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A brief summary on Bitcoin Unlimited

Thu Mar 23, 2017 5:42 am

Following the growing need for a scaling solution to be implemented in Bitcoin, the prospect of a hard fork to the Bitcoin Unlimited consensus rules seems to be becoming a very real possibility. Exchanges have issued a group contingency plan in case of an hard fork stating that Bitcoin Unlimited will be listed as an alternative cryptocurrency. Bitfinex has even created a form of prediction market by issuing BCC and BCU tokens, each representing Bitcoin Core (BCC) and Bitcoin Unlimited (BCU).
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Re: A brief summary on Bitcoin Unlimited

Wed Apr 19, 2017 1:28 am

Roger has told me that thinking of Bitcoin Unlimited as a separate currency, post hard fork, is subscribing to misinformation from "Core Propaganda Artists".

What's the truth here? Are the exchanges wrong? Misinformed?

Where is there a better resource to read about the actual impact a hard fork will have on Bitcoin Core balances - coin counts and values?
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Re: A brief summary on Bitcoin Unlimited

Wed Apr 19, 2017 4:22 am

Roger has told me that thinking of Bitcoin Unlimited as a separate currency, post hard fork, is subscribing to misinformation from "Core Propaganda Artists".

What's the truth here? Are the exchanges wrong? Misinformed?

Where is there a better resource to read about the actual impact a hard fork will have on Bitcoin Core balances - coin counts and values?
I think the truth can only be told in hindsight after the fork happens. If the split happens and BCU thrives, it will be considered "Bitcoin", if it dies and the core chain thrives, then that will be considered "Bitcoin".
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Re: A brief summary on Bitcoin Unlimited

Wed Apr 19, 2017 5:21 am

I think the truth can only be told in hindsight after the fork happens. If the split happens and BCU thrives, it will be considered "Bitcoin", if it dies and the core chain thrives, then that will be considered "Bitcoin".
Ha, so anyone holding a bag of the losing coins gets fucked? And Roger is surprised that people aren't instantly on board with this plan.

Roger, if you're reading, let me help you with a marketing plan...let's get the messaging right on this thing!
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Re: A brief summary on Bitcoin Unlimited

Fri Apr 21, 2017 5:49 am

Ok, I've done some reading. If the hard fork produces two parallel Bitcoin blockchains, do we get the same amount of coins in each blockchain, post fork?

Thanks.
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Re: A brief summary on Bitcoin Unlimited

Fri Apr 21, 2017 6:19 am

Ok, I've done some reading. If the hard fork produces two parallel Bitcoin blockchains, do we get the same amount of coins in each blockchain, post fork?

Thanks.
Yes that is correct. Have a read of this article, it explains what will happen and has some great links for further reading: https://news.bitcoin.com/this-happens-t ... ain-split/
When the blockchain branches into two there will be two digital assets immediately after the hard fork. Bitcoin holders who possess their private keys will have access to assets on both chains after the split event occurs. So, if you “keep your money” in a local wallet on your computer or on your phone you can just stay put and watch the fork happen.

If you hold money on a bitcoin exchange, then it will be up to the exchange’s discretion on how they choose to disperse both token assets to customers. Most of the well-known industry exchanges have already pledged to support both assets if a blockchain split event takes place.
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Re: A brief summary on Bitcoin Unlimited

Fri Apr 21, 2017 7:16 am

Thanks so much for confirming this. I've always maintained that I've been a fan of increasing block size and transaction capacity. I have alternative thoughts on how...but I'm not aware of all the options, risk, and implications of the approach.

What's worried me the most (as other regular folks in the community) is the "what happens to our balance?" question.
Ok, I've done some reading. If the hard fork produces two parallel Bitcoin blockchains, do we get the same amount of coins in each blockchain, post fork?

Thanks.
Yes that is correct.

If you hold money on a bitcoin exchange, then it will be up to the exchange’s discretion on how they choose to disperse both token assets to customers. Most of the well-known industry exchanges have already pledged to support both assets if a blockchain split event takes place.
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Re: A brief summary on Bitcoin Unlimited

Fri Apr 21, 2017 7:47 am

Thanks so much for confirming this. I've always maintained that I've been a fan of increasing block size and transaction capacity. I have alternative thoughts on how...but I'm not aware of all the options, risk, and implications of the approach.

What's worried me the most (as other regular folks in the community) is the "what happens to our balance?" question.
Yes unfortunately there is a lot of FUD being posted around the net and it is doing nothing but spreading fear to the people who know less about how bitcoin actually works.
Please help Ross and his family during this hard time by donating to the https://freeross.org/ fund. Play at the best provably fair Bitcoin games site here: games.bitcoin.com Need a fantastic Bitcoin wallet Pick up some great Bitcoin.com swag here

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Re: A brief summary on Bitcoin Unlimited

Fri Apr 21, 2017 8:57 pm

Yes unfortunately there is a lot of FUD being posted around the net and it is doing nothing but spreading fear to the people who know less about how bitcoin actually works.
In what other ways (beyond explaining that if you own the private key you'll have control over your balance on both chains) can I or others here try to dispel the myths that are floating around?

I love Roger's post on suggesting a signature that directs people from Bitcointalk over to The Forum. Can we apply the same approach but direct people to a really easily understood and well respected explanation of the facts of a hard fork?

When may the hard fork occur (or how do we monitor progress toward it)?
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Re: A brief summary on Bitcoin Unlimited

Wed Sep 06, 2017 4:35 pm

Is this project still kicking?
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Re: A brief summary on Bitcoin Unlimited

Fri Feb 16, 2018 8:00 am

This is a property of Bitcoin in general. That's what a soft-fork is. The key being that you need a majority of hashpower to do this.

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Re: A brief summary on Bitcoin Unlimited

Wed Sep 19, 2018 7:19 am

Thanks for sharing this. What I'm wondering is that does Bitcoin Unlimited always choose the hard fork over the soft?

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Re: A brief summary on Bitcoin Unlimited

Thu Oct 04, 2018 12:23 am

Thanks so much for confirming this. I've always maintained that I've been a fan of increasing block size and transaction capacity. I have alternative thoughts on how...but I'm not aware of all the options, risk, and implications of the approach.

What's worried me the most (as other regular folks in the community) is the "what happens to our balance?" question.
Yes unfortunately there is a lot of FUD being posted around the net and it is doing nothing but spreading fear to the people who know less about how bitcoin actually works.
I agree a 1,000%
hopefully forums with threads like this will be more visible on Google, Bing and Yahoo.
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be careful when using each site, just a warning everyone should know about bitcoins online.

Happy earnings! :)

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Re: A brief summary on Bitcoin Unlimited

Sat Apr 20, 2019 1:05 pm

Is this project even still alive?
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