Segwit, it is understandable that you may have missed this information. And the truth is, there are corporate forces at hand that are attempting a takeover of the Bitcoin name through the activation of SegWit and numerous disinformation and censorship campaigns. But we the people are smarter than that and we owe a lot to the uncensorability of Steemit as a channel for spreading the truth. Thanks to content creators like @belerophon, @crypt0, @melip, @ancap47, @wvm, and others for their diligence.
Ideology versus Profitability
You may argue that these two are incompatible in this discussion. And, they were for the first couple of weeks since August 1. But now we have reached the point of "profit parity," where it has actually become more profitable to mine Bitcoin Cash. This is thanks to an Emergency Difficulty Adjustment that Bitcoin Cash development teams wrote into the protocol, in anticipation of very few miners initially leaving the Bitcoin Segwit chain in order to mine Bitcoin Cash. We have now crossed that threshold and for those miners who strongly believe in Satoshi's original vision AND are out to make some money, the choice to mine Bitcoin Cash is now crystal clear.
The Chain Death Spiral
Bitcoin Segwit does not have any recourse to deal with an exodus of miners to Bitcoin Cash. The Bitcoin Segwit mempool, which is the aggregate of unconfirmed transactions, is increasing steadily.
As more miners switch to the profitable coin, the Bitcoin Segwit will become increasingly bogged down and may never reach its next scheduled difficulty adjustment, which would provide much sorely needed relief. If this happens, the Bitcoin Segwit chain will eventually cease to exist as everyone shifts to Bitcoin Cash.
Nothing is Guaranteed
If you don't know that by now, you might consider adopting it as your mantra in the space of cryptocurrency and blockchain technology. You must look beyond the surface and the hype. I am not a professional anything. I farm, I play music, I parent, I love and I create. This is my take on what is going down based on the research that I have done. Please do your own and keep an open mind and remember that it is up to us to deliver on the promise of this technology. Other forces can, will, and are trying to co-opt this technology for their own personal gain. It is up to us to expose the truth and deliver Satoshi's vision.
This is a really good piece. Can't believe the tiny payout.
Thanks for checking it out, @buggedout! It was actually really good for me to go reread it. I've gotten wrapped up in the space so deeply that I forgot my mantra that Nothing Is Guaranteed. Thanks for bringing it back to my attention!
No worries. Hope you get back to writing a bit more again soon.
Thanks for the encouragement! Here's something from awhile back that shares some of my philosophy about leveraging this digital tech space to create some real analog change in the physical world:
https://steemit.com/permaculture/@anarchrysalis/i-met-one-of-my-heroes-last-week
Interesting one. I've been curious about permaculture and whether it can be competitive/viable economically on a larger scale. Sounds like your hero is on the case there.
As for PermaCryptoCulture its an interesting idea and the Crypto space is so anarchic at the moment there is a lot of bad mixed in with the good. It's more like an un-kept garden right now with fertile ground but half overrun with weeds. I find it all very fascinating.
Well, as far as being viable economically, I think there needs to be huge restructuring in terms of value. Why is food that is toxic and absent of nutrition and degrades the land so readily accessible and promoted? I don't think what's happening is voluntary.
I like your garden analogy and I find it incredibly fascinating as well. I think there is this "controlled chaos" aspect in both permaculture and crypto that I am attracted to. How can I contribute to allow the expression of other living things to reach their full chaotic potential while providing outputs for me? How do I best bestow some order that everyone can benefit from?
These are unreal times!
I love your post, thanks for sharing! I gave you a vote. I hope you enjoy it.
thank you so much!
Sorry but is the first time that bitcoin cash is more profitable than bitcoin. The difficulty of bitcoin cash is only 13% of bitcoin and there are more thane 1000 blocks in original chain than in hard fork. So what will happen in diffulcity if more miners change to bitcoin cash?
Mining BCH will become more difficult, but it should be a more natural progression in line with the hashpower of the network.
But the price of BCH should be increased or to stay at this levels in order that the miners to make the shift. In fact bitcoin mining is now a bussines and the miners should be sure in order to shift. Everything will be more clear after 10 or more days
Sure, I don't expect anything immediate, just pointing out that we have reached a certain point in the saga.
"the crypto world will never day every time and after every hard fork or a system crush a miracle will happens to save the situation and this miracle will be held by us because we are the chain that hold every thing ...so we are the power and some day we will see the money system or the corruption system down and we will be a part of that we wil change the world we are moving slow but we are going further" @thegoldenphoenix
Great post, exciting times ahead, resteemed!
much appreciated!
Great post
i am upvoted and reply your post plz visit me
upvoted,reply,follow and resteem when you work in steemit thanks alot,
my id = https://steemit.com/@pranashroy
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