@Aaron van Wirdum
Author of The Genesis Book.
Former Editor-in-Chief at Bitcoin Magazine.
No relay list published yet.
Recent Notes
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Why dont i see endless bip110 debates on Nostr?
Nostr doesn't boost controversy and/or Nostr users aren't as addicted to engagement?
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DMND, the Stratum V2 mining pool, just mined its first block.
https://mempool.space/block/00000000000000000001a5bae00659902a120ea02bed9046aaf56651f673d5f6
https://mempool.space/block/00000000000000000001a5bae00659902a120ea02bed9046aaf56651f673d5f6
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The failure of BIP110 will reveal that social media drama is just noise and I think that's wonderful.
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I’ve recently opened my mind to BIP 110 for the sake of trying to hear where supporters for it are coming from, as I believe many of them care about Bitcoin as much as I do.
I get some of the argum...
In his mind (and his cultish followers) the BIP110 rules will be the new Bitcoin protocol. If ~no blocks are mined on this fork chain, he's saying users (him and his followers) should change the POW algorithm to something else, which presumably means people can mine with GPUs again on this chain, at least initially.
It would really just create a forkcoin, not unlike Bitcoin Cash, but like many Bitcoin Cash supporters they'll claim it's "the real Bitcoin".
I'm not sure that answers your question but maybe it helps.
(FWIW this was very predictable yet some of his most ardent supporters I spoke with were denying this would happen until very recently. I fully expect them to adopt the script over the coming weeks and months though.)
It would really just create a forkcoin, not unlike Bitcoin Cash, but like many Bitcoin Cash supporters they'll claim it's "the real Bitcoin".
I'm not sure that answers your question but maybe it helps.
(FWIW this was very predictable yet some of his most ardent supporters I spoke with were denying this would happen until very recently. I fully expect them to adopt the script over the coming weeks and months though.)
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In a new episode of What Bitcoin Did with @Danny Knowles, @Bitcoin Mechanic talks about the game theory behind BIP110, which he believes makes it virtually guaranteed to succeed.
There was a lot of discussion about these dynamics in anticipation of the Segwit UASF (BIP148) in 2017; I for example wrote this article about it at the time: https://bitcoinmagazine.com/technical/op-ed-heres-why-all-rational-miners-will-activate-segwit-though-bip148
Note however that I at the start of that article laid out the assumptions for this game theory to play out. Arguably none of these assumptions hold up for BIP110.
1) The hash power support for BIP110 is incredibly low (significantly lower than for Segwit), and I don’t believe these miners will continue to mine a minority chain long enough for the difficulty to return to normal.
2) IMO BIP110 is a harmful upgrade, therefore I expect the market to value “110BTC” less than “LegacyBTC”. (This is the important one btw.)
3) BIP110 is more niche than BIP148 was, so a smaller percentage of users and miners will be aware of any game theory to act on even if that was rational.
4) In the unlikely event that a wipe-out of the legacy chain becomes a realistic possibility I would expect users and/or miners who oppose BIP110 to deploy some kind of checkpoint in order to prevent this.
TL;DR: BIP110 nodes will probably fork themselves off the network when mandatory signaling starts, and either end up on a dead chain or become a forkcoin (that would likely require further protocol changes to then stay alive).
There was a lot of discussion about these dynamics in anticipation of the Segwit UASF (BIP148) in 2017; I for example wrote this article about it at the time: https://bitcoinmagazine.com/technical/op-ed-heres-why-all-rational-miners-will-activate-segwit-though-bip148
Note however that I at the start of that article laid out the assumptions for this game theory to play out. Arguably none of these assumptions hold up for BIP110.
1) The hash power support for BIP110 is incredibly low (significantly lower than for Segwit), and I don’t believe these miners will continue to mine a minority chain long enough for the difficulty to return to normal.
2) IMO BIP110 is a harmful upgrade, therefore I expect the market to value “110BTC” less than “LegacyBTC”. (This is the important one btw.)
3) BIP110 is more niche than BIP148 was, so a smaller percentage of users and miners will be aware of any game theory to act on even if that was rational.
4) In the unlikely event that a wipe-out of the legacy chain becomes a realistic possibility I would expect users and/or miners who oppose BIP110 to deploy some kind of checkpoint in order to prevent this.
TL;DR: BIP110 nodes will probably fork themselves off the network when mandatory signaling starts, and either end up on a dead chain or become a forkcoin (that would likely require further protocol changes to then stay alive).
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In a new episode of What Bitcoin Did with @Danny Knowles, @Bitcoin Mechanic talks about the game theory behind BIP110, which he believes makes it virtually guaranteed to succeed.
There was a lot of discussion about these dynamics in anticipation of the Segwit UASF (BIP148) in 2017; I for example wrote this article about it at the time: https://bitcoinmagazine.com/technical/op-ed-heres-why-all-rational-miners-will-activate-segwit-though-bip148
Note however that I at the start of that article laid out the assumptions for this game theory to play out. Arguably none of these assumptions hold up for BIP110.
1) The hash power support for BIP110 is incredibly low (significantly lower than for Segwit), and I don’t believe these miners will continue to mine a minority chain long enough for the difficulty to return to normal.
2) IMO BIP110 is a harmful upgrade, therefore I expect the market to value “BIP110 coin” less than “LegacyBTC”. (This is the important one btw.)
3) BIP110 is more niche than BIP148 was, so a smaller percentage of users and miners will be aware of any game theory to act on even if that was rational.
4) In the unlikely event that a wipe-out of the legacy chain becomes a realistic possibility I would expect users and/or miners who oppose BIP110 to deploy some kind of checkpoint in order to prevent this.
TL;DR: BIP110 nodes will probably fork themselves off the network when mandatory signaling starts, and either end up on a dead chain or become a forkcoin (that would likely require further protocol changes to then stay alive).
There was a lot of discussion about these dynamics in anticipation of the Segwit UASF (BIP148) in 2017; I for example wrote this article about it at the time: https://bitcoinmagazine.com/technical/op-ed-heres-why-all-rational-miners-will-activate-segwit-though-bip148
Note however that I at the start of that article laid out the assumptions for this game theory to play out. Arguably none of these assumptions hold up for BIP110.
1) The hash power support for BIP110 is incredibly low (significantly lower than for Segwit), and I don’t believe these miners will continue to mine a minority chain long enough for the difficulty to return to normal.
2) IMO BIP110 is a harmful upgrade, therefore I expect the market to value “BIP110 coin” less than “LegacyBTC”. (This is the important one btw.)
3) BIP110 is more niche than BIP148 was, so a smaller percentage of users and miners will be aware of any game theory to act on even if that was rational.
4) In the unlikely event that a wipe-out of the legacy chain becomes a realistic possibility I would expect users and/or miners who oppose BIP110 to deploy some kind of checkpoint in order to prevent this.
TL;DR: BIP110 nodes will probably fork themselves off the network when mandatory signaling starts, and either end up on a dead chain or become a forkcoin (that would likely require further protocol changes to then stay alive).
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The German translation of The Genesis Book is now available for preorder!
Ganz toll.
https://aprycot.media/shop/genesis/
Ganz toll.
https://aprycot.media/shop/genesis/
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In August 2017, users proved that miners can’t block a valuable upgrade.
In August 2026, miners will prove that users can’t push through a harmful upgrade.
In August 2026, miners will prove that users can’t push through a harmful upgrade.
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