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326 sats \ 12 replies \ @DarthCoin 31 Dec 2024 \ on: Bitcoin Fork Hypothetical bitcoin
I think by "old fork" you mean same old chain (actual one), not a fork, because that one continue as it is.
And by "new fork" you mean new chain with new rules.
I will be glad to dump all the new forked "shitcoins" for more bitcoin, like I did in 2017 dumping all new BCH for more BTC.
Let them fork and see what happen.
In general, yes, and future forks are just going to increase the sat stack. Good times!
I think the intention of the fork is also important.
Lets say the US government had an attack against ECDSA, but did not want to reveal it. They have every reason to take this action, for both the US people, the abstract government, and the world economy. If the adversaries of the US had such an attack, they could cause complete societal chaos. Far beyond just the money. All trade, all commerce, all communications.
We are talking:
- spoofing rPKI to wholesale hijack terabits of IP flows, you could see all the worlds encrypted traffic
- perfect mitm of ECDSA certs in TLS, you could decrypt all the worlds encrypted traffic, active interception with session substitution (invisible); or passive offline decryption.
In this scenario, the US gov would be forced a fork to protect the integrity of the chain, and their own investments. It would apply to any system that uses cryptography to protect or provide integrity for data.
For the purposes of this scenario, this aligns our incentives, as we both do not wish to see our UTXOs stolen by an attack against ECDSA. You can substitute any nation state with a large enough holding to make such 'good for the world decisions'.
Recently the Australian Signals Directorate (au-NSA) declared that RSA, DH, ECDH and ECDSA were not approved for government use after 2030, declaring that the risk of a cryptographically relevant quantum computer breaking them was too great after this date.
They may be being too aggressive with this timeline, and it might just speak to government efficiency to give the departments some lead time on migration.
I'm not saying I want to hold my UTXOs on whatever fork evolves from this mess, but in >2030, forks could well have a strong cryptographic reason to happen. Western governments are broadcasting this.
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If we continue using bitcoin as day to day money, in 2030 the govs and bad actors will be insignificant or even obsolete.
But I doubt it. People are too dumb to use BTC as money and Bitcoin will remain a tool only for the brave. The weak will keep using fiat shitcoineries.
@remindme in 5 years
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I find your lack of faith disturbing. We both know this is an inevitability. :-)
5y ago the bankers were still throwing rocks at us
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Is not about banksters and govs...
Is about STUPID people that will never want to be free... this is the reality.
Please let me know when these people will be able to use properly a BTC wallet.
and
Please try to explain to these what is freedom through Bitcoin... these will be the first ones in adopting CBDCs instead of Bitcoin.
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reminds me of the George Carlin quote - think how stupid the average person is, and realise half of them are stupider than that
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The basic laws of human stupidity #685370
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vox pops in times square probably isn't a good representation of humanity :-)
Ironically, all those people in the top video would have made an applepay tx via their credit card without even thinking about it, how it works, how fiat currency works, or how the internet works.
They might not know the months of the year, or how to divide 33 by 3, but they know the action that pays money and allows them to receive goods or services.
Humanity would have died out a long time ago if the general population was too stupid to use money.
The issue is User Experience.
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No, the issue is people's stupidity. All those will use a custodial service or Strike shit.
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My brother in the force, I agree with you, and understand the hate of stupidity. I despise ignorance and wish for wisdom for others.
But we must not let cynicism get in the way of Adoption. You are doing great work Darth. Illegitimi non carborundum. Plures muscæ melle capiuntur.
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Thanks for the clarification. I should have had option one be "Accept coins on original chain."
However, I suspect many bitcoiners would choose to accept coins on the new chain. Especially if the change promulgated by the forkers was a change already discussed by the bitcoin community. The danger I see here is in the precedent it sets, not necessarily in the coin it creates.
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I doubt it will be a fork anyways... the situation is much more complicated than it was in 2017.... in the pre-LN era.
If we have a fork now, imagine how people will react and start closing LN channels, liquidity will became a mess, mempool full of shit, it will be quite some chaos.
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Great point. And this only gets more messy as more things like LN come online.
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