,
14 tweets,
4 min read
Read on Twitter
1/ Don't be scared of potential hard forks. They are a key component of #bitcoin's ability to upgrade through rough consensus/game theory.
2/ A healthy #Bitcoin network is one which will fork many times in its future. Forks can enable new ideas, market will value accordingly.
3/ Only reason we don't already have many #bitcoin forks (w/ different PoW) is b/c devs can make a lot more $$ starting a fresh chain. $btc
4/ Forks that use #bitcoin's existing utxo set, rather than a fresh chain, should be encouraged. Better for existing $btc holders.
5/ Only people who are hurt by a #bitcoin fork using current utxo set, are altcoin investors & greedy altcoin dev teams.
8/ You can repeat that example with most altcoin innovations, if those same innovations are applied to a true #bitcoin fork.
9/ The 8 tweets above assume theoretical fork would change PoW. If that isn't the case, then the fork which market values more will survive.
10/ Due to ASICs, it is pretty much impossible for two SHA256 #Bitcoin chains to survive side by side. One would have to change PoW.
11/ If BitcoinCash fork goes forward it will be the first attempt to attack #bitcoin through a premeditated malicious hard fork.
12/ They intentionally setup the BitcoinCash replay protection design to spam #bitcoin's chain & create confusion around segwit transactions
13/ They also changed difficulty retarget algo to allow it to survive (at least for a bit) even if they have minority of SHA256 hashrate.
14/ You still shouldn't panic. With #bitcoin, all types of attacks should be expected. This isn't the first attack & won't be the last.
