Thanks for a good show. 👍
Yeah we all expected bip110 to fail. I was some how hoping by some miracle they would succeed.
I think a hard fork is not good for bitcoin and also I assume we would lose people like Luke Dashjr and mechanic to the new bitcoin forked chain. Although bip110 failed, their presence is reflective of serious concerns that core do not have bitcoin's true interests. So I would prefer to have these devs challenging bitcoin core in our corner on tge maim chain. Otherwise we would not have a clue what bitcoin core is up to.
If they did do a hard fork, it would result in the usual dynamics after a fork, price would crash, and majority of public would stick with the main chain. So it would fail? Not necessarily. As long as the forked bitcoin remains strong enough to ward off any 51% attacks and there are enough miners and nodes for it to be secure ( obviously would never be as strong as main chain, but its good enough), then if core really do go rogue and destroy bitcoin in the future, then we have a viable option to switch to one of the bitcoin forks.
If the worst case scenario happens, then these forks of bitcoin might not be so bad. You would think over time people will learn their lesson and pick the bitcoin that is most resilient long term.
So these failed bitcoin forks that we look down on could actually be silently waiting to come into action if bitcoin core really do overstep and destroy themselves. Bitcoin core would surely be aware of this. So hopefully their presence keeps them in check.
In the end I dont want the main chain to fail and if spam is something we have to deal with and of it is not catastrophic to keeping bitcoin decentralised enough, and no one can censor a transaction on the main chain, then that is what its all about. I do hope the spam is not used as way to severly compromise the bitcoin network.
One thing for sure, mining needs to become more decentralised. Bip110 is an example of the miners coming together and making sure it fails. We are putting alot of trust in the miners. I would feel more comfortable if it was much more decentralised. I am not sure the best way to make mining more decentralised. If 10% of normal every day people had their own mining rig at home, this would be enough to overtake the few companies that dominate bitcoin mining worldwide. But we could assume by then that countries would begin using wasted energy / free energy like renewables to mine bitcoin. So by then the mining industry could easily be 10 times larger in which case 10% of every day people running a mining rig at home would no longer cut it and would be a small % of mining power globally, so then we back to square one.
I have looked into buying a mining rig on numerous occasions and everytime I decide against it because I fear I would end up paying more than spot price of bitcoin and infact make a loss. I would be willing to accept to breaking even, in returm for non kyc freshly minted bitcoin. But I am not so confident I could pull this off. Bitcoin mining is a cut throat industry, requiring hardware upgrades every 3 years. There are much easier ways to buy non kyc bitcoin.
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