I’ve been trying to develop a more balanced view of this fork. My immediate response is to take my BCC and sell it immediately for Bitcoin then forget all about it, but I still looked in to what they were saying.
I like the idea of lifting the blocksize straight up to 8MB, that’ll allow the network to scale for a couple more years, but still, eventually it’ll have to be bumped again.
I also like the fact that they want to completely decentralise software development, because I agree that only having one group (core) developing it is, in the long term dangerous.
I also like the notion that their aim is to keep bitcoin as a form of electronic cash, their argument that bitcoin shouldn’t just be a settlement layer is a convincing one.
However, 9 minute confirmations is no good when we start considering transaction velocity. To really bump the bitcoin ecosystem and allow it to be what it perhaps always should have been, people who accept it need to be able to move it again quickly, near instantly.
A merchant that accepts it and can have it move instantly to their supplier to count as credit towards their next stock purchase is more useful to growth than a merchant who has to convert it to fiat for safety.
This is where I’m interested in the various lightening network experiments, one of which has been developed which would have worked fine even if Seg Wit hadn’t been activated.
By utilising the promise of the lightening network we’ll be able to see near instant confirmations, and much easier micropayments which don’t rely on third party wallet providers. Then, using the main blockchain as a settlement layer we’re taking pressure off of the main chain while maintaining security.
So, for that reason, although I was never a great fan of Seg Wit in the first place and probably wouldn’t have voted for ity,I’m going to continue to support core and the various groups working to build the next layer of tech on top.
Till now I’ve not taken a firm position either way, but it’s become settled in my mind now.
What’s your lots thoughts on the fork?
By the way, this time 3 years ago I was sufficiently enough recovered from my last major op that I was able to start looking at forums and mining etc again and so it’s now 3 years since I first started speaking to many of you. it’s been great and I’m glad that so many of us are still in touch, albeit only sporadically these days