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The /r/btc China Dispatch: Episode 8: Special Extended Lunar New Year Edition - 8btc Discusses the Official Release of Bitcoin Classic

Howdy /btc, it’s been awhile! The /btc China dispatch was on vacation this week due to the Chinese New Year, but now your humble correspondent is back with the vengeance with more OC from the Bitcoin Sinosphere.
In this edition of the /btc China dispatch, we look at a thread on 8btc.com announcing the release of Bitcoin Classic to Chinese readers. I hope you guys find the translation informative.
Note that unlike in previous editions of the Dispatch, in addition to the posters’ user names, I have also posted their forum titles in parentheses next to their user names for your reference and possible amusement. All accounts on 8btc.com are ranked based on number of accrued points (essentially upvotes) from, in order of lowest to highest, Noob, Shiphand, Crew Member, Squad Leader, First Mate, Captain and Pirate King. Additionally, some people have custom titles equivalent to Reddit flair.
[OP]
Subject: Bitcoin Classic Officially Released!
Posted by bluestar (Crew Member)
Bitcoin Classic has finally been officially released. You can download it via the link below:
https://github.com/bitcoinclassic/bitcoinclassic/releases/tag/v0.11.2.cl1
Now miners that support Classic can start using Classic to mine blocks. Does anyone know how many miners there are in China who support Classic? I remember a while ago there was someone on 8btc who gave us a tip off, but now there’s no information whatsoever. Has 8btc been abandoned or are the miner’s secretly planning on making a massive move? Any inside info would be appreciated!
You can see the extent to which each version is supported by going to the following page:
https://coin.dance/nodes
[Response 1]
Posted by jb9802 (First Mate)
I would like to call on the miners to complete the upgrade of bitcoin as soon as possible. If we wait for Core we’re going to be killed off by Blockstream, Inc. sooner or later.
[Response 3]
Posted by hempheart (Squad Leader)
My guess is that the miners will support Core. The miners are putting their lives on the line with their investment unlike small time investors. The small time investors will still be able to eat even if they lose all their BTC.
[Response 4]
Posted by yuli7376 (Great Captain of Atlantis)
All us smaller players can do at this point is sit back and watch how things unfold.
[Response 5]
Posted by bluestar (Crew Member)
@hempheart
It doesn’t matter even if they support Classic as the hard fork will only activate once 75% of the hashing power is behind Classic. Once you get 75% of the hashing power, that means that a supermajority support Classic and Core will be nothing but a niche, so there’s no real “winning or losing” when it comes to this vote.
[Response 6]
Posted by copay (Crew Member)
As the name suggests, Classic is a return to Satoshi’s original vision.
[Response 7]
Posted by Ma_Ya (Shibe Loves BTC Love Doge Guide idgui.com Captain)
@copay
Classic just means classic. What I want to know is whether or not the official release continues to use a 75% threshold for activating a forced hard fork like the beta version, presenting the possibility for a schism in the bitcoin community.
If Classic doesn’t support the 90% 2MB consensus then supporting Classic is basically just like supporting a fracturing of the bitcoin community. I strongly suggest that miners should emphasize first and foremost not dividing the community and boycott any contentious version that forks after less than 90% of hash power is reached.
Pools that support forking at 75% want to divide the community and I advise all miners to leave these pools. It is no longer a simple question of 1MB or 2MB, but rather a question of 75% versus 90%: fork plus schism versus fork with no schism. The issue is about maintaining the unity of the bitcoin community.
To digress a little bit, Bitcoin XT, which has already been abandoned, also sought to hastily fork at 75% and divide the community.
You can find more information on Qt versions here:
http://BitQT.com
[Response 8]
Posted by copay (Crew Member)
@Ma_Ya
What is the big difference between 75% and 90%?
[Response 10]
Posted by Ma_Ya (Shibe Loves BTC Love Doge Guide idgui.com Captain)
@copay
In the event of a hard fork activated at 75%, there’s a possibility that the remaining 25% of hashpower will hold out.
That is, the hashpower ratio will be 75%:25% = 3:1; at this hashpower ratio there is definitely a possibility that the two coins that result from the fork will coexist and compete with one another. This will result in a splitting of the community and there will be two bitcoins. They will attack one another and claim the other coin is an alt while each saying their own coin is the true bitcoin.
One the other hand, if a fork happens after 90% of hashpower is behind it, the hashpower rate is much higher at 9:1. When the hashpower ratio is this high, the miners working on the 10% chain will need 10x as long to produce a block and they could be attacked by the other 90%, who would only need to send 1/9 of the hashpower to attack the other chain. Therefore it will be difficult for the 10% chain to survive over the long term. Therefore there will be no split in the community.
[Response 11]
Posted by petaflops (Squad Leader)
Awaiting the results.
[Response 12]
Posted by bluestar (Crew Member)
@Ma_Ya
Come on, man. You don’t need to say the same thing twice. It’s not like your response is highly technical.
[Response 13]
Posted by Ma_Ya (Shibe Loves BTC Love Doge Guide idgui.com Captain)
@bluestar
Four Major Mining Pools Call for Consensus, Reject Hard Fork to Bitcoin Classic
http://8btc.com/forum.php?mod=viewthread&tid=28955
My proposal that Classic needs to support the 90% 2 MB consensus as soon as possible is made in good faith.
Currently Classic does not support the 90% 2 MB consensus and insists on initiating a hard fork at 75% with the possibility of dividing the community, so the major mining pools have come out with a joint statement saying that they do not support it. This joint statement is Classic’s failure. I never would have imagined that their failure would be announced as soon as they released an official version.
The results might be different if the official version had supported the 90% 2 MB consensus and avoided the risk of dividing the community.
[Response 14]
Posed by Qin’s Love (Captain)
Small time investors can only watch from the sidelines.
[Response 15]
Posted by bincoin (First Mate Invincible Speculator in Stocks, Futures, Currencies, Gold, Bitcoin, Goocoin and Agricultural Products)
A solution is out there, which is good. Much better than the unending bluster from Core. Whether you support Classic or not, they’re efficient.
[Response 16]
Posted by jb9802 (First Mate)
@Ma_Ya
The front page of 8btc:
http://www.8btc.com/34454 [Translator’s Note: The headline of the page linked to reads “A Summary of Discussion Regarding the Raising of the Bitcoin Block Size”]
Take a close look. The pools haven’t rejected it, they’re just waiting to see how Core responds. Btcc, who are regarded as diehard core followers said: “if Bitcoin Core still does not consent to raise the block size using this method, then we will very probably need to look for another leading team to implement a hard fork, with an activation period of 12 months.”
  1. Btcc has given Core 1 year (of course I personally think this is too long); if Core does not implement a hard fork then btcc will have to find some other solution.
  2. The fact of the matter is that everyone is waiting for a statement from Core and if they don’t make themselves clear in the next few months then their exit will be inevitable.
[Response 17]
Posted by bluestar (Crew Member)
@jb9802
Honestly I don’t think there’s any need to respond to this guy’s mantra-like posts. Every time I see one of his posts it’s like hitting a brick wall. I’ve already responded to his calls for 90% support many times in the past. It doesn’t matter how logical you are, he’ll just ignore you and if you slip up anywhere in your argument he’ll just dwell on it without letting go. It would be better to wait until he actually posts something interesting before responding.
[Response 18]
Posted by DogeCoin-Keeper (Cosmically Super Awesome Invincible Badass Smart Alert Handsome as Fuck Pirate King Who Is Better Than You in Every Way)
It looks like it’s going to be impossible to raise the block size this way. There will definitely be a simpler way to raise the block size in the future.
[Response 19]
Posted by bluestar (Crew Member)
@DogeCoin-Keeper
Yeah, there’s a simple way. If Core was willing to lead a hard fork it could be accomplished immediately. The problem is they’re not willing.
[Response 20]
Posted by DogeCoin-Keeper (Cosmically Super Awesome Invincible Badass Smart Alert Handsome as Fuck Pirate King Who Is Better Than You in Every Way)
@bluestar
I think that the current situation is actually okay. If BTC relied on only one team to decide its direction then it wouldn’t need to exist.
submitted by KoKansei to btc [link] [comments]

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submitted by BitcoinChronicler to btc [link] [comments]

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