1/ #BitcoinUnlimited isn't dead, and the #Bitcoin network is significantly
more centralized than it appears to be.
2/ Earlier today, a group of twenty #bitcoin exchanges announced their hard fork contingency plans.
Bitcoin Exchanges Unveil Hard Fork Contingency Plan
3/ The exchanges revealed their intention to designate #Bitcoin Core as $BTC & #BitcoinUnlimited as $BTU in the event of a network split:
Since it appears likely we may see a hardfork initiated by the Bitcoin Unlimited project, we have decided to designate the Bitcoin Unlimited fork as BTU (or XBU). The Bitcoin Core implementation will continue to trade as BTC (or XBT) and all exchanges will process deposits and withdrawals in BTC even if the BTU chain has more hashing power.
4/ In addition to making an explicit
request for strong replay protection:
We insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection. Failure to do so will impede our ability to preserve BTU for customers and will either delay or outright preclude the listing of BTU.
5/ To many (myself included) this appeared to be the end of the road for #BitcoinUnlimited.
Today is the day Bitcoin Unlimited died. -- Beautyon @Beautyon_
6/ It was made known that w/o 80% of the hash rate (BU currently is signaling at 32.4%) there'd be no fork.
There will be no #Bitcoin hard fork unless #BitcoinUnlimited gets 80% hashrate. Verified with largest Chinese miners this morning. -- Charlie Shrem
7/ Around the same time, the CEOs of Kraken & ShapeShift came out and clarified their positions regarding the contingency plan:
looks like a misunderstanding on my part. We do agree with the final document. One point of clarification: we make no commitments to the long-term ticker assignments of either Core or BU. -- Kraken CEO Jesse Powell https://pbs.twimg.com/media/C7KuDa7U0AA-w-P.jpg:large
8/ I still thought #Bitcoin was in the clear, but then I came across this video
; watch the first three minutes:
9/ It turns out that while speaking at a National Security Conference in Beijing, John McAfee ran into the CEO of Bitmain.
10/ McAfee stated that China was "virtually in control of #Bitcoin," and that it would "bring them great control and power in the world."
11/ He went on to state that he'd cut a deal with Bitmain to create what they believed would be "the world's largest #Bitcoin mining pool."
12/ I started doing research; soon I discovered that last October, Bitmain signed a letter of intent with MGT. http://www.newsbtc.com/2016/10/27/john-mcafees-mgt-bitmain-launch-new-bitcoin-mining-pool/
13/ Last June, Roger Ver accepted the position of Chairman on McAfee’s newly-formed Cryptocurrency Advisory board.
14/ "Ver's first act as Board Chairman was to appoint Erik Voorhees [CEO of ShapeShift] to the company’s Cryptocurrency Advisory Board."
15/ On March 1st, MGTI announced that their pool would be fully online in the second quarter of 2017.
16/ On March 3rd, shares of MGT Capital Investments, Inc. jumped by 19.05%.
17/ On March 7th, AntPool (Bitmain) begins to signal support for #BitcoinUnlimited.
18/ On March 13th, "#Bitcoin Miners Signal Revolt Amid Sluggish Blockchain" is published on @Bloomberg.
19/ The article was immediately criticized for its #BitcoinUnlimited bias:
Understandable that Bloomberg have poor understanding of Bitcoin by talking to BU promoters. "BU Activation" doesn't actually do anything. – Samson Mow
20/ Found the website for MacPool; it's "under construction" & currently sporting a http://Bitcoin.com
21/ It's probably worth noting that Ver & the CEO of Kraken go back as well:
A June 2011 hack took the site offline for several days, and according to bitcoin enthusiasts Jesse Powell and Roger Ver, who helped the company respond to the hack, Karpeles was strangely nonchalant about the crisis.
22/ While BW currently isn't signaling support for $BTU, it would appear that they share facilities with AntPool.
23/ Forking at 80% isn't that hard when you've built a facility that would give you 75% over night:
So that’s potentially as much as 75% of the current Bitcoin hashing power in one place. A sane market would be selling right now. – Peter Todd, 2 Nov 2016
24/ A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without…
25/ ...the burdens of going through a financial institution. Digital signatures provide part of the solution...
26/ ...BUT THE MAIN BENEFITS ARE LOST IF A TRUSTED PARTY IS STILL REQUIRED TO PREVENT DOUBLE SPENDING. —Satoshi Nakamoto
27/ I'm now far more concerned w/ the viability of #Bitcoin's current proof-of-work algorithm than I am about the block size.
28/ #BitcoinUnlimited supporters now control http://Bitcoin.com
, and the world's largest mining pool; wake up