Bitcoin Hard Fork Segwit2x battle in a nutshell. Possible winners and loosers

in #bitcoin6 years ago (edited)

Apparently nobody can tell you for sure and if somebody does, run away from that person! Don't follow anyone's opinion, gather information and make your own conclusions!

Here I want to summarize available information and see what are the possible outcomes from all this mess.

After the first hard fork, everyone understood that they can get free tokens which cost something, without risking anything. Therefore now every hard fork will be perceived as a signal to buy and hold bitcoin until the chain split.

The thing is, Segwit2x is not just another hard fork. It's a total chain split. According the the CoinDance stats 84% of the current bitcoin miners will move to the BTC2, leaving original BTC without sufficient hash power to mine blocks, thus transactions will be extremely delayed and the fees will drastically increase, it will be literally a collapse and the network will simply become inoperable.

Ok, bitcoin does have the difficulty adjustment algorithm that suppose to change mining difficulty according to the overall hash power. The problem is that it makes the adjustment only once per 2016 blocks, which normaly takes between 10 and 14 days. But is the hash power will decrease by 84% it can take months to mine remaining blocks until the next adjustment is made. At that moment it can be already no BTC as we know it today, all bitcoin holders will move to the new chain along with the price.

Why is this happening in the first place? Sad to admit it, but it's a pure Game of Throne. Miners want the full power over bitcoin and it's algorithm. While now the main bitcoin developers and thus it's government is Bitcoin Core (main bitcoin wallet).

Well guys and girls, that's going to be a real mess. God help us :)

Am I missing something? Share your thoughts.