The good and the bad about Bitcoin-BLAKE2b
The bad:
1. You lose a large part of the network effect.
2. The price probably takes a massive hit initially — potentially 80–99%.
3. You lose access to the existing ecosystem of software and hardware wallets until they add support (if at all).
4. You won’t be able to run Lightning nodes initially, until someone forks/adapts an existing implementation or builds a new one.
5. Trading it initially might be pretty cumbersome. It all depends on exchanges adopting it.
6. You get to be called a shitcoiner by literal shitcoiners and retarded Bitcoiners.
The good:
1. All users who want to participate initially have to run their own nodes — a huge boom for decentralisation.
2. The low price gives you the chance to buy a bunch of coins for non-life-changing amounts or pick up a few mining rigs.
3. The low price gives you the opportunity/confidence to learn, experiment and build your own tools.
4. Someone might build an actually good wallet (basically all current ones except Sparrow are trash).
5. Someone might actually build a non-retarded Lightning node client.
6. We get to build an ecosystem around widely available, general-purpose hardware rather than relying exclusively on the existing third-party infrastructure.
7. We get a changed PoW algorithm and a redesigned block header intended to make mining more efficient, harder to centralize at the hardware level, and easier to evolve in the future.
8. We get rid of the scammers, spammers and suits for at least a few years while we get to build our defences and robust mitigations.
9. If no exchanges list the fork, we get to work on our P2P exchange network, with the added benefit of better privacy and no mandatory KYC.
10. We get to use Bitcoin as intended — as internet money — while we work with laser focus on improving its quality as rivalrous digital commodity and an open monetary system.
The bad:
1. You lose a large part of the network effect.
2. The price probably takes a massive hit initially — potentially 80–99%.
3. You lose access to the existing ecosystem of software and hardware wallets until they add support (if at all).
4. You won’t be able to run Lightning nodes initially, until someone forks/adapts an existing implementation or builds a new one.
5. Trading it initially might be pretty cumbersome. It all depends on exchanges adopting it.
6. You get to be called a shitcoiner by literal shitcoiners and retarded Bitcoiners.
The good:
1. All users who want to participate initially have to run their own nodes — a huge boom for decentralisation.
2. The low price gives you the chance to buy a bunch of coins for non-life-changing amounts or pick up a few mining rigs.
3. The low price gives you the opportunity/confidence to learn, experiment and build your own tools.
4. Someone might build an actually good wallet (basically all current ones except Sparrow are trash).
5. Someone might actually build a non-retarded Lightning node client.
6. We get to build an ecosystem around widely available, general-purpose hardware rather than relying exclusively on the existing third-party infrastructure.
7. We get a changed PoW algorithm and a redesigned block header intended to make mining more efficient, harder to centralize at the hardware level, and easier to evolve in the future.
8. We get rid of the scammers, spammers and suits for at least a few years while we get to build our defences and robust mitigations.
9. If no exchanges list the fork, we get to work on our P2P exchange network, with the added benefit of better privacy and no mandatory KYC.
10. We get to use Bitcoin as intended — as internet money — while we work with laser focus on improving its quality as rivalrous digital commodity and an open monetary system.
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